Learfield, ProAmpac, Sirva, Cable & Wireless, Digital Room break; Community Health gains

By Sara Rosenberg

New York, Nov. 18 – Learfield Communications Inc. reduced pricing on its first-lien term loan and removed one of the step-downs that was recently added, and then the debt made its way into the secondary market on Friday with levels quoted above its original issue discount.

Also freeing up for trading during the session were deals from ProAmpac, Sirva Inc., Cable & Wireless Communications and Digital Room Inc., and Community Health Systems Inc.’s term loans headed higher with asset sale news.

Back in the primary market, Four Seasons Hotels and Resorts lowered the spread on its first-lien term loan, and Platform Specialty Products Corp. (MacDermid Inc.) reduced the size of its U.S. term loan B-5, increased the size of its euro term loan C-4 and trimmed spreads on both tranches.

Additionally, Genesys updated the spread and original issue discount on its U.S. and euro term loan B debt and sweetened the call protection, nThrive Inc. firmed the original issue discount on its add-on first-lien term loan within talk, and ION Media Networks Inc. set pricing on its add-on term loan at the low end of guidance and increased the consent fee to existing lenders.

Also, SAI Global pushed out the commitment deadline on its first-lien term loan, Idera Inc. withdrew its credit facility from market, First Data Corp. approached lenders with a repricing transaction and USIC Holdings Inc. released price talk on its first-lien term loan with launch.

Learfield revised again

Learfield Communications reduced pricing on its $475 million seven-year covenant-light first-lien term loan (B1/B+) to Libor plus 325 basis points from revised talk of Libor plus 350 bps and initial talk in the range of Libor plus 350 bps to 375 bps, according to a market source.

Furthermore, the company removed the 25-bps pricing step-down at 0.75 times first-lien leverage reduction that was added to the loan on Thursday, the source said. The 25-bps step-down upon consummation of an initial public offering that was also added on Thursday remained in place.

The first-lien term loan still has a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months. The discount had been changed from 99 on Thursday.

Recommitments were due at 11 a.m. ET on Friday, the source added.

Learfield frees up

With final terms in place, Learfield’s first-lien term loan began trading, and levels were quoted at par bid, 100 3/8 offered, a source added.

The company’s $640 million credit facility also includes a $65 million revolver (B1/B+) and a $100 million second-lien term loan (Caa1/CCC+).

Deutsche Bank Securities Inc., UBS Investment Bank, Jefferies Finance LLC, Antares Capital and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to help fund the buyout of the company by Atairos Group from Providence Equity Partners.

Learfield is a Jefferson City, Mo.-based provider of collegiate sports multimedia rights administration and marketing services.

ProAmpac starts trading

ProAmpac’s credit facility broke for trading as well, with the $830 million seven-year covenant-light first-lien term loan (B2/B) quoted at 100 3/8 bid, 100 5/8 offered and the $215 million eight-year second-lien term loan (Caa2/CCC+) quoted at 99 bid, a trader remarked.

Pricing on the first-lien term loan is Libor plus 400 bps with a 1% Libor floor, and it was sold at an original issue discount of 99. The debt has 101 soft call protection for one year.

The second-lien term loan is priced at Libor plus 850 bps with a 1% Libor floor and was issued at a discount of 98.5. This tranche has hard call protection of 102 in year one and 101 in year two.

On Thursday, pricing on the first-lien term loan was lowered from talk of Libor plus 425 bps to 450 bps and the call protection as extended from six months, the spread on the second-lien term loan firmed at the low end of the Libor plus 850 bps to 875 bps talk, the MFN sunset was removed, quarterly conference calls were added and asset sale proceeds step-downs were eliminated.

ProAmpac being acquired

Proceeds from ProAmpac’s credit facility will be used to help fund its buyout by Pritzker Group Private Capital from Wellspring Capital Management.

Along with the first- and second-lien term loans, the $1.12 billion credit facility provides for a $75 million five-year revolver (B2/B).

Antares Capital and RBC Capital Markets are leading the deal.

ProAmpac is a Cincinnati-based flexible packaging company.

Sirva tops OID

Another deal to free up was Sirva, with its $300 million six-year senior secured term loan B seen at 97¾ bid, 98¾ offered, a market source said.

Pricing on the loan is Libor plus 650 bps with a 1% Libor floor, and it was sold at an original issue discount of 97.5. The tranche includes 101 soft call protection for one year.

