Affinia, Equinox, Evertec, Rice Drilling, Seminole Tribe, Starwood Property, Laureate break

By Sara Rosenberg

New York, April 11 - Affinia Group Inc. lowered the coupons and original issue discounts on its term loans and then emerged in the secondary market on Thursday afternoon, and Equinox Holdings Inc., Evertec Group LLC, Rice Drilling B LLC, Seminole Tribe of Florida, Starwood Property Trust Inc. and Laureate Education Inc. freed up too.

In other news, CSC Holdings LLC and Cequel Communications LLC increased their loan sizes, Sprouts Farmers Markets LLC upsized its term loan while trimming the spread and original issue discount, and Wendy's International shifted funds between its term loans and updated pricing.

Also, Regal Cinemas Corp. reduced pricing on its term loan, NewWave Communications shifted funds between its term loans and cut pricing, Wilsonart LLC firmed its spread at the low end of talk, and Securus Technologies Inc. moved up the commitment deadline on its credit facility.

Additionally, Pinnacle Foods Finance LLC, UPC Broadband, AMC Entertainment Holdings Inc., Dole Food Co. Inc. and Cyanco disclosed talk with launch, and 24 Hour Fitness Worldwide Inc. began circulating guidance on its upcoming deal.

Affinia frees up

Affinia's $670 million of new term loans (B2/B) broke for trading on Thursday, with the $200 million three-year term loan B-1 quoted at par ½ bid, and the $470 million seven-year term loan B-2 quoted at 101 bid, 101½ offered, according to a trader.

Pricing on the term loan B-1 is Libor plus 275 basis points with a 0.75% Libor floor and an original issue discount of 993/4, after flexing in the morning from Libor plus 325 bps with a 0.75% floor and a discount of 991/2, a source said. The tranche has 101 soft call protection for six months.

As for the term loan B-2, pricing is Libor plus 350 bps with a 1.25% Libor floor and a discount of 991/2, revised in the morning from Libor plus 400 bps with a 1.25% floor and a discount of 99, the source continued. This loan has 101 soft call protection for one year.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Barclays and Deutsche Bank Securities Inc. are leading the deal that will refinance debt, redeem preferred shares and fund a dividend.

Affinia is an Ann Arbor, Mich.-based designer, manufacturer, distributor and marketer of industrial-grade products and services.

Equinox revised, breaks

Equinox Holdings reduced the coupon on its $500 million first-lien term loan to Libor plus 325 bps from Libor plus 350 bps, lifted the Libor floor to 1.25% from 1% and added a step-down to the term loan to Libor plus 300 bps when net total leverage is 3¾ times, a market source said.

Unchanged were the par offer price and 101 soft call protection for one year.

With the final terms in place, the loan freed up for trading, with levels quoted at par ½ bid, 101¼ offered, a trader remarked.

Bank of America Merrill Lynch is leading the deal that will be used to reprice an existing term loan from Libor plus 425 bps with a 1.25% Libor floor.

Equinox is a New York-based exercise and fitness company.

Evertec starts trading

Evertec's credit facility broke as well, with the $400 million seven-year term loan B quoted at par ½ bid, 101¼ offered, according to a trader.

Pricing on the B loan is Libor plus 275 bps with a 25 bps step-down at 3.5 times net senior secured leverage. There is a 0.75% Libor floor and 101 soft call protection for one year, and the debt was sold at par.

Earlier this week, pricing on the term B was reduced from Libor plus 300 bps, the pricing grid was revised to eliminate a second step-down at 3 times net senior secured leverage, the Libor floor was cut from 1%, the offer price was tightened from 99¾ and call protection was extended from six months.

In addition to the term loan B, the company's $800 million senior secured credit facility (B1/B+) includes a $100 million five-year revolver and a $300 million five-year term loan A, both priced at Libor plus 250 bps.

Evertec repaying debt

Proceeds from Evertec's credit facility, along with cash on hand, will be used to refinance an existing credit facility and 11% senior notes due 2018, and for general corporate purposes.

