Hunter Fan, Aecom, Frontier Communications, TI Group free to trade; Aptean releases talk

By Sara Rosenberg

New York, April 9 – Hunter Fan Co. raised pricing on its first-lien term loan and extended the call protection, and Aecom increased the size of its term loan B and tightened the spread and the original issue discount, and then both of these deals made their way into the secondary market on Friday.

Also, before freeing up for trading during the session, Frontier Communications Corp. firmed pricing on its term loan debt at the low side of talk, and TI Group Automotive Systems lowered pricing on its U.S. and euro term loan B debt and finalized issue prices at the tight end of guidance.

In more happenings, Aptean released price talk on its second-lien term loan with launch, and Midwest Veterinary Partners LLC, Cision and Jazz Pharmaceuticals plc joined the near-term primary calendar.

Hunter tweaked, trades

Hunter Fan lifted pricing on its $425 million seven-year covenant-lite first-lien term loan to Libor plus 500 basis points from talk in the range of Libor plus 450 bps to 475 bps and pushed out the 101 soft call protection to one year from six months, according to a market source.

As before, the term loan has a 0.75% Libor floor and an original issue discount of 99.

The company’s $458 million of credit facilities (B2/B) also include a $33 million revolver.

Commitments were due at 11 a.m. ET on Friday and the term loan began trading in the afternoon, with levels quoted at 99¼ bid, par offered, another source added.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to refinance existing debt, fund a shareholder distribution and pay fees and expenses.

Hunter Fan is a Memphis, Tenn.-based designer and distributor of consumer, industrial and commercial fans.

Aecom revised, frees up

Aecom raised its seven-year term loan B to $700 million from $500 million, trimmed pricing to Libor plus 175 bps from Libor plus 200 bps and adjusted the original issue discount to 99.25 from 99, a market source said.

The term loan still has a 0% Libor floor and 101 soft call protection for six months.

During the session, the term loan B broke for trading, with levels quoted at 99 5/8 bid, par 1/8 offered, another source added.

BofA Securities Inc. is leading the deal that will be used to fund a tender offer for the company’s 5 7/8% senior notes due 2024.

The tender offer expires on April 20.

Aecom is a Los Angeles-based infrastructure consulting firm.

Frontier updated, breaks

Frontier Communications set the spread on its $225 million add-on delayed-draw term loan and repricing of its existing $1.25 billion DIP-to-exit term loan at Libor plus 375 bps, the low end of the Libor plus 375 bps to 400 bps talk, according to a market source.

The term loan debt (B3) still has a 0.75% Libor floor and an original issue discount of 99.

On Friday, the term loan debt made its way into the secondary market, with levels quoted at 99½ bid, par offered, another source added.

JPMorgan Chase Bank is leading the deal.

The add-on term loan will be used for general corporate purposes and the repricing will take the existing loan down from Libor plus 475 bps with a 1% Libor floor.

Frontier Communications is a Norwalk, Conn.-based telecommunications company.

TI modified, hits secondary

TI Group trimmed pricing on its $300 million term loan B (Ba3/BB+) and €265 million term loan B (Ba3/BB+) to Libor/Euribor plus 325 bps from initial talk of Libor/Euribor plus 350 bps, a market source remarked.

In addition, the original issue discount on the U.S. term loan firmed at 99.5, the tight end of the 99 to 99.5 talk, and the issue price on the euro term loan was set at par, the tight end of initial talk of 99.5 to par, the source continued.

The 0.5% Libor floor on the U.S. term loan and the 0% floor on the euro term loan were unchanged.

The U.S. term loan freed to trade in the afternoon, with levels quoted at par bid, another source added.

JPMorgan Chase Bank is leading the deal that will be used with €600 million of senior notes and cash on hand to refinance the company’s existing senior secured credit facilities.

TI Group is an Oxford, U.K.-based provider of fluid storage, carrying and delivery systems to automotive manufacturers.

Aptean guidance

In other news, Aptean held its call on Friday and disclosed talk on its roughly $262 million second-lien term loan at Libor plus 700 bps with a 0.75% Libor floor, an original issue discount of 99.5 and 101 hard call protection for one year, according to a market source.

Golub Capital is the left lead on the deal that will be used to reprice an existing second-lien term loan down from Libor plus 850 bps with a 0% Libor floor.

Consents are due at noon ET on April 16, the source added.

Aptean is an Alpharetta, Ga.-based provider of mission-critical enterprise software solutions.

Midwest Vet on deck

Midwest Veterinary Partners set a bank meeting for 1 p.m. ET on Tuesday to launch $360 million of first-lien credit facilities, split between a $20 million five-year revolver and a $340 million seven-year first-lien term loan, according to a market source.

The first-lien term loan has 101 soft call protection for six months.

The company is also getting a $75 million privately placed delayed-draw first-lien term loan with an 18-month commitment period and a $90 million privately placed eight-year second-lien term loan, the source added.

Jefferies LLC and Golub Capital are leading the deal that will be used to refinance the company’s existing debt and place cash on the balance sheet to fund near-term letters of intent pipeline.

Midwest Veterinary, doing business as Mission Veterinary Partners, is a Novi, Mich.-based network of general practice animal hospitals.

Cision readies loan

Cision scheduled a lender call for 12:30 p.m. ET on Monday to launch a $295 million incremental term loan due January 2027, a market source said.

The incremental term loan has 101 soft call protection for six months, the source added.

BofA Securities Inc. is leading the deal that will be used to help fund the $450 million acquisition of Brandwatch, a Brighton, U.K.-based provider of social listening and content marketing analytics.

Closing is expected in the second quarter.

Cision is a Chicago-based provider of PR, marketing and social media management technology and intelligence.

Jazz coming soon

Jazz Pharmaceuticals emerged with plans to hold a lender call on Monday to launch a $2.65 billion equivalent U.S. and euro term loan B (BB-), according to a market source.

BofA Securities Inc. is the left lead on the deal that will be used to help fund the acquisition of GW Pharmaceuticals plc for $220 per American Depositary Share, in the form of $200 in cash and $20 in Jazz ordinary shares, for a total consideration of $7.2 billion, or $6.7 billion net of GW cash.

Closing is expected in the second quarter, subject to the approval of GW shareholders, sanction by the High Court of Justice of England and Wales and other customary conditions, including regulatory approvals.

Dublin, Ireland-based Jazz and Cambridge, U.K.-based GW are biopharmaceutical companies.

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