On Thursday, pricing on the term loan was raised from talk of Libor plus 600 bps to 625 bps, and the discount widened from 98.5. Changes were also made to the first-lien net leverage covenant, the maximum cash net in the leverage ratio, the limitation on relocation properties covenant, the incremental basket, the excess cash flow sweep, the restricted payments available amount, the unlimited ratio basket, and the EBITDA definition.

The company’s $350 million senior secured credit facility (B2/B) includes a $50 million revolver as well.

Goldman Sachs Bank USA and Jefferies Finance LLC are leading the deal that is expected to close on Tuesday and will be used to refinance existing debt.

Sirva is an Oakbrook Terrace, Ill.-based provider of end-to-end relocation and moving solutions to corporations, government agencies and individual consumers.

Cable & Wireless breaks

Cable & Wireless’ fungible $300 million add-on covenant-light term loan B due Dec. 31, 2022 also hit the secondary market, with levels seen at 100¾ bid, 101¼ offered, according to a trader.

Pricing on the term loan B is Libor plus 475 bps with a 0.75% Libor floor, and it was issued at par. The debt has 101 soft call protection until May 2017 and is subject to the same conditions as the company’s existing $800 million term loan B-1 and B-2 facilities. On the next roll-over date, which is Dec. 30, the add-on term loan B and the existing B1/B2 facilities will be consolidated into a single $1.05 billion global tranche.

On Thursday, the loan was upsized from $250 million, and the issue price was changed from 99.5.

Citigroup Global Markets Inc. and BNP Paribas Securities Corp. are the global coordinators on the deal that is expected to close during the week of Nov. 21, and joint bookrunners with Goldman Sachs Bank USA and RBC Capital Markets LLC.

Proceeds will be used to repay revolver borrowings and to pay transaction fees and expenses.

Cable & Wireless is a London-based telecommunications company owned by Liberty Global.

Digital Room begins trading

Digital Room’s credit facility broke too, with the $110 million first-lien term loan quoted at 98 bid, par offered, according to a trader.

Pricing on the first-lien term loan is Libor plus 600 bps with a 1% Libor floor, and it was sold at an original issue discount of 98. The debt has 101 soft call protection for six months.

The company’s $167 million credit facility also includes a $10 million revolver and a $47 million second-lien term loan.

During syndication, the first-lien term loan was downsized from $125 million, pricing was lifted from Libor plus 550 bps, the discount was revised from 99 and amortization was increased to 5% per annum from 1% per annum, and the second-lien term loan was upsized from $46.8 million.

Other changes made during syndication included eliminating the incremental free and clear basket, adding a fixed-charge coverage covenant in addition to the total net leverage covenant that was already part of the deal and revising the excess cash flow sweep to 75% stepping down to 25% from 50% stepping down to 0%.

Digital Room recapitalizing

Proceeds from Digital Room’s credit facility will be used to refinance existing debt and fund a dividend, which was reduced to about $89 million from around $105 million as a result of the first-lien term loan downsizing.

BNP Paribas Securities Corp. is the lead bank on the deal.

Digital Room is a Van Nuys, Calif.-based owner and operator of online printing brands that produce a wide range of printed products.

Inmar levels surface

Inmar’s fungible $125 million add-on term loan saw trading levels emerge at 99¼ bid, 100¼ offered on Friday morning after allocating late Thursday, a trader said.

Pricing on the add-on term loan is Libor plus 350 bps with a 1% Libor floor, and it was sold at an original issue discount of 99.

With this transaction, pricing on the company’s existing term loan is being increased from Libor plus 325 bps with a 1% Libor floor to match pricing on the add-on loan, and all of the term loan debt is getting 101 soft call protection for six months.

BNP Paribas Securities Corp. and Credit Suisse Securities (USA) LLC are leading the deal that will be used to fund an acquisition.

Inmar is a Winston-Salem, N.C.-based provider of tech enabled promotion and inventory, logistics and settlement services.

Community Health rises

In more trading happenings, Community Health’s term loans were stronger as the company announced plans to pay down debt with proceeds from the sale of Rockwood Health System and its associated assets to MultiCare Health System for $425 million, subject to certain adjustments, according to a trader.

The term loan F was quoted at 97 bid, 98 offered, up from 95½ bid, 96¼ offered, the term loan G was quoted at 94 bid, 95 offered, up from 91½ bid, 92½ offered, and the term loan H was quoted at 93¾ bid, 94¾ offered, up from 91½ bid, 92½ offered, the trader said.

Closing on the sale is expected in the first quarter of 2017, subject to customary regulatory approvals and conditions.

