CAMP, GlobalLogic break; Alexander Mann, Sheridan, Pelican Products, Sensata come to market

By Sara Rosenberg

New York, Dec. 2 - CAMP International Holding Co.'s first- and second-lien term loans freed up for trading on Monday above their issue prices, and GlobalLogic Inc. set the coupon on its B loan and then hit the secondary as well.

In more happenings, Alexander Mann Solutions (Violin Newco Ltd.), Sheridan Production Partners, Pelican Products Inc. and Sensata Technologies BV released talk with launch, and WTG Holdings came out with size and structure on its upcoming credit facility.

Also, Endo Health Solutions Inc. and NYDJ Apparel LLC disclosed timing on their deals, and Las Vegas Sands LLC, Consolidated Communications Holdings Inc., Advantage Sales and Marketing Inc., Ravago Holdings America, Vantage Energy LLC, Moxie Liberty, ARC Document Solutions Inc. and NPC International Inc. joined the calendar.

CAMP tops par

CAMP International's loans broke for trading on Monday, with the $327.5 million first-lien term loan (B-) (including $75 million add-on) due May 31, 2019 quoted at par 3/8 bid, par 7/8 offered and the $145 million second-lien term loan (CCC) due Nov. 30, 2019 quoted at 101 bid, 102 offered, according to a market source.

Pricing on the first-lien term loan is Libor plus 375 basis points with a 1% Libor floor and it was issued at par. There is 101 soft call protection for one year.

The second-lien loan is priced at Libor plus 725 bps with a 1% Libor floor and was issued at par. There is call protection of 102 in year one and 101 in year two.

During syndication, pricing on the first-lien term loan was cut from Libor plus 400 bps with a 1.25% Libor floor, the repricing of the existing $252.5 million first-lien term loan from Libor plus 400 bps with a 1.25% Libor floor was added, and call protection was extended from six months. Also, pricing on the second-lien loan was trimmed from Libor plus 775 bps with a 1.25% Libor floor.

Deutsche Bank Securities Inc. is leading the deal that will be used to fund a dividend recapitalization and to refinance/upsize the existing second-lien term loan.

CAMP is a Ronkonkoma, N.Y.-based provider of maintenance tracking and information services for business aviation.

GlobalLogic starts trading

GlobalLogic firmed the spread on its $160 million 51/2-year term loan B at Libor plus 525 bps, the high end of the Libor plus 500 bps to 525 bps talk, and then it too broke for trading, with levels quoted at 99½ bid, par ½ offered, according to a trader.

The B loan has a 1% Libor floor and 101 soft call protection for one year, and was sold at an original issue discount of 99.

During syndication, the soft call protection was extended from six months, a leverage covenant was added to the originally covenant-light loan, the MFN sunset provision was removed and the incurrence tests on incremental capacity were tightened.

The company's $185 million senior secured credit facility (B1/B+) also includes a $25 million five-year revolver.

RBC Capital Markets LLC and Credit Suisse Securities (USA) LLC are leading the deal that will be used to help fund the buyout of the McLean, Va.-based full-lifecycle product development services company by ODSA Topco Ltd., a company backed by Apax Partners.

Equity will be 65% of the capitalization and net leverage is 3.0 times based on last-12-months Sept. 30 EBITDA.

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

Alexander Mann releases talk

Over in the primary, Alexander Mann Solutions held its bank meeting on Monday, and with the event, price talk on its $150 million six-year first-lien term loan surfaced, according to a market source.

The term loan is talked at Libor plus 525 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year, the source said.

The company's $190 million credit facility also includes a $40 million five-year revolver.

Commitments are due on Dec. 16, the source continued.

Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc. and ING Capital are leading the deal that will be used to help fund the buyout of the company by New Mountain Capital LLC.

The transaction is subject to EU Competition Commission approval.

Alexander Mann is a London-based talent acquisition and management business.

Sheridan guidance

Sheridan Production Partners launched with a meeting in the afternoon an $800 million term loan that is talked at Libor plus 350 bps with a 0.75% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months, market sources said.

Bank of America Merrill Lynch, UBS Securities LLC and RBC Capital Markets are leading the deal.

Proceeds will be used to pay down revolver borrowings.

Sheridan Production Partners is a Houston-based oil and gas production company.

Pelican holds call

Pelican Products announced in the morning that it would be hosting a call at 4 p.m. ET to launch a $376 million credit facility, according to a market source.

The facility consists of a $30 million revolver, and a $346 million first-lien term loan due June 2018 talked at Libor plus 525 bps with a 1.25% Libor floor, a par offer price and 101 soft call protection for six months, the source said.

Commitments are due on Dec. 12.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to refinance existing bank debt, including a first-lien term loan priced at Libor plus 550 bps with a 1.5% Libor floor.

