ABC Supply, Doncasters, Capital Auto, Cooper Gay, Rovi, tw telecom, First Data, Cenveo break

By Sara Rosenberg

New York, April 5 - ABC Supply Holding Corp.'s credit facility free up for trading on Friday, and Doncasters Group Ltd., Capital Automotive LP, Cooper Gay Swett & Crawford Ltd., Rovi Corp., tw telecom Inc., First Data Corp. and Cenveo Corp. made their way into the secondary too.

Moving to the primary market, Utex Industries Inc. reverse flexed pricing on its first- and second-lien term loans, tightened discount prices on the debt and shortened call premiums.

Also, Belfor USA Group Inc. added a pricing step-down to its term loan B, trimmed the Libor floor and finalized the original issue discount at the low end of guidance, and Tower Automotive Holdings USA LLC upsized its term loan B.

Furthermore, U.S. Shipping Corp. set the coupon on its loan at the low end of talk but sweetened call protection, and TrustHouse Services Group increased the size of its delayed-draw loan and reduced pricing on the tranche, as well as on a funded term loan B.

ABC frees up

ABC Supply's credit facility emerged in the secondary market on Friday, with the $1.25 billion term loan B (B1/BB+) quoted at par ½ bid, 101¼ offered, according to a market source.

Pricing on the B loan is Libor plus 275 basis points with a 0.75% Libor floor, and it was sold at par. There is 101 soft call protection for one year.

During syndication, the term loan B was upsized from $1.15 billion as the company's bond offering was downsized to $500 million from $600 million, pricing was cut from Libor plus 300 bps, the Libor floor was changed from 1%, the offer price was tightened from 99½ and the soft call protection was extended from six months.

The company's $2 billion senior secured credit facility also provides for a $750 million ABL revolver.

ABC lead banks

Deutsche Bank Securities Inc., Bank of America Merrill Lynch and UBS Investment Bank are leading ABC Supply's credit facility.

Proceeds from the bank debt and bonds will be used to redeem all of the company's shares held by its minority shareholders, an investor group led by Advent International.

At closing of the transaction, 100% of the company's shares will be controlled by its co-founder, Diane M. Hendricks.

ABC is a Beloit, Wis.-based wholesale distributor of roofing, siding, windows and other select exterior building products.

Doncasters levels surface

Doncasters Group's credit facility began trading as well, with the $620 million seven-year first-lien term loan (B2/B) quoted at par bid, par ½ offered, and the $290 million 71/2-year second-lien term loan (Caa2/CCC+) quoted at 98½ bid, 99½ offered, a source remarked.

Pricing on the first-lien term loan is Libor plus 425 bps with a 1.25% Libor floor, and it was sold at an original issue discount of 99, and the second-lien term loan is priced at Libor plus 825 bps with a 1.25% floor, and was issued at 98.

The company's credit facility also includes a £160 million seven-year first-lien term loan (B2/B) that is priced at Libor plus 475 bps with a 1.25% floor, and was sold at a discount of 99.

Doncasters call premiums

Included in Doncaster's first-lien covenant-light term loans is 101 soft call protection for one year, and the second-lien covenant-light term loan 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 $535 million, the sterling term loan was downsized from £200 million and the second-lien term loan was downsized from $325 million.

Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch and J.P. Morgan Securities LLC are leading the deal that is being used to refinance existing debt.

Doncasters is a Burton-upon-Trent, England-based manufacturer of complex precision components.

Capital Auto hits secondary

Capital Automotive's credit facility freed up on Friday, with the $1.5 billion six-year term loan B seen at par bid, par ¾ offered, a source said.

The term loan B is priced at Libor plus 325 bps with a step-down to Libor plus 300 bps following a $300 million term loan paydown with proceeds from second-lien debt, subordinated debt or equity and total leverage of less than 67.5%. There is a 1% Libor floor and 101 soft call protection for six months, and it was sold at a discount of 99¾ after tightening a few days ago from 991/2.

The company's $1.7 billion senior secured credit facility (Ba3/B+) also provides for a $200 million five-year revolver.

Barclays is leading the deal that is being used to refinance an existing credit facility.

Capital Automotive is a McLean, Va.-based provider of sale-leaseback capital to the automotive retail industry.

Cooper Gay trades

Cooper Gay Swett & Crawford also saw its credit facility break, with the $305 million seven-year first-lien term loan quoted at par ½ bid, 101 offered, and the $120 million 71/2-year second-lien term loan quoted at par ½ bid, 101½ offered, according to a market source.

Pricing on the first-lien term loan is Libor plus 375 bps with a 1.25% floor, and it was sold at 991/2, and pricing on the second-lien term loan is Libor plus 700 bps with a 1.25% floor, and it was sold at 981/2. The first-lien loan has 101 soft call protection for one year, and the second-lien term loan still has hard call protection of 103 in year one, 102 in year two and 101 in year three.