Community Health is a Franklin, Tenn.-based hospital company.

BWIC announced

A $375 million Bid Wanted In Competition surfaced, with bids due at 1 p.m. ET on Monday, a trader remarked.

Some of the names in the portfolio are ADS Waste Holdings Inc., American Tire Distributors Inc., Capsugel SA, National Mentor Holdings Inc., Envision Healthcare Corp., First Data Corp., HCA Inc., Learfield Communications Inc., National Vision Inc., Patheon Inc., Sedgwick CMS Holdings Inc., Telesat Canada, Valeant Pharmaceuticals International Inc. and XPO Logistics Inc.

There are about 147 issuers in the BWIC, the trader added.

Four Seasons updated

Returning to the primary market, Four Seasons Hotels and Resorts cut pricing on its $900 million seven-year senior secured covenant-light first-lien term loan (B1/BB) to Libor plus 300 bps from Libor plus 325 bps and left the 0.75% Libor floor, original issue discount of 99.5 and 101 soft call protection for six months intact, according to a market source.

Commitments were due at noon ET on Friday, the source said.

Citigroup Global Markets Inc. is leading the deal that will be used to refinance existing debt.

Closing is expected during the week of Nov. 28.

Four Seasons is a Toronto-based luxury hotels company.

Platform restructures

Platform Specialty cut its term loan B-5 due June 7, 2020 to $610 million from a revised amount of $660 million and an initial size of $897 million while flexing pricing to Libor plus 350 bps from Libor plus 375 bps and lifted its term loan C-4 due June 7, 2020 to €700 million from a revised amount of €650 million and an initial size of €425 million while reducing the spread to Euribor plus 325 bps from Euribor plus 350 bps, a market source said.

The term loans still have a 1% Libor floor, a par issue price and 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc., Barclays and Credit Agricole are leading the deal (B2/BB-), with Credit Suisse left lead on the U.S. loan and HSBC left lead on the euro loan. Barclays is the administrative agent.

Platform, a West Palm Beach, Fla.-based producer of high-technology specialty chemicals and a provider of technical services, will use the new debt to reprice/refinance an existing $1,033,000,000 term loan B-3 and an existing €297 million term loan C-2.

Genesys modifies loans

Genesys increased pricing on its $1,558,000,000 seven-year covenant-light term loan B and €520 million seven-year covenant-light euro term loan B to Libor/Euribor plus 525 bps from talk of Libor/Euribor plus 475 bps to 500 bps, according to a market source.

Also, the original issue discount on the U.S. term loan firmed at 98.5, the midpoint of revised talk of 98 to 99 and wide of initial talk of 99 to 99.5, and the discount on the euro term loan finalized at 99, the tight end of revised talk of 98 to 99 and the wide end of initial talk of 99 to 99.5, the source said.

Furthermore, the 101 soft call protection on the term loans was extended to one year from six months, the MFN sunset was removed and baskets were revised.

The term loans still have a 1% floor.

The company’s $2.25 billion equivalent credit facility (B-) also includes a $150 million five-year revolver.

Genesys lead banks

Bank of America Merrill Lynch, Goldman Sachs Bank USA, Citigroup Global Markets Inc. and RBC Capital Markets LLC are leading Genesys’ credit facility.

The new debt will be used to help fund the acquisition of Interactive Intelligence Group Inc. for $60.50 per share in cash and refinance existing debt. The transaction is valued at about $1.4 billion.

Closing is expected by the end of the year, subject to customary conditions, including regulatory approval and approval by Interactive Intelligence shareholders. The transaction is not contingent on financing.

Genesys is a Daly City, Calif.-based provider of omnichannel customer experience and contact center solutions. Interactive Intelligence is an Indianapolis-based provider of cloud and on-premise solutions for customer engagement, communications and collaboration.

nThrive sets discount

nThrive updated the original issue discount on its fungible $105 million add-on covenant-light first-lien term loan (B2) due Oct. 20, 2022 to 98.81, which is within the initial 98 to 99 talk, a market source said.

The add-on term loan is priced at Libor plus 550 bps with a 1% Libor floor, and has 101 soft call protection through April 2017.

Commitments are due at 5 p.m. ET on Monday, moved up from 4:30 p.m. ET on Tuesday, the source added.

Barclays is leading the deal that will be used with incremental equity to fund the acquisition of Adreima and to pay related fees and expenses.