Pelican Products is a Torrance, Calif.-based designer and manufacturer of advanced lighting systems and virtually indestructible cases.

Sensata launches

Sensata Technologies held a call at 1 p.m. ET on Monday, launching a $375,250,000 senior secured term loan B due May 12, 2019 with talk of Libor plus 250 bps with a 0.75% Libor floor, a par offer price and 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on Friday and closing is expected on Dec. 11, the source said.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to reprice and extend an existing term loan B due May 12, 2018 priced at Libor plus 275 bps with a 1% Libor floor.

Sensata is an Attleboro, Mass.-based designer and manufacturer of sensors and controls.

WTG details surface

WTG Holdings disclosed that its credit facility will be sized at $655 million, comprised of a $75 million revolver (B+), a $475 million seven-year covenant-light first-lien term loan (B+) and a $105 million eight-year covenant-light second-lien term loan (CCC+), according to a market source.

The first-lien loan has 101 soft call protection for six months and the second-lien loan has call protection of 102 in year one and 101 in year two, the source said.

As previously reported, the deal will launch with a bank meeting at 9 a.m. ET on Tuesday.

Commitments are due on Dec. 16, the source added.

Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc., RBC Capital Markets, UBS Securities LLC and Goldman Sachs Bank USA are leading the deal that will be used to fund the roughly €640 million acquisition of WTG, which is part of Siemens' water business, by AEA Investors LP.

WTG is a provider of services for treating and processing municipal and industrial water and wastewater and related activities.

Endo sets meeting

Endo Health revealed that the bank meeting for its $375 million seven-year term loan B will take place on Wednesday afternoon, according to a market source. Previously, the deal was simply labeled as this week's business.

Official price talk on the term loan B is still to be determined, the source said. Earlier filings with the Securities and Exchange Commission had the loan expected at Libor plus 300 bps with a 0.75% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months.

The company's $2,225,000,000 senior secured credit facility also includes a $750 million five-year revolver and a $1.1 billion five-year term loan A, which are already being marketed to investors and are talked at Libor plus 200 bps.

Deutsche Bank Securities Inc. and RBC Capital Markets are leading the deal that will be used to help repay some of the company's existing debt and fund the early repurchase of its convertible notes due April 2015.

Initially, the company was expected to get a $750 million term loan B, but that amount was reduced as $375 million of notes are expected to be issued, the source continued.

Endo buying Paladin

Endo's debt financing is being done in connection with its acquisition of Paladin Labs Inc. that is expected to close in the first half of 2014, subject to regulatory approvals in the United States, Canada and South Africa, the approval of both companies' shareholders, the approval of the Superior Court of Quebec, the registration and listing of New Endo shares and customary conditions.

Under the agreement, each of Endo and Paladin will be acquired by a newly formed Irish holding company, New Endo, in a stock-and-cash transaction valued at about $1.6 billion, of which around 98% will be paid in shares of stock.

Specifically, Paladin shareholders will receive 1.6331 shares of New Endo stock and C$1.16 in cash, for a value of C$77.00 per share, and current Endo shareholders will receive one share of New Endo for each share of Endo they own at closing. Current Endo shareholders will own around 77.5% of New Endo, and current Paladin shareholders will own about 22.5% of New Endo.

Net debt to adjusted EBITDA will be 2.4 times.

Endo is a Malvern, Pa.-based specialty health care company. Paladin is a Montreal-based specialty pharmaceutical company.

NYDJ reveals timing

NYDJ Apparel came out with timing on its $162.5 million credit facility, with the deal set to launch with a call at 2 p.m. ET on Tuesday, according to a market source.

The facility consists of a $12.5 million revolver and a $150 million term loan.

Goldman Sachs Bank USA and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to help fund the buyout of the company by Crestview Partners and Maybrook Capital Partners from Falconhead Capital.

NYDJ is a Los Angeles-based jeans company.

Las Vegas Sands on deck

Las Vegas Sands scheduled a bank meeting for 10 a.m. ET on Wednesday to launch a $3.25 billion senior secured credit facility, according to a market source.

The facility consists of a $750 million revolver and a $2.5 billion term loan B, the source said.

Barclays, Citigroup Global Markets Inc., Bank of America Merrill Lynch, BNP Paribas Securities Corp., Goldman Sachs Bank USA and Scotia Bank are leading the deal that will be used to repay an existing credit facility in full and for general corporate purposes.

Scotia will remain administrative agent on the financing.

Las Vegas Sands is a Las Vegas-based developer and operator of integrated resorts.

Consolidated joins calendar

Consolidated Communications will hold a call at 2:30 p.m. ET on Tuesday to launch a $985 million credit facility, according to a market source.

The facility consists of a $75 million five-year revolver and a $910 million seven-year term loan B, the source said.

