Big Ass Solutions, Milacron, Everi, Trader break; primary activity continues to grow

By Sara Rosenberg

New York, Nov. 7 – Big Ass Solutions (Big Ass Fans LLC) saw its credit facilities break for trading during Tuesday’s session, and deals from Milacron LLC, Everi Payments Inc. and Trader Corp. hit the secondary market as well.

Moving to the primary market, ExGen Renewables IV LLC, Virgin Media, Lighthouse Network LLC, BroadStreet Partners Inc., National Vision Inc., Packers Sanitation Services Inc., Playa Hotels & Resorts NV, LSC Communications Inc. and Wabash National Corp. released talk with launch.

Also, Mitchell International Inc., Advanced Disposal Services Inc., Western Express, Walker & Dunlop Inc., Southern Graphics Inc. and GNC Holdings Inc. emerged with new deal plans.

Big Ass hits secondary

Big Ass Solutions’ credit facilities allocated and freed to trade on Tuesday, with the $250 million 6.5-year covenant-light first-lien term loan quoted at par ¼ bid, 101 offered, according to a trader.

Pricing on the term loan is Libor plus 425 basis points with a 25 bps step-down at 1 time inside closing net secured leverage and a 1% Libor floor. The loan was sold at an original issue discount of 99.5 and has 101 soft call protection for six months.

During syndication, pricing on the term loan was lowered from talk in the range of Libor plus 475 bps to 500 bps and the step-down was added.

The company’s $290 million of credit facilities (B2/B) also include a $40 million revolver.

Credit Suisse Securities (USA) LLC and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to help fund the buyout of the company by Lindsay Goldberg.

Big Ass Solutions is a Lexington, Ky.-based producer of high volume, low speed and connected fans.

Milacron frees up

Milacron’s $940 million senior secured term loan due Sept. 28, 2023 also began trading, with levels quoted at par 1/8 bid, par ½ offered, a trader said.

Pricing on the loan is Libor plus 275 bps with a step-down to Libor plus 250 bps when net total leverage is 3.5 times and a 0% Libor floor. The loan was issued at par and includes 101 soft call protection for six months.

Bank of America Merrill Lynch is leading the deal that will reprice an existing term loan down from Libor plus 300 bps with a 0% Libor floor.

Closing is expected on Wednesday.

Milacron is a Cincinnati-based provider of plastics processing technologies and industrial fluids.

Everi tops par

Everi Payments’ $817,950,000 senior secured term loan (B1/B+) due May 9, 2024 surfaced in the secondary too, with levels quoted at par ½ bid, par 7/8 offered, according to a market source.

Pricing on the term loan is Libor plus 350 bps with a 1% Libor floor and it was issued at par. The loan has 101 soft call protection for six months.

Jefferies LLC 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.

Closing is expected this month.

Everi Payments is a Las Vegas-based provider of video and mechanical reel gaming content and solutions, integrated gaming payment solutions and compliance and efficiency software solutions.

Trader starts trading

Trader Corp.’s $362 million first-lien term loan due September 2023 broke as well, with levels seen at par ¼ bid, par 5/8 offered, a market source remarked.

Pricing on the term loan is Libor plus 300 bps with a 1% Libor floor, and it was issued at par. The debt has 101 soft call protection for six months.

Goldman Sachs Bank USA, J.P. Morgan Securities LLC and Macquarie Capital (USA) Inc. are leading the deal that will be used to reprice an existing term loan down from Libor plus 325 bps with a 1% Libor floor.

Closing is expected this week.

Trader Corp. is an Etobicoke, Ont.-based digital automotive marketplace.

ExGen price guidance

Switching to the primary market, ExGen Renewables had it lenders’ presentation on Tuesday and announced talk of Libor plus 325 bps with a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months on its $750 million seven-year senior secured term loan B (Ba2), according to a market source.

Commitments are due at noon ET on Nov. 17, the source said.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to make a distribution to Exelon Corp., fund debt service reserve and liquidity accounts and pay related transaction fees and expenses.

ExGen Renewables, an indirect wholly owned subsidiary of Exelon, indirectly owns a material interest in 33 operating renewable generation projects located within the U.S. with a total capacity of about 1,791 MW.

Virgin Media sets talk

Virgin Media held its lender call at 10 a.m. ET, launching a $3.4 billion nine-year term loan at talk of Libor plus 250 bps with a 0% Libor floor and an original issue discount of 99.75 to par, a market source said.

The company also launched an £865 million 10-year term loan at talk of Libor plus 325 bps with a 0% Libor floor and a discount of 99.75 to par, the source continued.

