Trico, Lucid, Petvet, Altran break; Lightstone, EG, Consolidated Container updates surface

By Sara Rosenberg

New York, Feb. 1 – Trico Group LLC’s credit facilities hit the secondary market following a bunch of investor-friendly changes, and deals from Lucid Energy Group II Borrower LLC, PetVet Care Centers LLC and Altran Technologies freed up too.

In more happenings, Lightstone Holdco LLC set the spread on its term loans at the tight end of guidance, EG Group updated pricing on its U.S., euro and GBP term loans, and Consolidated Container Co. LLC added a pricing step-down to its term loan.

Also, Invictus (Fire Safety and Oil Additives Divisions of Israel Chemicals Ltd.) and Cable & Wireless Communications plc disclosed price talk with launch, and Access CIG LLC emerged with new deal plans.

Trico tops OID

Trico Group’s credit facilities began trading on Thursday, with the $425 million six-year senior secured first-lien term loan (B3/B) quoted at 99 bid, par offered, a market source remarked.

Pricing on the term loan is Libor plus 650 basis points with a 1% Libor floor and it was sold at an original issue discount of 98. The debt has hard call protection of 102 in year one and 101 in year two.

During syndication, pricing on the term loan was lifted from Libor plus 550 bps, the discount widened from 98.5, the call protection was changed from a 101 soft call for one year, the maturity was shortened from seven years, and amortization was increased to 2.5% in year one and 5% thereafter from 1% per annum.

The company’s $505 million of credit facilities also include an $80 million ABL revolver.

Goldman Sachs Bank USA and Deutsche Bank Securities Inc. are leading the deal that will be used to refinance existing debt.

Closing is expected on Friday.

Trico is a Rochester Hills, Mich.-based automotive aftermarket platform.

Lucid frees up

Lucid Energy Group’s credit facilities also broke for trading, with the $950 million seven-year term loan seen at par ¾ bid, 101¼ offered, according to a trader.

Pricing on the term loan is Libor plus 300 bps with a 1% Libor floor and it was sold at an original issue discount of 99.5. The debt has 101 soft call protection for six months.

On Wednesday, the term loan was upsized from $900 million and pricing was lowered from Libor plus 350 bps.

The company’s $1 billion of credit facilities also include a $50 million super-priority revolver.

Jefferies LLC is leading the deal that will be used to fund the acquisition of the company by Riverstone Holdings and Goldman Sachs Merchant Banking Division and to finance system expansion.

Lucid Energy is a Dallas-based natural gas gathering and processing company operating in the Northern Delaware Basin.

PetVet starts trading

PetVet Care Centers’ credit facilities emerged in the secondary as well, with the strip of $510 million funded seven-year first-lien term loan and $150 million seven-year first-lien delayed-draw term loan debt quoted at par bid, par ½ offered, and the $215 million eight-year funded second-lien term loan quoted at par bid, 101½ offered, a trader remarked.

Pricing on the first-lien term loan debt is Libor plus 275 bps with a 0% Libor floor and it was sold at an original issue discount of 99.75. The debt has 101 soft call protection for six months.

The funded second-lien term loan, as well as a privately placed $75 million eight-year delayed-draw second-lien term loan, are priced at Libor plus 625 bps with a 0% Libor floor and were issued at a discount of 99.5. This debt has hard call protection of 102 in year one and 101 in year two.

The delayed-draw loans have a 1% ticking fee for 24 months.

On Wednesday, the funded first-lien term loan was upsized from $470 million and the delayed-draw first-lien term loan was upsized from $125 million, pricing on the debt was cut from talk in the range of Libor plus 300 bps to Libor plus 325 bps and the discount was revised from 99.5. Also, the delayed-draw second-lien term loan was upsized from $50 million and changed to a privately placed tranche, pricing on the second-lien debt was trimmed from Libor plus 700 bps and the discount was tightened from 99.

PetVet lead banks

Jefferies and KKR Capital Markets are leading PetVet’s $1,025,000,000 of credit facilities, which include a $75 million revolver in addition to the term loans.

Proceeds will be used to help fund the buyout of the company by KKR from Ontario Teachers’ Pension Plan, L Catterton and other existing shareholders.

As a result of the recent funded first-lien term loan upsizing, the amount of equity being used for the transaction was reduced.

PetVet is a Westport, Conn.-based acquirer and operator of general practice and specialty veterinary hospitals for companion animals.

Altran hits secondary

Altran Technologies’ $300 million seven-year senior secured term loan B (Ba2/BB) began trading too, with levels quoted at par bid, 101 offered and then it moved to par ¼ bid, 101 offered, a market source said.

