Syniverse, Healogics, SurveyMonkey, Allison, INC Research, ADS Waste, Jo-Ann Stores break

By Sara Rosenberg

New York, Feb. 5 - Syniverse Holdings' delayed-draw add-on senior secured covenant-light term loan made its way into the secondary market on Tuesday, with levels seen above its original issue discount price, and Healogics Inc., SurveyMonkey, Allison Transmission Inc., INC Research LLC, ADS Waste Holdings Inc. and Jo-Ann Stores Inc. freed up as well.

Also in trading, Tube City IMS Corp.'s term loan B was softer as the company launched a repricing transaction.

Over in the primary, TNS Inc. accelerated the commitment deadline on its credit facility, Rite Aid Corp. reduced the coupon, floor and offer prices on its term loans, and Hubbard Radio LLC finalized the spread on its add-on and repricing deal at the tight end of talk while also trimming the Libor floor.

Additionally, Asurion LLC, Calpine Corp., Jason Inc., MEG Energy Corp., Blue Buffalo Co., United Surgical Partners International Inc., Advantage Sales & Marketing Inc. and Leslie's Poolmart Inc. released talk with launch.

Furthermore, Edmentum Inc. (Plato Learning), MultiPlan Inc. and CAMP International Holding Co. joined this week's calendar.

Syniverse tops OID

Syniverse Holdings' $700 million delayed-draw add-on senior secured covenant-light term loan (B1/BB-) due April 2019 broke for trading on Monday, with levels quoted at par bid, par ½ offered, according to a market source.

Pricing on the loan is Libor plus 300 basis points 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 and a ticking fee of 100 bps for the first month, half the spread for the second and third months and the full spread thereafter.

During syndication, the loan was upsized from $625 million, pricing was lowered from Libor plus 325 bps, the floor was cut from 1.25% and the discount firmed at the tight end of the 99 to 99½ talk.

Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Goldman Sachs & Co. led the loan that is helping fund the purchase of MACH for about €550 million in cash.

Net senior secured leverage is 3.6 times and net total leverage is 4.8 times.

Syniverse is a Tampa, Fla.-based provider of technology and business services for the telecommunications industry. MACH is a Luxembourg-based provider of cloud-based communication services.

Healogics starts trading

Healogics' credit facility also hit the secondary market, with the $290 million six-year first-lien term loan (B1/B) quoted at 101 bid, 101½ offered and the $125 million seven-year second-lien term loan (Caa1/CCC+) quoted at 102 bid, 102½ offered, a trader said.

Pricing on the first-lien term loan is Libor plus 400 bps with a step-down to Libor plus 375 bps when total adjusted leverage is less than 5 times. There is a 1.25% Libor floor and 101 soft call protection for one year, and the debt was sold at a discount of 991/2.

Second-lien term loan pricing is Libor plus 800 bps with a step-down to Libor plus 775 bps when total adjusted leverage is less than 5 times. This tranche has a 1.25% floor and call protection of 103 in year one, 102 in year two and 101 in year three, and it was sold at a discount of 99.

Healogics lead banks

RBC Capital Markets, GE Capital Markets Corp., BMO Capital Markets and Jefferies & Co. are leading Healogics' $445 million credit facility, which also includes a $30 million revolver (B1/B).

During syndication, pricing on the first-lien loan was cut from talk of Libor plus 425 bps to 450 bps, the step-down was added and the discount was revised from 99. And, the second-lien loan was upsized from $100 million, reverse flexed from talk of Libor plus 825 bps to 850 bps, the step-down was added and the discount tightened from 981/2.

Proceeds are being used to refinance existing debt and to fund a distribution to shareholders.

Healogics is a Jacksonville, Fla.-based provider of outpatient wound care management services.

SurveyMonkey breaks

Another deal to free up was SurveyMonkey, with its $315 million six-year term loan B quoted at par bid, par ¾ offered, a trader remarked.

The term loan B is priced at Libor plus 425 bps with a 1.25% Libor floor and was sold at an original issue discount of 991/2. The loan has 101 soft call protection for one year.

During syndication, the B laon was upsized from $300 million, pricing was cut from talk of Libor plus 450 bps to 475 bps and the discount was revised from 981/2.

The company's $365 million credit facility (B2/B) also includes a $50 million five-year revolver.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Goldman Sachs & Co. and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to refinance existing debt, fund share buybacks and for general corporate purposes.

