Coinmach, Seminole Hard Rock, Press Ganey break; Arctic Glacier, La Frontera, PCI tweak deals

By Sara Rosenberg

New York, May 8 - Coinmach Corp., Seminole Hard Rock Entertainment Inc. and Press Ganey Associates Inc. (PGA Holdings Inc.) freed up for trading on Wednesday, and Clear Channel Communications Inc.'s term loan B moved around on extension news.

Over in the primary, Arctic Glacier LLC increased its first- and second-lien term loan sizes and lowered the coupon and original issue discount on the first-lien tranche, La Frontera Generation LLC upsized its B loan, flexed pricing and firmed the floor at the tight end of talk, and Packaging Coordinators Inc. (PCI) cut the spread and discount on its first-lien term loan.

Also, YP LLC, BlackBrush TexStar LP, CSM Bakery Supplies, Clondalkin Group Holdings BV, Ozburn-Hessey Holding Co. LLC and MGM Resorts International came out with talk with launch, and Alliance HealthCare Services Inc., Arysta LifeScience Corp. and Global Cash Access Holdings Inc. surfaced with new deal plans.

Coinmach hit secondary

Coinmach's credit facility began trading on Wednesday, with the $795 million 61/2-year covenant-light first-lien term loan (B2/B+) quoted at par ¼ bid, 101¼ offered, according to a market source.

Pricing on the first-lien term loan is Libor plus 325 basis points with a 1% Libor floor, and it was sold at a discount of 991/2. There is 101 soft call protection for six months.

Recently, the first-lien loan was upsized from $770 million, pricing was lowered from talk of Libor plus 350 bps to 375 bps and the discount firmed at the tight end of the 99 to 99½ guidance.

The company's $1,195,000,000 credit facility also includes a $75 million five-year revolver (B2/B+) and a $325 million seven-year covenant-light second-lien term loan that was placed with the sponsor and friends and family of the sponsor.

Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc., KeyBanc Capital Markets LLC, Credit Suisse Securities (USA) LLC and UBS Investment Bank are leading the first-lien debt. Deutsche Bank is the lead on the second-lien loan.

Proceeds will help fund the buyout of the laundry equipment service provider by Pamplona Capital Management and the funds from the loan upsizing will be used to add cash to the balance sheet.

Seminole Hard Rock breaks

Seminole Hard Rock Entertainment's $290 million seven-year covenant-light term loan B (Ba1/BB+) also surfaced in the secondary market, with levels quoted at par ½ bid, par ¾ offered, according to a trader.

Pricing on the loan is Libor plus 275 bps with a 0.75% Libor floor, and it was sold at an original issue discount of 991/2. There is 101 soft call protection for six months.

Earlier this week, the loan was upsized from $240 million, pricing was reduced from Libor plus 300 bps and the Libor floor was cut from 1%.

Bank of America Merrill Lynch and Credit Suisse Securities (USA) LLC are the lead banks on the deal.

Proceeds will be used to refinance existing debt and for general corporate purposes.

Seminole Hard Rock is an owner, operator and franchisor of Hard Rock cafes, casinos and hotels.

Press Ganey frees up

Another deal to break was Press Ganey Associates' $391,550,000 first-lien senior secured term loan due April 20, 2018, with levels quoted at par ½ bid, 101¼ offered, a source said.

Pricing on the loan, which was upsized earlier from $371,550,000, is Libor plus 325 bps with a 1% Libor floor, and it was issued at par. There is 101 soft call protection for six months.

Barclays is the lead on the deal.

Proceeds will be used to reprice an existing $341.55 million first-lien term loan from Libor plus 400 bps with a 1.25% Libor floor, and the incremental borrowings will be used to pay down second-lien term loan borrowings.

Press Ganey is a South Bend, Ind.-based provider of health-care performance improvement services.

Clear Channel seesaws

Clear Channel's term loan B moved around in trading as the company announced plans to extend $1.5 billion of its outstanding term loan B and term loan C debt to 2018 from 2016, according to traders.