J.P. Morgan Securities LLC is the lead bank on the deal.

At close, leverage is expected to be around 4.1 times.

The closing on the credit facility is conditioned on the company completing an initial public offering.

Evertec is a San Juan, Puerto Rico-based full-service transaction processing business.

Rice hits secondary

Another deal to free up was Rice Drilling's $300 million 51/2-year senior secured second-lien term loan, with levels quoted at par bid, 101 offered and then it moved up to par ½ bid, 101½ offered, a market source said.

Pricing on the loan is Libor plus 725 bps with a 1.25% Libor floor, and it was sold at an original issue discount of 981/2. The tranche has hard call protection of 102 in year one and 101 in year two.

During syndication, pricing firmed at the tight end of the Libor plus 725 bps to 750 bps talk and the discount came in the middle of the 98 to 99 guidance.

Barclays is leading the deal that will be used to repay existing debt, to redeem convertibles and for general corporate purposes, including capital expenditures and acquisitions.

Leverage is 4 times net debt to first quarter 2013 annualized EBITDA.

Rice Drilling is a Canonsburg, Pa.-based natural gas exploration and production company.

Seminole levels emerge

Seminole Tribe of Florida's $750 million seven-year term loan B (Baa3/BBB-/BBB-) broke on Thursday too, with levels seen at par 5/8 bid, par 7/8 offered, according to a trader.

Pricing on the loan is Libor plus 225 bps with a 0.75% Libor floor, and it was issued at par. There is 101 soft call protection for six months.

During syndication, pricing on the loan was cut from Libor plus 250 bps and the offer price was changed from talk of 99½ to 993/4.

Bank of America Merrill Lynch and Credit Suisse Securities (USA) LLC are leading the deal that will be used to refinance existing bank debt.

Closing is expected in late April.

Seminole Tribe of Florida is a Hollywood, Fla.-based Indian tribe that owns and operates gaming and resort facilities throughout Florida.

Starwood tops par

Starwood Property Trust's $300 million seven-year first-lien covenant-light term loan (BB+) began trading, with levels quoted at par 1/8 bid, par ½ offered, according to a market source.

Pricing on the loan is Libor plus 275 bps with a 0.75% Libor floor, and it was sold at a discount of 993/4. There is 101 soft call protection for six months.

Recently, the loan was flexed from Libor plus 325 bps, the discount was revised from 99½ and the call protection was shortened from one year.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are leading the deal that will be used to help fund the $1.05 billion acquisition of LNR Property LLC and for general corporate purposes.

Starwood is a Greenwich, Conn.-based commercial real estate finance company. LNR is a Miami Beach, Fla.-based real estate investment, finance, management and development firm.

Laureate breaks

Laureate Education's $310 million add-on senior secured term loan B due June 16, 2018 emerged in the secondary market too, with levels quoted at 101 bid, 101½ offered, a trader remarked.

Pricing on the loan is Libor plus 400 bps with a 1.25% Libor floor, and it was issued at par ½ after tightening from talk of par. There is 101 soft call protection until July 18, 2013 and it is fungible with the company's existing term loan B.

Citigroup Global Markets Inc., Barclays, KKR Capital Markets, J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Morgan Stanley Senior Funding Inc. and BMO Capital Markets Corp. are leading the deal that will refinance 11¾% senior subordinated notes.

The add-on loan is conditioned on the approval of an amendment to the existing credit facility to permit the refinancing and existing lenders are being offered a 5 bps amendment fee.

Amendment consents are due at noon ET on April 16 and closing is targeted for April 23.

Laureate is a Baltimore-based provider of higher educational services.

CSC raises term B amount

Moving to the primary, CSC Holdings increased its seven-year term loan B to $2.35 billion from $1.9 billion, while keeping talk at Libor plus 275 bps with no Libor floor, an original issue discount of 99½ and 101 soft call protection for six months, according to sources.

The upsizing was done as the company decided not to move forward with plans for a $500 million high-yield bond offering, sources said.

Commitments are due at noon ET on Friday.

