OSI Restaurant, Buffalo Gulf Coast, ABB Concise break; Clear Channel trades lower

By Sara Rosenberg

New York, Oct. 23 - OSI Restaurant Partners LLC, Buffalo Gulf Coast Terminals LLC and ABB Concise Inc. freed up for trading on Tuesday, and Clear Channel Communications Inc.'s term loan B was softer.

Over in the primary, Warner Music Group Corp. (WMG Acquisition Corp.) accelerated the commitment deadline on its loan, and BWAY Parent Co. Inc. upsized its term loan while trimming the coupon and original issue discount.

Also, Sportsman's Warehouse Inc. lifted pricing on its term loan and sweetened call protection, MMM Holdings Inc. upsized its B loan, EquiPower Resources Holdings firmed pricing at the low end of guidance and Stream Global Services Inc. came out with structure and price talk on its credit facility.

Furthermore, Sequa Automotive Group, Blackboard Inc. and EP Energy LLC disclosed term loan guidance with their launches, and Windsor Financing LLC, Kinetic Concepts Inc. and Web.com Group Inc. joined this week's deal calendar.

OSI hits secondary

OSI Restaurant's credit facility broke for trading on Tuesday, with the $1 billion seven-year term loan B quoted at 99¾ bid, par ¾ offered, according to a market source.

Pricing on the B 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 one year.

During syndication, pricing on the term B was reduced from talk of Libor plus 375 bps to 400 bps.

Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Morgan Stanley Senior Funding Inc., J.P. Morgan Securities LLC and Goldman Sachs & Co. are leading the $1,225,000,000 credit facility (B1/BB), which also includes a $225 million revolver.

Proceeds will be used to refinance existing debt.

OSI Restaurant is a Tampa, Fla.-based casual dining restaurant company.

Buffalo bid above par

Buffalo Gulf Coast Terminals' $280 million senior secured term loan (Ba1/BB+) due Oct. 31, 2017 began trading too, with levels seen at par ¼ bid, 101¼ offered, according to a trader.

Pricing on the loan is Libor plus 400 bps, after firming recently at the tight end of the Libor plus 400 bps to 425 bps talk. There is a 1.25% Libor floor as well as 101 hard call protection for one year, and the debt was sold at an original issue discount of 993/4.

Barclays is the lead bank on the deal.

Proceeds will be used to refinance a roughly $275 million term loan that is priced at Libor plus 600 bps with a 1.5% Libor floor and pay fees and expenses.

Existing lenders are getting paid out at 102 as a result of call protection.

Buffalo Gulf Coast is the owner of Houston Fuel Oil Terminal Co. LLC, a provider of crude and residual fuel oil storage in the Gulf of Mexico.

ABB starts trading

ABB Concise's credit facility freed up as well, with the $115 million six-year institutional term loan quoted at 99¼ bid, 99¾ offered on the open and then it moved up to 99 5/8 bid, par 1/8 offered, according to a trader.

Pricing on the term loan is Libor plus 525 bps with a 1.25% Libor floor, and it was sold at an original issue discount of 99. There is a pricing step-down to Libor plus 500 bps if net leverage is 3.5 times and 101 soft call protection for one year.

Last week, the discount was tightened from 98½ and the pricing step-down was added.

The company's $155 million senior secured credit facility (B2/B) also includes a $40 million five-year revolver.

RBC Capital Markets and BMO Capital Markets are leading the deal that will help fund the buyout of the company by New Mountain Capital.

ABB Concise is a Coral Springs, Fla.-based optical distributor, operating as an independent source of marketing and logistics services for eye care professionals, retailers and manufacturers.

Clear Channel slides

In more trading news, Clear Channel's term loan B was lower as the company is wrapping up its amendment and exchange offer process, according to traders.

One trader had the term loan B at 83 bid, 85 offered, down from 85 bid, 86 offered, and a second trader was quoting the debt at 83½ bid, 84½ offered, down from 85½ bid, 86½ offered.

Late Monday, the company announced that more than $8 billion of term loans were submitted in its offer to exchange up to $2 billion of its term loans for newly issued 9% priority guarantee notes due 2019. Because of the strong demand, the amount of each lender's term loans that will be accepted in exchange for notes will be reduced on a pro rata basis.