Both loans are getting 101 soft call protection for six months.

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

J.P. Morgan Securities LLC, Credit Suisse, BNP Paribas, Citigroup Global Markets Inc., Goldman Sachs, Credit Agricole, HSBC Securities, Natwest Markets and Barclays are leading the deal, with JPMorgan the left lead on the U.S. loan and Credit Suisse the left lead on the sterling loan. Bank of Nova Scotia is the administrative agent.

The debt will be used to refinance/reprice an existing U.S. term loan priced at Libor plus 275 bps with a 0% Libor floor and an existing sterling loan priced at Libor plus 350 bps with a 0% Libor floor.

Virgin Media, a subsidiary of Liberty Global plc, is a Hook, England-based provider of broadband, TV, mobile phone and home phone services.

Lighthouse launches

Lighthouse Network came out with talk on its $390 million seven-year covenant-light first-lien term loan and $170 million eight-year covenant-light second-lien term loan with its morning bank meeting, according to a market source.

Talk on the first-lien term loan is Libor plus 450 bps with a 1% Libor floor and an original issue discount of 99.5, and talk on the second-lien term loan is Libor plus 850 bps with a 1% Libor floor and a discount of 99, the source said.

As previously reported, the first-lien term loan has 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.

The company’s $600 million of credit facilities also include a $40 million revolver.

Commitments are due on Nov. 17.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Citizens Bank are leading the deal that will be used to fund a tuck-in acquisition and to refinance existing debt.

Lighthouse, formerly known as Harbortouch LLC, is an Allentown, Pa.-based independent merchant acquirer and payment solutions provider.

Broadstreet price talk

BroadStreet Partners launched with a call its fungible $175 million add-on term loan B (B2) and repricing of its existing $407 million term loan B (B2/B) at talk of Libor plus 375 bps to 400 bps with a 1% Libor floor and 101 soft call protection for six months, a market source said.

The add-on loan is talked with an original issue discount of 99.75 and the repricing is offered at par, the source added.

Commitments are due on Nov. 14.

RBC Capital Markets, Bank of America Merrill Lynch and SunTrust Robinson Humphrey Inc. are leading the deal.

The add-on loan will be used to repay revolver borrowings and to fund a shareholder distribution, and the repricing will take the existing term loan down from Libor plus 425 bps with a 1% Libor floor.

BroadStreet is a Columbus, Ohio-based insurance broker.

National Vision terms surface

National Vision launched on its afternoon call a $570 million first-lien term loan (B+) due November 2024 talked at Libor plus 250 bps with a 0% Libor floor, an original issue discount of 99.75 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.

Goldman Sachs Bank USA, KKR Capital Markets, Bank of America Merrill Lynch, Citigroup Global Markets Inc., Morgan Stanley Senior Funding Inc., Jefferies LLC, UBS Investment Bank, Wells Fargo Securities LLC, Mizuho and Macquarie Capital (USA) Inc. are leading the deal that will be used to amend/refinance an existing term loan due March 2021 priced at Libor plus 300 bps with a 0.75% Libor floor.

National Vision is a Duluth, Ga.-based optical retailer.

Packers Sanitation launches

Packers Sanitation Services had its bank meeting and released talk of Libor plus 325 bps to 350 bps with a 25 bps step-down at 4.5 times net first-lien leverage, a 1% Libor floor and an original issue discount of 99.5 on its $575 million seven-year first-lien term loan, a market source said.

The term loan has 101 soft call protection for six months.

The company’s $625 million of credit facilities (B-) also include a $50 million revolver.

Jefferies LLC and Nomura are leading the deal that will be used with $280 million of privately placed senior unsecured notes to recapitalize the structure of the company and fund a distribution to shareholders.

Packers Sanitation is a Kieler, Wis.-based provider of mission-critical outsources cleaning and sanitation services to the food processing industry.

Playa reveals guidance

Playa Hotels & Resorts released talk of Libor plus 325 bps with a 1% Libor floor and an original issue discount of 99.5 on its fungible $380 million add-on covenant-light term loan B (B2/B+) due April 2024 that launched with an afternoon call, a market source remarked.

As part of the transaction, pricing on the company’s existing term loan B will be changed to Libor plus 325 bps with a 1% Libor floor from current pricing of Libor plus 300 bps with a 1% Libor floor, and all of the term loan B debt is getting 101 soft call protection for six months.

Including the add-on, the term loan B will total $909 million.

Commitments are due at 5 p.m. ET on Nov. 14.

Deutsche Bank Securities Inc. is the left lead on the deal.

The add-on term loan will be used to repay $360 million of senior notes due 2020.