The company's now $4,785,000,000 credit facility (Baa3/BBB-) also includes a $1.5 billion revolver and a $935 million term loan A, both priced at Libor plus 200 bps.

Bank of America Merrill Lynch, Barclays, Credit Agricole Securities (USA) Inc., J.P. Morgan Securities LLC and Scotia Capital (USA) Inc. are leading the deal that will refinance existing bank debt.

CSC Holdings is a subsidiary of Cablevision Systems, a Bethpage, N.Y.-based media and telecommunications company.

Cequel upsizes again

Cequel Communications raised its first-lien term loan due February 2019 to $2,478,000,000 on Thursday, just one day after increasing it to $2,383,000,000 from an initial amount at launch of $2,178,000,000, according to a market source.

Pricing on the loan is still Libor plus 275 bps with a 0.75% Libor floor and a par offer price, and there is still 101 soft call protection for six months.

Proceeds from the original amount will be used to reprice an existing term loan from Libor plus 300 bps with a 1% Libor floor, and the additional funds raised through the upsizings will be used to repurchase some of the company's 8 5/8% senior notes

Recommitments were due at 2 p.m. ET on Thursday, the source added.

Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., J.P. Morgan Securities LLC, Bank of America Merrill Lynch and RBC Capital Markets are leading the deal for the St. Louis-based cable operator.

Sprouts reworks loan

Sprouts Farmers Markets lifted its seven-year first-lien covenant-light term loan (B2/B+) to $700 million from $625 million, cut the spread to Libor plus 350 bps from talk of Libor plus 375 bps to 400 bps and moved the original issue discount to 99½ from 99, according to a market source.

Also, the pricing step-down was increased to 50 bps from 25 bps upon completion of an initial public offering of stock and leverage being below 2.75 times or ratings being B1/B+, the source said.

The term loan still has a 1% Libor floor and 101 repricing protection for one year.

In addition to the term loan, the company's now $760 million credit facility includes a $60 million five-year revolver.

Recommitments were due at 1 p.m. ET on Thursday, the source added.

Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. are leading the deal that will be used to fund a dividend and to refinance debt.

Sprouts is a Phoenix-based grocer that operates in the farmers market specialty segment of the retail food industry.

Wendy's restructures

Wendy's trimmed its term loan B to $765 million from $815 million, reduced the Libor floor to 0.75% from 1% and firmed the offer price at par, the tight end of the 99 7/8 to par talk, according to market sources. Pricing on this tranche is still Libor plus 250 bps and there is still 101 soft call protection for six months.

Meanwhile, the company's five-year term loan A was lifted to $350 million from $300 million and pricing was cut to Libor plus 225 bps from Libor plus 250 bps, sources said. The 37.5 bps upfront fee was unchanged.

Leads, Bank of America Merrill Lynch and Wells Fargo Securities LLC, were asking for recommitments by noon ET on Thursday, sources added.

With the term loans, the Dublin, Ohio-based fast food chain is looking to extend the maturity of its $200 million revolver by one year.

Proceeds from the new term loans (B1/BB-) will be used to refinance an existing roughly $1.1 billion term loan B that is priced at Libor plus 350 bps with a 1.25% Libor floor.

Regal Cinemas trims spread

Regal Cinemas lowered pricing on its $988 million first-lien term loan due Aug. 23, 2017 to Libor plus 250 bps with a step-up to Libor plus 275 bps if opco leverage is greater than 3 times, from Libor plus 275 basis points with a step-up to Libor plus 300 bps, according to a market source.

Unchanged was that the loan has no Libor floor, a par offer price and 101 soft call protection for one year.

Proceeds will be used to reprice an existing term loan from Libor plus 300 bps with no Libor floor and a step-up to Libor plus 325 bps when opco leverage is more than 3 times, and strip financial covenants.

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

Credit Suisse Securities (USA) LLC is leading the deal for the Knoxville, Tenn.-based motion picture exhibitor.

