Amaya, Southcross Energy, Southcross Holdings, ALM Media, Mutual Fund free to trade

By Sara Rosenberg

New York, July 29 – Amaya Gaming Group Inc.’s (Amaya BV and Amaya (US) Co-Borrower LLC) credit facility began trading on Tuesday, as did deals from Southcross Energy Partners LP, Southcross Holdings Borrower LP, ALM Media Holdings Inc. and The Mutual Fund Store (TMFS Holdings LLC).

Moving to the primary, Ceridian LLC trimmed the spread on its term loan B-2 and tightened the original issue discount, and Sterigenics International LLC (STHI Holding Corp.) lowered pricing on its term loan.

Also, CSM Bakery Solutions LLC reduced the size of its second-lien tack-on term loan and widened the offer price, and Formula One Group (Delta 2 (Lux) Sarl) finalized pricing on its term loans.

In addition, Albertson’s Holdings LLC (Safeway Acquisition Merger Sub Inc.), Visant Corp., Packaging Coordinators Inc. and HCP Global Ltd. disclosed talk with launch, and TransFirst Holdings Inc. Golden State Medical Supply, Medley LLC, National Veterinary Associates (NVA Holdings Inc.) and NN Inc. joined this week’s calendar.

Amaya starts trading

Amaya Gaming’s credit facility broke for trading on Tuesday, with the $1.75 billion U.S. seven-year first-lien covenant-light term loan (B1/BB) quoted at 99 bid, 99½ offered and the $800 million eight-year second-lien covenant-light term loan (Caa1/B) quoted at 99¾ bid, par ¾ offered, according to a trader.

Pricing on the U.S. 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. There is 101 soft call protection for six months.

The second-lien term loan is priced at Libor plus 700 bps with a 1% Libor floor and was issued at 99. This tranche has call protection of 102 in year one and 101 in year two.

The company’s roughly $2.9 billion senior secured credit facility also includes a $100 million five-year revolver (B1/BB) and a €200 million seven-year first-lien covenant-light term loan (B1/BB) priced at Euribor plus 425 bps with a 1% floor and issued at 99. The euro term loan has 101 soft call protection for six months as well.

Deutsche Bank Securities Inc., Barclays and Macquarie Capital (USA) Inc. are leading the deal, with Deutsche Bank the left lead on the first-lien loan and Barclays the left lead on the second-lien loan.

Amaya buying Oldford

Proceeds from Amaya’s credit facility will be used with $1 billion of convertible preferred shares, $642 million from an equity issuance and $238 million of cash on hand to fund the acquisition of Oldford Group Ltd., parent company of Rational Group Ltd., for $4.9 billion.

During syndication, the euro term loan was carved out of the originally $2 billion U.S. first-lien term loan and was initially expected to be sized at a minimum of €250 million, pricing on the U.S. first-lien term loan firmed at the wide end of the Libor plus 375 bps to 400 bps talk, pricing on the euro term loan was lifted from talk of Euribor plus 375 bps to 400 bps, the discount on all of the first-lien term loan debt widened from talk in the 99½ area, the spread on the second-lien term loan was cut from talk of Libor plus 725 bps to 750 bps, and the MFN sunset provision was eliminated.

Closing is expected on or about Sept. 30, subject to approval by Amaya’s shareholders and customary conditions, including receipt of all regulatory approvals.

Amaya is a Pointe-Claire, Quebec-based provider of gaming products and services. Oldford Group is an Onchan, Isle of Man-based operator of gaming and related businesses and brands.

Southcross Energy hits secondary

Southcross Energy’s credit facility also freed up, with the $450 million seven-year covenant-light term loan B (B1/B) seen at par ¼ bid, par ¾ offered, according to a market source.

Pricing on the term loan is Libor plus 425 bps with a 1% Libor floor and it was sold at an original issue discount of 99½. There is 101 soft call protection for six months.

During syndication, pricing on the term loan was trimmed from Libor plus 475 bps, the discoutn was changed from 99 and the call protection was shortened from one year.

The company’s $570 million credit facility also includes a $120 million five-year revolver.

Wells Fargo Securities LLC, UBS AG and Barclays are leading the deal that will help fund the acquisition of one-third of TexStar Midstream Services LP’s midstream assets (TexStar Rich Gas System) for about $450 million, comprised of $180 million in cash and 14.633 million newly issued 7% payment-in-kind common units, and to provide funds for growth capital projects and other partnership purposes.

Southcross Energy is a Dallas-based provider of natural gas gathering, processing, treating, compression and transportation services and NGL fractionation and transportation services.

Southcross Holdings frees up

Southcross Holdings’ credit facility began trading as well, with the $575 million seven-year first-lien term loan (B2/B-) quoted at par ¼ bid, par ¾ offered, according to a market source.