Wells Fargo Securities LLC is leading the deal that will be used to refinance existing debt.

Consolidated Communications is a Mattoon, Ill.-based rural local exchange company providing voice, data and video services.

Advantage readies deal

Advantage Sales and Marketing set a conference call for 10:30 a.m. ET on Tuesday to launch a fungible $225 million tack-on first-lien covenant-light term loan due December 2017 that is talked at Libor plus 325 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection through February 2014, according to a market source.

The spread, floor and call protection match the existing first-lien term loan.

Commitments are due on Dec. 10, the source remarked.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to purchase the remainder of Waypoint LLC that it does not currently own and for general corporate purposes.

Advantage Sales is an Irvine, Calif.-based sales and marketing agency. Waypoint is a sales and marketing company focused on the foodservice industry.

Ravago loan emerges

Ravago scheduled a call for 10 a.m. ET on Thursday to launch a $250 million term loan that is talked at Libor plus 450 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

Wells Fargo Securities LLC is leading the deal.

Proceeds will be used to refinance existing debt.

Ravago is a provider of distribution, resale, compounding and recycling service for plastic and elastomeric raw materials.

Vantage coming soon

Vantage Energy emerged with plans to hold a bank meeting at 10 a.m. ET in New York on Tuesday to launch a $200 million second-lien term loan that is non-callable for one year, then at 101 in year two, according to a market source.

The loan will have a four to five year maturity, the source said.

Commitments are due on Dec. 17.

Credit Suisse Securities (USA) LLC and Wells Fargo Securities LLC are leading the deal, which will be used to pay down revolver debt and for general corporate purposes.

Vantage Energy is an Englewood, Colo.-based oil and gas exploration company in the Barnett and Marcellus shales.

Moxie readies loans

Moxie Liberty will hold a bank meeting on Thursday to launch $585 million in term debt, split between a $200 million delayed-draw term loan and a $385 million term loan B, according to a market source.

Goldman Sachs Bank USA, Ares Capital and Union Bank of California are leading the deal.

Proceeds will be used to help fund the construction of the Patriot Generation Plant, an 829-megawatt natural gas fired power plant in Lycoming County, Pa.

Moxie Liberty is owned by Panda Power Funds.

ARC term loan B

ARC Document Solutions set a bank meeting for Tuesday to launch a $205 million five-year term loan B, according to a market source.

J.P. Morgan Securities LLC is leading the deal that will be used to refinance existing debt.

ARC is a Walnut Creek, Calif.-based provider of technology and document-related services.

NPC plans refi

NPC International scheduled a call for 9:30 a.m. ET on Tuesday to launch a $468 million senior secured credit facility that will be used to refinance and reprice an existing credit facility, according to a market source.

The new facility consists of a $100 million revolver due Dec. 28, 2017 and a roughly $368 million term loan due Dec. 28, 2018, the source said.

Price talk is not yet available.

The term loan that is being refinanced is priced Libor plus 325 bps with a 1.25% Libor floor.

Barclays and Goldman Sachs Bank USA are leading the deal for the Overland Park, Kan.-based Pizza Hut franchisee.

Zayo closes

In other news, Zayo Group LLC said in a new release that it completed its credit facility that was used to reprice an existing revolver and term loan B, and the $150 million of incremental term loan debt raised is available for general corporate purposes.

The new $1,849,750,000 senior secured credit facility (B1) includes a $250 million revolver due July 2, 2017 priced at Libor plus 275 bps, subject to a grid, and a $1,749,750,000 term loan B due July 2, 2019 priced at Libor plus 300 bps with a 1% Libor.

The B loan, which was increased from $1,599,750,000 during syndication, was issued at par and has 101 soft call protection for six months.

With this deal, term B pricing was taken down from Libor plus 350 bps with a 1% floor.

Morgan Stanley Senior Funding Inc., Barclays and RBC Capital Markets led the deal.

Zayo is a Louisville, Colo.-based provider of fiber-based bandwidth infrastructure and network-neutral colocation and interconnection services.

E.W. Scripps wraps

E.W. Scripps Co. closed on its $275 million senior secured credit facility (Ba2/BB+), according to a news release.

The facility consists of a $75 million five-year revolver and a $200 million covenant-light seven-year term loan B.

Pricing on the B loan is Libor plus 250 bps with a 0.75% Libor floor and it was sold at an original issue discount of 993/4. There is 101 soft call protection for six months.

During syndication, pricing on the term loan B was cut from Libor plus 275 bps and the discount was tightened from 991/2.

SunTrust Robinson Humphrey Inc. led the deal that was used to refinance existing debt.

Senior and total pro forma leverage is 1.9 times.

E.W. Scripps is a Cincinnati-based media company.

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