NewWave modifies deal

NewWave Communications upsized its first-lien term loan to $148.5 million and revised pricing to Libor plus 400 bps with a 1% floor and an original issue discount of 991/2, from talk of Libor plus 450 bps to 475 bps with a 1.25% floor and a discount of 99, according to a market source.

On the flip side, the second-lien term loan was downsized to $57.75 million from $66 million, and pricing was flexed to Libor plus 800 bps with a 1% floor and a discount of 99, from Libor plus 850 bps with a 1.25% floor and a discount of 981/2.

Also, the 101 soft call protection on the first-lien term loan was shortened to six months from one year, and the call protection on the second-lien term loan was revised to 102 in year one and 101 in year two from 103 in year one, 102 in year two and 101 in year three, the source remarked.

The $221.25 million credit facility also includes a $15 million revolver.

NewWave being acquired

Proceeds from NewWave's credit facility will be used to help fund the purchase of the company by GTCR from Pamlico Capital.

SunTrust Robinson Humphrey Inc. and Goldman Sachs Bank USA are leading the deal.

Allocations will likely go out next week and closing is targeted for April 30, the source continued.

First-lien leverage is 4.5 times, up from 4.25 times at launch as a result of the structural changes, and total leverage is unchanged at 6.25 times, the source added.

NewWave is a Sikeston, Mo.-based broadband/cable company providing television, high-speed internet and digital telephone services.

Wilsonart finalizes coupon

Wilsonart firmed pricing on its $725 million covenant-light term loan at Libor plus 300 bps the tight end of the Libor plus 300 bps to 325 bps talk, according to a market source.

The 1% Libor floor, par offer price and 101 soft call protection for six months were unchanged.

Deutsche Bank Securities Inc. is leading the deal that will be used to reprice the existing $725 million term loan from Libor plus 425 bps with a 1.25% Libor floor.

Wilsonart is a Temple, Texas-based maker of decorative surfaces products.

Securus shutting early

Securus Technologies accelerated the commitment deadline on its $540 million credit facility to Tuesday from April 18, according to a market source.

The facility consists of a $50 million five-year revolver (B2), a $335 million seven-year first-lien term loan (B2) and a $155 million eight-year second-lien term loan (Caa2).

The first-lien term loan is talked at Libor plus 375 bps to 400 bps with a 1.25% Libor floor and an original issue discount of 99, and the second-lien term loan is talked at Libor plus 775 bps to 800 bps with a 1.25% Libor floor and a discount of 981/2.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has call protection of 103 in year one, 102 in year two and 101 in year three.

Deutsche Bank Securities Inc. and BNP Paribas Securities Corp. are leading the deal that will be used to help fund the company's buyout by ABRY Partners.

Securus is a Dallas-based provider of inmate communications services and investigative technologies.

Pinnacle Foods launches

Also on the new deal front, Pinnacle Foods held its call on Thursday morning and disclosed that its new senior secured credit facility (Ba3/BB) is sized at $1.73 billion - broken down between a $150 million five-year revolver and a $1.58 billion seven-year term loan G, according to a market source.

The term loan G is talked at Libor plus 250 bps with a 1% Libor floor, an original issue discount of 99½ to 99¾ and 101 soft call protection for six months, the source said.

Commitments are due at 5 p.m. ET on Tuesday.

Barclays, Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Morgan Stanley Senior Funding Inc., UBS Investment Bank and Macquarie Capital are leading the deal that will be used with new senior notes to refinance the company's existing credit facility and 8¼% senior unsecured notes.

Pinnacle Foods is a Mountain Lakes, N.J.-based diversified packaged food company.

UPC refinancing

UPC Broadband launched with a call a term loan AH due June 2021 that has a minimum size of $400 million and a maximum size of $1.3 billion, and will be used to refinance term loan T and term loan X borrowings, which currently total $1.3 billion, according to a market source.

The term loan AH is talked at Libor plus 275 bps with a 0.75% Libor floor, an original issue discount of 99¾ and 101 soft call protection for one year, the source said.

By comparison, the term loan T due December 2016 and the term loan X due December 2017 are both priced at Libor plus 350 bps with no Libor floor.