Pricing on the term loan is Libor plus 500 bps with a 1% Libor floor and it was sold at an original issue discount of 99½. There is 101 call protection for one year.

During syndication, the term loan was upsized from $525 million, pricing was cut from Libor plus 550 bps, the discount was revised from 99 and the call protection was shortened from 102 in year one and 101 in year two.

The Dallas-based midstream services company’s $625 million credit facility also includes a $50 million super priority revolver.

Southcross Holdings leads

UBS AG and Barclays are leading Southcross Holdings’ credit facility that will be used to repay debt at BlackBrush TexStar.

Southcross Energy LLC is combining with TexStar Midstream Services, and a newly formed company, Southcross Holdings LP, will own 100% of the general partner of Southcross and equity interests in Southcross as well as former TexStar assets. EIG Global Energy Partners, Charlesbank Capital Partners and Tailwater Capital will each indirectly own around one-third of Southcross Holdings.

Closing is expected in the third quarter, subject to customary conditions, including expiration of any required anti-trust filings under Hart-Scott-Rodino.

ALM Media breaks

ALM Media’s credit facility hit the secondary too, with the $215 million six-year first-lien covenant-light term loan (B2/B+) quoted at 99½ bid, par offer, a market source said.

Pricing on the first-lien term loan is Libor plus 450 bps with a 1% Libor floor and it was sold at an original issue discount of 99. There is 101 soft call protection for one year.

Recently, pricing on the first-lien term loan was increased from talk in the Libor plus 425 bps area, the call protection was extended from six months and amortization was changed to 2.5% from 1%.

The company’s $287.5 million credit facility also includes a $22.5 million six-year revolver (B2/B+) and a $50 million seven-year second-lien term loan (Caa2/CCC+) that was pre-sold.

Pricing on the second-lien loan is Libor plus 800 bps with a 1% Libor floor and it was issued at 98. This debt has call protection of 102 in year one and 101 in year two.

Macquarie Capital (USA) Inc. is leading the deal that will help fund the buyout of the company by Wasserstein & Co. LP from Apax Partners and RBS, which is expected to close in the third quarter.

ALM is a New York-based media company focused on the legal and business communities.

Mutual Fund tops OID

Mutual Fund Store’s credit facility was another deal to break for trading, with the $150 million seven-year first-lien term loan seen at 99½ bid, par ½ offered, according to a trader.

Pricing on the term loan is Libor plus 450 bps with a 1% Libor floor and it was sold at an original issue discount of 99. There is 101 soft call protection for one year.

The company’s $170 million credit facility also includes a $20 million revolver.

Credit Suisse Securities (USA) LLC and BMO Capital Markets are leading the deal that will be used to refinance existing debt and fund a dividend.

Mutual Fund Store is a provider of fee-based investment advisory services.

Ceridian flexes lower

Over in the primary, Ceridian reduced pricing on its $702 million term loan B-2 due September 2020 to Libor plus 350 bps from Libor plus 375 bps and moved the original issue discount to 99¾ from 99½, a market source said, adding that the 1% Libor floor was unchanged.

Pricing on the company’s $673 million term loan B-1 due May 2017 was unchanged at Libor plus 400 bps with no Libor floor and a par offer price.

Recommitments were due at 3 p.m. ET on Tuesday, the source remarked.

Deutsche Bank Securities Inc. is the sole bookrunner on the term loan B-1, and Deutsche Bank and Credit Suisse Securities (USA) LLC are the joint bookrunners on the term loan B-2.

Proceeds from the $1,375,000,000 of term loans (B1/B-) will be used to refinance/bifurcate the company’s existing term loan into two distinct loan tranches.

Ceridian is a Minneapolis-based provider of human resources, transportation and retail information management services.

Sterigenics cuts spread

Sterigenics International trimmed pricing on its $490 million seven-year first-lien covenant-light term loan to Libor plus 350 bps from Libor plus 425 bps, while leaving the 1% Libor floor, original issue discount of 99½ and 101 soft call protection for six months intact, according to a market source.

The company’s $565 million credit facility (B2/B) also includes a $75 million revolver.

Recommitments were due at 5 p.m. ET on Tuesday, the source said.

Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, RBC Capital Markets LLC and UBS Securities LLC are leading the deal that will be used to help fund the acquisition of Nordion Inc. for $13.00 per share.

Closing is expected in the second half of this year, subject to Nordion shareholder approval, receipt of regulatory approvals and other customary conditions.

Sterigenics is a Deerfield, Ill.-based sterilization services company. Nordion is an Ottawa-based health science company.