During syndication, the first-lien loan was upsized from $280 million, pricing was reduced from talk of Libor plus 400 bps to 425 bps and the discount tightened from 99. Also, the second-lien loan was cut from $145 million, the coupon was trimmed from talk of Libor plus 725 bps to 750 bps and the discount was changed from 98.

Cooper Gay refinancing

Proceeds from Cooper Gay Swett & Crawford's $500 million senior secured credit facility, which also includes a $75 million five-year revolver, are being used to repay existing Swett & Crawford term loans.

Morgan Stanley Senior Funding Inc., J.P. Morgan Securities LLC, RBC Capital Markets and Wells Fargo Securities LLC are the joint lead arrangers on the deal, with Morgan Stanley and JPMorgan the joint bookrunners.

Closing is expected late in the week of April 8 or early in the week of April 15.

Cooper Gay Swett & Crawford is a London-based wholesale & reinsurance broker.

Rovi starts trading

Rovi's $540 million term loan B due March 2019 also broke, with levels quoted at par bid, par ¾ offered, according to a trader.

Pricing on the loan is Libor plus 275 bps, after firming at the high end of the Libor plus 250 bps to 275 bps talk. There is a 0.75% Libor floor and 101 soft call protection for six months, and the debt was sold at an original issue discount of 993/4.

J.P. Morgan Securities LLC is leading the deal that is being used to refinance an existing term loan priced at Libor plus 300 bps with a 1% Libor floor.

Rovi is a Santa Clara, Calif.-based provider of digital entertainment services, including interactive program guides, licensing technology, media recognition technology and content protection.

tw telecom breaks

Another deal to hit the secondary market was tw telecom, with its $470 million seven-year term loan B quoted at par bid, par ½ offered, a market source said.

Pricing on the loan is Libor plus 250 bps with no Libor floor, and it was sold at an original issue discount of 991/2. There is 101 soft call protection for six months.

Recently, the spread on the loan was reduced from talk of Libor plus 275 bps to 300 bps.

The company's $570 million credit facility (Baa3/BB+) also includes a $100 million five-year revolver.

Wells Fargo Securities LLC, Morgan Stanley Senior Funding Inc. and Credit Suisse Securities (USA) LLC are leading the deal that is being used to refinance debt.

tw telecom is a Littleton, Colo.-based provider of managed data, internet and voice networking solutions to businesses and large organizations.

First Data wraps par

First Data's $2,436,000,000 first-lien term loan (B1/B+) due March 2017 surfaced in the secondary, with levels quoted at 99¾ bid, par 1/8 offered, according to a market source.

Pricing on the U.S. term loan, as well as on €178 million first-lien term loan (B1/B+) due March 2017, is Libor plus 400 bps with no Libor floor, and they were sold at a discount of 99 5/8, revised recently from guidance of 99¼ to 991/2.

Proceeds are being used to reprice existing U.S. and euro term loans due 2017 from Libor plus 500 bps.

Credit Suisse Securities (USA) LLC and KKR Capital Markets are leading the deal.

First Data is a Greenwood Village, Colo.-based provider of electronic commerce and payment services.

Cenveo tops OID

Cenveo's $360 million seven-year term loan (Ba3/BB-) freed up too, with levels seen at par ¼ bid, 101 offered, according to a trader.

Pricing on the loan is Libor plus 500 bps with a 1.25% Libor floor, and it was sold at a discount of 991/2. There is 101 soft call protection.

The term loan was previously flexed from talk of Libor plus 575 bps to 600 bps with a discount of 99 due to strong demand.

Bank of America Merrill Lynch and Macquarie Capital are leading the deal that is being used to refinance existing debt.

Cenveo is a Stamford, Conn.-based manager and distributor of print and related products and services.

Utex lowers pricing

Over in the primary, Utex Industries cut the spread on its $300 million seven-year first-lien term loan (B2/B) to Libor plus 350 bps from talk of Libor plus 375 bps to 400 bps, added a step-down to Libor plus 325 bps at less than 5 times leverage, revised the original issue discount to 99½ from 99 and shortened the 101 soft call to six months from one year, according to sources.

Also, the company lowered pricing on its $140 million eight-year second-lien term loan (Caa2/CCC+) to Libor plus 750 bps from Libor plus 775 bps, tightened the discount to 99½ from talk of 98½ to 99, and modified call protection to 102 in year one and 101 in year two, from 103 in year one, 102 in year two and 101 in year three, sources said.

The 1.25% Libor floor on both term loans was left unchanged.

The company's $490 million credit facility also includes a $50 million five-year revolver.

Utex being acquired

Proceeds from Utex's credit facility will be used to help fund its purchase by Riverstone Holdings LLC from Rhone Capital LLC, which is expected to close this month, subject to regulatory approvals.

Bank of America Merrill Lynch, BNP Paribas Securities Corp., Societe Generale and UBS Securities LLC are leading the deal.

Recommitments for the credit facility were due at 2 p.m. ET on Friday, sources added.

