WTG Holdings, Brickman, Clear Channel, NPC update deals; Pelican Products shutting early

By Sara Rosenberg

New York, Dec. 10 - WTG Holdings shifted some funds on Tuesday between its first- and second-lien term loans and tightened spreads and original issue discounts on both tranches, and Brickman Group set spreads on its credit facility at the tight end of talk, added a pricing step-down to its first-lien term loan and tightened the discount on its second-lien tranche.

Also, Clear Channel Communications Inc. lifted the size of its term loan E, NPC International Inc. finalized pricing on its term loan at the low end of guidance and upsized its revolver, and Pelican Products Inc. revised the commitment deadline on its deal.

Furthermore, Laureate Education Inc., Polymer Group Inc., Crown Castle Operating Co., Spansion LLC, TransUnion Corp. and RedPrairie (RP Crown Parent LLC) released details on their deals with launch, and AFGlobal Corp. (previously Ameriforge Group Inc.) disclosed offer prices on its add-on debt.

WTG restructures

WTG Holdings on Tuesday raised its seven-year covenant-light first-lien term loan (B+) to $505 million from $475 million, cut pricing to Libor plus 375 basis points from Libor plus 425 bps and modified the discount to 99½ from 99, according to a market source. The debt still has a 1% Libor floor and 101 soft call protection for six months.

Meanwhile, the eight-year covenant-light second-lien term loan (CCC+) was trimmed to $75 million from $105 million, the spread was reduced to Libor plus 750 bps from Libor plus 800 bps and the discount was moved to 99½ from 981/2, the source said. This tranche still has a 1% Libor floor and call protection of 102 in year one and 101 in year two.

The company's $655 million credit facility also includes a $75 million revolver (B+).

Recommitments are due at 2 p.m. ET on Wednesday, the source continued.

Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc., RBC Capital Markets, UBS Securities LLC and Goldman Sachs Bank USA are leading the deal that will be used to fund the €640 million acquisition of WTG by AEA Investors LP from Siemens.

WTG is a provider of solutions for treating and processing municipal and industrial water and wastewater and related service activities.

Brickman updates pricing

Brickman firmed pricing on its $110 million five-year revolver (B1/B) and $735 million seven-year first-lien term loan B (B1/B) at Libor plus 300 bps, the low end of the Libor plus 300 bps to 325 bps talk, and added a step-down to the term loan to Libor plus 275 bps at 4 times first-lien leverage, a market source said.

The revolver still has no Libor floor, and the first-lien term loan still has a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months.

As for the company's $235 million eight-year second-lien term loan (Caa1/CCC+), pricing came at Libor plus 650 bps, the tight end of the Libor plus 650 bps to 675 bps talk, and the discount was moved to 99½ from 99, the source continued.

Unchanged on the second-lien loan was the 1% Libor floor and hard call protection of 102 in year one and 101 in year two.

Brickman lead banks

Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, RBC Capital Markets, Mizuho Bank, KKR Capital Markets LLC, Macquarie Capital (USA) Inc., Sumitomo Mitsui and UBS Securities LLC are leading Brickman's $1.08 billion senior secured credit facility.

Proceeds will be used to help fund the $1.6 billion buyout of the company by KKR from Leonard Green & Partners LP and other shareholders, which is expected close on Dec. 18, subject to customary conditions.

Brickman is a Rockville, Md.-based provider of landscape maintenance and snow removal services.

Clear Channel upsizes

Clear Channel increased the size of its term loan E (Caa1/CCC+/CCC) due July 2019 to up to $1.3 billion from $1 billion, a news release said, and kept pricing at Libor plus 750 bps with no Libor floor and a par offer price.

Recommitments are due at 4p .m. ET on Wednesday and closing is expected around Dec. 16.

Goldman Sachs Bank USA, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc. and Wells Fargo Securities LLC are leading the deal that will be used to extend term loan B and C debt due January 2016 priced at Libor plus 365 bps.

Clear Channel is a San Antonio-based media and entertainment company.

NPC tweaks deal

NPC International set pricing on its roughly $368 million term loan due Dec. 28, 2018 at Libor plus 300 bps, the low end of the Libor plus 300 bps to 325 bps talk, and increased its revolver due Dec. 28, 2017 to $110 million from $100 million, according to a market source.

As before, the term loan has a 1% Libor floor, a par offer price and 101 soft call protection for six months.

Pricing on the revolver is Libor plus 300 bps with a step-up to Libor plus 325 bps at 4 times leverage and a step-down to Libor plus 275 bps at less than 3 times leverage.

Barclays and Goldman Sachs Bank USA are leading the now $478 million senior secured credit facility that will be used to amend and restate, and reprice existing revolver and term loan debt. Term loan pricing is coming down from Libor plus 325 bps with a 1.25% Libor floor.

Net senior secured leverage is 2.3 times, net total leverage is 3.6 times and net rent-adjusted leverage is 4.8 times.

NPC, an Overland Park, Kan.-based Pizza Hut franchisee, expects to close on the deal on Friday.

Pelican moves deadline

Pelican Products revised the commitment deadline on its $376 million credit facility to 5 p.m. ET on Wednesday from Thursday, according to a market source.

The facility consists of a $30 million revolver, and a $346 million first-lien term loan due June 2018 talked at Libor plus 525 bps with a 1.25% Libor floor, a par offer price and 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to refinance existing bank debt, including a first-lien term loan priced at Libor plus 550 bps with a 1.5% Libor floor.