SurveyMonkey is a provider of online survey tools.

Allison hits secondary

Allison Transmission's $1,204,000,000 term loan B-4 due August 2017 started trading, with levels quoted at par bid, 101 offered, a trader said.

Pricing on the loan, which was upsized from roughly $793 million, is Libor plus 300 bps with no Libor floor, and it was sold at par. There is 101 soft call protection for one year.

Proceeds from the initial amount are being used to reprice the existing roughly $793 million term loan B-2 from Libor plus 350 bps with no Libor floor, and the additional amount being raised through the upsizing is being used to take out in full the company's roughly $411 million term loan B-1.

The term loan B-1 due August 2014 is priced at Libor plus 250 bps with no Libor floor, so lenders are essentially getting a bump in coupon with an extension of the maturity by three years.

Citigroup Global Markets Inc. is the lead bank on the deal.

Allison is an Indianapolis-based automatic transmission company.

INC Research frees up

INC Research's roughly $296 million term loan B due July 2018 began trading too, with levels quoted at par ¼ bid, 101 offered, according to a trader.

Pricing on the loan is Libor plus 475 bps, after firming recently at the wide end of the Libor plus 450 bps to 475 bps talk. The debt has a 1.25% Libor floor and 101 soft call protection for one year and was issued at par.

J.P. Morgan Securities LLC is the lead bank on the deal that is being used to refinance an existing term loan B.

INC Research is a Raleigh, N.C.-based therapeutically focused contract research organization.

ADS above par

ADS Waste's $1.8 billion covenant-light term loan due October 2019 was quoted at par ¼ bid, par ¾ offered after breaking on Tuesday, a source said.

Pricing on the loan is Libor plus 300 bps with a 1.25% Libor floor, and it was sold at par. There is 101 soft call protection for six months.

Proceeds are being used to reprice an existing term loan from Libor plus 400 bps with a 1.25% Libor floor.

Existing lenders are getting paid out at 101 due to current call protection.

Deutsche Bank Securities Inc. is the lead bank on the deal.

ADS Waste is a Jacksonville, Fla.-based provider of integrated, non-hazardous solid waste collection, transfer, recycling and disposal services.

Jo-Ann levels surface

Jo-Ann Stores' roughly $627 million term loan B-2 due March 2018 also started trading, with levels quoted at par bid, par ½ offered, according to a trader.

Pricing on the loan is Libor plus 300 bps, after firming at the low end of the Libor plus 300 bps to 325 bps talk. There is a 1% Libor floor and 101 soft call protection for six months, and the debt was sold at par.

Proceeds from the J.P. Morgan Securities LLC-led deal are being used to refinance an existing term loan B.

Jo-Ann is a Hudson, Ohio-based specialty retailer of fabrics and crafts.

Tube City dips

Tube City's $300 million term loan B due March 2019 slid in trading to par ½ bid, 101 offered from 101 1/8 bid, 101½ offered as the company announced plans to reprice the debt, according to a market source.

Under the proposal, the company is looking to take pricing down to Libor plus 325 bps with a 1% Libor floor from Libor plus 450 bps with a 1.25% Libor floor, a source said.

The repriced loan is being offered at par and has 101 soft call protection for six months.

J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch and Wells Fargo Securities LLC are leading the deal that launched with a call in the afternoon.

Tube City is a Glassport, Pa.-based provider of outsourced industrial services to steel mills.

TNS moves deadline

Moving to the primary, TNS changed the commitment deadline on its $690 million senior secured covenant-light credit facility to Friday from Feb. 12, according to a market source.

The credit facility consists of a $50 million revolving facility (B1/BB-), a $540 million first-lien term loan (B1/BB-) and a $100 million second-lien term loan (Caa1/B).

Price talk on the first-lien term loan is Libor plus 425 bps with a 1.25% Libor floor and an original issue discount of 99 on the first-lien, and on the second-lien term loan is Libor plus 825 bps with a 1.25% Libor floor and a discount of 98.

The first-lien term loan has 101 soft call protection for one year, and the second-lien term loan has call protection of 102 in year one and 101 in year two, the source remarked.

TNS being acquired

Proceeds from TNS' credit facility and equity will be used to fund its buyout by Siris Capital Group for $21 per share in cash and refinance existing debt. The transaction is valued at about $862 million.

