Liquidnet revises commitment timeline; Viewpoint, SnapAV, CPI International ready new deals

By Sara Rosenberg

New York, July 5 – In the primary loan market on Wednesday, Liquidnet Holdings Inc. accelerated the commitment deadline on its term loan and Viewpoint Inc., SnapAV and CPI International Inc. joined the near-term calendar.

Liquidnet moved up the commitment deadline on its $200 million seven-year senior secured first-lien term loan (B1/B+) to 1 p.m. ET on Friday from Monday, a market source remarked.

Talk on the term loan is Libor plus 475 bps to 500 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

Jefferies LLC is leading the deal that will be used to refinance an existing term loan, to fund the acquisition of OTAS Technologies and for general corporate purposes, including capital expenditures and potential future acquisitions.

Liquidnet is a New York-based regulated agency securities broker that operates a trading platform connecting asset managers to trade equities and fixed income securities. OTAS is a London-based analytics platform that delivers actionable market intelligence and context to institutional traders and portfolio managers.

Viewpoint on deck

Viewpoint set a bank meeting for 10 a.m. ET in New York on Thursday to launch $335 million of credit facilities, according to a market source.

The facilities consist of a $30 million revolver, a $210 million seven-year covenant-light first-lien term loan that has 101 soft call protection for six months and a $95 million eight-year covenant-light second-lien term loan that has call protection of 102 in year one and 101 in year two, the source said.

Commitments are due at 5 p.m. ET on July 17.

Credit Suisse Securities (USA) LLC is leading the deal, which will be used to refinance existing debt and for acquisition financing.

Viewpoint is a Portland, Ore.-based provider of construction-specific software solutions to the construction and capital project industries.

SnapAV sets meeting

SnapAV scheduled a bank meeting for 10:30 a.m. ET in New York on Tuesday to launch its previously announced senior secured credit facilities, a market source remarked.

UBS Investment Bank and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to help fund the buyout of the company by Hellman & Friedman LLC from General Atlantic.

Closing is expected in the third quarter.

SnapAV is a Charlotte, N.C.-based manufacturer of audio, video, networking, power and surveillance products for residential and commercial A/V integrators.

CPI coming soon

CPI International emerged with plans to hold a bank meeting on July 18 to launch $605 million of credit facilities, according to a market source.

The facilities include a $35 million five-year revolver, a $450 million seven-year first-lien term loan and a $120 million eight-year second-lien term loan, the source said.

The first-lien term loan is talked with a 1% Libor floor and 101 soft call protection for six months, and the second-lien term loan is talked with a 1% Libor floor and call protection of 102 in year one and 101 in year two.

UBS Investment Bank is leading the deal that will be used to help fund the buyout of the company by Odyssey Investment Partners from Veritas Capital.

CPI is a Palo Alto, Calif.-based provider of microwave, radio frequency, power and control solutions for critical defense, communications, medical, scientific and other applications.

PDC Brands closes

In other news, the acquisition of PDC Brands (Parfums Holding Co. Inc.) by CVC Capital Partners from Yellow Wood Partners has been completed, a news release said.

To help fund the transaction and refinance existing debt, PDC Brands got $825 million of credit facilities that include a $65 million five-year revolver, a $540 million seven-year first-lien term loan B and a $220 million eight-year second-lien term loan.

Pricing on the first-lien term loan is Libor plus 475 bps with a 1% Libor floor and it was sold at an original issue discount of 99. The debt has 101 soft call protection for one year.

The second-lien loan is priced at Libor plus 875 bps with a 1% Libor floor and was issued at a discount of 97. This loan has hard call protection of 103 in year one, 102 in year two and 101 in year three.

PDC lead banks

Nomura, Jefferies LLC and Macquarie Capital (USA) Inc. led the credit facilities, with Nomura left lead on the revolver and term loan B and Jefferies left lead on the second-lien loan.

During syndication, the first-lien term loan was upsized from $530 million, pricing was lifted from talk of Libor plus 425 bps to 450 bps, the discount was set at the wide end of the 99 to 99.5 talk and the call protection was extended from six months. Also, pricing on the second-lien term loan was raised from talk of Libor plus 800 bps to 825 bps, the discount was changed from 98.5 and the call protection was revised from 102 in year one and 101 in year two.

Other changes made to the deal during syndication included setting the MFN to 50 bps for life with no carve-outs from 75 bps for 12 months with certain carve-outs, adjusting the accordion and increasing the excess cash flow sweep.

PDC is a Stamford, Conn.-based beauty and personal care products company.

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