Pricing on the U.S. loan is Libor plus 275 bps with a 0% Libor floor and it was sold at an original issue discount of 99.75. The debt has 101 soft call protection for six months.

The company is also getting a €1.88 billion seven-year senior secured term loan B (Ba2/BB) priced at Euribor plus 325 bps with a 0% floor and issued at a discount of 99.75. This tranche has 101 soft call protection for six months as well.

During syndication, the discount on both terms loans was changed from 99.5 and pricing on the euro loan was increased from initial talk of Euribor plus 300 bps.

Post an expected €750 million equity issuance, the euro term loan will be reduced to €1.38 billion, pricing on the euro loan will drop to Euribor plus 275 bps and pricing on the U.S. loan will step-down to Libor plus 225 bps.

Both tranches have a pricing grid, which was altered during syndication. Under the revised grid, if net leverage is 3.5 times to less than 4 times, the U.S. loan will step to Libor plus 250 bps and the euro loan will step to Euribor plus 300 bps. If net leverage is 3 times to less than 3.5 times, the U.S. tranche will step to Libor plus 225 bps and the euro tranche will step to Euribor plus 275 bps. And, if net leverage is less than 3 times, the euro tranche will step to Euribor plus 250 bps.

Altran buying Aricent

Proceeds from Altran’s term loans will be used with a potential €250 million bridge facility to fund the acquisition of Aricent from a group of investors led by KKR for €1.7 billion in an all-cash transaction and to early redeem some existing medium- and long-term debt.

Goldman Sachs Bank USA, Credit Agricole CIB and Morgan Stanley Senior Funding Inc. are leading the term loans.

Altran is a France-based engineering and industrial consulting company. Aricent is a Redwood City, Calif.-based pure-play product engineering services firm.

Lightstone updates deal

Switching to the primary market, Lightstone Holdco firmed pricing on its $1,575,000,000 covenant-light term loan B due January 2024 and $100 million term loan C (funded letter-of-credit facility) due January 2024 at Libor plus 375 bps, the low end of the Libor plus 375 bps to 400 bps talk, a market source remarked.

As before, the loans have a 1% Libor floor, a par issue price and 101 soft call protection for six months.

Allocations are targeted for Friday, the source added.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to reprice existing term loan B and term loan C debt down from Libor plus 450 bps with a 1% Libor floor.

Lightstone is a Princeton, N.J. owner of a portfolio of four power generation facilities located in the PJM region.

EG Group tweaked

EG Group lowered pricing on its $500 million seven-year term loan B (B2/B/B) to Libor plus 400 bps from talk in the Libor plus 425 bps to 450 bps range, according to a market source.

Furthermore, the company set the spread on its €1.985 billion seven-year term loan B (B2/B/B) at Euribor plus 400 bps, the low end of the Euribor plus 400 bps to 425 bps talk, and firmed its £400 million seven-year term loan B (B2/B/B) at Libor plus 475 bps, the low end of the Libor plus 475 bps to 500 bps talk, the source said.

Also, the original issue discount on the U.S. and GBP terms loans was changed to 99.75 from 99.5. The euro term loan still has an original issue discount of 99.5.

As before, all of the term loans have a 0% floor and 101 soft call protection for six months.

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

Bank of America Merrill Lynch is the left lead on the deal that will be used to fund the acquisition of 1,165 Esso sites in Italy and 1,017 Esso sites in Germany and to refinance outstanding debt facilities.

EG Group is a European independent forecourt/convenience-store retailer.

Consolidated Container adds step

Consolidated Container added to its roughly $603.5 million term loan B (B3/B+) due May 22, 2024 a 25 bps step-down in pricing if corporate ratings are B2/B or better, according to a market source.

Current corporate ratings are B3/B+.

Initial pricing on the loan is unchanged at Libor plus 300 bps with a 1% Libor floor and a par issue price, and the debt still has 101 soft call protection for six months.

Recommitments are due at noon ET on Friday, the source said.

Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc. and Macquarie Capital (USA) Inc. are leading the deal that will be used to reprice an existing term loan B.

Consolidated Container is an Atlanta-based maker of plastic packaging.

Invictus releases talk

Invictus came out with price talk on its $545 million seven-year first lien term loan (B1/B+/BB+) and $170 million eight-year second lien term loan (Caa1/CCC+/B) with its morning lender call, a market source remarked.