SunTrust Robinson Humphrey Inc. and Macquarie Capital (USA) Inc. are joint lead arrangers on the deal and bookrunners with Fifth Third Bank and KeyBanc Capital Markets LLC.

Closing is expected this quarter, subject to customary conditions, including the receipt of stockholder approval and the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.

TNS is a Reston, Va.-based provider of data communications and interoperability services.

Rite Aid flexes

Rite Aid revised pricing on its $900 million seven-year first-lien term loan (B1/B+) to Libor plus 300 bps with a 1% Libor floor and a par offer price, from Libor plus 325 bps with a 1.25% Libor floor and an original issue discount of 991/2, according to a market source. There is still 101 soft call protection for six months.

Additionally, the $470 million 71/2-year second-lien term loan (B3/B-) pricing was changed to Libor plus 475 bps with a 1% floor and a par offer price, from Libor plus 500 bps with a 1.25% floor and a discount of 99, the source remarked. This debt continues to have hard call protection of 103 in year one, 102 in year two and 101 in year three.

Commitments for the term loans are due at the close of business on Wednesday, moved up from the original Friday deadline, the source continued.

Rite Aid getting revolver

Rite Aid's $3,095,000,000 credit facility also provides for a $1,725,000,000 five-year ABL revolver (B1) that has pricing ranging from Libor plus 225 bps to 275 bps based on excess availability.

Wells Fargo Securities LLC, Citigroup Global Markets Inc., Bank of America Merrill Lynch, GE Capital Markets, Goldman Sachs & Co. and Morgan Stanley Senior Funding Inc. are leading the deal, with Wells Fargo the left lead on the revolver and first-lien term loan, and Citigroup the left lead on the second-lien term loan.

Proceeds will refinance an existing $1.04 billion term loan-2 due 2014 and fund cash tender offers that expire on Feb. 28 for $410 million of 9¾% senior secured notes due 2016, $470 million of 10 3/8% senior secured notes due 2016 and $180.3 million of 6 7/8% senior debentures due 2013.

Rite Aid is a Camp Hill, Pa.-based drugstore chain.

Hubbard updates terms

Hubbard Radio firmed pricing on its $358 million term loan B (B1/B+) due April 28, 2017 at Libor plus 350 bps, the low end of the Libor plus 350 bps to 375 bps talk, and tightened the Libor floor to 1% from 1.25%, according to a market source.

As before, the term loan is offered at par and has 101 soft call protection for six months.

The debt includes a $140 million add-on that will be used to refinance the company's second-lien term loan, and the remainder will be used to reprice the existing term loan down from Libor plus 375 bps with a 1.5% Libor floor.

Commitments and consents were due at 5 p.m. ET on Tuesday.

Morgan Stanley Senior Funding Inc. is leading the deal for the Minneapolis-St. Paul, Minn.-based broadcasting company.

Asurion pricing

In more primary news, Asurion launched with a call on Tuesday its $2.6 billion incremental first-lien term loan due May 24, 2019 with talk of Libor plus 325 bps with a 1.25% Libor floor, an original issue discount of 99½ to 99¾ and 101 soft call protection for one year, according to a market source.

Commitments are due on Feb. 12, the source said.

Bank of America Merrill Lynch, Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to repay some first-lien debt and second-lien term loan borrowings.

Asurion is a Nashville-based provider of technology protection services.

Calpine talk emerges

Calpine held its call in the morning, and talk on its repricing proposal surfaced at Libor plus 300 bps with a 1% Libor floor, a par offer price and 101 soft call protection for one year, a source said.

The company is repricing its $1,277,000,000 term loan B-1 due April 1, 2018, $355 million term loan B-2 due April 1, 2018 and $833 million term loan B-3 due Oct. 9, 2019 from Libor plus 325 bps with a 1.25% Libor floor.

Commitments are due at 5 p.m. ET on Friday, the source said.

Morgan Stanley Senior Funding Inc. is leading the Houston-based power company's deal.

Jason comes to market

Jason hosted a bank meeting on Tuesday, and with the event, talk on its $225 million six-year term loan came out at Libor plus 375 bps to 400 bps with a 1.25% Libor floor and an original issue discount of 99, according to a market source.

Commitments for the $260 million credit facility (B1/B+), which also includes a $35 million five-year revolver, are due on Feb. 20, the source said.

