Brand Energy, Coinmach, WideOpenWest, St. George’s University, U.S. Anesthesia free to trade

By Sara Rosenberg

New York, June 16 – Brand Energy & Infrastructure Services raised the spread on its term loan, widened the original issue discount and extended the call protection before breaking for trading on Friday, and deals from Coinmach Services (Spin HoldCo Inc.), WideOpenWest Finance LLC, St. George’s University, U.S. Anesthesia Partners and emerged in the secondary market too.

In more happenings, Veritas Technologies Corp. updated pricing and issue prices on its U.S. and euro term loans, American Renal Holdings Inc. firmed pricing on its term loan B at the high side of guidance and Kofax (Project Leopard Holdings) moved up the commitment deadline on its credit facilities.

Furthermore, Clean Harbors Inc., Filtration Group Corp. and Aptean Inc. disclosed price talk with launch, and Ascend Learning LLC, Mitchell International Inc. and New Media Investment Group Inc. joined the near-term new issue calendar.

Brand Energy reworked

Brand Energy & Infrastructure Services lifted pricing on its $2,825,000,000 seven-year term loan to Libor plus 425 basis points from Libor plus 375 bps, moved the original issue discount to 99 from 99.5 and extended the 101 soft call protection to one year from six months, according to a market source.

Also, the MFN was revised to 50 bps for life on all incremental loans from 75 bps with a 12-month sunset and a maturity carve-out, and other certain documentation changes were made.

As before, the term loan has a 1% Libor floor.

The company’s $3,325,000,000 of senior secured credit facilities (B3/B) also include a $500 million five-year revolver.

Recommitments were due at noon ET on Friday, the source continued.

Brand Energy hits secondary

After terms finalized, Brand Energy’s term loan broke for trading, and levels were quoted at 99½ bid, par offered, another source added.

Goldman Sachs Bank USA, Barclays, Natixis, ING Capital, Credit Agricole and Societe Generale are leading the deal that will be used with $700 million of senior notes to fund the acquisition of Safway Group from Odyssey Investment Partners.

Closing is expected on Wednesday.

Brand Energy, a portfolio company of Clayton, Dubilier & Rice, is a Kennesaw, Ga.-based provider of specialized services to energy, industrial and infrastructure customers. Safway is a Waukesha, Wis.-based provider of scaffolding and motorized aerial access solutions and insulation and coating services to commercial, industrial and infrastructure customers.

Coinmach starts trading

Coinmach’s credit facilities also freed to trade, with the $1,566,000,000 covenant-light first-lien term loan B due Nov 14, 2022 quoted at 99 5/8 bid, par offered, a trader remarked.

Pricing on the term loan is Libor plus 375 bps with a 1% Libor floor, and it was sold at an original issue discount of 99.5. The debt has 101 soft call protection for six months. Of the total term loan amount, $1,509,000,000 will be funded, and $57 million is delayed-draw with availability of 60 days from closing and a ticking fee of half the drawn spread from days 31 to 60. The delayed-draw is currently expected to fund concurrently with the funded tranche.

On Thursday, pricing on the term loan was lifted from talk of Libor plus 325 bps to 350 bps.

Coinmach getting revolver

Coinmach’s $1,686,000,000 of senior secured credit facilities (B2/B) also include a $120 million revolver due Nov 14, 2021 priced at Libor plus 375 bps with a 0% Libor floor. This tranche also flexed on Thursday from talk of Libor plus 325 bps to 350 bps.

Morgan Stanley Senior Funding Inc., Barclays and Credit Suisse Securities (USA) LLC are leading the deal that will be used to amend and extend the company’s existing revolver and term loan B and upsize the term loan B by $76,404,978 to fund a tuck-in acquisition and pay related fees and expenses.

Closing is expected in late June.

Coinmach is a Plainview, N.Y.-based laundry equipment service provider.

WideOpenWest breaks

Another deal to make its way into the secondary market was WideOpenWest’s $2.28 billion term loan due August 2023, and levels were quoted at 99 7/8 bid, par 1/8 offered, according to a trader.

Pricing on the term loan is Libor plus 325 bps with a 1% Libor floor, and it was sold at an original issue discount of 99.75. The debt has 101 soft call protection for six months.

During syndication, the term loan was downsized from $2,355,000,000 and pricing was set at the wide end of the Libor plus 300 bps to 325 bps talk.

