Sealed Air, GNC, WideOpenWest lower with repricings; Chromaflo, World Kitchen revised

By Sara Rosenberg

New York, Nov. 18 - Sealed Air Corp., General Nutrition Centers Inc. (GNC) and WideOpenWest Finance LLC all saw term loan levels dip on Monday as the companies launched repricings/refinancings to investors.

Switching to the primary, Chromaflo Technologies increased the size of its first-lien term loan, decreased the size of its second-lien term loan and tightened the price talk and original issue discounts on both tranches, and World Kitchen LLC set the spread on its loan at the low end of guidance while revising the discount price.

Furthermore, Go Daddy Operating Co. LLC, Tropicana Entertainment Inc., Starwood Property Trust Inc., CAMP International Holding Co., Entercom Communications Corp. and Isola Group released talk with launch, and RCN Cable (RCN Services Telecom LLC), Phoenix Services (Metals Services LLC), Alliant Holdings I LLC and Landry's Inc. joined this week's calendar.

Sealed Air softens

Sealed Air saw its $524.5 million term loan B due Oct. 3, 2018 weaken in trading on Monday to par bid, par ½ offered from par 3/8 bid, par 7/8 offered with the launch of a repricing of the debt, according to a trader.

The Elmwood Park, N.J.-based food safety and security, facility hygiene and product protection company also launched with its 11 a.m. ET call a repricing of its €127.5 million term B due Oct. 3, 2018.

Talk on the U.S. term loan B is Libor plus 225 basis points to 250 bps and talk on the euro term loan B is Euribor plus 275 bps to 300 bps, with both having a 0.75% floor, a par offer price and 101 soft call protection for six months, the source said.

The repricing will take the U.S. loan down from Libor plus 300 bps with a 1% Libor floor and the euro loan down from Euribor plus 350 bps with a 1% floor.

Existing lender commitments are due at 5 p.m. ET on Thursday and new money commitments are due at 5 p.m. ET on Friday, the source added.

Citigroup Global Markets Inc., Bank of America Merrill Lynch, BNP Paribas Securities Corp. and RBS Securities Inc. are leading the deal that is expected to close on Nov. 27.

General Nutrition slides

General Nutrition Centers' term loan B slipped to par bid, par ½ offered from par 1/8 bid, par 5/8 offered with news of a 2 p.m. ET call that would launch a refinancing/repricing of the debt from Libor plus 275 bps with a 1% Libor floor, a trader remarked.

The new $1.35 billion term loan B (BB+) due March 2019 is talked at Libor plus 250 bps with a 0.75% Libor floor, an original issue discount of 99¾ and 101 soft call protection for six months, sources said.

J.P. Morgan Securities LLC is leading the deal.

General Nutrition is a Pittsburgh-based specialty retailer of health and wellness products.

WideOpenWest bid lower

WideOpenWest's term loan B-1 was quoted at par ¼ bid, par ¾ offered, down on the bid side from par ½ bid, par ¾ offered as lenders were told that the debt will be repriced/refinanced, according to a market source.

The $400 million term loan B-1 due July 2017 is talked at Libor plus 275 bps to 300 bps with a 0.75% Libor floor, down from current pricing of Libor plus 325 bps with a 1% Libor floor, another source said.

The repriced loan, which was launched with a call at 1 p.m. ET, is being offered at par and has 101 soft call protection through April 1.

J.P. Morgan Securities LLC is leading the deal.

WideOpenWest is a Denver-based provider of residential and commercial high-speed internet, cable television and telephone services.

Filtration starts trading

Also in trading, Filtration Group Corp.'s $605 million seven-year covenant-light first-lien term B (B1/B+) was seen at par ¾ bid, 101½ offered by a trader on Monday, up from the par ½ bid, 101¼ offered level that was seen late day Friday shortly after the loan broke for trading.

Pricing on the first-lien term loan is Libor plus 350 bps with a step-down to Libor plus 325 bps when first-lien leverage is less than 4 times. There is a 1% Libor floor and 101 soft call protection for six months, and the debt was sold at a discount of 991/2.