GE Capital Markets is leading the deal that will be used to refinance existing debt and fund a dividend.

Jason is a Milwaukee-based manufacturing company involved in the seating, finishing, components and automotive acoustics markets.

MEG Energy launches

MEG Energy launched without a call a $987.5 million senior secured covenant-light term loan due March 2020 with talk of Libor plus 225 bps with a 1% Libor floor, a par offer price and 101 soft call protection for six months, according to a market source.

Through this transaction, the company is repricing its existing term loan from Libor plus 300 bps with a 1% Libor floor and extending the maturity from March 2018.

Lead bank, Barclays, is asking for commitments by noon ET on Feb. 13.

Leverage is 1.9 times.

MEG Energy is a Calgary, Alta.-based pure play oil sands company.

Blue Buffalo repricing

Blue Buffalo launched with an afternoon call a repricing of its $440 million senior secured credit facility, and is asking for commitments by Feb. 12, according to a market source.

Under the proposal, the company is asking to take pricing on its $40 million revolver due August 2017 down to Libor plus 375 bps from Libor plus 525 bps, and on its $400 million term loan B due August 2019 down to Libor plus 375 bps with a 1% Libor floor from Libor plus 525 bps with a 1.25% Libor floor, the source said.

The repriced term loan B has 101 soft call protection through December 2013.

Citigroup Global Markets Inc. and Morgan Stanley Senior Funding Inc. are leading the deal for the Wilton, Conn.-based pet food company.

United Surgical guidance

United Surgical launched its repricing and add-on transaction via J.P. Morgan Securities LLC and set a commitment deadline of Feb. 12, although closing won't take place until April 4 when the existing 101 soft call protection expires, according to an 8-K filed with the Securities and Exchange Commission.

The company is talking its $125 million revolver due April 2017 at Libor plus 300 bps to 325 bps, down from Libor plus 450 bps, its $310.1 million term loan due April 2017 at Libor plus 300 bps to 325 bps with a 0.75% Libor floor, down from Libor plus 450 bps with a 0.75% Libor floor, and its $671.8 million term loan due April 2019 (which includes a $150 million tack-on) at Libor plus 325 bps to 350 bps with a 1% Libor floor, down from Libor plus 475 bps with a 1.25% Libor floor.

All of the term loans have 101 soft call protection for six months, and the facility has a ticking fee of half the drawn spread on the repriced tranches and tack-on from allocation till closing, the filing said.

Proceeds from new debt will be used to repay a $144.4 million non-extended term loan due 2014.

Senior secured leverage is 4.4 times (4.2 times net), and total leverage is 6.2 times (6 times net).

United Surgical is a Dallas-based operator of surgical facilities.

Advantage Sales talk

Advantage Sales launched its $908 million first-lien term loan (including a $50 million add-on) due December 2017 with talk of Libor plus 325 bps with a 1% Libor floor and 101 soft call protection for one year, according to a market source. The add-on is offered at an original issue discount of 99½ and the remainder is offered at par.

In addition, the company launched a $300 million second-lien term loan due June 2018 with talk of Libor plus 725 bps with a 1% Libor floor, a par offer price and 101 soft call protection for one year, the source said.

Commitments are due on Feb. 12.

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and UBS Securities LLC are leading the $1.208 billion in covenant-light term loans.

Proceeds will be used by the Irvine, Calif.-based sales and marketing agency to refinance existing bank debt.

Leslie's holds call

Leslie's Poolmart held a call, launching a repricing of its roughly $625 million term loan with talk of Libor plus 300 bps to 325 bps with a 1% Libor floor and a par offer price, according to a market source.

The transaction will take the term loan pricing down from Libor plus 400 bps with a 1.25% Libor floor.

Bank of America Merrill Lynch is the lead bank on the deal.

Commitments are due on Feb. 12.

Leslie's Poolmart is a Phoenix-based retailer of swimming pool supplies and related products.

Edmentum readies refi

Edmentum scheduled a conference call for 9:30 a.m. ET on Wednesday to launch a $229.4 million first-lien term loan due May 2018 that is talked at Libor plus 475 bps with a 1.25% Libor floor and 101 repricing protection for one year, according to a market source.

The term loan includes $10 million in new money that is offered at an original issue discount of 99 and the remainder is offered at par, the source said.

Credit Suisse Securities (USA) LLC and Jefferies & Co. are the leading the loan that will be used to refinance existing bank debt.