J.P. Morgan Securities LLC and Morgan Stanley Senior Funding Inc. are leading the deal that will be used with cash on hand and revolver borrowings to refinance an existing term loan priced at Libor plus 350 bps with a 1% Libor floor and to redeem 10.25% senior notes.

Closing is expected in mid-July.

WideOpenWest is an Englewood, Colo.-based provider of data, video and telephone services.

St. George’s frees up

St. George’s University’s $710 million covenant-light first-lien term loan due July 2022 began trading as well, with levels quoted at par ¼ bid, 101¼ offered, a market source said.

Pricing on the term loan is Libor plus 425 bps with a 1% Libor floor, and it was issued at par. The debt has 101 soft call protection for six months.

Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Macquarie Capital (USA) Inc., Morgan Stanley Senior Funding Inc. and HSBC Securities (USA) Inc. are leading the deal that will be used to reprice an existing first-lien term loan down from Libor plus 525 bps with a 1% Libor floor.

St. George’s is a Grenada, West Indies-based educational institution providing students with medical degrees as well as veterinary and liberal arts graduate and undergraduate degrees.

U.S. Anesthesia tops OID

U.S. Anesthesia Partners’ credit facilities broke too, with the $950 million seven-year covenant-light first-lien term loan (B1/B) seen at par bid, par ¾ offered, according to a market source.

Pricing on the term loan is Libor plus 325 bps with a step-down to Libor plus 300 bps at 4 times net first-lien leverage and a 1% Libor floor. The loan was sold at an original issue discount of 99.75 and has 101 soft call protection for six months.

On Thursday, the spread on the term loan firmed at the low end of the Libor plus 325 bps to 350 bps talk, the step-down was added and the discount was tightened from 99.5.

The company’s $1.4 billion of credit facilities also include a $150 million five-year revolver (B1/B) that will be unfunded at close and a $300 million pre-placed eight-year second-lien term loan (Caa1/CCC+).

U.S. Anesthesia leads

Goldman Sachs Bank USA, Barclays, J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc., Antares Capital, BMO Capital Markets and Capital One are leading U.S. Anesthesia Partners’ credit facilities.

Proceeds will be used to refinance existing debt, to pay related fees and expenses and to pay a one-time shareholder dividend and management bonuses.

Closing is expected on June 23.

U.S. Anesthesia Partners is a Fort Lauderdale, Fla.-based physician-service organization that focuses on providing anesthesia and pain management services to patients.

Veritas firms terms

Back in the primary market, Veritas set the spread on its $1,948,000,000 covenant-light term loan due January 2023 and €900 million covenant-light term loan due January 2023 at Libor/Euribor plus 450 bps, the low end of the Libor/Euribor plus 450 bps to 475 bps talk, a market source said.

Additionally, the original issue discount on the U.S. loan was set at 99.625, the midpoint of the 99.5 to 99.75 talk, and the issue price on the euro loan was changed to par from talk of 99.5 to 99.75, the source added.

The term loans still have a 1% floor and 101 soft call protection for six months.

Bank of America Merrill Lynch, Morgan Stanley Senior Funding Inc., UBS Investment Bank and Jefferies LLC are leading the deal (B+) that will be used to help refinance existing term loans.

Veritas is a Mountain View, Calif.-based provider of storage and server management software solutions.

American Renal updated

American Renal finalized the spread on its $440 million seven-year term loan B at Libor plus 325 bps, the high end of the Libor plus 300 bps to 325 bps talk, according to a market source.

As before, the term loan B has a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

The company’s $540 million senior secured credit facilities (B2/B+) also include a $100 million revolver.

SunTrust Robinson Humphrey Inc. is leading the deal that will be used to refinance existing credit facilities.

American Renal is a Beverly, Mass.-based provider of dialysis services.

Kofax shutting early

Kofax accelerated the commitment deadline on its $565 million of credit facilities (B2/B) to 5 p.m. ET on Monday from 5 p.m. ET on Thursday, a market source remarked.

The facilities consist of a $60 million revolver, and a $505 million six-year covenant-light first-lien term loan talked at Libor plus 550 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and UBS Investment Bank are leading the deal that will be used to help fund the buyout of the company by Thoma Bravo from Lexmark International Inc.

Closing is expected in the third quarter, subject to customary conditions and regulatory approvals.