The company is also getting a $215 million eight-year covenant-light second-lien term loan (Caa1/B-) priced at Libor plus 725 bps with a 1% Libor floor and sold at 99. The tranche has call protection of 102 in year one and 101 in year two.

During syndication, the first-lien loan was upsized from $565 million, pricing was lowered from talk of Libor plus 375 bps to 400 bps, the step-down was added and the discount was revised from 99, while the second-lien loan was downsized from $235 million, pricing was cut from talk of Libor plus 775 bps to 800 bps and the discount was tightened from 981/2.

Filtration getting revolver

In addition to the term loans, Filtration Group's $895 million credit facility includes a $75 million five-year revolver (B1/B+).

Goldman Sachs Bank USA and BMO Capital Markets Corp. are leading the deal.

Proceeds will be used to help fund the purchase of Porex Corp. from Aurora Capital Group, and due to the recent increase in the total amount of the term loan debt, the equity contribution for the acquisition was reduced.

Filtration Group is a Chicago-based developer, designer and manufacturer of liquid, air and fluid filtration solutions. Porex is a Fairburn, Ga.-based developer, manufacturer and distributor of porous polymer products.

Pro Mach steady

Pro Mach Inc.'s $314 million first-lien term loan due July 16, 2017 was seen at par 1/8 bid, par 5/8 offered on Monday, in line with where it freed up for trading on Friday, according to a market source.

The loan is priced at Libor plus 350 bps, after firming at the wide end of the Libor plus 325 bps to 350 bps talk. There is a 1% Libor floor and 101 soft call protection for six months, and it was issued at par.

The company's $369 million credit facility also includes a $55 million revolver.

Barclays is leading the deal that is being used to reprice the company's existing revolver from Libor plus 375 bps with no floor and the existing term loan from Libor plus 375 bps with a 1.25% Libor floor.

Pro Mach is a Loveland, Ohio-based provider of packaging machinery services and related aftermarket products to clients in the food, beverage, household goods and pharmaceutical industries.

BWIC announced

A $213 million cash loan Bid-Wanted-In-Competition emerged on Monday morning, with market participants asked to get their bids in by 11 a.m. ET on Tuesday, according to a trader.

Some of the larger pieces of debt in the portfolio include Axcan Pharma Inc.'s term loan B-3, Education Management LLC's term loan C-2, iPayment Inc.'s term loan B,Lightower Fiber Networks' first-lien term loan, Protection One's term loan B, RBS Worldpay's U.S. term loan B and Vertafore Inc.'s first-lien term loan B.

There are roughly 95 issuers in the portfolio, the trader added.

Chromaflo reworks loans

Moving to the primary, Chromaflo Technologies lifted its six-year covenant-light first-lien term loan B (B2) to $330 million from $310 million, cut price talk to Libor plus 350 bps to 375 bps from Libor plus 400 bps and modified the original issue discount to 99½ from 99, according to a market source.

The first-lien term loan still has a 1% Libor floor and 101 soft call protection for six months.

Meanwhile, the 61/2-year covenant-light second-lien term loan (Caa2) was reduced to $115 million from $130 million, price talk was lowered to Libor plus 725 bps to 750 bps from Libor plus 775 bps and the discount was tightened to 99 from 981/2, the source said.

As before, the second-lien loan has a 1% Libor floor and call protection of 102 in year one and 101 in year two.

Additionally, the MFN sunsets were eliminated.

Recommitments are due at noon ET on Tuesday.

Chromaflo lead banks

Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Madison Capital and KeyBanc Capital Markets LLC are leading Chromaflo's now $445 million deal.

Proceeds will be used to refinance existing debt and fund a dividend.

The dividend was increased to about $165 million as a result of the small upsizing to the total amount of term loan borrowings and lower net debt refinanced at closing, the source added.

Pro forma leverage is 4.3 times through the first-lien and 5.8 times total.

Chromaflo is an Ashtabula, Ohio-based supplier of chemical and pigment dispersions to the thermoset composites and architectural & industrial paint and coatings industries.

