La Frontera, Albertson's, Arctic Glacier, WCA Waste, On Assignment, Houghton free to trade

By Sara Rosenberg

New York, May 9 - La Frontera Generation LLC's term loan B hit the secondary market on Thursday, as did debt from Albertson's LLC, Arctic Glacier LLC, WCA Waste Corp., On Assignment Inc. and Houghton International Inc.

Switching to the primary, LPL Financial LLC trimmed pricing on its term loan B and revised the offer price on the new money, Ancestry.com moved some funds between its term loan tranches and reduced coupons, and Sprint Industrial Holdings LLC lowered pricing on its second-lien loan while firming its first-lien tranche at the low end of guidance.

Also, Arysta LifeScience Corp., Clear Channel Communications Inc., Grande Communications, Murray Energy Corp. and Entravision Communications Corp. revealed price talk as theirs deals were presented to lenders during the session, Schrader International launched a repricing and add-on transaction, and KCG Holdings Inc. announced bank meeting plans.

La Frontera levels emerge

La Frontera Generation's $1.15 billion term loan B (B1/BB-) started trading on Thursday, with levels seen at par bid, par 3/8 offered, according to a trader.

Pricing on the loan is Libor plus 350 basis points with a 1% Libor floor, and it was sold at an original issue discount of 99. There is 101 soft call protection for one year.

Recently, the loan was upsized from $1 billion, pricing was flexed from Libor plus 400 bps and the floor firmed at the low end of the 1% to 1.25% talk.

Bank of America Merrill Lynch is leading the deal that will be used to fund a dividend.

Albertson's starts trading

Albertson's term loans made their way into the secondary market too, with the $450 million three-year term loan quoted at par 5/8 bid, 101 5/8 offered on the open and then it moved to par 7/8 bid, 101 7/8 offered, and the $700 million six-year term loan was quoted at par ½ bid, 101½ offered, according to a trader.

Pricing on the three-year term loan is Libor plus 325 bps, after flexing during syndication from Libor plus 350 bps. The loan has a 1% Libor floor and 101 soft call protection for six months, and was issued at par.

The six-year term loan is priced at Libor plus 375 bps with a 1% Libor floor, and was also sold at par. There is 101 soft call protection for one year.

Citigroup Global Markets Inc., Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC and Morgan Stanley Senior Funding Inc. are the bookrunners on the $1.15 billion of senior secured term loan B debt.

Proceeds will be used by the Boise, Idaho-based food and drug retailer to reprice and extend existing term loan B debt that is priced at Libor plus 450 bps with a 1.25% Libor floor.

Arctic Glacier tops OID

Arctic Glacier's credit facility broke as well, with the $260 million six-year first-lien covenant-light term loan (B1/B-) quoted at par ½ bid, 101 offered, a market source remarked.

Pricing on the first-lien term loan is Libor plus 475 bps with a 1.25% Libor floor, and it was sold at a discount of 991/2. There is 101 repricing protection for six months.

During syndication, the first-lien term loan was upsized from $230 million, pricing was lowered from Libor plus 500 bps and the discount was revised from 99.

The company's $450 million credit facility also includes a $40 million five-year revolver (B1/B-) and a $150 million second-lien term loan that was privately placed.

Pricing on the second-lien loan, which was upsized from $95 million, is Libor plus 1,000 bps with a 1.25% Libor floor, and it was sold at par. The tranche has call protection of 103 in year one, 102 in year two and 101 in year three.

Arctic Glacier lead banks

Credit Suisse Securities (USA) LLC and Jefferies Finance LLC are leading Arctic Glacier's credit facility that will be used to refinance existing bank debt and mezzanine debt, and, due to the upsizings, to finance a roughly $80 million dividend to HIG.

Leverage through the first-lien loan is 3.8 times, up from 3.5 times under the original structure pro forma for acquisitions. Total leverage is 6 times.

Arctic Glacier is a Winnipeg-based manufacturer and distributor of packaged ice.

WCA frees up

WCA Waste's credit facility also began trading, with the $272.25 million first-lien term loan due March 2018 quoted at par ½ bid, according to a market source.

Pricing on the term loan is Libor plus 300 bps, after flexing earlier from Libor plus 325 bps. There is a 1% Libor floor and 101 repricing protection for one year, and the debt was issued at par.

The company's $372.25 million credit facility (B1) also includes a $100 million revolver due March 2017 priced at Libor plus 400 bps with no Libor floor and issued at par.

Credit Suisse Securities (USA) LLC and Macquarie Capital are leading the deal that is being used to reprice both the existing term loan and revolver from Libor plus 425 bps with a 1.25% Libor floor.

With the transaction, covenants under the credit facility are being amended to flat line them at the current levels and the incremental loan provision is being revised to an unlimited amount subject to a 4.75 times leverage ratio.

