Vistra Energy, Air Canada, TransUnion free up; MediaOcean moves up commitment deadline

By Sara Rosenberg

New York, Nov. 13 – Vistra Energy (Vistra Operations Co. LLC) reduced the size of its first-lien term loan B-3 and finalized the issue price at the tight end of guidance before breaking for trading on Wednesday above par.

Additionally, Air Canada finalized the issue price on its term loan B at the narrow end of talk and then freed to trade, and TransUnion LLC’s term loan B-5 hit the secondary market as well.

Furthermore, MediaOcean LLC accelerated the commitment deadline for its term loan B, Playtika Holding Corp. and Booz Allen Hamilton Inc. disclosed price talk with launch, and Upland Software Inc. emerged with new deal plans.

Vistra updated, trades

Vistra Energy trimmed its covenant-lite first-lien term loan B-3 (BBB-/BBB-) due December 2025 to $2.7 billion from $2.798 billion and firmed the issue price at par, the tight end of the 99.875 to par talk, according to a market source.

As before, the loan is priced at Libor plus 175 basis points with a 0% Libor floor and has 101 soft call protection for six months.

Recommitments were due at noon ET on Wednesday and the deal freed to trade in the afternoon at par ¼ bid, par ½ offered, another source added.

Credit Suisse Securities (USA) LLC, Barclays, BMO Capital Markets, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, J.P. Morgan Securities LLC, Mizuho, Morgan Stanley Senior Funding Inc., MUFG, Natixis, RBC Capital Markets and SunTrust Robinson Humphrey Inc. are leading the deal that will reprice an existing $1,901,000,000 term loan B-3 due December 2025 down from Libor plus 200 bps and help repay an existing term loan B-1 due August 2023.

Vistra, a Dallas-based power generator and retail electric provider, will also use proceeds from a $1.1 billion senior secured notes offering and cash on hand for the loan repayment.

Air Canada firms, breaks

Air Canada set the issue price on its $592 million term loan B due 2023 at par, the tight end of the 99.875 to par talk, a market source remarked.

The term loan is still priced at Libor plus 175 bps with a 0% Libor floor and has 101 soft call protection for six months.

During the session, the term loan made its way into the secondary market and was quoted at par ¼ bid, par ¾ offered, another source added.

J.P. Morgan Securities LLC, BofA Securities, Inc., Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc. and TD Securities (USA) LLC are leading the deal that will be used to reprice an existing term loan B down from Libor plus 200 bps.

Air Canada is a Montreal-based airline company.

TransUnion B-5 frees up

TransUnion’s $2.6 billion seven-year covenant-lite term loan B-5 (Ba2/BB+) began trading too, with levels quoted at par ¼ bid, par ½ offered, a trader said.

Pricing on the term loan B-5 is Libor plus 175 bps and it was issued at par. The debt has 101 soft call protection for six months.

During syndication, the term loan B-5 was upsized from $1.75 billion and the issue price was tightened from 99.75.

Deutsche Bank Securities Inc., BofA Securities, Inc., Capital One and RBC Capital Markets are leading the deal that will be used to repay in full the company’s existing term loan B-3 and B-4 tranches. Prior to the recent upsizing, the company was only going to repay a portion of the B-3 and B-4 loans.

TransUnion pro rata deal

Also in TransUnion news, the company surfaced in the morning with plans to hold a lender call at 10 a.m. ET on Thursday to launch $1.45 billion of pro rata credit facilities (Ba2/BB+), split between a $300 million five-year revolver and a $1.15 billion five-year term loan A-3, another source remarked.

The revolver and term loan A are priced at Libor plus 150 bps, subject to a leverage-based pricing grid, the source added.

Commitments are due at noon ET on Nov. 27.

Deutsche Bank Securities Inc., BofA Securities, Inc., Capital One and RBC Capital Markets are leading the deal, which will be used to extend the maturities of the company’s existing revolver and term loan A-3 that are currently priced at Libor plus 150 bps.

TransUnion is a Chicago-based provider of risk and information solutions to businesses and consumers.

MediaOcean accelerated

In more happenings, MediaOcean moved up the commitment deadline for its $275 million term loan B due August 2025 to noon ET on Thursday from noon ET on Friday, a market source said.

Talk on the term loan B remained at Libor plus 400 bps with an original issue discount of 99.5 and 101 soft call protection for six months.

The company’s $305 million of credit facilities (B2/B) also include a $30 million revolver due August 2023.

Macquarie Capital (USA) Inc., BNP Paribas Securities Corp., Golub Capital and Jefferies LLC are leading the deal that will be used with cash to help refinance/extend by three years an existing $293 million term loan B and revolver.

MediaOcean is a New York-based software company for the advertising sector.

Playtika sets guidance

Playtika held its bank meeting on Wednesday and announced price talk on its $2.5 billion five-year covenant-lite first-lien term loan B (B+) at Libor plus 400 bps with a 25 bps step-down at a corporate family rating upgrade and an initial public offering, a 0% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on Nov. 25.

Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and UBS Investment Bank are leading the deal that will be used to refinance an existing bridge loan.

Playtika is a mobile gaming company.

Booz Allen talk

Booz Allen came out with talk of Libor plus 175 bps with a 0% Libor floor and an original issue discount of 99.5 to 99.75 on its $389 million seven-year term loan B (Ba1) that launched with an afternoon call, a market source remarked.

The term loan has 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on Nov. 21, the source added.

BofA Securities, Inc. is leading the deal that will be used to refinance existing debt.

Booz Allen Hamilton is a McLean, Va.-based provider of management and technology consulting services, and engineering services to governments, corporations and not-for-profit organizations.

Upland on deck

Upland Software set a lender call for 10 a.m. ET on Thursday to launch a fungible $150 million incremental covenant-lite first-lien term loan (B2/B) due August 2026, according to a market source.

The incremental term loan is priced in line with the existing term loan at Libor plus 375 bps with a 0% Libor floor, and is talked with an original issue discount in the range of 98 to 98.5, the source said.

The first-lien term loan debt is getting 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on Nov. 21, the source added.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to repay revolver borrowings and for general corporate purposes, including acquisitions.

Upland Software is an Austin, Tex.-based service-as-a-solution (SaaS) provider of enterprise work management software.

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