Utex is a Houston-based manufacturer of engineered sealing and other specialty products used in oil and gas drilling and production, power, mining, water treatment and other industrial sectors.

Belfor revisions emerge

Belfor's $200 million six-year term loan B saw the addition of a step-down to Libor plus 250 bps when consolidated leverage is less than 3 times, while opening pricing was left unchanged from initial talk at Libor plus 275 bps, according to a market source.

Also, the Libor floor on the term loan B was revised to 0.75% from 1% and the original issue discount firmed at 991/2, the tight end of the 99¼ to 99½ talk, the source remarked.

The B loan still has 101 soft call protection for one year.

J.P. Morgan Securities LLC is leading the $520 million credit facility (Ba3/BB-), which also includes a $170 million five-year revolver and a $150 million five-year term loan A.

Recommitments were due at 5 p.m. ET on Friday, the source continued.

Proceeds will be used by the Birmingham, Mich.-based damage recovery and restoration provider to refinance existing debt, and, at close, leverage will be roughly 3.8 times.

Tower Auto upsizes

Tower Automotive lifted its seven-year senior secured term loan B (B1) to $420 million from $275 million, while keeping talk at Libor plus 475 bps to 500 bps with a 1.25% Libor floor, an original issue discount of 99 and 101 soft call protection for one year, according to a market source.

Commitments continue to be due at 5 p.m. ET on April 12 with closing expected on April 17.

Citigroup Global Markets; Goldman Sachs & Co., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are leading the deal that will be used to refinance all of the company's 10 5/8% senior secured notes. Prior to the loan upsizing, it was thought that only a portion of the notes would be taken out.

Tower Automotive is a Livonia, Mich.-based supplier of automotive metal structural components and assemblies.

U.S. Shipping updates terms

U.S. Shipping finalized pricing on its $220 million five-year senior secured term loan B (B3/B) at Libor plus 775 bps, the tight end of the Libor plus 775 bps to 800 bps guidance, and revise the call protection to non-callable for one year, then at 102 in year two and 101 in year three, from non-callable for one year, then at 101 in year two, a market source said.

As before, the loan has a 1.25% Libor floor and an original issue discount of 99.

Commitments were due at 4 p.m. ET on Friday, the source continued.

UBS Securities LLC and Bank of America Merrill Lynch are leading the loan that will be used to refinance existing debt.

U.S. Shipping is an Edison, N.J.-based provider of long-haul marine transportation services.

TrustHouse tweaks deal

TrustHouse Services upsized its six-year delayed-draw term loan to $40 million from $30 million, and reduced pricing on the debt, and on its $155 million six-year term loan B, to Libor plus 425 bps from Libor plus 450 bps, according to a market source.

As before, the term loans have a 1.25% Libor floor and an original issue discount of 99.

The company's now $220 million credit facility also provides for a $25 million five-year revolver.

CIT is leading the deal that will be used to fund the company's buyout by Elior.

TrustHouse is a Charlotte, N.C.-based provider of on-site contract foodservices. Elior is a France-based contract caterer.

ILFC closes

In other news, International Lease Finance Corp. (ILFC) completed its $750 million term loan (Ba2/BBB-) due June 30, 2017 that is priced at Libor plus 275 bps with a 0.75% Libor floor, according to a news release. The loan was issued at par and includes 101 soft call protection for six months.

Bank of America Merrill Lynch led the deal.

Proceeds were used to repay a term loan that was priced at Libor plus 400 bps with a 1% Libor floor.

ILFC is a Los Angeles-based aircraft lessor.

American Petroleum wraps

American Petroleum Tankers Parent LLC closed on its $280 million senior secured credit facility that includes a $10 million five-year revolver and a $270 million 61/2-year term loan, according to an 8-K filed with the Securities and Exchange Commission.

Pricing on the term loan is Libor plus 350 basis points with a 1.25% Libor floor, and it was sold at an original issue discount of 991/2. There is 101 soft call protection for six months.

During syndication, pricing on the loan was reduced from Libor plus 400 bps and the discount was revised from 99.

Bank of America Merrill Lynch led the deal that was used to redeem the company's 10¼% first-priority senior secured notes due 2015.

American Petroleum is a Plymouth Meeting, Pa.-based provider of Jones Act marine transportation services for refined petroleum products, crude oil and chemicals.

Apria completes refi

Apria Healthcare Group Inc. closed on its $900 million term loan (B2/BB) that is being used to repay bonds, according to a news release.

Pricing on the term loan is Libor plus 500 bps with a 1.25% Libor floor, and it was issued at 99. There is 101 soft call protection for one year.

During syndication, the loan was upsized from $750 million, pricing was increased from Libor plus 450 bps and covenants were added to the originally covenant-light deal.

Bank of America Merrill Lynch, Goldman Sachs & Co., Barclays, Wells Fargo Securities LLC and Macquarie Capital led the transaction.

Apria is a Lake Forest, Calif.-based home health-care services company.

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