Samsonite, Milacron break; Builders, Caliber Collision, Atotech, Ciena changes surface

By Sara Rosenberg

New York, Jan. 25 – Samsonite International SA’s repriced term loan B made its way into the secondary market on Wednesday with levels quoted above its issue price, and Milacron LLC’s term loan B broke for trading as well.

Over in the primary market, Builders FirstSource Inc. trimmed pricing on its term loan B, Caliber Collision tightened spreads and issue prices on its first-and second-lien term loans and Atotech BV changed the MFN provision on its term debt.

Additionally, Ciena Corp. reduced pricing on its term loan B and firmed the original issue discount at the tight end of guidance, BJ’s Wholesale Club Inc. moved up the commitment deadline on its term loans and Continental Building Products Operating Co. LLC accelerated the new money commitment deadline on its term loan B.

Also, Dell Technologies, Tradesmen International Inc., Limetree Bay Terminals LLC, Infor and Ancestry.com Operations Inc. announced price talk with launch, and Ferro Corp., Arclin, Calpine Corp. and PODS LLC surfaced with new deal plans.

Samsonite frees up

Samsonite’s $673,312,500 term loan B (Ba2/BBB-) due Aug. 1, 2023 began trading on Wednesday, with levels quoted at par ¼ bid, par ¾ offered, according to a trader.

Pricing on the loan is Libor plus 225 basis points, after firming on Tuesday at the low end of the Libor plus 225 bps to 250 bps talk. The term loan has no Libor floor and 101 soft call protection for six months and was issued at par.

Morgan Stanley Senior Funding Inc., HSBC Bank USA, Bank of America Merrill Lynch, SunTrust Robinson Humphrey Inc. and MUFG are leading the deal that will be used to reprice an existing term loan B down from Libor plus 325 bps with a 0.75% Libor floor.

Closing is expected on Feb. 2.

Samsonite is a Hong Kong-based manufacturer of bags and luggage.

Milacron hits secondary

Milacron’s $947 million upsized and extended term loan B (B2/B) also freed to trade, with levels seen at par ½ bid, 101 offered, a trader remarked.

Pricing on the loan is Libor plus 300 bps with a step-down to Libor plus 275 bps when leverage is less than 3.5 times and no Libor floor. The new money portion of the debt was sold at an original issue discount of 99.625, and the entire loan includes 101 soft call protection for six months.

During syndication, pricing on the loan finalized at the low end of the Libor plus 300 bps to 325 bps talk, and the discount was tightened from 99.5.

Bank of America Merrill Lynch is the left lead bank on the deal.

Proceeds from the upsize will be used with cash on hand to repay all or a portion of the company’s $465 million 7¾% senior notes due 2021 and to pay fees and expenses associated with the refinancing transactions.

As of Sept. 30, the company had $482 million outstanding under its term loan due September 2020.

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

Builders FirstSource cuts spread

Moving to the primary market, Builders FirstSource lowered pricing on its $468 million term loan B (B3) due Feb. 29, 2024 to Libor plus 300 bps from Libor plus 325 bps, and left the 1% Libor floor, original issue discount of 99.75 and 101 soft call protection for six months unchanged, a market source remarked.

Recommitments were due at 3 p.m. ET on Wednesday, the source added.

Deutsche Bank Securities Inc. is leading the deal that will be used to reprice from Libor plus 375 bps with a 1% Libor floor and extend from July 31, 2022 an existing term loan B.

Closing is expected on Feb. 23.

Builders FirstSource is a Dallas-based building materials manufacturer and supplier.

Caliber reworks deal

Caliber Collision lowered pricing on its $750 million seven-year first-lien term loan (B1/B+) and $50 million delayed-draw seven-year first-lien term loan (B1/B+) to Libor plus 300 bps from Libor plus 350 bps, and changed the original issue discount to 99.75 from 99.5, according to a market source.

Also, the company cut pricing on its $250 million eight-year second-lien term loan (Caa1/CCC+) to Libor plus 725 bps from talk of Libor plus 775 bps to 800 bps and moved the discount to 99.5 from 99, the source said.

As before, both term loans have a 1% Libor floor, the first-lien term loan has 101 soft call protection for six months, and the second-lien term loan still has call protection of 102 in year one and 101 in year two.

The company’s $1,165,000,000 credit facility also includes a $115 million revolver (B1/B+).

Commitments were due at 5 p.m. ET on Wednesday, the source added.

