Securus Technologies, Regal Cinemas break; UPC, TriNet rework deals; Covis shutting early

By Sara Rosenberg

New York, April 17 - Securus Technologies Inc.'s credit facility made its way into the secondary market on Wednesday, with both the first- and second-lien term loans seen above their original issue discount prices, and Regal Cinemas Corp.'s term loan freed up as well.

Moving to the primary, UPC Broadband firmed the size of its term loan at the high end of talk and reduced the spread due to overwhelming demand, and TriNet HR Corp. revised the offer price on its loan.

Also, Covis Pharma Holdings Sarl accelerated the commitment deadline on its credit facility, Harlan Laboratories Inc. officially pulled its refinancing deal, and Nuveen Investments, CCM Merger Inc. and Wabash National Corp. revealed details on their repricings with launch.

Securus tops OIDs

Securus Technologies' credit facility began trading on Wednesday, with the $350 million seven-year first-lien term loan (B2) quoted at par bid and the $140 million eight-year second-lien term loan (Caa2) quoted at 99¾ bid, according to a market source.

Pricing on the first-lien term loan is Libor plus 350 basis points with a 1.25% Libor floor, and it was sold at an original issue discount of 99. There is 101 soft call protection for six months.

The second-lien loan is priced at Libor plus 775 bps with a 1.25% Libor floor, and was sold at a discount of 99. The tranche has call protection of 103 in year one, 102 in year two and 101 in year three.

During syndication, the first-lien term loan was upsized from $335 million and pricing was reduced from talk of Libor plus 375 bps to 400 bps. And, the second-lien loan was downsized from $155 million, the spread firmed at the low end of the Libor plus 775 bps to 800 bps talk and the discount tightened from 981/2.

Securus getting revolver

In addition to the term loans, Securus' $540 million credit facility includes a $50 million five-year revolver (B2).

Deutsche Bank Securities Inc. and BNP Paribas Securities Corp. are the lead banks on the deal.

Proceeds will be used to help fund the company's buyout by ABRY Partners.

Securus is a Dallas-based provider of inmate communications services and investigative technologies.

Regal Cinemas frees up

Regal Cinemas' $983.4 million first-lien covenant-light term loan due Aug. 23, 2017 also broke for trading, with levels quoted at par ½ bid, 101 offered, according to a market source.

Pricing on the term loan is Libor plus 250 bps with a step-up to Libor plus 275 bps if opco leverage is greater than 3 times. There is no Libor floor and 101 soft call protection for one year, and the debt was issued at par.

During syndication, pricing on the loan was revised from Libor plus 275 bps with a step-up to Libor plus 300 bps.

Proceeds will be used to strip covenants and reprice an existing term loan from Libor plus 300 bps with no Libor floor and a step-up to Libor plus 325 bps when opco leverage is more than 3 times.

Credit Suisse Securities (USA) LLC is leading the deal for the Knoxville, Tenn.-based motion picture exhibitor.

UPC tweaks deal

Over in the primary, UPC Broadband updated terms on its AH loan due June 21, setting the size at about $1.3 billion and the spread at Libor plus 250 bps, a source said. At launch, the tranche was talked at $400 million to roughly $1.3 billion with a coupon of Libor plus 275 bps.

The term loan still has a 0.75% Libor floor, an original issue discount of 99¾ and 101 soft call protection for one year.

Recommitments were due at 3p.m. ET on Wednesday, the source remarked.

Scotia Capital (USA) Inc. and Nomura are leading the deal that will refinance all of the company's roughly $1.3 billion in term loan T and term loan X debt priced at Libor plus 350 bps with no Libor floor. The term loan T matures in December 2016 and the term loan X matures in December 2017.

UPC is a subsidiary of Liberty Global, an Englewood, Colo.-based provider of video, voice and broadband internet services.

TriNet tightens offer price

TriNet revised the offer price on its $150 million incremental term loan B (B2/B+) to par from the 99½ area and moved up the commitment deadline to Thursday from Friday, according to a market source.

