Hamilton Projects, Ventia accelerate deadlines; Duff & Phelps, Univision float guidance

By Sara Rosenberg

New York, June 8 – In the primary market on Monday, Hamilton Projects Acquiror LLC moved up the commitment deadline for its term loan, and Ventia Finco Pty Ltd. accelerated the deadline for its U.S. incremental term loan.

Additionally, Duff & Phelps and Univision Communications Inc. released price talk on their proposed loan transactions in connection with their lender calls.

Hamilton tweaks timing

Hamilton Projects accelerated the commitment deadline for its $900 million seven-year first-lien term loan B to 5 p.m. ET on Wednesday from 5 p.m. ET on Thursday, according to a market source.

Talk on the term loan is Libor plus 500 basis points with a 1% Libor floor, an original issue discount of 96 to 97 and 101 soft call protection for one year.

The term loan has amortization of 1% per annum, a 1.1x debt service coverage ratio, a six months debt service reserve account, and a cash sweep of the greater of 75% and the amount necessary to achieve a target debt balance, stepping down to 50% at a net leverage ratio of 3x.

The company’s $1.015 billion of senior secured credit facilities (BB-) also provide for a $115 million five-year revolver.

Morgan Stanley Senior Funding Inc., BNP Paribas Securities Corp. and Credit Suisse Securities (USA) LLC are leading the deal that will be used to fund the acquisition of Liberty Energy Center and Patriot Energy Center by Carlyle Power Partners II LP and EIG Management Co. LLC.

Liberty and Patriot are two natural gas-fired combined cycle gas power plants located in the PJM-MAAC capacity zone. The plants have a combined generating capacity of 1,671 MW.

Ventia accelerated

Ventia moved up the commitment deadline for the U.S. portion of its fungible roughly A$525 million equivalent incremental U.S. and Australian senior secured term loan due May 21, 2026 to 5 p.m. ET on Wednesday from noon ET on Thursday, a market source said.

The commitment deadline for the Australian portion of the incremental term loan remains to be Friday, the source said.

Talk on the incremental U.S. term loan is Libor plus 450 bps to 475 bps with a 1% Libor floor and talk on the incremental Australian term loan is BBSY plus 550 bps to 575 bps with a 0% floor. Both tranches are talked with an original issue discount in the 97 area and include 101 soft call protection for one year.

Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and UBS Investment Bank are leading the deal that will be used to fund the A$485 million acquisition of Broadspectrum, an Australian company that provides infrastructure maintenance services.

Ventia amending

Ventia currently has an existing A$410 million senior secured term loan and an existing $392 million senior secured term loan, and, as before, pricing on the existing term loans will be increased to match pricing on the incremental term debt.

Lenders are being offered a 25 bps amendment consent fee.

The consent deadline is unchanged at 5 p.m. ET on Friday.

Ventia is a provider of industrial and civil services to clients in Australia and New Zealand across telecom, roads, water, power, utilities and environmental sectors. The company was formed by a 50/50 investment partnership between funds managed by affiliates of Apollo Global Management and Cimic Group.

Duff & Phelps talk

Duff & Phelps held a lender call at noon ET, launching a fungible $300 million incremental first-lien term loan B due April 2027 talked with an original issue discount in the 97.5 area, according to a market source.

Like the existing term loan, the incremental term loan is priced at Libor plus 375 bps with a 1% Libor floor.

The term loan debt is getting 101 soft call protection for one year.

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

Goldman Sachs Bank USA, Stone Point Capital Markets, UBS Investment Bank, BofA Securities, Inc., Morgan Stanley Senior Funding Inc., KKR Capital Markets and Credit Suisse Securities (USA) LLC are leading the deal that will be used to fund the acquisition of Virtue, a data-driven regulatory compliance service provider, repay existing revolver borrowings and add cash to balance sheet.

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.

Univision holds call

Univision Communications hosted a lender call at 2 p.m. ET on Monday to launch a $2 billion amended and extended first-lien term loan B (B2/B) due March 2026 talked at Libor plus 375 bps with a 1% Libor floor, an original issue discount/extension fee of 98 to 98.5 and 101 soft call protection for one year, a market source remarked.

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

Goldman Sachs Bank USA and Deutsche Bank Securities Inc. are leading the deal that will be used to extend the maturity date of the existing term loan by two years from 2024. Current pricing on the existing term loan is Libor plus 275 bps.

Univision is a New York-based Spanish language TV and radio broadcaster.

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