World Kitchen updates pricing

World Kitchen set pricing on its $62 million add-on term loan at Libor plus 425 bps, the tight end of the Libor plus 425 bps to 450 bps talk, and moved the original issue discount to 99½ from 99, according to a market source, who said the 1.25% Libor floor was unchanged.

BMO Capital Markets is leading the deal that will be used to fund a dividend and add cash to the balance sheet.

World Kitchen is a Rosemont, Ill.-based manufacturer and marketer of bakeware, dinnerware, kitchen and household tools, rangetop cookware and cutlery products.

Go Daddy sets talk

Go Daddy came out with talk of Libor plus 275 bps with a 1% Libor floor, a par offer price and 101 soft call protection for six months on its $835 million senior secured covenant-light term loan due Dec. 17, 2018 that launched with an 11 a.m. ET call, according to a market source.

Proceeds will be used to reprice an existing term loan from Libor plus 325 bps with a 1% Libor floor.

Commitments are due on Thursday, the source said.

Barclays, KKR Capital Markets and Deutsche Bank Securities Inc. are leading the deal.

Go Daddy is a Scottsdale, Ariz.-based provider of web hosting and domain names.

Tropicana holds call

Tropicana Entertainment announced in the morning plans to hold a lender call at 2:30 p.m. ET to launch a $315 million credit facility that consists of a $15 million five-year revolver and a $300 million seven-year first-lien covenant-light term loan, according to a market source.

The term loan is talked at Libor plus 325 bps with a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months, the source said.

Leads, Credit Suisse Securities (USA) LLC and UBS Securities LLC, are asking for commitments by Friday.

Proceeds will be used to refinance existing debt and fund the acquisition of Lumiere Place Casino, HoteLumiere, and the Four Seasons Hotel St. Louis from Pinnacle Entertainment Inc.

Closing is expected early next year, subject to receipt of regulatory approvals from the Federal Trade Commission and the Missouri Gaming Commission, as well as customary conditions.

Total leverage will be 2.7 times and net leverage will be 1.7 times based on pro forma LTM Sept. 30 adjusted EBITDA of $112.5 million.

Tropicana Entertainment is a Las Vegas-based gaming and entertainment company.

Starwood add-on

Starwood Property Trust also emerged with lender call plans in the morning and launched with the 2 p.m. ET call a $300 million first-lien add-on covenant-light term loan due April 2020 talked at Libor plus 275 bps with a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

Spread and Libor floor on the add-on match the existing term loan, and with this transaction, the existing term loan will get the same 101 soft call protection for six months, the source remarked.

Commitments are due on Nov. 25.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are leading the deal that will be used to fund the company's loan origination and acquisition pipeline.

Starwood is a Greenwich, Conn.-based commercial real estate finance company.

CAMP reveals guidance

CAMP International launched during the session its $145 million second-lien term loan due Nov. 30, 2019 with talk of Libor plus 775 bps with a 1.25% Libor floor, an offer price of 99¾ to par and call protection of 102 in year one and 101 in year two, according to a market source.

Also, the company's $75 million add-on first-lien term loan due May 31, 2019 was launched with talk of Libor plus 400 bps with a 1.25% Libor floor an offer price of par, the source said.

The spread and floor on the add-on matches existing first-lien term loan pricing, and the entire tranche will get 101 soft call protection for six months.

Deutsche Bank Securities Inc. is leading the deal that will be used to fund a dividend recapitalization via an amendment/add-on to the existing first-lien term loan and the refinancing/upsize of the existing second-lien term loan.

Amendment consents and commitments are due on Nov. 26, and existing first-lien term loan lenders are being offered a 10 bps amendment fee, the source added.

CAMP is a Ronkonkoma, N.Y.-based provider of maintenance tracking and information services for business aviation.

Entercom launches

Entercom Communications launched with a 1:30 p.m. ET call a roughly $300 million term loan B due Nov. 23, 2018 with talk of Libor plus 300 bps with a 1% Libor floor, a par offer price and 101 soft call protection for six months, a source said.

Proceeds will be used to reprice an existing term loan B from Libor plus 375 bps with a 1.25% Libor floor.

Bank of America Merrill Lynch, Deutsche Bank Securities Inc. and SunTrust Robinson Humphrey Inc. are leading the deal.

