Imagine! Print breaks; Give & Go, Advanced Integration revise deals; PrimeLine talk emerges

By Sara Rosenberg

New York, July 11 – Imagine! Print Solutions LLC’s add-on term loan B made its way into the secondary market on Monday with levels quoted above its original issue discount.

Moving to the primary market, Give & Go Prepared Foods Corp. raised pricing on its first-lien term loan and made a number of documentation changes, and Advanced Integration Technology LP reduced the size of its term loan, while sweetening the spread and call protection.

Also, PrimeLine Utility Services LLC released price talk on its add-on term loan with launch, and WireCo WorldGroup Inc. came out with timing and structure on its proposed credit facility.

Imagine! Print frees up

Imagine! Print Solutions’ fungible $50 million add-on term loan B allocated and broke for trading on Monday, with levels quoted at 100 3/8 bid, 100 7/8 offered, according to a trader.

Pricing on the add-on term loan B is Libor plus 600 basis points with a 1% Libor floor, in line with pricing on the existing $325 million term loan B, and the debt was sold at an original issue discount of 99.75.

Last week, the discount on the add-on loan was tightened from 99.5.

RBC Capital Markets LLC and Societe Generale are leading the deal that will be used to fund the acquisition of Midnight Oil Agency.

Closing on the acquisition is expected in the third quarter, subject to customary conditions.

Imagine! is a Minneapolis-based provider of printed in-store marketing solutions. Midnight Oil is a Burbank, Calif.-based marketing agency.

Give & Go sets changes

Switching to the primary market, Give & Go Prepared Foods lifted pricing on its $375 million first-lien covenant-light term loan (B1/B) to Libor plus 550 bps from talk of Libor plus 450 bps to 475 bps, while leaving the 1% Libor floor and original issue discount of 99 unchanged, according to a market source.

Regarding documentation revisions, the MFN sunset was removed so the deal has 50 bps MFN for life, the accordion was modified to $70 million plus unlimited amounts subject to 4 times first-lien net leverage and 5.5 times total net leverage, the asset sale step-downs was eliminated, and debt incurrence was set at 4 times first-lien net leverage and 5.5 times total net leverage, the source said.

Furthermore, the EBITDA grower was removed from the $15 million restricted payment general basket, the EBITDA grower was eliminated from the $20 million available amount starter basket, and the available amount leverage governor was reduced to 4.75 times from 5 times.

Give & Go being acquired

Proceeds from Give & Go’s term loan will be used to help fund its buyout by Thomas H. Lee Partners LP from Omers Private Equity.

Deutsche Bank Securities Inc., Antares Capital, BMO Capital Markets and HSBC Securities (USA) Inc. are leading the debt.

Commitments were due at the close of business on Monday, the source added.

Closing on the buyout is expected in the third quarter, subject to customary conditions.

Give & Go is a Toronto-based manufacturer of value-added baked goods.

Advanced Integration reworked

Advanced Integration Technology trimmed its first-lien term loan to $225 million from $315 million, increased pricing to Libor plus 550 bps from Libor plus 500 bps, extended the 101 soft call protection to one year from six months, shortened the maturity to five years from seven years and removed the MFN sunset, a market source remarked.

As before, the term loan has a 1% Libor floor and an original issue discount of 99.

The company’s now $285 million credit facility also includes a $60 million revolver.

Recommitments were due by 5 p.m. ET on Monday, the source added.

UBS Investments Bank, Citigroup Global Markets Inc. and SunTrust Robinson Humphrey Inc. are leading the debt that will be used for a recapitalization.

Advanced Integration is a Plano, Texas-based industrial automation and tooling company delivering turnkey factory integration to the aerospace industry.

PrimeLine releases talk

In more primary happenings, PrimeLine Utility Services held its bank meeting on Monday, launching its fungible $140 million add-on term loan with talk of Libor plus 550 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

The spread and floor on the add-on loan matches existing term loan pricing.

Commitments are due on July 25, the source said.

BNP Paribas Securities Corp. is leading the deal that will be used to fund acquisitions.

PrimeLine Utility Services is a Seattle-based provider of end-to-end infrastructure solutions to electric, gas and telecommunications customers.

WireCo on deck

WireCo set a bank meeting for 10 a.m. ET in New York on Wednesday to launch a $510 million credit facility, a market source said.

The facility consists of a $100 million ABL revolver and a $410 million term loan B, the source added.

Goldman Sachs & Co. is the left lead on the deal that is being done in connection with Onex Corp.’s purchase of a majority interest in the company to refinance its capital structure and extend its debt maturities.

Closing is expected later this year, subject to regulatory approval and customary conditions.

Funds managed by Paine & Partners LLC, which acquired WireCo in 2007, will maintain a significant minority stake in the company.

WireCo is a Prairie Village, Kan.-based manufacturer of wire rope, synthetic rope, electromechanical cable and highly engineered cable structures.

Array acquired

Use of proceeds surfaced on the recently completed $240 million credit facility for Array Technologies Inc., a market source remarked. The debt was used to fund the buyout of the company by GFI.

As previously reported, the facility consists of a $40 million revolver and a $200 million first-lien term loan.

Jefferies Finance LLC led the deal.

Array Technologies is an Albuquerque, N.M.-based manufacturer of smart, cost-effective, reliable and robust solar tracking systems for utilities, corporations, small businesses and homeowners.

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