Kofax is an Irvine, Calif.-based provider of software solutions and services across multi-channel capture and financial process automation markets.

Clean Harbors sets talk

Also in the primary market, Clean Harbors held its lender call on Friday, launching its $400 million seven-year senior secured term loan B (Baa3/BBB-) at talk of Libor plus 225 bps to 250 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, according to a market source.

Commitments are due on June 27, the source said.

Goldman Sachs Bank USA, Bank of America Merrill Lynch and J.P. Morgan Securities LLC are leading the deal that will be used to help redeem up to $400 million of the company’s outstanding 5¼% senior notes due 2020.

The tender offer for the notes will expire at 11:59 p.m. ET on July 12.

Clean Harbors is a Norwell, Mass.-based provider of environmental, energy and industrial services.

Filtration reveals guidance

Filtration Group came out with talk of Libor plus 275 bps to 300 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months on its $1,154,000,000 senior secured term loan B due November 2020 that launched with a late-morning lender call, a market source said.

Commitments are due on June 26, the source added.

Goldman Sachs Bank USA, BMO Capital Markets and J.P. Morgan Securities LLC are leading the deal that will be used to reprice an existing term loan from Libor plus 325 bps with a 1% Libor floor.

Filtration Group is a Chicago-based manufacturer and distributor of filtration products to end markets.

Aptean launches

Aptean released talk of Libor plus 375 bps to 400 bps with a 1% Libor floor, a par issue price and 101 soft call protection for six months on its $595 million senior secured covenant-light term loan B due Dec. 20, 2022 that launched with an afternoon call, a market source remarked.

Consents/commitments are due at noon ET on Thursday, the source added.

Morgan Stanley Senior Funding Inc., Macquarie Capital (USA) Inc., MUFG and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to reprice an existing term loan B from Libor plus 500 bps with a 1% Libor floor.

Aptean is an Alpharetta, Ga.-based provider of enterprise application software.

Ascend Learning on deck

Ascend Learning set a bank meeting for 2 p.m. ET on Monday to launch $825 million of credit facilities, according to a market source.

The facilities consist of a $125 million five-year revolver and a $700 million seven-year term loan B, the source said.

Barclays, Bank of America Merrill Lynch, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc. and RBC Capital Markets are leading the deal that will be used to help fund the buyout of the company by Blackstone and Canada Pension Plan Investment Board from Providence Equity Partners and Ontario Teachers’ Pension Plan.

Closing is subject to customary conditions and regulatory approvals.

Ascend Learning is a provider of educational content, software and analytics solutions.

Mitchell readies loan

Mitchell International scheduled a lender call for 1 p.m. ET on Tuesday to launch a fungible $70 million incremental term loan due Oct. 12, 2020, a market source said.

Jefferies LLC and KKR Capital Markets are leading the deal that will be used to repay existing debt and fund cash to the balance sheet for general corporate purposes.

Mitchell is a San Diego-based provider of technology, connectivity and information solutions to the property and casualty claims and collision repair industries.

New Media coming soon

New Media Investment Group emerged with plans to hold a lender call on Monday to launch a roughly $30 million incremental term loan due June 2023 and an extension of its existing term loan to June 2023 from June 2020, according to a market source.

The incremental term loan and extended loan are expected at Libor plus 625 bps with a 1% Libor floor, in line with current term loan pricing, the source said.

Citizens Bank is leading the deal.

The incremental loan will be used for general corporate purposes.

New Media is a New York-based publisher of locally based print and online media.

Quincy Media wraps

In other news, Quincy Media Inc. completed syndication of its $226.7 million term loan B due November 2022 in line with talk of Libor plus 325 bps with a 1% Libor floor, a par issue price and 101 soft call protection for six months, a market source said.

Wells Fargo Securities LLC is leading the deal that will be used to reprice an existing term loan B from Libor plus 400 bps with a 1% Libor floor.

Quincy Media is a Quincy, Ill.-based media company.

Cinemark closes

Cinemark USA Inc. completed the repricing of its $664 million covenant-light term B due May 8, 2022, according to a news release.

Pricing on the term loan is Libor plus 200 bps with a 0% Libor floor, and it was issued at par. The debt has 101 soft call protection for six months.

Barclays led the deal that repriced the existing term loan B down from Libor plus 225 bps with a 0% Libor floor.

Cinemark is a Plano, Texas-based motion picture exhibitor.

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