MultiPlan, IMG, Presidio, TransUnion, Orient-Express, Ennis Flint, Nord Anglia, RCS break

By Sara Rosenberg

New York, March 21 - MultiPlan Inc., IMG Worldwide Holdings Inc., Presidio Inc., TransUnion LLC, Orient-Express Hotels Interfin Ltd., Ennis Flint (Road Infrastructure Investment LLC), Nord Anglia Education Inc. and RCS Capital Corp. all freed up for trading on Friday, and Federal-Mogul Corp.'s term debt strengthened with refinancing news.

Moving to the primary, Pelican Products Inc., Rexam Healthcare and Signode Industrial (Industrial Packaging Group) joined the near-term calendar.

MultiPlan frees up

MultiPlan's credit facility broke for trading on Friday, with the $2.2 billion seven-year term loan B seen at par 3/8 bid, par 7/8 offered, according to a trader.

Pricing on the B loan is Libor plus 300 bps with a step-down to Libor plus 275 bps when first-lien leverage is 4.25 times. There is a 1% Libor floor and 101 soft call protection for one year, and the debt was sold at 993/4.

Recently, pricing on the term loan firmed at the low end of the Libor plus 300 bps to 325 bps talk, the step-down was added, the discount was changed from 991/2, the call protection was pushed out from six months, and the MFN provision was tweaked to be applicable to all incremental term loans, instead of only to EBITDA Prong.

The company's $2,275,000,000 credit facility (B1/B) also includes a $75 million five-year revolver.

Senior secured leverage is 5 times and total leverage is 7.3 times.

Barclays and J.P. Morgan Securities LLC are leading the deal that will be used to help fund the buyout of the New York-based provider of health care cost management services by Starr Investment Holdings and Partners Group from Silver Lake and BC Partners and to refinance existing debt.

IMG trades

IMG's credit facility freed up, with the $1.9 billion seven-year covenant-light first-lien term loan (B1/B) quoted at 99¼ bid, par offered and the $450 million eight-year covenant-light second-lien term loan (Caa1/B-) quoted at 99½ bid, par ½ offered, according to a trader.

Pricing on the first-lien term loan is Libor plus 425 bps with a 1% Libor floor and it was sold at an original issue discount of 99. There is 101 soft call protection for one year.

The second-lien loan is priced at Libor plus 725 bps with a 1% Libor floor and was sold at a discount of 99. This tranche has call protection of 102 in year one and 101 in year two.

The company's $2.45 billion credit facility also provides for a $100 million revolver (B1/B), and a priced at

IMG lead banks

J.P. Morgan Securities LLC, Barclays, Deutsche Bank Securities Inc. and RBC Capital Markets are leading IMG's credit facility.

During syndication, pricing on the first-lien term loan firmed at the wide end of revised talk of Libor plus 400 bps to 425 bps and up from initial talk of Libor plus 325 bps to 350 bps, the discount was changed from 99½ and the call protection was extended from six months, and pricing on the second-lien loan was raised from Libor plus 675 bps.

Proceeds will be used to help fund the buyout of the company by Silver Lake Partners and William Morris Endeavor Entertainment LLC from Forstmann Little & Co. and to refinance existing debt.

IMG is a New York-based sports, fashion and media business.

Presidio hits secondary

Presidio's $650 million senior secured term loan (B1/B+) due March 31, 2017 also began trading, with levels quoted at par ¼ bid, 101¼ offered, a trade remarked.

Pricing on the loan is Libor plus 400 bps with a 1% Libor floor and an original issue discount of 99½ for new money commitments. The debt was offered at par for rollover commitments and has 101 soft call protection for six months.

During syndication, the loan was upsized from $600 million, the spread finalized at the high end of the Libor plus 375 bps to 400 bps talk and the discount firmed at the tight end of the 99 to 99½ talk.

Barclays, Morgan Stanley Senior Funding Inc., PNC Bank and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to refinance existing debt and fund a one-time distribution to shareholders.

Presidio is a New York-based IT services firm.

TransUnion levels emerge

TransUnion's credit facility (Ba3/B+) hit the secondary in the afternoon, with the $1,862,000,000 seven-year covenant-light term loan B quoted at par 1/8 bid, par 5/8 offered, according to a trader.

Pricing on the loan is Libor plus 300 bps with a 1% Libor floor and it was sold at 993/4. There is 101 soft call protection for one year and a step-down to Libor plus 275 bps at 3.75 times net senior secured leverage.

