Sun, Commercial Barge, Orbitz, AM General, Container, Jarden, Compass Diversified free up

By Sara Rosenberg

New York, March 20 - Sun Products Corp. saw its credit facility make its way into the secondary market on Wednesday, and Commercial Barge Line Co. (American Commercial Lines), Orbitz Worldwide Inc., AM General LLC, Container Store Inc., Jarden Corp. and Compass Diversified Holdings all broke too.

Over in the primary, Ruby Western Pipeline Holdings revised its senior secured term loan, trimming the coupon and finalizing the original issue discount at the tight end of talk, and Twin River Management Group Inc. accelerated the commitment deadline on its loan.

Also, Surgery Center Holdings Inc., Capital Automotive LP, Berlin Packaging, Cedar Bay Generating Co. LP, Apria Healthcare Group Inc. and RadNet Inc. revealed talk with launch, Belfor USA Group Inc. and Vertafore Inc. began floating guidance on their upcoming deals, and Utex Industries Inc. surfaced with new loan plans.

Sun Products above par

Sun Products' credit facility hit the secondary late Wednesday, with levels on the $1,055,000,000 seven-year senior secured term loan B (B1/B-) quoted at par ¼ bid, par ¾ offered, according to a trader.

The term loan is priced at Libor plus 425 basis points with a 1.25% Libor floor and was sold at an original issue discount of 99. There is 101 soft call protection for one year.

Last week, the term loan was downsized from $1.08 billion, pricing was increased from talk of Libor plus 375 bps to 400 bps and the call protection was extended from six months.

The company's $1,155,000,000 credit facility also includes a $100 million five-year revolver.

J.P. Morgan Securities LLC, Barclays, Morgan Stanley Senior Funding Inc., Bank of America Merrill Lynch and Goldman Sachs & Co. are leading the deal that will be used to refinance existing debt.

Other funds for the refinancing will come from $575 million of notes that were upsized from $500 million with the term loan downsizing. The extra $50 million of funds raised will redeem preferred shares.

Sun Products is a Wilton, Conn.-based manufacturer of branded and retailer brand fabric care and dish care products.

Commercial Barge trading

Commercial Barge Line's credit facility freed up for trading, with the $450 million 61/2-year first-lien term loan (Ba3/B-) quoted at 99 bid, par offered, and the $200 million seven-year second-lien term loan (Caa1/CCC) quoted at 98¼ bid, 99¼ offered, according to a trader.

Pricing on the first-lien term loan is Libor plus 625 bps with a 1.25% Libor floor, and it was sold at an original issue discount of 98. The debt has 101 soft call protection for one year.

The second-lien term loan is priced at Libor plus 950 bps with a 1.25% floor, and was sold at a discount of 98. This tranche is non-callable for one year, then at 103 in year two, 102 in year three and 101 in year four.

During syndication, pricing on the first-lien loan was raised from Libor plus 500 bps, the discount was widened from 99 and the tranche was downsized from $650 million as the second-lien loan was added. Also, the spread on the second-lien loan was lifted from talk of Libor plus 875 bps to 900 bps and the call protection was sweetened from non-callable for one year, then at 102 in year two and 101 in year three.

Commercial Barge refinancing

Proceeds from Commercial Barge's credit facility will be used to repay 10 5/8%/11 3/8% senior PIK toggle notes due 2016 at a redemption price of 105 and 12½% senior secured notes due 2017 at a redemption price of 1061/4, as well as to fund a $207 million dividend.

Bank of America Merrill Lynch, Goldman Sachs & Co., UBS Investment Bank and Wells Fargo Securities LLC are leading the deal.

Commercial Barge Line is a Jeffersonville, Ind.-based marine transportation and service company.

Orbitz tops OIDs

Orbitz's credit facility was another deal to break, with both the $300 million six-year term loan C and the $150 million 41/2-year term loan B quoted at par bid, par ½ offered, according to a market source.

Pricing on the term loan C is Libor plus 675 bps with a 1.25% Libor floor, and it was sold at a discount of 99.There is 101 repricing protection for one year and amortization of 1% per annum.

The term loan B, which amortizes at a rate of 10% per annum, is priced at Libor plus 600 bps with a 1.25% Libor floor and was sold at an original issue discount of 99.

During syndication, the term loan C was upsized from $250 million and the repricing protection on both term loans was changed from 102 in year one and 101 in year two.

Orbitz getting revolver

Orbitz's $500 million credit facility (B+), for which Credit Suisse Securities (USA) LLC is the lead, also provides for a $50 million revolver.