Playa Hotels is an owner, operator and developer of all-inclusive resorts.

LSC details emerge

LSC Communications held its call, launching a $313 million term loan B at talk of Libor plus 525 bps to 550 bps with a 0.75% Libor floor, a par issue price and 101 soft call protection for six months, a market source said.

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

Bank of America Merrill Lynch is leading the deal that will be used to reprice an existing term loan down from Libor plus 600 bps with a 1% Libor floor.

LSC is a Chicago-based provider of digital print, print-related services and office products.

Wabash repricing

Wabash surfaced in the morning with plans to hold a lender call at 10 a.m. ET to launch a $188 million covenant-light term loan B due March 19, 2022 at talk of Libor plus 225 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, a market source remarked.

Commitments are due at 3 p.m. ET on Nov. 14, the source added.

Wells Fargo Securities LLC is leading the deal that will be used to reprice an existing term loan B down from Libor plus 275 bps with a 0% Libor floor.

Wabash is a Lafayette, Ind.-based diversified industrial manufacturer and a producer of semi-trailers and liquid transportation systems.

Mitchell sets meeting

Also in the primary market, Mitchell International scheduled a bank meeting for 10:30 a.m. ET in New York on Friday to launch $1.53 billion of credit facilities, according to a market source.

The facilities consist of a $75 million revolver, a $930 million first-lien term loan, a $75 million delayed-draw first-lien term loan and a $450 million second-lien term loan, the source said.

Jefferies LLC, KKR Capital Markets and Macquarie Capital (USA) Inc. are leading the deal, with Jefferies left lead on the first-lien and KKR left lead on the second-lien.

The credit facilities will be used to refinance existing debt and fund a distribution to shareholders.

Mitchell is a San Diego-based provider of technology, connectivity and information solutions to the property and casualty claims and collision repair industries.

Advanced Disposal on deck

Advanced Disposal set a lender call for 10 a.m. ET on Wednesday to launch a $1,464,000,000 covenant-light term loan B (B2/BB+) due November 2023 talked at Libor plus 225 bps with a 0.75% 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 Nov. 14, the source said.

Deutsche Bank Securities Inc. is leading the deal that will be used to reprice an existing term loan B down from Libor plus 275 bps with a 0.75% Libor floor.

Advanced Disposal is a Ponte Vedra, Fla.-based provider of non-hazardous solid waste services.

Western Express plans loan

Western Express will hold a lender meeting at 9 a.m. ET on Thursday to launch a $250 million six-year term loan B, a market source remarked.

BMO Capital Markets is leading the deal that will be used to refinance existing debt.

Western Express is a Nashville, Tenn.-based diversified truckload carrier.

Walker & Dunlop readies loan

Walker & Dunlop scheduled a lender meeting and call for Wednesday to launch a $166.5 million term loan B due Dec. 20, 2020 that has 101 soft call protection for six months, a market source said.

Wells Fargo Securities LLC is leading the deal, which will be used to reprice an existing term loan B.

Walker & Dunlop is a Bethesda, Md.-based provider of commercial real estate financial services.

Southern Graphics coming soon

Southern Graphics will hold a bank meeting at 10 a.m. ET on Thursday to launch $680 million in term loans, a market source remarked.

The debt is split between a $480 million five-year covenant-light first-lien term loan, an $80 million covenant-light first-lien delayed-draw term loan and a $120 million six-year covenant-light second-lien term loan, the source added.

Bank of America Merrill Lynch is the left lead on the deal that will be used to refinance existing debt.

Southern Graphics is a Louisville, Ky.-based provider of design-to-print graphics services to the consumer products packaging industry.

GNC joins calendar

GNC Holdings surfaced with plans to hold a bank meeting at 1:30 p.m. ET on Wednesday, according to a market source.

Bank of America Merrill Lynch is leading the transaction.

GNC is a Pittsburgh-based specialty health, wellness and performance retailer.

Greatbatch closes

In other news, Greatbatch Ltd. (Integer Holdings Corp.) closed on its $873 million term loan B (B2/B) due Oct. 27, 2022, according to a news release.

Pricing on the term loan B is Libor plus 325 bps with a step-down to Libor plus 300 bps upon achieving B2/B corporate family ratings and a 1% Libor floor, and it was issued at par. The loan has 101 soft call protection for six months.

Current corporate family ratings are B3/B.

Credit Suisse Securities (USA) LLC was the left lead on the deal that was used to reprice an existing term loan B down from Libor plus 350 bps with a 1% Libor floor.

Greatbatch is a Plano, Texas-based medical device company.

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