The other day, the loan was restructured as one funded tranche from a $1,175,000,000 funded tranche and a $687 million delayed-draw tranche, the spread firmed at the high end of the Libor plus 275 bps to 300 bps talk, the discount was set at the tight end of the 99½ to 99¾ talk, the call protection was extended from six months and the MFN sunset provision was removed.

The company's $2,052,000,000 credit facility also includes a $190 million revolver.

Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Bank of America Merrill Lynch, RBC Capital Markets and Credit Suisse Securities (USA) LLC are leading the deal that will be used to refinance existing debt.

TransUnion is a Chicago-based provider of information management and risk management services.

Orient-Express breaks

Orient-Express' credit facility freed up too, with the $345 million seven-year covenant-light term loan seen at 99¾ bid, par ¾ offered on the open and then it moved to par bid, 101 offered, a trader said.

Pricing on the U.S. term loan is Libor plus 300 bps with a 1% Libor floor and it was sold at an original issue discount of 991/2. There is 101 soft call protection for one year.

The company's credit facility (B3/BB) also includes a $105 million five-year multi-currency revolver, and a €150 million seven-year covenant-light term loan priced at Euribor plus 325 bps with a 1% floor, sold at 991/2, and having 101 soft call protection for one year.

Recently, the company cut the spread on its U.S. loan from Libor plus 350 bps and on its euro loan from Euribor plus 375 bps, and the call protection on both tranches was extended from six months.

Barclays and J.P. Morgan Securities LLC are leading the deal that will refinance the company's existing capital structure, and will result in senior secured and total leverage of 5.5 times and net leverage of 4.2 times.

Orient-Express is an operator of luxury hotels, restaurants, trains, cruises and safaris.

Ennis starts trading

Ennis Flint's credit facility emerged in the secondary as well, with the $390 million seven-year covenant-light first-lien term loan (B1/B) quoted at par bid, par ½ offered and the $170 million 71/2-year covenant-light second-lien term loan (Caa1/CCC+) quoted at par bid, 101 offered, a trader said.

Pricing on the first-lien term loan is Libor plus 325 bps with a 1% Libor floor and it was sold at a discount of 993/4. There is 101 soft call protection for six months.

The second-lien loan is priced at Libor plus 675 bps with a 1% Libor floor and was sold at 991/2. This debt has the call protection of 102 in year one and 101 in year two.

During syndication, pricing on the first-lien term loan was lowered from Libor plus 375 bps and the discount was revised from 991/2, and the spread on the second-lien loan was trimmed from Libor plus 725 bps while the discount was tightened from 981/2.

Ennis getting revolver

In addition to the first-and second-lien term loans, Ennis Flint's $635 million credit facility includes a $75 million revolver (B1/B).

Credit Suisse Securities (USA) LLC, RBC Capital Markets and Fifth Third Securities Inc. are leading the deal.

Proceeds will be used by the Thomasville, N.C.-based manufacturer and marketer of traffic safety and pavement marking products to refinance existing debt and fund a dividend.

Nord Anglia tops OID

Another deal to break was Nord Anglia Education's credit facility, with the $515 million seven-year covenant-light term loan quoted at par ¼ bid, 101¼ offered, a market source said.

Pricing on the term loan is Libor plus 350 bps with a 1% Libor floor and it was sold at an original issue discount of 991/2. There is 101 soft call protection for one year.

During syndication, the spread on the term loan finalized at the tight end of the Libor plus 350 bps to 375 bps talk and the call protection was pushed out from six months.

The company's $590 million credit facility (B1/B+) also includes a $75 million revolver.

Goldman Sachs Bank USA, J.P. Morgan Securities LLC, HSBC Securities (USA) Inc. and Credit Suisse Securities (USA) LLC are leading the deal that will be used with funds from the company's initial public offering of ordinary shares to refinance existing debt and for general corporate purposes.

Nord Anglia Education is a Hong Kong-based operator of premium schools.

RCS second-lien levels

RCS Capital's $150 million seven-year second-lien term loan (Caa1/B-) began trading, with levels quoted at 102 bid, 104 offered, a trader said.

Pricing on the loan is Libor plus 950 bps with a 1% Libor floor and it was sold at 981/2. The debt is non-callable for two years, then at 103 in year three and 101 in year four.

Recently, pricing on the second-lien loan was set at the low end of the Libor plus 950 bps to 975 bps talk and the discount was moved from 98.

The company's $750 million senior secured credit facility also includes a $25 million three-year revolver (B2/B+) and a $575 million five-year first-lien term loan (B2/B+).

