Duff & Phelps, ProAmpac, CSRA, CHG Healthcare break; Harsco, Global Tel*Link revise deals

By Sara Rosenberg

New York, Dec. 6 – In the secondary market on Wednesday, deals from Duff & Phelps Corp., ProAmpac and CSRA Inc. all freed to trade, and CHG Healthcare Services Inc. broke after setting pricing on its incremental term loan and repriced loan at the high end of guidance and tightening the issue price on the incremental debt.

In other news, Harsco Corp. lowered pricing on its term loan, removed a step-down and modified the issue price, Global Tel*Link Corp. Inc. added an incremental second-lien term loan to its transaction, and Autodata Inc. accelerated the commitment deadline on its credit facilities.

Also, Zenith Energy U.S. Logistics Holdings LLC, Indivior Finance, Hi-Crush Partners LP, EMI Music Publishing Group North America Holdings Inc., Aristocrat Leisure Ltd., nThrive Inc. and Charter Communications Inc. released price talk with launch.

Furthermore, Omnova Solutions Inc., Innovative XCessories & Services LLC, Tradesmen International LLC, Chefs’ Warehouse Inc. and Arris Group Inc. joined this week’s primary calendar.

Duff & Phelps frees up

Duff & Phelps’ credit facilities broke for trading on Wednesday, with the $1.02 billion seven-year term loan B quoted at par ¼ bid, par ¾ offered, according to a trader.

Pricing on the term loan B is Libor plus 325 basis points with a 1% Libor floor, and it was sold at an original issue discount of 99.75. The debt has 101 soft call protection for six months.

Last week, the spread on the term loan firmed at the low end of the Libor plus 325 bps to 350 bps talk.

The company’s $1.12 billion of senior secured credit facilities (B2/B) also include a $100 million revolver.

UBS Investment Bank and Goldman Sachs Bank USA are leading the deal that will be used to help fund the buyout of the company by Permira from the Carlyle Group, Neuberger Berman, the University of California’s Office of the Chief Investment Officer of the Regents and Pictet & Cie for $1.75 billion.

Closing is expected in the first quarter of 2018, subject to customary conditions.

Duff & Phelps is a New York-based independent adviser with expertise in the areas of valuation, corporate finance, disputes and investigations, compliance and regulatory matters, and other governance-related issues.

ProAmpac starts trading

ProAmpac’s $1,165,000,000 term loan also emerged in the secondary market, with levels seen at par ½ bid, 101 offered, a market source said.

Pricing on the loan is Libor plus 350 bps with a step-down to Libor plus 325 bps at 4.25 times net first-lien leverage and a 1% Libor floor. The debt was issued at par and has 101 soft call protection for six months.

Antares Capital is leading the deal that will be used to refinance/reprice an existing $1.07 billion term loan and to fund an add-on acquisition.

Closing is scheduled for Friday.

ProAmpac, a Pritzker Group Private Capital portfolio company, is a Cincinnati-based flexible packaging manufacturer.

CSRA hits secondary

CSRA’s $200 million add-on term loan B (Ba2) due November 2023 began trading as well, with levels quoted at par 3/8 bid, par 5/8 offered, a market source remarked.

Pricing on the add-on loan matches existing term loan B pricing at Libor plus 200 bps with a 0% Libor floor, and the new debt was issued at par. The add-on and the existing $649 million term loan B are getting 101 soft call protection for six months.

Also, the company is amending its credit agreement to add a 12 month MFN sunset to the term loan B.

MUFG is leading the deal that will be used to refinance revolver borrowings used to fund a portion of the recent acquisitions of NES Associates and Praxis Engineering.

The company is also looking to amend its existing $700 million revolver and $1,549,000,000 term loan A-2 to extend maturities to November 2022, and approvals from pro rata lenders are due by Tuesday.

Pro forma leverage is around 3 times.

CSRA is a Falls Church, Va.-based provider of next-generation IT solutions and professional services to help government clients enhance public safety and support the well-being of U.S. citizens.

CHG tweaked, breaks

CHG Healthcare Services finalized the spread on its $200 million incremental first-lien term loan due June 2023 and repricing of its existing $1,114,260,089 first-lien term loan due June 2023 at Libor plus 300 bps, the wide end of the Libor plus 275 bps to 300 bps talk, and moved the issue price on the incremental loan to par from 99.75, according to a market source.

As before, the repricing is offered at par, and all of the term loan debt (B) has a 1% Libor floor and 101 soft call protection for six months.

Commitments were due at noon ET on Wednesday, accelerated from Thursday, and the debt broke for trading late in the day with levels quoted at par ¼ bid, par ¾ offered, another source added.

Jefferies LLC is leading the deal.

The incremental term loan will be used to repay a portion of the company’s existing second-lien term loan, and the repricing will take the existing first-lien term loan down from Libor plus 325 bps with a 1% Libor floor.

CHG is a Salt Lake City-based health care staffing firm.

Harsco changes emerge

Harsco trimmed pricing on its $546 million senior secured term loan (Ba1/BB+/BB+) due December 2024 to Libor plus 300 bps from Libor plus 325 bps, eliminated a 25 bps pricing step-down if net leverage is below 2 times and changed the issue price to par from 99.75, a market source said.