As part of the refinancing, existing first-lien term loan lenders are getting paid out at 101, the source added.

Edmentum is a Minneapolis-based provider of online curriculum.

MultiPlan sets launch

MultiPlan will host a lender call at 1 p.m. ET on Wednesday to launch a refinancing/repricing of its existing term loan from Libor plus 325 bps with a 1.5% Libor floor, a market source said.

The company will be seeking a roughly $1.03 billion senior secured term loan due August 2017 that is talked at Libor plus 250 bps to 275 bps with a 1% Libor floor, a par offer price and 101 soft call protection for six months, the source said.

Barclays, Credit Suisse Securities (USA) LLC and Bank of America Merrill Lynch leading the deal for the New York-based provider of health care cost management services.

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

Senior secured leverage is 2.7 times and total leverage is 4.4 times.

CAMP on deck

CAMP International set a call for Wednesday afternoon to launch a $370 million term loan B that is talked at Libor plus 400 bps with a 1.25% Libor floor, an original issue discount of 99½ to 99¾ and 101 soft call protection for six months, according to a market source.

Deutsche Bank Securities Inc. is the lead bank on the deal.

Proceeds will be used to refinance the company's existing capital structure.

Commitments are due on Feb. 13, the source added.

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

DineEquity closes

In other news, DineEquity Inc. completed its $547 million senior secured credit facility that includes a $75 million revolver due Oct. 19, 2015 priced at Libor plus 275 bps and a $472 million term loan B due Oct. 19, 2017 priced at Libor plus 275 bps with a 1% Libor floor, according to a news release.

The term loan was sold at par, after tightening during syndication from initial talk of a discount of 99 7/8, and includes 101 soft call protection for one year

Barclays led the deal that was used to refinance an existing term loan due October 2017 priced at Libor plus 300 bps with a 1.25% Libor floor, and an existing revolver priced at Libor plus 450 bps with a 1.5% Libor floor.

Net senior secured leverage is 2.2 times and net total leverage is 5.1 times.

DineEquity is a Glendale, Calif.-based owner of Applebee's Neighborhood Grill & Bar and IHOP Restaurants.

LMI wraps loan

LMI Aerospace Inc. closed on its $350 million senior secured credit facility (B1/B+) consisting of a $125 million revolver and a $225 million six-year term loan B, according to a news release.

Pricing on the B loan is Libor plus 350 bps with a step-down to Libor plus 325 bps when total leverage is less than 3 times. There is a 1.25% Libor floor and 101 soft call protection for one year, and the debt was sold at a discount of 991/2.

During syndication, pricing on the term B was cut from talk of Libor plus 400 bps to 425 bps, the step-down was added and the discount changed from 99. Also, the revolver was upsized from $100 million.

Proceeds were used to back purchase of Valent Aerostructures LLC, refinance existing debt and provide for working capital needs.

RBC Capital Markets and Wells Fargo Securities LLC led the deal.

LMI Aerospace is a St. Charles, Mo.-based supplier of structural assemblies, kits and components and provider of design engineering services to the aerospace and defense industries. Valent is a Kansas City, Mo.-based provider of structural components, major sub-assemblies and machined parts for airframe manufacturers.

Del Monte completed

Del Monte Corp. closed on its roughly $2.7 billion term loan B that is priced at Libor plus 300 bps with a 1% Libor floor, and was sold at par. The tranche has a step-down to Libor plus 275 bps when leverage is less than 5.75 times and 101 soft call protection for six months, an 8-K filed with the Securities and Exchange Commission said.

J.P. Morgan Securities LLC is the lead bank on the deal that was upsized by $100 million during syndication.

Proceeds were used to amend and refinance an existing roughly $2.6 billion term loan B, and the funds from the upsizing are adding cash to the balance sheet.

Del Monte is a San Francisco-based producer, distributor and marketer of pet products and food products.

Chiquita gets revolver

Chiquita Brands International Inc. completed its new $200 million five-year ABL revolving credit facility, according to a news release.

The ABL facility was done in connection with a $425 million senior secured notes offering that was used with revolver borrowings to repay an existing credit facility, including a $305.3 million term loan and $40 million of revolver drawings, and $106.4 million of 7½% senior notes.

Chiquita is a Charlotte, N.C.-based marketer and distributor of fresh and value-added food products.

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