Genesee frees up; Outfront, Univar, Vistra, Century Casinos, EPIC, Forest set talk

By Sara Rosenberg

New York, Nov. 6 – Genesee & Wyoming Inc.’s credit facilities broke for trading on Wednesday, with the first-lien term loan quoted above its original issue discount.

Moving to the primary market, Outfront Media Inc., Univar Inc., Vistra Energy (Vistra Operations Co. LLC), Century Casinos Inc., EPIC Y-Grade Services LP and Forest City Enterprises LP released price talk with launch, and Cambium Learning Group Inc. and MediaOcean LLC joined this week’s primary calendar.

Genesee hits secondary

Genesee & Wyoming’s $2.55 billion seven-year covenant-lite first-lien term loan began trading on Wednesday, with levels quoted at par bid, par ½ offered, according to a market source.

Pricing on the term loan is Libor plus 200 basis points with a 0% 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 Tuesday, the spread on the term loan was cut from talk in the range of Libor plus 250 bps to 275 bps.

The company’s $3.15 billion senior secured deal (Ba2/BB+) also includes a $600 million revolver.

Credit Suisse Securities (USA) LLC, Wells Fargo Securities LLC, RBC Capital Markets, Citigroup Global Markets Inc., BMO Capital Markets, Bank of Nova Scotia, TD Securities (USA) LLC, Barclays and MUFG are leading the deal, with Credit Suisse and Wells Fargo the joint left leads.

Proceeds will be used with about $5.53 billion of equity to fund the acquisition of the company by Brookfield Infrastructure and GIC for $112 per share in cash, or about $8.4 billion, including debt.

Closing is expected by year-end, subject to customary conditions.

Genesee & Wyoming is a Darien, Conn.-based owner of short line railroads.

Outfront Media talk

Switching to the primary market, Outfront Media held its lender call on Wednesday and announced talk on its $600 million seven-year senior secured covenant-lite term loan B (Ba1/BB+) at Libor plus 175 bps to 200 bps with a 0% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months, a market source said.

Commitments and consents are due at 5 p.m. ET on Nov. 13, the source added.

Morgan Stanley Senior Funding Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Goldman Sachs Bank USA, BofA Securities, Inc., Credit Suisse Securities (USA) LLC, MUFG, Sumitomo, Mizuho, BNP Paribas Securities Corp., US Bank, SunTrust Robinson Humphrey Inc. and TD Securities (USA) LLC are leading the deal that will be used to help refinance/amend and extend an existing $620 million term loan B and to pay related fees and expenses.

The company is also amending and extending its existing revolver.

Outfront Media is a New York-based outdoor media company.

Univar reveals guidance

Univar came out with talk of Libor plus 225 bps to 250 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months on its $400 million seven-year first-lien term loan B-5 that launched with an afternoon call, according to a market source.

Commitments are due on Nov. 14, the source said.

Goldman Sachs Bank USA, BofA Securities, Inc., Deutsche Bank Securities Inc., Wells Fargo Securities LLC, J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc., Citigroup Global Markets Inc., US Bank, HSBC Securities (USA) Inc. and BMO Capital Markets are leading the deal that will be used to refinance an existing euro term loan due 2024.

The company is doing a concurrent technical amendment to all existing tranches with this transaction.

Univar is a Downers Grove, Ill.-based chemical and ingredients distributor and provider of value-added services including specialty product blending, automated tank monitoring and refill, chemical waste management and digitally enabled marketing and sales.

Vistra comes to market

Vistra Energy launched in the morning without a lender call a $2.798 billion covenant-lite first-lien term loan B-3 (BBB-/BBB-) due December 2025 talked at Libor plus 175 bps with a 0% Libor floor, an original issue discount of 99.875 to par and 101 soft call protection for six months, a market source remarked.

Commitments are due at noon ET on Nov. 13, the source added.

Credit Suisse Securities (USA) LLC, Barclays, BMO Capital Markets, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, J.P. Morgan Securities LLC, Mizuho, Morgan Stanley Senior Funding Inc., MUFG, Natixis, RBC Capital Markets and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to reprice an existing $1.901 billion term loan B-3 due December 2025 down from Libor plus 200 bps and to help repay an existing term loan B-1 due August 2023 that had a balance of $1.897 billion at Sept. 30.

The loan repayment is also expected to be funded with an offering of senior secured notes due 2024 and senior secured notes due 2027, and cash on hand.

Vistra is a Dallas-based power generator and retail electric provider.