The term loan still has a 1% Libor floor and 101 soft call protection for six months.

Recommitments were due at 5 p.m. ET on Wednesday, the source added.

Goldman Sachs Bank USA, Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Bank of America Merrill Lynch, RBC Capital Markets, U.S. Bank and KeyBanc Capital Markets are leading the deal that will be used amend and extend and reprice an existing term loan due November 2023 that is priced at Libor plus 500 bps with a 25 bps step-down if net leverage is below 2 times and a 1% Libor floor.

Harsco is a Camp Hill, Pa.-based diversified industrial company providing a range of onsite services and engineered products to the global steel, energy and railway sectors.

Global Tel revised

Global Tel*Link added to its deal a $25 million incremental second-lien term loan due Nov. 20, 2020 that is talked at Libor plus 825 bps with a 1.25% Libor floor and an original issue discount of 99.5, a market source remarked.

As before, the company is also seeking a fungible $240 million incremental first-lien term loan due May 21, 2020 at talk of Libor plus 400 bps with a 1.25% Libor floor, in line with existing term loan pricing, with a discount of 99.75 and 101 soft call protection for six months.

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

Credit Suisse Securities (USA) LLC is leading the deal that will be used to fund a shareholder distribution.

First-lien lenders are still offered a 12.5 bps consent fee and second-lien lenders are still offered a 25 bps consent fee and the coupon bump to Libor plus 825 bps.

Global Tel*Link is a Reston, Va.-based provider of technology solutions to the corrections industry.

Autodata modifies deadline

Autodata moved up the commitment deadline on its $385 million of senior secured credit facilities to noon ET on Friday from Dec. 13, a market source remarked.

The facilities consist of a $25 million revolver, a $260 million seven-year covenant-light first-lien term loan and a $100 million eight-year covenant-light second-lien term loan.

Talk on the first-lien term loan is Libor plus 375 bps to 400 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 775 bps to 800 bps with a 0% Libor floor, a discount of 99 and call protection of 102 in year one and 101 in year two.

RBC Capital Markets and KKR Capital Markets are leading the deal that will be used to capitalize the business as a stand-alone entity.

Kohlberg Kravis Roberts & Co. LP is the sponsor.

Autodata, which was carved out of Internet Brands Inc., is a provider of data and software solutions that power the automotive industry.

Zenith discloses guidance

Also in the primary market, Zenith Energy held its bank meeting on Wednesday and announced price talk on its $410 million seven-year first-lien term loan and $40 million seven-year final maturity delayed-draw term loan, according to a market source.

Talk on the term debt is Libor plus 525 bps to 550 bps with a 25bps step-down upon successful conclusion of the Gulf LNG Holdings Group LLC litigation, a 1% Libor floor and an original issue discount of 99, the source said.

Additionally, the term loan has 101 soft call protection for six months.

The company’s $500 million of senior secured credit facilities (B+) also include a $50 million five-year revolver.

Commitments are due at noon ET on Dec. 15, the source added.

Zenith lead banks

Barclays, Credit Suisse Securities (USA) LLC and HSBC Securities (USA) Inc. are leading Zenith Energy’s credit facilities.

Proceeds will be used to help fund the acquisition of Arc Logistics Partners LP for $16.50 per common unit in cash, although Lightfoot Capital Partners LP will receive $14.50 per common unit in cash for the roughly 5.2 million common units held by it, and Lightfoot Capital Partners GP LLC will receive $94.5 million for 100% of the membership interests in Arc GP.

Closing is expected at the end of this quarter or early in the first quarter of 2018, subject to, among other things, approval by a majority of the outstanding Arc Logistics common unitholders and regulatory approval.

Zenith, a Warburg Pincus portfolio company, is a Houston-based liquids and bulk terminaling company. Arc, with corporate offices in New York and Houston, is engaged in the terminalling, storage, throughput and transloading of petroleum products and other liquids.

Indivior launches

Indivior Finance released price talk on its $394,919,400 term loan B due December 2022 and €76,277,245 term loan B due December 2022 in connection with its morning lenders’ presentation on Wednesday, a market source said.

Talk on the loans is Libor/Euribor plus 475 bps to 500 bps with an original issue discount of 99.5 and 101 soft call protection for six months, the source continued. The U.S. loan has a 1% Libor floor and the euro loan has a 0% floor.

The company’s senior secured credit facilities also include a $50 million revolver.

Commitments are due at 10 a.m. ET on Dec. 15, the source added.

Morgan Stanley Senior Funding Inc. and J.P. Morgan Chase Bank are leading the deal that will be used to refinance the company’s existing senior secured debt facilities.

Indivior is a Richmond, Va.-based specialty pharmaceutical company.

Hi-Crush reveals talk

Hi-Crush Partners had its lenders’ presentation, launching its $200 million seven-year senior secured term loan B at talk of Libor plus 400 bps with a 25 bps step-down upon a B2 corporate rating, a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, a market source remarked.

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

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to refinance an existing term loan B due 2021.