First-lien leverage is 4.3 times, and total leverage is 5.8 times.

nThrive (formerly Precyse Acquisition Corp.) is a patient to payment provider of revenue cycle management technology and services.

ION tweaks deal

ION Media Networks finalized pricing on its $250 million add-on term loan (B1/B+) at Libor plus 350 bps, the low end of the Libor plus 350 bps to 375 bps talk, and raised the consent fee to existing lenders to 50 bps from 25 bps, according to a market source.

The add-on term loan still has a 1% Libor floor and an original issue discount of 99.5, and all of the term loan debt is still getting 101 soft call protection for six months.

Commitments were due at 3 p.m. ET on Friday, the source said.

J.P. Morgan Securities LLC and Citigroup Global Markets Inc. are leading the deal that will be used to fund a dividend.

ION is a television broadcast network.

SAI extends deadline

SAI Global moved out the commitment deadline on its $515 million seven-year first-lien senior secured term loan B (Ba3/B+) to noon ET on Dec. 2 from noon ET on Nov. 21, a market source remarked.

Talk on the term loan is Libor plus 400 bps to 425 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

The term loan is expected to include a $100 million, plus or minus, Australian dollar carve-out, the source added.

Goldman Sachs Bank USA, UBS Investment Bank and HSBC Securities (USA) Inc. are leading the deal that will be used to help fund the buyout of the company by Baring Asia Private Equity Fund VI for $4.75 in cash per share. The transaction has an implied enterprise value of $1,237,000,000.

Closing is expected in December, subject to SAI shareholder approval, court approval and Foreign Investment Review Board approval.

SAI is a Sydney, Australia-based provider of risk management products and services to businesses.

Idera pulled

Idera removed from the primary market its $535 million credit facility that was split between a $25 million revolver (B2/B), a $360 million seven-year first-lien term loan (B2/B) and a $150 million eight-year second-lien term loan (Caa2/B-), according to a market source.

At launch, the first-lien term loan was talked at Libor plus 550 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call for six months, and the second-lien term loan was talked at Libor plus 950 bps with a 1% Libor floor, a discount of 98 and call protection of 102 in year one and 101 in year two.

UBS Investment Bank was leading the deal that was going to be used to refinance existing debt and fund a dividend.

The source explained that a deal had been put together but the company didn’t want to pay up for an opportunistic transaction.

Idera, a TA Associates portfolio company, is a Houston-based software company.

First Data repricing

First Data launched on Friday a repricing of its $2,783,000,000 first-lien term loan due July 10, 2022 and €763 million first-lien term loan due July 10, 2022, a market source remarked.

Talk on the U.S. term loan is Libor plus 300 bps and talk on the euro term loan is Euribor plus 325 bps, with both tranches having a 25-bps step-down at 3.5 times net first-lien leverage, no floor, a par issue price and 101 soft call protection for six months, the source continued.

Commitments are due at 2 p.m. ET on Tuesday.

Credit Suisse Securities (USA) LLC is leading the deal (Ba3/BB) that will take the U.S. term loan down from Libor plus 375 bps and the euro term loan down from Euribor plus 375 bps.

First Data is an Atlanta-based provider of payment processing solutions.

USIC releases talk

USIC Holdings held its lender call on Friday, launching its $635 million seven-year covenant-light first-lien term loan (B2/B) at talk of Libor plus 400 bps with a 1% 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 at noon ET on Dec. 1, the source said.

The company’s $885 million credit facility also includes an $85 million revolver (B2/B) and a $165 million privately placed second-lien term loan (Caa2/CCC+).

Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc. and Antares Capital are leading the deal that will be used to fund the recapitalization of the company’s balance sheet.

USIC is an Indianapolis-based provider of underground utility locating services.

Accuride closes

In other news, the buyout of Accuride Corp. by Crestview Partners for $2.58 per share in cash has been completed, according to a news release.

To help fund the transaction, Accuride got a $290 million credit facility that includes a $65 million five-year asset-based revolver and a $225 million seven-year senior secured term loan B.

Pricing on the term loan B is Libor plus 700 bps with a 1% Libor floor, and it was sold at an original issue discount of 97. The debt has 10 soft call protection for one year.

During syndication, the term loan B was downsized from $235 million as the equity component was upsized, the call protection was extended from six months, the MFN sunset was removed, the incremental allowance was reduced, and the opening excess cash flow sweep was increased to 75% from 50%.

RBC Capital Markets led the deal.

Accuride is an Evansville, Ind.-based supplier of components to the commercial vehicle industries.

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