Also, the company said that its credit facility amendment passed that, among other things, allows for the exchange of up to $5 billion of its term loans for new debt securities, and combines the term loan B and two delayed-draw term loans into one tranche that will retain the current pricing of Libor plus 365 bps.

Clear Channel is a San Antonio-based media and entertainment company.

Warner moves deadline

Moving to the primary, Warner Music Group changed the commitment deadline on its $630 million six-year first-lien covenant-light term loan to midday Wednesday from Friday, according to a market source.

The term loan is talked 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.

The company's $780 million credit facility (Ba2) also provides for a $150 million revolver.

Credit Suisse Securities (USA) LLC, UBS Securities LLC, Barclays, Macquarie and Nomura are leading the deal.

Warner Music, a New York-based music content company, will use the new credit facility and $635 million of senior secured notes to refinance existing debt.

BWAY revises deal

BWAY increased its 43/4-year covenant-light term loan to $470 million from $430 million, cut pricing to Libor plus 325 bps from Libor plus 350 bps and revised the original issue discount to 99½ from 99, according to a market source. The 1.25% Libor floor was left intact.

The decision to upsize the term loan was made as the company downsized its PIK toggle notes to $335 million from $375 million, the source said.

Commitments for the term loan were due at 5 p.m. ET on Tuesday.

The company's $620 million credit facility also provides for a $150 million asset-based revolver.

BWAY lead banks

Deutsche Bank Securities Inc., Bank of America Merrill Lynch and Goldman Sachs & Co. are leading BWAY's credit facility, with Deutsche left on the term loan and Bank of America left on the revolver.

Proceeds from BWAY's credit facility, notes and equity will fund its buyout by Platinum Equity from Madison Dearborn Partners LLC for about $1.24 billion.

Closing is expected in the fourth quarter, subject to customary conditions, including the expiration or earlier termination of the Hart-Scott Rodino waiting period.

BWAY is an Atlanta-based supplier of general line rigid containers.

Sportsman's flexes higher

Sportsman's Warehouse revised the coupon on its $145 million six-year first lien term loan (B3/B) to Libor plus 600 bps from Libor plus 525 bps and added hard call protection of 102 in year one and 101 in year two, as opposed to just having 101 repricing protection for one year, according to a market source.

The source explained that excess cash flow and asset sale repayments will be done at par, but all other paydowns will be at the new call premiums.

As before, the term loan has a 1.5% Libor floor and original issue discount of 99.

Lead bank, Credit Suisse Securities (USA) LLC, is still asking for commitments by 5 p.m. ET on Wednesday.

Proceeds from the term loan will be used by the Midvale, Utah-based outdoor sporting goods retailer to fund a dividend.

MMM upsizes

MMM Holdings expanded its term loan B to $475 million from $450 million, while leaving pricing at Libor plus 825 bps with a 1.5% Libor floor and an original issue discount of 98, according to a market source.

As before, the loan has soft call protection of 102 in year one and 101 in year two.

The company's now $505 million five-year credit facility (B2/B+) also includes a $30 million revolver.

Recommitments were due on Tuesday, the source remarked.

Bank of America Merrill Lynch, Citigroup Global Markets Inc. and Jefferies & Co. are leading the deal that will refinance existing debt and to fund a dividend payment that was increased with the term loan B upsizing.

MMM is a Medicare Advantage insurer in Puerto Rico.

EquiPower pricing firms

EquiPower finalized the coupon on its $683 million first-lien term loan due Dec. 21, 2018 at Libor plus 425 bps, the low end of the Libor plus 425 bps to 450 bps talk, according to a market source, who said the 1.25% Libor floor, par offer price and 101 soft call protection for one year were left unchanged.

Barclays, Deutsche Bank Securities Inc., Goldman Sachs & Co. and Morgan Stanley Senior Funding Inc. are leading the deal that will reprice an existing term loan from Libor plus 500 bps with a 1.5% Libor floor.

Existing lenders will get paid down at 101 due to call protection.

EquiPower is a Hartford, Conn.-based competitive power generation company that is owned by Energy Capital Partners LLC.

Stream details emerge

In other primary happenings, Stream Global disclosed tranching and pricing guidance on its $400 million senior secured credit facility as a bank meeting was held in the morning to launch the deal to lenders, according to a market source.