CSM tweaks second-lien

CSM Bakery, a producer of bakery ingredients and products, trimmed its second-lien covenant-light tack-on term loan due July 2021 to $60 million from $156 million and revised the original issue discount to 98 from 99, according to a market source, who said pricing remained at Libor plus 775 bps with a 1% Libor floor and there is still call protection of 102 in year one and 101 in year two.

The company’s $157 million first-lien covenant-light tack-on term loan due July 2020 was unchanged with pricing of Libor plus 400 bps with a 1% Libor floor and an original issue discount of 99, and 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC and Morgan Stanley Senior Funding Inc. are leading the deal that will fund a dividend recapitalization, and are asking for recommitments by noon ET on Wednesday.

In connection with this transaction, pricing on the existing $693 million first-lien term loan is being increased from Libor plus 375 bps with a 1% Libor floor and pricing on the existing $150 million second-lien term loan is being increased from Libor plus 750 bps with a 1% Libor floor.

Existing lenders are offered a 15 bps consent fee for an amendment to the credit facility.

Formula One firms terms

Formula One set pricing on its $1 billion seven-year incremental first-lien covenant-light term loan (B) at Libor plus 375 bps, the wide end of the Libor plus 350 bps to 375 bps talk, and kept the 1% Libor floor, original issue discount of 99½ and 101 soft call protection for six months unchanged, according to a market source.

In addition, pricing on the $1 billion eight-year second-lien covenant-light term loan (CCC+) finalized at Libor plus 675 bps, the tight end of the Libor plus 675 bps to 700 bps talk, with the 1% Libor floor, discount of 99 and hard call protection of 102 in year one and 101 in year two left intact, the source said.

Bank of America Merrill Lynch and RBS Securities Inc. are leading the deal that will be used with cash on hand to refinance private high-yield debt and fund a distribution to shareholders.

Formula One amending

With the incremental debt, Formula One is looking to amend and extend $2,102,000,000 of existing first-lien covenant-light term loans so that the debt will have a seven-year maturity and the same pricing as the incremental first-lien term loan, and amend and extend €40 million of existing first-lien covenant-light term loans so that this debt will also have a seven-year maturity.

Existing lenders are offered a 50 bps fee for the extended first-lien term loans.

Formula One is a sports media property, which operates and holds the commercial rights to the Formula One World Championships.

Albertson’s talk emerges

Albertson’s held its bank meeting on Tuesday afternoon, and a few hours before the event kicked off, price talk on its $4,559,000,000 of term loans (Ba3/BB-) was announced, according to a market source.

Talk on the $1,519,000,000 five-year first-lien covenant-light term loan B-3 is Libor plus 325 bps with a 1% Libor floor and a discount of 99½, and talk on the $3.04 billion seven-year first-lien covenant-light term loan B-4 is Libor plus 375 bps with a 1% Libor floor and a discount of 99, the source said.

As previously reported, both term loans have 101 soft call protection for six months and a commitment deadline of Aug. 7.

Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch, Citigroup Global Markets Inc., Morgan Stanley Senior Funding Inc., Barclays, Deutsche Bank Securities Inc., PNC Capital Markets LLC, US Bank and SunTrust Robinson Humphrey Inc. are leading the deal that will be used by the Spokane, Wash.-based supermarket chain to fund the acquisition of Safeway Inc., a Pleasanton, Calif.-based food and drug retailer.

Closing is subject to approval by Safeway shareholders and regulatory approvals.

Visant guidance

Visant released talk of Libor plus 450 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months on its $775 million seven-year first-lien term loan shortly before its morning bank meeting began, a source remarked.

The company’s $875 million credit facility (BB-) also includes a $100 million revolver.

Commitments are due on Aug. 7.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to refinance existing bank debt.

Visant is an Armonk, N.Y.-based marketing and publishing services enterprise servicing the school affinity, direct marketing, fragrance, cosmetic and personal care sampling and packaging, and educational and trade publishing segments.

Packaging Coordinators launches

Packaging Coordinators launched with a bank meeting its $340 million seven-year first-lien term loan with talk of Libor plus 400 bps with a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months, according to a market source.

Also, the company’s $120 million eight-year second-lien term loan was launched with talk of Libor plus 725 bps to 750 bps with a 1% Libor floor, a discount of 99 and call protection of 102 in year one and 101 in year two, the source said.

Commitments for the $510 million credit facility, which also includes a $50 million five-year revolver, are due on Aug. 8.

RBC Capital Markets LLC, Deutsche Bank Securities Inc. and GE Capital Markets are leading the deal that will be used to refinance existing debt and to partially fund the acquisition of a related business.

Packaging Coordinators is a provider of commercial packaging and clinical trial services for the pharmaceutical industry.