WCA is a Houston-based non-hazardous solid-waste services company.

On Assignment breaks

On Assignment's credit facility freed up too, with the $275 million seven-year term loan B quoted at par ¾ bid, 101¼ offered, according to a trader.

Pricing on the B loan is Libor plus 250 bps with a 1% Libor floor, and it was sold at par. There is 101 soft call protection for six months.

During syndication, pricing on the term loan B was trimmed from Libor plus 275 bps and the offer price was tightened from 991/2.

Along with the B loan, the company's $500 million senior secured credit facility (Ba2/BB-) includes a $125 million five-year revolver and a $100 million five-year term loan A, both priced at Libor plus 200 bps.

Wells Fargo Securities LLC and Bank of America Merrill Lynch are leading the deal that will be used to refinance existing debt.

On Assignment is a Calabasas, Calif.-based provider of professionals in the technology, health care and life sciences sectors.

Houghton hits secondary

Another deal to break was Houghton International, with its $453.8 million term loan due December 2019 quoted at par bid, par ½ offered on the open and then it moved to par 3/8 bid, par ¾ offered, a trader said.

Pricing on the term loan is Libor plus 300 bps with a 1% Libor floor, and it was issued at par. There is 101 soft call protection for one year.

The company is also getting a €99.75 million term loan due December 2019 priced at Euribor plus 350 bps with a 1% Libor floor, 101 soft call protection for one year and a par issue price.

During syndication, the U.S. loan firmed at the low end of the Libor plus 300 bps to 325 bps talk, and the euro loan firmed at the tight end of the Euribor plus 350 bps to 375 bps talk.

RBC Capital Markets is leading the deal that is being used to reprice an existing U.S. term loan from Libor plus 400 with a 1.25% Libor floor and an existing euro term loan from Euribor plus 450 bps with a 1.25% floor.

Houghton is a Norristown, Pa.-based developer, producer and manager of specialty chemicals, oils and lubricants.

LP Financial cuts pricing

Moving to the primary, LPL Financial reduced the spread on its $1.084 billion term loan B (Ba2/BB-) due March 2019 to Libor plus 250 bps from Libor plus 275 bps and moved the offer price on the new money to par from 993/4, according to a market source.

The loan still has a 0.75% Libor floor, 101 soft call protection for six months and a par offer price on the existing debt.

Recommitments were due on Thursday, the source remarked.

Bank of America Merrill Lynch, Morgan Stanley Senior Funding Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. and J.P. Morgan Securities LLC are leading the transaction that will be used to refinance term loan A and term loan B debt.

LPL Financial is a broker-dealer, an RIA custodian and a consultant to retirement plans with offices in Boston, Charlotte, N.C., and San Diego.

Ancestry.com tweaks deal

Ancestry.com lifted its term loan B due Dec. 28, 2018 to $488 million from $438 million and reduced pricing to Libor plus 400 bps from Libor plus 425 bps, according to a market source.

In addition, the five-year term loan B-2 was decreased to $150 million from $200 million and the spread was cut to Libor plus 325 bps from Libor plus 350 bps, the source said.

The term loan B still has a 1.25% Libor floor, the term loan B-2 still has a 1% Libor floor, and both tranches continue to have a par offer price and 101 soft call protection until Dec. 28, 2013.

Amortization on the term loan B is 1% per annum. The term loan B-2 amortizes at a rate of 20% per annum.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used with $30 million of cash on hand to pay down some term loan B borrowings and reprice the remaining amount from Libor plus 575 bps with a 1.25% Libor floor.

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

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

Sprint Industrial revises

Sprint Industrial trimmed pricing on its $70 million 61/2-year second-lien term loan (Caa2/CCC+) to Libor plus 1,000 bps from talk of Libor plus 1,025 bps to 1,050 bps and firmed the spread on its $150 million six-year first-lien term loan (B2/B+) at Libor plus 575 bps, the tight end of the Libor plus 575 bps to 600 bps talk, according to a market source.

The second-lien term loan still has a 1.25% Libor floor, an original issue discount of 98 and call protection of 103 in year one, 102 in year two and 101 in year three, and the first-lien loan still has a 1.25% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.

The company's $232.5 million credit facility also includes a $12.5 million five-year revolver (B2/B+).

Goldman Sachs & Co. is leading the deal that will be used to refinance existing debt.

Sprint Industrial is a Houston-based specialized industrial maintenance service provider offering both storage and safety equipment for rental.

Arysta sets guidance

Also on the new deal front, Arysta LifeScience launched its credit facility on Thursday morning, and in connection with the bank meeting, price talk on the first- and second-lien term loans was announced, according to a market source.