Bank of America Merrill Lynch, RBC Capital Markets, SunTrust Robinson Humphrey Inc., Golub Capital and Antares Capital are leading the deal that will be used by the Lewisville, Texas-based operator of automotive collision repair centers to refinance existing debt, to fund a dividend and for general corporate purposes.

Atotech tweaked

Atotech modified the MFN on its $900 million term loan B-1 and $500 million term loan B-2 (allocated to Bank of China) to 50 bps MFN applicable to all incremental debt with a 12-month sunset, from 50 bps MFN applicable only to the ratio amounts with a six-month sunset, according to a market source.

All of the $1.4 billion in senior secured covenant-light term loan debt is priced at Libor plus 300 bps with a 1% Libor floor and an original issue discount of 99.75. There is 101 soft call protection for six months.

On Tuesday, pricing on the term debt was reduced from Libor plus 350 bps, and the discount was changed from 99.

The company’s $1.65 billion credit facility (B+), which allocated on Wednesday, also includes a $250 million revolver.

Upon breaking for trading, the term loan B-1 was quoted at par bid, par ¾ offered, a trader remarked.

Atotech lead banks

Barclays, J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc., Nomura, RBC Capital Markets LLC and Bank of China are leading Atotech’s credit facility.

Proceeds will be used with equity to fund the buyout of the company by the Carlyle Group from Total for $3.2 billion.

Net secured leverage is 4.4 times, and net total leverage is 5.8 times.

Atotech is a manufacturer of specialty plating chemicals and equipment.

Ciena updates surface

Ciena cut pricing on its $400 million five-year covenant-light term loan B (Ba2/BB+) to Libor plus 250 bps from Libor plus 275 bps and set the original issue discount at 99.875, the tight end of the 99.75 to 99.875 talk, a market source said.

The term loan still has a 0.75% Libor floor and 101 soft call protection for six months.

Recommitments were due at 5 p.m. ET on Wednesday, the source added.

Bank of America Merrill Lynch and Deutsche Bank Securities Inc. are leading the deal that will be used to refinance existing term loans.

Ciena is a Hanover, Md.-based supplier of communications networking equipment and software.

BJ’s shutting early

BJ’s Wholesale Club accelerated the commitment deadline on its $1.85 billion seven-year covenant-light term loan B (B-) and $600 million eight-year covenant-light second-lien term loan (CCC) to Thursday from Friday, according to a market source.

The first-lien term loan is talked at Libor plus 400 bps with a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, and the second-lien term loan is talked at Libor plus 800 bps with a 1% Libor floor, a discount of 98 and hard call protection of 102 in year one and 101 in year two.

Nomura and Jefferies Finance LLC are leading the deal, with Nomura left on the first-lien and Jefferies left on the second-lien.

Proceeds will be used to refinance existing debt and fund a dividend.

BJ’s is a Westborough, Mass.-based operator of warehouse clubs.

Continental revises deadline

Continental Building Products accelerated the commitment deadline for new money commitments for its $274.3 million senior secured covenant-light term loan B due Aug. 18, 2023 to noon ET on Wednesday from 5 p.m. ET on Wednesday, according to a market source.

Pricing on the loan is Libor plus 250 basis points with a 0.75% Libor floor and a par issue price. The debt has 101 soft call protection for six months.

Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are the joint lead arrangers on the deal that will be used to reprice an existing term loan down from Libor plus 275 bps with a 0.75% Libor floor. Credit Suisse is the administrative agent.

Closing is expected in late February.

Continental Building is a Herndon, Va.-based manufacturer of wallboard and gypsum-based products.

Dell comes to market

Also in the primary market, Dell Technologies launched on Wednesday a fungible $500 million incremental first-lien term loan due Sept. 7, 2023 and repricing of its existing $5 billion first-lien term loan due Sept. 7, 2023, both talked at Libor plus 250 bps to 275 bps with a 0.75% Libor floor, an original issue discount of 99.875 and 101 soft call protection for six months, according to a market source.

Commitments are due at 5 p.m. ET on Feb. 1, the source said.

Credit Suisse Securities (USA) LLC is the left lead bank on the deal (Baa3/BBB-/BBB-).

The incremental loan will be used to refinance existing debt, and the repricing will take the existing term loan down from Libor plus 325 bps with a 0.75% Libor floor.

Dell Technologies is a Round Rock, Texas-based private technology company.

Tradesmen sets guidance

Tradesmen International came out with price talk on its $230 million seven-year first-lien term loan (B1/B) and $80 million eight-year second-lien term loan (Caa1/CCC+) in connection with its bank meeting on Wednesday, a market source said.