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

Entercom is a Bala Cynwyd, Pa.-based radio broadcasting company.

Isola comes to market

Isola Group held a call at noon ET on Monday, launching a $250 million five-year term loan (B-) with talk of Libor plus 800 bps to 850 bps with a 1% Libor floor, an original issue discount of 98½ and call protection of non-callable for one year, then at 103 in year two, 102 in year three and 101 in year four, according to a market source.

Jefferies Finance LLC is leading the deal that is expected to see syndication wrap by the end of the week due to good demand seen during a pre-marketing round.

Proceeds will be used to refinance an existing $210 million term loan and some mezzanine debt.

First-lien leverage is 3.1 times and total leverage is 5.7 times, based on Sept. 30 LTM EBITDA of $80 million, the source continued.

Isola is a Chandler, Ariz.-based material sciences company focused on copper-clad laminates and dielectric prepregs used to fabricate advanced multilayer printed circuit boards.

RCN on deck

RCN Cable scheduled a call for 8:30 a.m. ET on Tuesday to launch a repricing of its $790 million term loan B from Libor plus 400 bps with a 1.25% Libor floor, according to a market source.

Early guidance on the repricing is Libor plus 350 bps to 375 bps with a 1% Libor floor, a par offer price and 101 soft call protection for six months, the source said.

SunTrust Robinson Humphrey Inc., TD Securities (USA) LLC and Credit Suisse Securities (USA) LLC are the lead banks on the deal.

The company had tried to reprice the debt earlier this year at talk of Libor plus 325 bps to 350 bps with a 1% Libor floor, a par offer price and 101 soft call protection for six months, but that transaction was pulled in June.

RCN Cable is a cable provider that services Boston, Chicago, Washington, D.C., Lehigh Valley, Pa., New York City and Philadelphia.

Phoenix coming soon

Phoenix Services set a call for 4 p.m. ET on Tuesday to launch a $318 million term loan due June 30, 2017 talked at Libor plus 500 bps with a 1% Libor floor and 101 soft call protection for one year, a source said.

Of the total amount, $293 million is a repricing of the existing term loan from Libor plus 650 bps with a 1.25% Libor floor and $25 million is a tack-on for growth capital expenditures.

There is a par offer price on the repricing and an original issue discount of 99½ on the tack-on, the source continued.

The existing term loan will be repaid at 101.

Credit Suisse Securities (USA) LLC is leading the deal for which commitments are due on Nov. 25.

Phoenix Services is a Kennett Square, Pa.-based provider of steel mill services and a processor of slag and co-products from steel mills and foundries.

Alliant joins calendar

Alliant Holdings will hold a call at 2 p.m. ET on Tuesday to launch a repricing of its $100 million revolver and $699,712,500 senior secured term loan, according to a market source.

Current pricing on the term loan is Libor plus 375 bps with a 1.25% Libor floor.

Morgan Stanley Funding Inc. and KKR Capital Markets LLC are leading the deal for the Newport Beach, Calif.-based specialty insurance brokerage firm.

Landry's readies call

Landry's intends to hold a call on Tuesday afternoon for existing loan lenders, according to a market source.

No further details on the transaction are available yet, the source said.

Jefferies Finance LLC is leading the deal.

Landry's is a Houston-based full-service restaurant, hospitality and entertainment company.

Azure closes

In other news, Azure Midstream Holdings LLC completed its acquisition of TGGT Holdings LLC from EXCO Operating Co. LP and BG Group plc for about $910 million, of which around $875 million was cash and the remaining portion was in the form of a roughly 7% equity interest in Azure, a news release said.

To help fund the transaction, Azure got a new $550 million term loan B priced at Libor plus 550 bps with a 1% Libor floor and sold at a discount of 981/2. There is 101 hard call protection for one year.

During syndication, pricing on the loan was increased from talk of Libor plus 425 bps to 450 bps, the discount was changed from 99 and the call protection was modified from a soft call.

J.P. Morgan Securities LLC led the deal.

Azure is a Houston-based midstream gas company. TGGT is a Dallas-based midstream energy company.

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