The facility, for which commitments are due on Nov. 6, consists of a $65 million five-year revolver, a $290 million seven-year term loan B and a $45 million seven-year delayed draw term loan B.

Talk on the B loan tranches is in the Libor plus 525 bps area with a 1.25% Libor floor, an original issue discount of 99 and 101 soft call protection for one year, the source said. The delayed-draw term loan has a ticking fee of half the spread after 30 days and the full spread after 60 days.

Morgan Stanley Senior Funding Inc., Wells Fargo Securities LLC and Bank of America Merrill Lynch are leading the deal that will be used to refinance an existing credit facility and 11¼% senior secured notes due 2014 as well as for general corporate purposes.

Stream is an Eagan, Minn.-based business process outsourcing company.

Sequa reveals talk

Sequa Automotive also held a bank meeting on Tuesday, and talk on its $215 million term loan B came out at Libor plus 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 for the $275 million credit facility (B1), which also includes a $60 million revolver, are due on Nov. 6, the source remarked.

RBC Capital Markets and Barclays are leading the transaction that will help fund the company's buyout by the Jordan Co.

Sequa is a Tampa, Fla.-based provider of technology and components to various industries, including automotive and aerospace.

Blackboard guidance

Blackboard set talk of Libor plus 475 bps with a 1.5% Libor floor, a par offer price and 101 soft call protection for one year on its $500 million term loan B-2 that launched in the afternoon, according to a market source.

Bank of America Merrill Lynch, Deutsche Bank Securities Inc. and Morgan Stanley Senior Funding Inc. are leading the deal that will refinance some of the company's existing term loan priced at Libor plus 600 bps with a 1.5% Libor floor.

Blackboard is a Washington, D.C.-based provider of enterprise software applications and related services to the education industry.

EP Energy comes to market

EP Energy launched with an afternoon conference call its $300 million 61/2-year incremental term loan (Ba3/B+) that is talked at Libor plus 350 bps with a 1% Libor floor, an original issue discount of 99¾ and 101 soft call protection through October 2013, according to sources.

Commitments are due at noon ET on Friday, sources continued.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc. and UBS Securities LLC are leading the transaction.

Proceeds will be used by the Houston-based oil and natural gas exploration and production company to repay borrowings under the company's reserve-based revolver and for other general corporate purposes.

Windsor readies loan

Windsor Financing emerged with new deal plans, setting a bank meeting for 2 p.m. ET in New York on Thursday to launch a $246 million term loan B (Ba2), according to a market source.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to repay senior secured and subordinated secured notes, and fund reserve accounts.

Windsor is a Charlotte, N.C.-based limited liability company which finances the operations of some electric and steam generating plants.

Kinetic plans repricing

Kinetic Concepts scheduled a call for 11 a.m. ET on Wednesday to launch a $2.5 billion senior secured credit facility that will reprice its existing senior credit facility, according to a market source.

The San Antonio-based medical technology company's facility consists of a $200 million revolver due Nov. 4, 2016, a $1.618 billion term loan C-1 due May 4, 2018, a €248 million term loan C-1 due May 4, 2018 and a $323 million term loan C-2 due Nov. 4, 2016, the source said.

All of the term loans will include a 1.25% Libor floor and 101 soft call protection for one year, and be offered at par.

When completed last year the U.S. 61/2-year term loan B was sized at $1.63 billion and priced at Libor plus 575 bps with a 1.25% Libor floor, the euro 61/2-year term loan B was sized at €250 million and priced at Euribor plus 575 bps with a 1.25% floor, and the five-year term loan C was sized at $325 million and priced at Libor plus 525 bps with a 1.25% Libor floor.

Commitments for the Bank of America Merrill Lynch-led deal are due by 5 p.m. ET on Oct. 30.

Web.com sets call

Web.com will hold a call at 11 a.m. ET on Friday to launch a repricing of its first-lien term loan from Libor plus 550 bps with a 1.5% Libor floor, according to a news release.

Also, the company is launching a $10 million increase to its revolver to $60 million.

J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., SunTrust Robinson Humphrey Inc., Goldman Sachs Lending Partners, Citigroup Global Markets Inc. and Wells Fargo Securities LLC are leading the deal.

Web.com is a Jacksonville, Fla.-based provider of internet services and online marketing solutions for small businesses.

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