Proceeds will be used to refinance existing debt and for general corporate purposes, and the additional amount raised through the term loan C upsizing will be put into a restricted account to collaterize letters of credit.

Orbitz is a Chicago-based online travel agency.

AM General levels emerge

AM General's credit facility began trading as well, with the $330 million five-year term loan B quoted at 97¼ bid, 98¼ offered, a trader remarked.

Pricing on the B loan is Libor plus 900 bps with a 1.25% Libor floor, and it was sold at an original issue discount of 97. The debt is non-callable for two years, then at 103 in year three and 101 in year four.

The loan underwent a number of changes during its syndication process.

Prior to firming at the current terms, the loan was sized at $325 million and talked at Libor plus 875 bps with a 1.5% Libor floor, a discount of 97 and call protection of non-call two, then at 103 in year three, and at launch, it was sized at $350 million and guided at Libor plus 650 bps to 675 bps with a 1.25% floor, a discount of 98 and hard call protection of 102 in year one and 101 in year two.

AM General repaying debt

Proceeds from AM General's $350 million senior secured credit facility (B2/BB-), which also includes a $20 million revolver, will be used to refinance existing bank borrowings.

Citigroup Global Markets Inc., Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Jefferies Finance LLC and Natixis are leading the deal.

AM General is a South Bend, Ind.-based designer, manufacturer and supplier of specialized vehicles for commercial and military customers.

Container hits secondary

Container Store's $362 million term loan B (B3) due 2019 also broke, with levels quoted at par ½ bid, 101 offered, according to a trader.

Pricing on the term B is Libor plus 425 bps with a 1.25% Libor floor, and it was sold at an original issue discount of 993/4. There is a step-down to Libor plus 375 bps if the corporate credit rating is upgraded to B2/B and 101 soft call protection for six months.

During syndication, pricing on the loan firmed at the tight end of the Libor plus 425 bps to 450 bps talk and the step-down was added.

J.P. Morgan Securities LLC, Barclays, Morgan Stanley Senior Funding Inc. and Wells Fargo Securities LLC are leading the deal that will be used to refinance a roughly $272 million term loan B and to redeem a portion of the company's outstanding cumulative preferred stock.

Container Store is a Coppell, Texas-based retailer of organization and storage products.

Compass Diversified breaks

Compass Diversified's $282.5 million term loan made its way into the secondary market too, with levels quoted at par ½ bid, according to a trader.

Pricing on the loan is Libor plus 400 bps with a 1% Libor floor, and it was issued at par. There is 101 soft call protection for six months.

Recently, the loan was upsized from $252.5 million and the spread firmed at the low end of the Libor plus 400 bps to 425 bps guidance.

Proceeds are being used to reprice an existing $252.5 million term loan from Libor plus 500 bps with a 1.25% Libor floor, and the incremental $30 million raised through the upsizing is being used to pay down revolver borrowings.

TD Securities (USA) LLC is leading the deal.

Compass Diversified is a Westport, Conn.-based owner and manager of middle-market businesses.

Jarden frees up

Also hitting the secondary was Jarden's credit facility, with the $640 million term loan B due March 31, 2018 quoted at par ¾ bid, 101¼ offered, and the $250 million term loan A-1 due March 31, 2016 quoted at par ½ bid, 101¼ offered, a market source said.

Pricing on the B loan is Libor plus 250 bps, after firming recently at the tight end of the Libor plus 250 bps to 275 bps guidance. There is no Libor floor and 101 soft call protection for six months, and the debt was issued at par.

The term loan A-1, which was added during the syndication process, is priced at Libor plus 200 bps with no step-downs, and has 101 soft call protection for six months.

The company's $1,736,000,000 senior secured credit facility also provides for a $250 million revolver due March 31, 2016 and a $596 million term loan A due March 31, 2016, both priced at Libor plus 200 bps with step-downs based on leverage.

Jarden lead banks

Barclays, J.P. Morgan Securities LLC and Wells Fargo Securities LLC are leading Jarden's credit facility that will be used to take out/reprice an existing credit facility, and the term loan A-1 will be used to help fund a tender offer that expires on April 11 for $300 million 8% senior notes due 2016.

The company's existing credit facility includes a revolver and term loan A that mature in March 2016 and are priced at Libor plus 225 bps and a term loan B that matures in January 2017 and is priced at Libor plus 300 bps.

Jarden is a Rye, N.Y.-based provider of diversified niche consumer products, small appliances, household products, fishing and outdoor products and sports equipment.