Century Casinos launches

Century Casinos released talk of Libor plus 500 bps to 525 bps with a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months on its $170 million seven-year covenant-lite term loan B that launched with a bank meeting during the session, according to a market source.

The company’s $180 million of credit facilities (B) also include a $10 million five-year revolver.

Commitments are due on Nov. 21, the source said.

Macquarie Capital (USA) Inc. is leading the deal, which will be used to fund the acquisition of the operations of Isle Casino Cape Girardeau, Lady Luck Caruthersville and Mountaineer Casino, Racetrack and Resort from Eldorado Resorts Inc. for about $107 million.

Century Casinos is a Colorado Springs, Colo.-based international casino entertainment company.

EPIC proposed terms

EPIC Y-Grade Services held its lender call and launched its fungible $150 million incremental first-lien term loan (B) at talk of Libor plus 600 bps with a 1% Libor floor, an original issue discount of 97 and 101 hard call protection for one year, a market source remarked.

Commitments are due on Nov. 20, the source added.

UBS Investment Bank is leading the deal that will be used for capital expenditures.

In connection with this transaction, pricing on the company’s existing first-lien term loan will be lifted from Libor plus 550 bps to match the incremental loan pricing.

EPIC Y-Grade is a transporter of natural gas liquids.

Forest holds call

Forest City Enterprises hosted a lender call in the afternoon to launch a $1.241 billion covenant-lite term loan B due December 2025 talked at Libor plus 350 bps with a 0% Libor floor, an original issue discount of 99.5 to 99.75 and 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on Nov. 14, the source added.

BofA Securities, Inc. is leading the deal that will be used to reprice an existing term loan B down from Libor plus 400 bps.

Forest City is a Cleveland-based real estate company.

SBA sets deadline

SBA Communications Corp. is asking for commitments by noon ET on Nov. 14 for its $2.37 billion term loan B due April 2025 that launched with a lender call in the morning, a market source said.

As previously reported, the term loan is talked at Libor plus 175 bps with a 0% Libor floor and a par issue price.

Included in the term loan is 101 soft call protection for six months, the source added.

TD Securities (USA) LLC is leading the deal, which will be used to reprice an existing term loan B down from Libor plus 200 bps.

SBA is a Boca Raton, Fla.-based owner and operator of wireless communications infrastructure.

Cambium readies deal

Cambium Learning set a lender call for 1 p.m. ET on Thursday to launch a fungible $295 million add-on first-lien term loan, according to a market source.

The company is also getting a fungible $93 million add-on second-lien term loan that is already fully subscribed, the source said.

RBC Capital Markets, Barclays and BMO Capital Markets are leading the deal that will be used to fund the acquisition of AIR Assessment, the student assessment division of the American Institutes for Research.

Closing is subject to regulatory review and other customary conditions.

Cambium, a Veritas Capital portfolio company, is a Dallas-based provider of digital instructional materials to preK-12 districts, schools, teachers and parents.

MediaOcean on deck

MediaOcean will hold a lender call at noon ET on Thursday to launch a $275 million term loan B due August 2025, a market source remarked.

Macquarie Capital (USA) Inc., BNP Paribas Securities Corp., Golub Capital and Jefferies LLC are leading the deal that will be used to help refinance/extend an existing term loan B.

The company is also getting a $30 million revolver due August 2023.

MediaOcean is a New York-based software company for the advertising sector.

Syncsort allocates

In other news, Syncsort allocated during the session its non-fungible $612 million incremental first-lien term loan (B2/B-) due Aug. 16, 2024, a market source said.

Pricing on the incremental first-lien term loan is Libor plus 600 bps with a 1% Libor floor and it was sold at an original issue discount of 92. The loan has 101 soft call protection for one year.

During syndication, the incremental first-lien term loan was upsized from $600 million, pricing was increased from Libor plus 500 bps, the floor was changed from 0% and the discount widened from 99.

Along with the incremental first-lien term loan, the company is getting a $125 million revolver due Aug. 16, 2022 and a $100 million privately placed incremental second-lien term loan (Caa2) due Aug. 15, 2025.

Jefferies LLC, Credit Suisse Securities (USA) LLC, Golub Capital LLC, Antares Capital LP, Barclays, Deutsche Bank Securities Inc., SunTrust Robinson Humphrey Inc. and UBS Investment Bank are leading the deal that will be used to help fund the acquisition of Pitney Bowes’ software solutions business.

Closing is expected by year-end, subject to regulatory approvals and other customary conditions.

Syncsort is a Pearl River, N.Y.-based enterprise software provider.

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