Hi-Crush is a Houston-based producer, transporter, marketer and distributor of premium frac sand.

EMI shops repricing

EMI Music Publishing launched during the session a repricing of its $1,024,400,000 first-lien term loan at talk of Libor plus 225 bps with no Libor floor, a par issue price and 101 soft call protection for six months, according to a market source.

Commitments are due at 5 p.m. ET on Monday, the source said.

UBS Investment Bank is leading the deal that will reprice the existing term loan down from Libor plus 250 bps with no Libor floor.

EMI Music is a New York-based music publisher.

Aristocrat floats OID

Aristocrat Leisure announced original issue discount talk of 99.75 on its fungible $890 million incremental senior secured term loan B due October 2024 that launched with an afternoon call, a market source said.

Pricing on the loan is Libor plus 200 bps with a 0% Libor floor.

Commitments are due on Dec. 14, the source added.

UBS Investment Bank, Citigroup Global Markets Inc. and Goldman Sachs Bank USA are leading the deal that will be used with $125 million of cash on hand to fund the acquisition of Big Fish Games Inc. from Churchill Downs Inc. for $990 million in cash, subject to customary completion adjustments.

Closing is expected in the first quarter of 2018, subject to regulatory and other approvals, and customary conditions.

Pro forma net leverage is expected to be 2.2 times.

Aristocrat Leisure is a Sydney, Australia-based provider of gaming solutions. Big Fish is a Seattle-based social gaming company.

nThrive holds call

nThrive emerged in the morning with plans to hold a lender call at 3 p.m. ET to launch a $558 million term loan due Oct. 20, 2022 talked at Libor plus 400 bps with a 1% Libor floor, a par issue price and 101 soft call protection for six months, according to a market source.

Barclays is leading the deal that will be used to reprice an existing term loan down from Libor plus 450 bps with a 1% Libor floor.

Commitments/consents are due at 5 p.m. ET on Tuesday, the source said.

Pamplona Capital Management is the sponsor.

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

Charter seeks refinancing

Charter Communications launched without a call $12.3 billion of credit facilities that will be used to refinance existing bank debt, a market source remarked.

The facilities consist of a $3.5 billion revolver due March 2023 talked at Libor plus 150 bps, a $2.5 billion term loan A due March 2023 talked at Libor plus 150 bps, and a $6.3 billion term loan B due April 2025 talked at Libor plus 200 bps with no Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months, the source added.

Commitments are due on Dec. 13.

Bank of America Merrill Lynch is leading the deal.

Charter is a Stamford, Conn.-based broadband communications company and cable operator.

Omnova joins calendar

In more primary happenings, Omnova Solutions set a lender call for 9:30 a.m. ET on Thursday to launch a $307 million term loan B due August 2023 talked at Libor plus 325 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, a market source said.

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

Deutsche Bank Securities Inc. is leading the deal that will be used to reprice an existing term loan B down from Libor plus 425 bps with a 1% Libor floor.

Omnova is a Beachwood, Ohio-based innovator of performance-enhancing chemistries and surfaces for commercial, industrial and residential end uses.

Innovative XCessories incremental

Innovative XCessories & Services scheduled a lender call for 10 a.m. ET on Thursday to launch a fungible $235 million incremental senior secured first-lien term loan due Nov. 29, 2022, according to a market source.

Like the existing loan, pricing on the incremental loan is Libor plus 475 bps with a 1% Libor floor, and all of the debt is getting 101 soft call protection for six months, the source said.

Jefferies LLC is leading the deal that will be used to fund an acquisition and a distribution to shareholders.

Innovative XCessories, an Olympus Partners portfolio company, is a Huntsville, Ala.-based provider of upfit services and accessories to the automotive aftermarket and original equipment manufacturers.

Tradesmen readies loan

Tradesmen International plans to hold a lender call at 2:30 p.m. ET on Thursday to launch $90 million incremental first-lien term loan due February 2024, a market source remarked.

The spread on the incremental loan is Libor plus 450 bps, in line with the existing first-lien term loan pricing, and all of the debt is getting 101 soft call protection for six months, the source continued.

Commitments are due at 5 p.m. ET on Dec. 13.

Deutsche Bank Securities Inc., Macquarie Capital (USA) Inc., HSBC Securities (USA) Inc., Goldman Sachs Bank USA and Credit Suisse Securities (USA) LLC are leading the deal that will be used for acquisition financing.

Including the incremental loan, the first-lien term loan will total $344 million.

Tradesmen is a Macedonia, Ohio-based agency-based provider of outsourced skilled craftsmen to non-residential construction and industrial contractors.

Chefs’ Warehouse on deck

Chefs’ Warehouse scheduled a call for 11:30 a.m. ET on Thursday to launch a repricing of its existing first-lien term loan, according to a market source.

Jefferies LLC is leading the deal.

Chefs’ Warehouse is a Ridgefield, Conn.-based distributor of specialty food products.

Arris sets call

Arris Group will hold a call on Thursday for credit facility lenders, a market source said.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC and MUFG are leading the deal.

Arris is a Suwanee, Ga.-based telecommunications company.

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