Talk on the first-lien term loan is Libor plus 425 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, and talk on the second-lien term loan is Libor plus 850 bps to 875 bps with a 1% Libor floor, a discount of 98.5 and call protection of 102 in year one and 101 in year two.

The company’s $350 million credit facility also includes a $40 million cash flow revolver.

Commitments are due on Feb. 8, the source added.

Deutsche Bank Securities Inc., Macquarie Capital (USA) Inc., HSBC Securities (USA) Inc., Goldman Sachs Bank USA and Credit Suisse Securities (USA) LLC are leading the deal that will be used to help fund the buyout of the company by Blackstone from Wellspring Capital Management LLC.

Closing is expected this quarter.

Tradesmen is a Macedonia, Ohio-based agency-based provider of outsourced skilled craftsmen.

Limetree reveals talk

Limetree Bay Terminals announced talk of Libor plus 500 bps with a 1% Libor floor, an original issue discount of 98 and 101 soft call protection for six months on its $440 million seven-year first-lien senior secured term loan (Ba3/BB-) that launched with a morning bank meeting, a source remarked.

Commitments are due at 5 p.m. ET on Feb. 8, the source added.

Barclays and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to fund future growth capital expenditure needs, to pay related fees and expenses, and to provide a distribution to the sponsor, ArcLight Capital Partners.

Limetree Bay is a Christiansted, Virgin Islands-based owner of the oil terminal at Limetree Bay, St. Croix, U.S. Virgin Islands.

Infor details emerge

Infor held its lender call, launching a $2.4 billion term loan (B/BB) due 2022 talked at Libor plus 275 bps and a €750 million term loan (B/BB) due 2022 talked at Euribor plus 275 bps to 300 bps, according to a market source.

Both tranches are also talked with a 1% floor, an original issue discount of 99.5 to 99.75 and 101 soft call protection for six months, the source said.

Commitments are due on Feb. 1.

Bank of America Merrill Lynch is leading the deal that will be used to refinance existing term loans.

Infor is a New York-based enterprise software provider.

Ancestry.com repricing

Ancestry.com launched a repricing of its $1.4 billion covenant-light first-lien term loan B at talk of Libor plus 325 bps to 350 bps with a 1% Libor floor, a par issue price and 101 soft call protection through October, according to a market source.

J.P. Morgan Securities LLC is the left lead on the deal that will reprice the existing first-lien term loan down from Libor plus 425 bps with a 1% Libor floor.

Ancestry.com is a Provo, Utah-based online family history resource.

Ferro joins calendar

Ferro set a bank meeting for 10 a.m. ET in New York on Thursday to launch a $625 million seven-year covenant-light term loan B that includes a euro carve-out of $250 million equivalent, according to a market source.

The term loan B has 101 soft call protection for six months, the source said.

Deutsche Bank Securities Inc., PNC Bank, Bank of America Merrill Lynch and HSBC Securities (USA) Inc. are leading the deal that will be used to refinance existing bank debt.

Ferro is a Mayfield Heights, Ohio-based functional coatings and color solutions provider that offers a portfolio of technology-based performance materials.

Arclin readies deal

Arclin scheduled a bank meeting for 10 a.m. ET in New York on Thursday to launch a $680 million credit facility, a market source said.

The facility consists of a $75 million ABL revolver, a $465 million seven-year covenant-light first-lien term loan and a $140 million eight-year covenant-light second-lien term loan, the source said.

Both term loans have a 1% Libor floor, 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 source continued.

Commitments are due at 5 p.m. ET on Feb. 9.

Credit Suisse Securities (USA) LLC and RBC Capital Markets are leading the deal that will be used to help fund the buyout of the company by Lonestar.

Arclin is an Atlanta-based provider of surface overlay solutions and performance resins.

Calpine coming soon

Calpine set a lender call for 10 a.m. ET on Thursday to launch a $400 million senior secured term loan B-8 due December 2019, a source remarked.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to refinance the company’s 7.875% senior secured notes due 2023.

Calpine is a Houston-based generator of electricity from natural gas and geothermal resources.

PODS on deck

PODS emerged with plans to hold a lender call at 1 p.m. ET on Thursday to launch a $620,770,858 senior secured term loan B, according to a market source.

Morgan Stanley Senior Funding Inc. and Barclays are leading the deal that will be used to reprice an existing term loan B due 2022 from Libor plus 350 bps with a 1% Libor floor.

PODS is a Clearwater, Fla.-based provider of storage and moving containers.

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