Pricing on the loan is Libor plus 525 bps with a 1.25% Libor floor, in line with existing term loan B pricing.

Bank of America Merrill Lynch, KeyBanc Capital Markets LLC, J.P. Morgan Securities LLC and BMO Capital Markets Corp. are leading the add-on that will be used to fund a dividend and for general corporate purposes.

TriNet is a San Leandro, Calif., cloud-based provider of on-demand HR services.

Covis moves deadline

Covis Pharma revised the commitment deadline on its $230 million credit facility (B3/B) to 5 p.m. ET on Friday from Monday, according to a market source.

The facility consists of a $25 million five-year revolver and a $205 million six-year first-lien term loan.

Talk on the term loan is Libor plus 525 bps to 550 bps with a 1.25% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.

Credit Suisse Securities (USA) LLC and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to fund the acquisition of select off-patent drugs.

Covis is a Zug, Switzerland-based specialty pharmaceutical company.

Harlan withdrawn

Harlan Laboratories removed its $305 million credit facility from market that was going to be used to refinance existing debt, according to a market source.

The facility consisted of a $20 million 31/4-year revolver talked at Libor plus 550 bps with an original issue discount of 99, a $200 million 33/4-year first-lien term loan talked at Libor plus 550 bps with a 1.25% Libor floor, an original issue discount of 99 and 101 soft call protection for one year, and an $85 million 41/2-year second-lien term loan talked at Libor plus 1,000 bps with a 1.25% floor and a discount of 97. The second-lien tranche was non-callable for one year, then at 103 in year two and 101 in year three.

UBS Securities LLC and Jefferies Finance LLC were leading the deal.

Harlan is an Indianapolis-based provider of pre-clinical and non-clinical contract research, research models, lab animal diets and services.

Nuveen talk emerges

Nuveen Investments disclosed talk of Libor plus 375 bps with no floor, a par offer price and 101 soft call protection for six months on its $2.56 billion first-lien term loan due May 2017 that launched with a call on Wednesday, according to a market source.

And, talk on the company's $500 million second-lien term loan due February 2019 came out at Libor plus 525 bps with a 1.25% Libor floor, a par offer price and 101 hard call protection for one year, the source said.

Deutsche Bank Securities Inc. and Bank of America Merrill Lynch are leading the $3.06 billion of loans that will be used to reprice/refinance existing first- and second-lien term debt.

Nuveen is a Chicago-based provider of investment services to institutions as well as individual investors.

CCM Merger repricing

Also on the topic of repricings, CCM Merger hosted a lender call to launch a repricing of its roughly $531 million term loan B, according to a market source.

The repricing is talked at Libor plus 375 bps to 400 bps with a 1.25% Libor floor, versus current pricing of Libor plus 475 bps with a 1.25% Libor floor, the source said.

Also, the repriced loan is being offered at par and has 101 soft call protection for one year, the source continued.

Bank of America Merrill Lynch is leading the deal.

CCM is the owner of the MotorCity Casino Hotel in Detroit.

Wabash comes to market

Wabash National launched a repricing of its $300 million term loan that is talked at Libor plus 350 bps to 375 bps with a 1% Libor floor, down from current pricing of Libor plus 475 bps with a 1.25% Libor floor, according to a market source.

The repriced loan is being offered at par and has 101 soft call protection until May 2014, the source said.

With the repricing, the company is removing an interest coverage covenant from the loan but keeping its leverage covenant.

Morgan Stanley Senior Funding Inc. and Wells Fargo Securities LLC are leading the deal.

Wabash is a Lafayette, Ind.-based manufacturer of semi-trailers.

Truven launches

Meanwhile, Truven Health Analytics Inc. held its call in the morning, launching its $535 million term loan B due May 2019 at previously outlined talk of Libor plus 325 bps with a 1.25% Libor floor, a par offer price and 101 soft call protection for six months, according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance/reprice the company's existing term loan B.

Truven is a provider of health care data and data analytics.

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