Talk on the first-lien term loan is Libor plus 350 bps to 375 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, and talk on the second-lien term loan is Libor plus 750 bps to 775 bps with a 0% Libor floor, a discount of 99 and call protection of 102 in year one and 101 in year two, the source added.

The company’s $815 million of credit facilities also include a $100 million five-year revolver (B1/B+/BB+).

Commitments are due at noon ET on Feb. 15.

Barclays, Goldman Sachs USA and HSBC Securities (USA) Inc. are leading the deal, with Barclays the administrative agent on the first-lien debt and Goldman the administrative agent on the second-lien loan.

Proceeds will be used to help fund the roughly $1 billion buyout of the company by SK Capital from Israel Chemicals Ltd., which is expected to close in the first half of this year, subject to regulatory approvals and other customary conditions.

Invictus is a St. Louis-based formulator and manufacturer of fire management chemicals.

Cable & Wireless holds call

Cable & Wireless Communications hosted a lender call at 10:30 a.m. ET to launch a $1,825,000,000 term loan B-4 due January 2026 talked at Libor plus 300 bps to 325 bps with a 0% Libor floor, an original issue discount of 99.875 and 101 soft call protection for six months, according to a market source.

Commitments are due on Tuesday, the source said.

J.P. Morgan, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Bank of Nova Scotia, Societe Generale, BNP Paribas Securities Corp. and FirstCaribbean are leading the deal, and Scotia is the administrative agent.

The new loan will be used to refinance an existing term loan B-3 due January 2025.

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

Access CIG on deck

Access CIG is set to hold a bank meeting at 10:30 a.m. ET in New York on Tuesday to launch $1.01 billion of senior secured credit facilities, a market source said.

The facilities consist of a $60 million five-year revolver, a $575 million seven-year first-lien term loan, a $120 million seven-year delayed-draw first-lien term loan, a $215 million eight-year second-lien term loan and a $40 million eight-year delayed-draw second-lien term loan, the source said.

The first-lien term debt has 101 soft call protection for six months, and the second-lien term debt has hard call protection of 102 in year one and 101 in year two.

Jefferies LLC, Macquarie Capital (USA) Inc. and Nomura are leading the deal that will be used to refinance existing debt, and the delayed-draw term loans are intended to be used to fund acquisitions currently under letters of intent.

Access CIG is a Livermore, Calif.-based provider of physical and digital records and information management services.

Vistage oversubscribed

In other news, Vistage Worldwide Inc.’s $385 million of credit facilities has seen strong support from both existing and new lenders, resulting in oversubscription of the deal ahead of its Thursday commitment deadline, a market source remarked.

Final terms on the transaction are expected to be in line with initial talk and allocations are targeted for next week, the source added.

The facilities consist of a $25 million five-year revolver, a $260 million seven-year first-lien term B priced at Libor plus 400 bps with a 1% Libor floor and an original issue discount of 99.5, and a $100 million eight-year second-lien term loan priced at Libor plus 800 bps with a 1% Libor floor and a discount of 99.

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 102 in year one and 101 in year two.

Macquarie Capital (USA) Inc. is leading the deal that will be used to help fund the buyout of the company by Providence Equity Partners from TowerBrook Capital Partners.

Vistage is a San Diego-based for-profit membership organization of CEOs.

MyEyeDr. allocates

MyEyeDr. allocated its $465 million seven-year first-lien term loan and $135 million eight-year second-lien term loan on Thursday, according to a market source.

Pricing on the first-lien term loan is Libor plus 300 bps with a step-down to Libor plus 275 bps at 4.25 times gross first-lien leverage and an additional 25 bps step-down following a qualifying initial public offering. The debt was sold at a discount of 99.75 and has a 1% Libor floor and 101 soft call protection for six months.

The second-lien term loan is priced at Libor plus 675 bps with a 1% Libor floor and was issued at a discount of 99.5. The debt has call protection of 102 in year one and 101 in year two.

During syndication, the first-lien term loan was upsized from $440 million, pricing was cut from Libor plus 325 bps, the step-down was added and the discount was tightened from 99.5. Also, the second-lien loan was downsized from $160 million, pricing was reduced from Libor plus 725 bps and the discount was changed from 99.

The company’s $675 million of credit facilities also include a $75 million revolver.

Goldman Sachs Bank USA, RBC Capital Markets, Credit Suisse Securities (USA) LLC, Barclays, Jefferies LLC and Golub Capital are leading the deal that will be used to refinance existing debt.

MyEyeDr. is the business name for Capital Vision Services LLC, a Vienna, Va. eye-care management company.

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