First Eagle launches $1.52 billion, UPC $1.6 billion and €500 million

New York, Oct. 10 – Two substantial deals launched in the leveraged loan primary market on Tuesday and several other new transactions were announced – every one of them to reprice or refinance existing debt.

In the day’s biggest deal, UPC Financing Partnership and UPC Broadband Holding BV held a conference call for a $1.6 billion term loan AR due Jan. 15, 2026 and a €500 million term loan AS due Oct. 15, 2026.

Proceeds will be used to refinance an existing loan.

Meanwhile First Eagle Holdings, Inc. launched a repricing of its $1,523,000,000 senior secured term loan B due Dec. 1, 2022 (existing: Ba1/BB+), also with a call for lenders.

Among the new deals announced, Fairmount Santrol, Inc. plans to launch a $700 million seven-year first lien term loan (B3/B-) at a bank meeting on Oct. 12, Infiltrator Water Technologies, LLC announced a proposed repricing of its $339 million term loan B due May 2022 and Jack’s Family Restaurants and Big Jack Holdings LP will launch a repricing of their $267 million term loan B (B3/B) on Wednesday.

UPC in dollars and euros

UPC’s dollar loan is priced at Libor plus 250 basis points with a 0% floor and an OID of 99.75, while its euro tranche is at Euribor plus 275 bps with a 0% floor and an OID of 99.75.

Credit Suisse is left lead for the dollar portion while JPMorgan is on the left for the euro piece.

They are joined as lead arrangers by Citigroup, Deutsche Bank, Goldman Sachs, HSBC, Scotia and Societe Generale. Bank of Nova Scotia is the administrative agent.

Proceeds from the new loans (Ba3/BB/BB) will be used to refinance a $2.15 billion term loan AP due April 2025.

UPC a subsidiary of Liberty Global, a television and broadband company, is a Schiphol-Rijk, Netherlands-based provider of video, broadband internet and fixed-line telephone services in Switzerland and Austria, and in the central and eastern European countries of Poland, Hungary, Romania, Czech Republic and Slovakia.

First Eagle launches repricing

First Eagle’s repriced loan is talked at Libor plus 300 basis points with a 0.75% Libor floor, priced at par.

There is 101 soft call protection for six months.

Morgan Stanley Senior Funding, Inc., HSBC Securities (USA) Inc., Citigroup Global Markets Inc., Bank of America Merrill Lynch, NA and UBS Securities LLC are the leads.

First Eagle is a New York-based asset management firm.

Horizon launches repricing

Also Tuesday, Horizon Pharma, Inc. and Horizon Pharma USA, Inc. launched their previously announced repricing of their $845.75 million senior secured term loan B due March 29, 2024 (Ba2/BB-) with a lender call.

The covenant-light loan is talked at Libor plus 325 basis points with a 1% Libor floor, offered at par, according to a market source.

Citigroup is the sole lead arranger and administrative agent.

Horizon Pharma is a Dublin-based biopharmaceutical company.

Fairmount to launch

Fairmount Santrol plans to launch a $700 million seven-year first lien term loan (B3/B-) at a bank meeting on Oct. 12.

Barclays is the sole lead arranger.

Proceeds will be used to refinance existing term loans.

After the initial announcement, Moody’s Investors Service upgraded the company’s secured loan rating to B3 from Caa1.

Fairmount Santrol is a Chesterfield, Ohio, provider of high-performance sand and sand-based products used by oil and gas exploration and production companies to enhance the productivity of their wells.

Infiltrator plans repricing

Infiltrator Water Technologies plans to launch a repricing of its $339 million term loan B due May 2022 (existing: B2/B) with a lender call on Oct. 11.

The loan is talked at Libor plus 300 basis points with a 1% Libor floor, to be priced at par.

Deutsche Bank is the sole bookrunner.

Infiltrator is an Old Saybrook, Conn.-based provider of engineered plastic chambers, synthetic aggregate leach fields, tanks and accessories for the onsite wastewater and stormwater industries.

Jack’s to reprice

Jack’s Family Restaurants and Big Jack Holdings LP will launch a repricing of their $267 million term loan B (B3/B) with a lender call on Wednesday, according to a market source.

The loan, due April 5, 2024, is currently priced at Libor plus 425 basis points.

The repricing will be offered at par and the loan will retain its Libor floor of 1%.

RBC, Bank of America Merrill Lynch and Morgan Stanley are joint bookrunners with RBC also acting as administrative agent.

Jack’s is a Homewood, Ala.-based quick-service restaurant operator.

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