The term loan B was quoted by one trader at 93 bid, 94 offered (but was seen as high as 93¼ bid), versus 93 1/8 bid, 93 5/8 offered in the prior session, and by a second trader at 93 bid, 93½ offered (but was seen as low as 92¾ bid), compared to 93 bid, 94 offered on Tuesday.

The loan extension will launch with a call on Thursday and is being led by 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, a source remarked.

The company said in a news release that the extension is part of its "continuing efforts to optimize its overall capital structure. It will continue to explore a diverse array of other alternatives including, but not limited to, transactions which would extend maturities of its other debt, whether through a debt-for-debt exchange or other financing transaction."

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

BWIC announced

In more secondary happenings, a $315.4 million Bid-Wanted-In-Competition emerged, with bids due at 11 a.m. ET on Friday, according to a trader.

Some of the larger pieces of debt on offer include Intelsat Jackson Holdings' term loan B, iStar Financial Inc.'s term loan B, Reynolds Group Holdings' incremental term loan, United Continental Airlines' term loan B, Wesco Distribution Inc.'s term loan B-1 and West Corp.'s term loan B-8.

The portfolio is comprised of about 20 issuers, the trader added.

Arctic Glacier reworks deal

Moving to the primary, Arctic Glacier upsized its six-year first-lien covenant-light term loan (B1/B-) to $260 million from $230 million and its privately placed second-lien term loan to $150 million from $95 million, according to a market source.

In addition, pricing on the first-lien term loan was lowered to Libor plus 475 bps from Libor plus 500 bps and the discount was revised to 99½ from 99, the source said.

As before, the first-lien term loan has a 1.25% Libor floor and the 101 repricing protection for six months.

Meanwhile, pricing on the second-lien loan is Libor plus 1,000 bps with a 1.25% Libor floor and a par issue price, and the tranche has call protection of 103 in year one, 102 in year two and 101 in year three.

Arctic Glacier getting revolver

With the term loans, Arctic Glacier is also getting a $40 million five-year revolver (B1/B-) as part of its now $450 million credit facility.

Lead banks, Credit Suisse Securities (USA) LLC and Jefferies Finance LLC, were asking for recommitments by 5 p.m. ET on Wednesday.

As a result of the changes, leverage through the first-lien loan is 3.8 times, up from 3.5 times under the original structure (pro forma for acquisitions), the source added. Total leverage is 6 times.

Proceeds 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.

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

La Frontera changes

La Frontera Generation lifted its term loan B (B1/BB-) to $1.15 billion from $1 billion, cut pricing to Libor plus 350 bps from Libor plus 400 bps and set the Libor floor at 1%, the low end of the 1% to 1.25% talk, according to a market source.

As before, the loan has an original issue discount of 99 and 101 soft call protection for one year.

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

Recommitments were due on Wednesday.

Packaging Coordinators revised

Packaging Coordinators flexed pricing on its $175 million first-lien term loan to Libor plus 425 bps from Libor plus 450 bps, tightened the original issue discount to 99½ from 99 and added 101 soft call protection for one year, according to sources.

The 1.25% Libor floor on the loan was left unchanged.

The company's $280 million credit facility also provides for a $30 million revolver and a $75 million second-lien term loan that has already been placed.

Recommitments were due on Wednesday, sources added.

GE Capital Markets, SunTrust Robinson Humphrey Inc. and Fifth Third Securities Inc. are leading the deal that will be used to fund the $308 million acquisition of AndersonBrecon, the contract pharmaceutical packaging business and wholly owned subsidiary of AmerisourceBergen Corp.

Packaging Coordinators is a Philadelphia-based pharmaceutical and biotechnology packaging company.

YP sets talk

In more primary happenings, YP held a bank meeting on Wednesday afternoon to launch its credit facility, and a few hours before the event kicked off, price talk on the $775 million term loan B (B2) was announced, according to a market source.

The B loan is talked at Libor plus 550 bps to 600 bps with a 1.25% Libor floor, an original issue discount of 98½ and 101 soft call protection for one year, the source said.