Ruby Western flexes

Moving to the primary, Ruby Western Pipeline Holdings lowered the spread on its $500 million senior secured seven-year term loan (Ba2/BB+) to Libor plus 250 bps from talk of Libor plus 275 bps to 300 bps and set the original issue discount at 991/2, the low end of the 99 to 99½ guidance, according to a market source.

As before, the loan has a 1% Libor floor and 101 soft call protection for one year.

Recommitments are due at noon ET on Thursday, the source said.

Barclays and Credit Suisse Securities (USA) LLC are leading the deal that will be used to fund a distribution to the sponsors and a six-month debt service reserve.

Leverage is 5.5 times net cash flow available for debt service.

Ruby Western Pipeline is a holding company with a 50% ownership of the Western US FERC-regulated Ruby Pipeline from Wyoming to Oregon that is a joint venture with Kinder Morgan.

Twin River shutting early

Twin River Management Group moved up the commitment deadline on its $285 million credit facility (B1/BB-) to Thursday from March 27, according to a market source.

The facility consists of a $25 million five-year revolver and a $260 million 5½ year term loan B.

Talk on the B loan is Libor plus 425 bps to 450 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.

Deutsche Bank Securities Inc. and Credit Suisse Securities (USA) LLC are the leading the deal that will be used to refinance existing debt and fund a dividend.

Twin River Management is the owner and operator of the Twin River casino located near Providence, R.I.

Surgery Center guidance

In more primary happenings, Surgery Center held a bank meeting on Wednesday to kick off syndication on its credit facility, and with the event price talk on the first-and second-lien term loan was disclosed, according to a market source.

The $305 million six-year first-lien term loan (B1/B) is talked at Libor plus 450 bps to 475 bps with a 1.25% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, the source said.

And, the $130 million seven-year second-lien term loan (Caa2/CCC+) is talked at Libor plus 775 bps to 800 bps with a 1.25% Libor floor, a discount of 98 to 98½ and hard call protection of 103 in year one, 102 in year two and 101 in year three, the source continued.

J.P. Morgan Securities LLC is leading the $465 million credit facility, which also includes a $30 million five-year revolver (B1/B).

Proceeds will be used by the Chicago-based operator of ambulatory surgery centers to refinance existing debt and return capital to shareholders.

Capital Auto pricing

Capital Automotive launched during the session its $1.5 billion six-year term loan B with talk of Libor plus 325 bps with a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months, according to a market source.

The term loan has 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%, the source remarked.

Barclays is the bookrunner on the $1.7 billion senior secured credit facility (B+), which also includes a $200 million five-year revolver.

Commitments are due at noon ET on March 27, the source added.

Capital Automotive, a McLean, Va.-based provider of sale-leaseback capital to the automotive retail industry, will use the new credit facility to refinance an existing credit facility.

Berlin details surface

Berlin Packaging launched its $385 million six-year first-lien term loan (B1) with talk of Libor plus 375 bps to 400 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.

Additionally, the company's $175 million seven-year second-lien term loan (Caa1) was launched at Libor plus 775 bps with a 1.25% Libor floor, a discount of 98 and call protection of 103 in year one, 102 in year two and 101 in year three, the source said.

The company's $600 million credit facility also includes a $40 million five-year revolver (B1).

Commitments are due on March 27, the source added.

Bank of America Merrill Lynch and Deutsche Bank Securities Inc. are leading the deal that will be used to refinance existing debt and fund a dividend.

Berlin Packaging is a Chicago-based supplier of plastic, glass, and metal containers and closures.

Cedar Bay downsized

Cedar Bay Generating launched its seven-year senior secured term loan (Ba3) with a size of $250 million, down from $275 million, since the timeline for closing of the transaction shifted so that the company benefits from an extra quarter roll-forward. And, as a result, the debt quantum required was reduced by $25 million, a market source told Prospect News.

Also, talk on the loan emerged at Libor plus 500 bps with a 1.25% Libor floor and an original issue discount of 99, and it is non-callable for six months, then has 101 soft call for the next 12 months, the source said.

Barclays and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to refinance existing debt, fund a debt service reserve account and repay some subordinated debt.

Leverage is 3.3 times 2013 EBITDA and 2.9 times 2013 cash flow available for debt service.

Commitments are due at 5 p.m. ET on April 3 and closing is targeted for the week of April 8.

Cedar Bay is a coal-fired power plant in Jacksonville, Fla.

Apria launches

Apria Healthcare announced talk of Libor plus 450 bps with a 1.25% Libor floor, an original issue discount of 99 and 101 soft call protection for one year on its $750 million term loan B (BB) that was presented to investors on Wednesday, according to a market source.