Leads, Scotia Capital (USA) Inc. and Nomura, are asking for commitments by Tuesday, the source added.

UPC is a subsidiary of Liberty Global, an Englewood, Colo.-based provider of video, voice and broadband Internet services.

AMC details surface

AMC Entertainment told investors on its call that it is seeking a $775 million senior secured covenant-light term loan B due April 30, 2020 that is talked at Libor plus 300 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.

Commitments are due at 5 p.m. ET on April 18, the source said.

Proceeds will be used to refinance existing term loan borrowings.

Citigroup Global Markets Inc. is the left lead bank on the deal (Ba2) that also includes a $125 million to $150 million five-year revolver.

AMC, a Kansas City, Mo.-based movie exhibitor, expects to close on the loan on April 30, the source added.

Dole reveals talk

Dole released guidance of Libor plus 300 bps to 325 bps with a 1% Libor floor and an offer price of 99½ to par on its $500 million term loan B and a $125 million delayed-draw term loan that launched during the session, according to a market source.

With the term loans, the company is also getting a $150 million revolver as part of its $775 million credit facility.

Deutsche Bank Securities Inc., Wells Fargo Securities LLC, Bank of America Merrill Lynch, Rabobank and Scotia Capital (USA) Inc. are leading the deal that will be used to refinance existing debt, and the delayed-draw loan will be used for general corporate purposes.

Dole is a Westlake Village, Calif.-based fruit and vegetables company.

Cyanco comes to market

Cyanco launched a $415 million credit facility that includes a $400 million seven-year term loan B talked at Libor plus 425 bps to 450 bps with a 1% Libor floor and an original issue discount of 99 to 991/2, and a $15 million five-year revolver, according to a market source.

Deutsche Bank Securities Inc., Jefferies Finance LLC and Macquarie Capital are leading the deal that will be used to refinance existing debt and fund a $260 million dividend.

Commitments are due on April 24.

With this transaction, Cyanco, a Reno, Nev.-based supplier of sodium cyanide to the mining industry, will have leverage of 4.6 times.

24 Hour readies deal

24 Hour Fitness set a call for 12:30 p.m. ET on Friday to launch a $585 million term loan B due April 2016 that is being talked at Libor plus 425 bps to 450 bps with a 1.25% Libor floor, a par offer price and 101 soft call protection for one year, a market source said.

Proceeds will be used to reprice an existing term loan.

J.P. Morgan Securities LLC is the leading the deal for the San Ramon, Calif.-based fitness-club operator.

Lightower closes

In more happenings, Lightower Fiber Networks completed its merger with Sidera Networks, according to a news release, for which a new $1,425,000,000 credit facility was obtained.

The facility consists of a $125 million five-year revolver, a $1.1 billion seven-year first-lien term loan and a $200 million eight-year second-lien term loan.

Pricing on the first-lien term loan is Libor plus 350 bps with a step-down to Libor plus 325 bps when total net leverage is less than 5.25 times. There is a 1% Libor floor and 101 soft call protection for six months, and it was sold at a discount of 991/2.

The second-lien loan is priced at Libor plus 675 bps with a 1.25% floor, and was sold at a discount of 99. The debt has hard call protection of 102 in year one and 101 in year two.

Lightower lead banks

J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, SunTrust Robinson Humphrey, Deutsche Bank Securities Inc., Jefferies & Co. and UBS Securities LLC were the lead banks on Lightower's credit facility, with JPMorgan on the left of the first-lien debt and Morgan Stanley on the left of the second-lien debt.

During syndication, the first-lien term loan was upsized from $1.05 billion, pricing was cut from talk of Libor plus 375 bps to 400 bps and the step-down was added. Also, the second-lien loan was downsized from $250 million, pricing was lowered from Libor plus 750 bps, the discount firmed at the tight end of the 98½ to 99 talk and the call protection was revised from 103 in year one, 102 in year two and 101 in year three.

Lightower is a Boxborough, Mass.-based metro fiber and bandwidth provider. Sidera is a New York-based provider of tailored, high-capacity communications services.

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