RCS first-lien terms

RCS' first-lien term loan is priced at Libor plus 550 bps with a 1% Libor floor and was sold at 99. There is soft call protection of 102 in year one and 101 in year two were unchanged.

During syndication, the first-lien term loan was upsized from $550 million, pricing firmed at the high end of the Libor plus 500 bps to 550 bps talk, the original issue discount came at the low end of the 98½ to 99 guidance, and amortization was sweetened to 5% in year one, 10% in years two and three and 15% in years four and five, from just 5% per annum.

Barclays and Bank of America Merrill Lynch are leading the deal that will be used with equity from Luxor Capital Group and cash on hand to fund the $1.15 billion purchase of Cetera Financial Group from Lightyear Capital and to refinance Cetera debt. The funds raised from the term loan upsizing will add cash to the balance sheet.

Closing is expected in the second quarter, subject to Finra approval and other customary conditions.

RCS is a New York-based holding company that operates businesses focused on the financial services industry. Cetera is an El Segundo, Calif.-based financial services holding company.

Federal-Mogul rises

In more trading happenings, Federal-Mogul's strip of term loan B and term loan C debt gained to 99 5/8 bid, par 1/8 offered from 99 bid, 99½ offered as the company launched with a call on Friday morning a refinancing of the debt that is expected to result in a par paydown, according to a trader.

For the refinancing, the company is shopping a $500 million four-year term loan B talked at Libor plus 300 bps to 325 bps with a 1% Libor floor and an original issue discount of 993/4, and a $2.1 billion seven-year term loan C talked at Libor plus 350 bps to 375 bps with a 1% Libor floor and a discount of 991/2, sources said. Both term loans have 101 soft call protection for six months.

Commitments for the $2.6 billion in covenant-light term loans are due on April 1, sources added. Closing is targeted for April 3.

Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are leading the deal, with Citi the left lead on the term loan B and Credit Suisse the left lead on the term loan C.

Federal-Mogul is a Southfield, Mich.-based supplier of powertrain and safety technologies.

Pelican readies deal

Switching to the primary, Pelican Products set a bank meeting for 2 p.m. ET in New York on Tuesday to launch a $555 million credit facility, according to a market source.

The facility consists of a $30 million revolver, a $365 million six-year first-lien covenant-light term loan talked at Libor plus 500 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year, and a $160 million seven-year second-lien covenant-light term loan talked at Libor plus 900 bps with a 1% Libor floor, a discount of 981/2, and call protection of 103 in year one, 102 in year two and 101 in year three, the source said.

Commitments are due on April 8.

Credit Suisse Securities (USA) LLC and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to refinance existing bank debt and fund a dividend.

Pelican Products is a Torrance, Calif.-based protective case and lighting equipment manufacturer.

Rexam on deck

Rexam Healthcare, a manufacturer of plastic packaging for the healthcare industry, will hold a bank meeting at 10 a.m. ET in New York on Tuesday to launch a $620 million credit facility, a market source said.

The facility consists of a $65 million revolver, a $380 million seven-year first-lien covenant-light term loan (of which $100 million will be in the euro equivalent) that has 101 soft call protection for six months, and a $175 million eight-year second-lien covenant-light term loan that has call protection of 102 in year one and 101 in year two, the source continued.

Commitments are due on April 8.

Credit Suisse Securities (USA) LLC (left on first-lien), Morgan Stanley Senior Funding Inc. (left on second-lien), Barclays and HSBC Securities (USA) Inc. are leading the deal that will be used to help fund the $805 million buyout of the company by Montagu Private Equity from Rexam PLC.

Closing is expected by mid-year, subject to consultation with various European works councils and necessary regulatory approvals.

Signode coming soon

Signode Industrial scheduled a bank meeting in New York for Wednesday and a bank meeting in London for Thursday to launch $1.75 billion in term loans, according to a market source.

The debt consists of a $1.35 billion term loan and a $400 million euro equivalent term loan, the source said.

J.P. Morgan Securities LLC, Goldman Sachs Bank USA, Bank of America Merrill Lynch, Barclays, Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are leading the deal that will be used with equity to fund the $3.2 billion buyout of the company by Carlyle Group from Illinois Tool Works Inc.

Closing on the transaction is expected in the middle of this year, subject to customary regulatory approvals.

Signode is a Glenview, Ill.-based manufacturer of strap, stretch and protective packaging for consumables, tools and equipment.

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