Pelican Products is a Torrance, Calif.-based designer and manufacturer of advanced lighting systems and virtually indestructible cases.

Laureate details surface

In more primary news, Laureate Education held its call, at which time the company launched a $150 million add-on senior secured covenant-light term loan B due June 16, 2018 with talk of Libor plus 375 bps with a 1.25% Libor floor, an original issue discount of 99 to 99½ and 101 soft call protection until April 3, 2014, according to a market source.

The spread, floor and call protection on the add-on match the existing term loan B.

Commitments are due at noon ET on Friday and closing is expected on Dec. 17, the source said.

Citigroup Global Markets Inc., Barclays, BMO Capital Markets, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, KKR Capital Markets and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to repay revolver debt and to put cash on the balance sheet.

Laureate is a Baltimore-based provider of higher educational services.

Polymer comes to market

Polymer Group launched at its bank meeting in the morning a $295 million six-year senior secured covenant-light term loan B (B1/B) that is talked at Libor plus 450 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year, a market source remarked.

Commitments are due at noon ET on Dec. 17 and closing is expected on Dec. 20, the source continued.

Citigroup Global Markets Inc. and Barclays are the joint lead arrangers on the deal and joint bookrunners with RBC Capital Markets and HSBC Securities (USA) Inc.

Proceeds will be used to take out the bridge loan that was used with $30 million of equity to fund the acquisition of Fiberweb plc, an England-based manufacturer of nonwoven fabrics and products for hygiene and cleaning, medical, industrial and technical applications.

Polymer Group is a Charlotte, N.C.-based producer of engineered materials with a focus on nonwoven products.

Crown Castle term B

Crown Castle brought to market a $500 million incremental term loan B due Jan. 31, 2021 that is talked at Libor plus 250 bps with a 0.75% Libor floor and an original issue discount of 991/4, sources said.

Bank of America Merrill Lynch, Morgan Stanley Senior Funding Inc. and RBS Securities are leading the deal that launched with an afternoon conference call.

Proceeds will be used to repay revolver borrowings, including potential borrowings to be used to fund the previously announced AT&T Tower Portfolio transaction.

Crown Castle is a Houston-based owner, operator and leaser of towers and other infrastructure for wireless communications.

Spansion reveals guidance

Spansion launched with a call its $300 million six-year senior secured term loan B with talk of Libor plus 300 bps with a 0.75% Libor floor and 101 soft call protection for six months, according to a market source.

The debt includes an $84 million fungible add-on offered at an original issue discount of 99½ and a repricing of the existing $216 million term loan B from Libor plus 400 bps with a 1.25% Libor floor. The repricing is offered at par, the source said.

Proceeds from the add-on will be used to refinance the company's existing 7 7/8% senior notes due 2017.

Leads, Morgan Stanley Senior Funding Inc. and Barclays, are asking for commitments by noon ET on Friday and closing is targeted for Dec. 18.

Spansion is a Sunnyvale, Calif.-based semiconductor device company principally dedicated to designing, manufacturing, marketing, licensing and selling NOR Flash memory technology.

TransUnion launches

TransUnion held an afternoon call to launch a $145 million incremental covenant-light term loan due February 2019 with talk of Libor plus 300 bps with a 1.25% Libor floor and an offer price of 99¾ to par, according to a market source.

Commitments are due at 2 p.m. ET on Wednesday, the source said.

Deutsche Bank Securities Inc. is leading the deal that will be used to help fund the $154 million acquisition of TLO LLC.

Closing is expected before the end of the year.

TransUnion is a Chicago-based provider of information management and risk management services. TLO is a data solutions provider specializing in custom, scalable investigative and risk management tools for due diligence, threat assessment, identity authentication, fraud prevention and debt recovery.

RedPrairie holds call

RedPrairie announced in the morning plans to hold a call at 2 p.m. ET to launch a $1,439,000,000 first-lien covenant-light term loan due Dec. 21, 2018 talked at Libor plus 475 bps to 500 bps with a 1% Libor floor, a par offer price and 101 soft call protection for six months, according to a market source.

Proceeds will be used to reprice an existing first-lien term loan from Libor plus 550 bps with a 1.25% Libor floor.

Commitments are due on Dec. 17, the source said.

Credit Suisse Securities (USA) LLC is the left lead on the deal.

RedPrairie is a Scottsdale, Ariz.-based provider of supply chain software services.

AFGlobal OID talk

AFGlobal came out with original issue discount talk of 99½ on its $100 million add-on first-lien term loan (B+) that launched with a call during the session, according to a market source. Pricing is Libor plus 375 bps with a 1.25% Libor floor, in line with the existing first-lien term loan.

Also, the company launched its $50 million add-on second-lien term loan (B-) with an offer price of par, the source said. Pricing is Libor plus 750 bps with a 1.25% Libor floor, which matches the existing second-lien loan.

Commitments are due on Friday, the source continued.

Deutsche Bank Securities Inc., UBS Securities LLC, Goldman Sachs Bank USA, RBC Capital Markets LLC and BNP Paribas Securities Corp. are leading the $150 million deal that will be used to fund an acquisition, to repay revolver debt and for general corporate purposes.

AFGlobal is a Houston-based manufacturer of highly engineered products, subassemblies and integrated systems for the oil and gas, midstream, downstream, power generation, aerospace, transportation and industrial markets.

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