HCP details emerge

HCP held its meeting in the morning, launching a $380 million senior secured credit facility that was revealed to include a $50 million five-year revolver, a $230 million seven-year first-lien covenant-light term loan and a $100 million eight-year second-lien covenant-light term loan, a source said.

The first-lien term loan is talked at Libor plus 375 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year, and the second-lien term loan is talked at Libor plus 725 bps to 750 bps with a 1% Libor floor, a discount of 99 and hard call protection of 102 in year one and 101 in year two, the source continued.

Commitments are due on Aug. 7.

Citigroup Global Markets Inc., Bank of America Merrill Lynch and BNP Paribas Securities Corp. are leading the deal that will be used to refinance existing debt and fund a distribution to the sponsor, TPG.

HCP Global is a Shanghai-based global packaging company for the cosmetics industry.

TransFirst on deck

Also in the primary, TransFirst is set to hold a call at 9:30 a.m. ET on Wednesday to launch a $100 million add-on first-lien term loan (Ba3), according to a market source.

Bank of America Merrill Lynch, GE Capital Markets, Deutsche Bank Securities Inc., SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC are leading the deal that will be used to fund a dividend.

TransFirst is a Hauppauge, N.Y.-based provider of transaction processing services and payment enabling technologies.

Golden State readies deal

Golden State Medical Supply scheduled a bank meeting for Thursday to launch a $160 million credit facility, according to a market source.

The facility consists of a $15 million five-year revolver and a $145 million six-year term loan, the source said.

Jefferies Finance LLC is leading the deal that will be used to refinance existing debt and fund a dividend.

Golden State Medical is a Camarillo, Calif.-based supplier of pharmaceuticals and emergency medical supplies.

Medley joins calendar

Medley set a conference call for noon ET on Wednesday to launch $115 million credit facility, according to a market source.

The facility consists of a $15 million revolver, and a $100 million six-year first-lien term loan talked at Libor plus 500 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, the source said.

Commitments are due on Aug. 8.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to refinance existing debt and fund a dividend.

Medley is a New York-based asset management firm.

National Veterinary coming soon

National Veterinary Associates plans to hold a bank meeting at 10 a.m. ET on Wednesday to launch a $560 million credit facility, according to a market source.

Bank of America Merrill Lynch, Jefferies Finance LLC and Nomura are leading the deal that will be used to help fund the buyout of the company by Ares Management LP from Summit Partners.

Closing is expected in the third quarter, subject to customary conditions.

National Veterinary Associates is an Agoura Hills, Calif.-based owner of independent freestanding veterinary hospitals.

NN timing surfaces

NN set a bank meeting for Thursday to launch its previously announced $450 million senior secured credit facility, according to a market source.

The facility consists of a $100 million five-year asset-based revolver and a $350 million seven-year covenant-light term loan.

Recent filings with the Securities and Exchange Commission, had pricing on the revolver expected to range from Libor plus 150 bps to 200 bps based on excess availability with a commitment fee of 25 bps to 37.5 bps based on utilization, and the term loan expected at Libor plus 400 bps with a 1% Libor floor and 101 soft call protection for one year.

Bank of America Merrill Lynch and Keybanc Capital Markets are leading the deal, with Bank of America left lead on the term loan and Keybanc left lead on the revolver.

NN acquiring Autocam

Proceeds from NN’s credit facility will be used to help fund the purchase of Autocam Corp. for $244.5 million in cash, $25 million of stock and the assumption of $30.5 million of debt, to refinance NN’s existing debt and for working capital and general corporate purposes.

Closing is expected in the third quarter, subject to customary conditions and regulatory approval.

NN is a Johnson City, Tenn.-based manufacturer of high precision metal bearing components, industrial plastic and rubber products and precision metal components. Autocam is a Grand Rapids, Mich.-based manufacturer of highly complex, system critical components for fuel systems, engines and transmission, power steering and electric motors.

Quorum readies allocations

In other news, Quorum Business Solutions’ $140 million senior secured credit facility (B2/B) is anticipated to allocate on Thursday or Friday as syndication of the deal has wrapped at initial terms, a market source said.

The facility consists of a $15 million revolver and a $125 million seven-year term loan priced at Libor plus 475 bps with a 1% Libor floor and an original issue discount of 99. The term loan has 101 soft call protection for six months.

RBC Capital Markets is leading the deal that will be used to help fund the buyout of the company by Silver Lake Partners from the Carlyle Group and Riverstone Holdings. Silver Lake and management rollover equity will comprise more than 60% of the capitalization.

Closing is expected following the satisfaction of customary conditions and approvals.

Quorum is a provider of software and services to manage operational, administrative, financial and transactional business processes for energy, renewables and natural resource industry segments.

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