The $1.1 billion seven-year first-lien term loan (Ba3) is talked at Libor plus 375 bps to 400 bps with a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for one year, the source said.

And, the $555 million 71/2-year second-lien term loan (Caa1) is talked in the Libor plus 750 bps area with a 1.25% Libor floor, a discount of 98 and hard call protection of 103 in year one, 102 in year two and 101 in year three, the source continued.

J.P. Morgan Securities LLC is the left lead on the $1.805 billion credit facility, which also includes a $150 million five-year revolver (Ba3).

Proceeds will be used to refinance existing debt.

Arysta LifeScience is a Tokyo-based crop protection and life science company.

Clear Channel details

Clear Channel launched its $1.5 billion term loan D (CCC+) due 2018 with talk of Libor plus 600 bps with no Libor floor and a par offer price, according to a market source.

Lead banks, Goldman Sachs & Co., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Banks Securities Inc., Morgan Stanley Senior Funding Inc. and Wells Fargo Securities LLC, are asking for commitments by May 16, the source said.

Proceeds will be used to repay some term loan B and term loan C debt due in 2016 that is priced at Libor plus 365 bps with no floor.

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

Grande talk emerges

Grande Communications held its bank meeting in the morning, and talk on the $260 million seven-year term loan B came out at Libor plus 400 bps with a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months, according to a market source.

Also, talk on the $35 million five-year revolver was disclosed to be Libor plus 350 bps with no Libor floor and a 50 bps unused fee, the source remarked.

SunTrust Robinson Humphrey Inc. and TD Securities (USA) LLC are leading the $295 million credit facility that will be used to refinance existing debt and fund a $100 million dividend to ABRY Partners.

Leverage will be around 4.7 times all senior and expected ratings are in the mid-single B area.

Grande is a San Marcos, Texas-based broadband communications company that offers a full suite of internet, TV and phone services.

Murray Energy pricing

Murray Energy set talk of Libor plus 425 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year on its $300 million term loan B that launched on Thursday, according to a market source.

The company's $350 million credit facility also includes a $50 million ABL revolver (on receivables only).

Commitments are due on May 22, the source added.

Goldman Sachs & Co. is leading the deal that will be used with will be used $400 million of high-yield bonds to refinance existing debt.

Murray Energy is a St. Clairsville, Ohio-based coal company.

Entravision launches

Entravision Communications Thursday its $375 million seven-year covenant-light delayed-draw term loan with talk of Libor plus 275 bps to 300 bps with a 1% Libor floor, an offer price of 99½ to par, 101 soft call protection for six months and a ticking fee of a third of the spread starting on day 31, according to a market source.

By comparison, when the deal was first announced, the loan was guided at Libor plus 300 bps with a 1% Libor floor, an original issue discount that was still to be determined and a ticking fee of 150 bps starting on day 31.

GE Capital Markets is leading the $405 million credit facility (B2/B+), which also includes a $30 million five-year revolver.

Proceeds will be used to refinance an existing credit facility and redeem 8¾% senior notes due 2017, and the term loan is expected to be drawn in full when the bonds are callable in August.

Entravision is a Santa Monica, Calif.-based diversified Spanish-language media company.

Schrader comes to market

Schrader International approached lenders with a $258.8 million first-lien covenant-light term loan due April 2018 that is talked at Libor plus 400 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 $233.8 million first-lien term loan from Libor plus 500 bps with a 1.25% Libor floor and the $25 million of add-on debt will repay some of the company's second-lien term loan.

Barclays and Goldman Sachs & Co. are leading the deal that launched without a call.

Commitments are due at 5 p.m. ET on May 16, the source added.

First-lien leverage is 4.2 times, total leverage is 5.4 times and net leverage is 5.3 times.

Schrader is a manufacturer of tire pressure monitoring systems, valve products and tire hardware and related accessories for both original equipment manufacturers and aftermarket customers.

KCG plans meeting

KCG Holdings scheduled a bank meeting for 11 a.m. ET on Monday to launch a $555 million credit facility that includes a $20 million four-year revolver and a $535 million 41/2-year term loan B, according to a market source.

Jefferies Finance LLC and Goldman Sachs & Co. are leading the deal.

Proceeds will be used to help fund the merger of Getco Holding Co. LLC and Knight Capital Group Inc. and to refinance existing debt.

Under the agreement, Knight shareholders will have the right to elect to receive $3.75 per share in cash for each share of Knight class A common stock or one-third of a share of KCG common stock. Getco unitholders are expected to receive about 76.7 million shares of KCG common stock and 24.4 million warrants to acquire additional common stock.

Gross leverage will be 1.8 times through the first-lien and 2.9 times total, the source added.

Getco is a Chicago-based buyer and seller of securities. Knight Capital is a Jersey City, N.J.-based financial services firm.

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