Leads, Bank of America Merrill Lynch, Goldman Sachs & Co., Barclays, Wells Fargo Securities LLC and Macquarie Capital, are seeking commitments by March 28, the source said.

Proceeds will be used to repay bonds.

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

RadNet holds call

RadNet held its lender call, launching its $389,125,000 senior secured term loan (B+) due Oct. 10, 2018 with talk of Libor plus 325 bps to 350 bps with a 1.25% Libor floor, an offer price of 99½ on incremental debt and par on existing debt, and 101 soft call protection for one year, according to a market source.

The debt includes $40 million of incremental term loan borrowings and $349,125,000 of existing term loan borrowings that will reprice an existing term loan from Libor plus 425 bps with a 1.25% Libor floor. The add-on debt will be used to repay revolver drawings and for general corporate purposes.

Barclays, Deutsche Bank Securities Inc., GE Capital Markets and RBC Capital Markets are leading the deal, the source said.

Commitments are due at 5 p.m. ET on March 27 and closing is expected to occur in April.

RadNet is a Los Angeles-based owner and operator of fixed-site diagnostic imaging centers.

Belfor floats talk

Belfor USA Group released talk of Libor plus 275 bps with a 1% Libor floor, an original issue discount of 99¼ to 99½ and 101 soft call protection for one year on its $200 million six-year term loan B ahead of its Thursday morning bank meeting, a source said.

The company's proposed $520 million credit facility also includes a $170 million five-year revolver and a $150 million five-year term loan A.

J.P. Morgan Securities LLC is leading the deal that will be used to refinance existing debt.

Belfor is a damage recovery and restoration provider.

Vertafore readies deal

Vertafore set a conference call for 10:30 a.m. ET on Thursday to launch a $695 million credit facility that includes a $75 million revolver due April 2018 and a $620 million first-lien covenant-light term loan due October 2019, according to a market source.

Talk on the term loan has already emerged at Libor plus 325 bps to 350 bps with a 1% Libor floor, an original issue discount of 99½ and 101 repricing protection for one year, the source said.

Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch, Barclays and RBC Capital Markets are leading the deal.

Proceeds will be used to reprice and extend the company's existing credit facility. Current term loan pricing is Libor plus 375 bps with a 1.5% Libor floor.

Vertafore is a Bothell, Wash.-based provider of software and information to the insurance distribution channel.

Utex joins calendar

Utex Industries scheduled a bank meeting for Friday morning to launch a $490 million credit facility that is being led by Bank of America Merrill Lynch, BNP Paribas Securities Corp., Societe Generale and UBS Securities LLC, according to market sources.

The facility consists of a $50 million five-year revolver, a $300 million seven-year first-lien term loan that has 101 soft call protection for one year and a $140 million eight-year second-lien term loan that has call protection of 103 in year one, 102 in year two and 101 in year three, sources said.

Proceeds will be used to help fund the buyout of the company by Riverstone Holdings LLC from Rhone Capital LLC, which is expected to closed in April, subject to regulatory approvals.

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.

Waddington wraps

In other news, Waddington North America completed syndication of its $250 million credit facility at initial terms, according to a market source.

The facility consists of a $30 million 41/2-year revolver and $220 million 51/2-year term loan, with both tranches priced at Libor plus 375 bps with a 1.25% Libor floor and sold at an original issue discount of 991/2.

GE Capital Markets is leading the deal that is being used to refinance existing debt.

Waddington is a Covington, Ky.-based manufacturer of disposable drinkware, dinnerware, servingware, cutlery and custom packaging.

Tronox closes

Tronox Ltd. completed its $1.5 billion senior secured term loan (Ba2/BBB-), according to a news release.

Pricing on the loan is Libor plus 350 bps 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.

During syndication, the term loan was upsized from $1.3 billion, pricing was cut from Libor plus 375 bps and the discount was tightened from 99.

Goldman Sachs & Co., UBS Securities LLC, Credit Suisse Securities (USA) LLC and RBC Capital Markets led the loan that was used to refinance existing bank debt and is available for general corporate purposes and/or potential strategic alternatives.

Tronox is a producer and marketer of titanium bearing mineral sands and titanium dioxide pigment.

Hologic completes repricing

Hologic Inc. closed on the repricing of its $300 million revolver due August 2017 and $979.7 million term loan A due August 2017 to Libor plus 200 bps with no Libor floor from Libor plus 300 bps with no floor, according to a news release.

Goldman Sachs & Co. led the deal.

Hologic is a Bedford, Mass.-based provider of diagnostics products, medical imaging systems and surgical products.

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