The company's $1,225,000,000 five-year credit facility, which also includes a $450 million ABL revolver, will be used to refinance all of the company's existing debt and fund a distribution to equity holders.

J.P. Morgan Securities LLC and PNC Capital Markets LLC are leading the term loan, and PNC is leading the revolver.

Pro forma leverage for the refinancing is 1.3 times LTM EBITDA.

YP is a Tucker, Ga.-based provider of local business print, online and mobile directory services.

BlackBrush pricing

BlackBrush TexStar LP launched its $675 million senior secured term loan (Caa1) with talk of Libor plus 650 bps to 700 bps with a 1.25% Libor floor, an original issue discount of 99 and call protection of 102 in year one and 101 in year two, according to a market source.

Commitments are due on May 22, the source remarked.

UBS Investment Bank and Credit Suisse Securities (USA) LLC are leading the deal that will be used to refinance existing debt, pre-fund capital expenditures and pay transaction-related fees and expenses.

BlackBrush TexStar is a San Antonio-based oil and gas company.

CSM Bakery launches

CSM Bakery released talk of Libor plus 375 bps to 400 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year on its $650 million seven-year first-lien term loan, according to a market source.

And, talk on the $200 million eight-year second-lien term loan emerged at Libor plus 750 bps to 775 bps with a 1% Libor floor, an original issue discount of 98 and hard call protection of 102 in year one and 101 in year two, the source said.

The company's $1 billion senior secured credit facility, which launched with a bank meeting on Wednesday, also includes a $150 million five-year asset-based revolver.

Commitments are due at noon ET on May 22, the source added.

CSM Bakery lead banks

Morgan Stanley Senior Funding, Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., RBC Capital Markets and MCS Capital Markets LLC are leading CSM Bakery's credit facility.

Proceeds will be used to help fund the €1.05 billion acquisition of the company by Rhone Capital LLC from CSM NV, refinance existing debt and pay related fees and expenses.

Closing is expected in the third quarter, subject to regulatory clearance.

CSM Bakery is a supplier of bakery products.

Clondalkin reveals terms

Clondalkin Group held its bank meeting, launching the $350 million seven-year covenant-light first-lien term loan (B2) with talk of Libor plus 450 bps with a 1.25% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months, a source said.

As for the $105 million 71/2-year covenant-light second-lien term loan (Caa2), it was launched with talk of Libor plus 825 bps with a 1.25% Libor floor, an original issue discount of 99 and call protection of 103 in year one, 102 in year two and 101 in year three, the source continued.

The company's $490 million credit facility also includes a $35 million revolver.

Deutsche Bank Securities Inc. and Goldman Sachs & Co. are leading the deal that will refinance existing debt.

Clondalkin Group is an Amsterdam-based provider of packaging products and services.

Ozburn-Hessey guidance

Ozburn-Hessey revealed talk of Libor plus 550 bps with a 1.25% Libor floor, an original issue discount of 99 and 101 soft call protection for two years on its $270 million six-year term loan that launched during the session, according to a market source.

Bank of America Merrill Lynch, Morgan Stanley Senior Funding Inc. and GE Capital Markets are leading the deal.

Proceeds will be used by the Brentwood, Tenn.-based third party logistics provider to refinance existing term loans.

MGM repricing

MGM Resorts launched a repricing of its $1,746,000,000 term loan B with talk of Libor plus 250 bps with a 1% Libor floor, a par offer price and 101 soft call protection through December 2013, according to a market source.

This transaction will take the term loan B pricing down from Libor plus 325 bps with a 1% Libor floor.

Bank of America Merrill Lynch, Deutsche Bank Securities Inc., Barclays and J.P. Morgan Securities LLC are leading the deal.

The company had attempted to reprice this debt earlier in the year at Libor plus 275 bps with a 1% Libor floor, but that transaction was then pulled in February.

MGM Resorts is a Las Vegas-based operator of destination resort brands.

Alliance HealthCare on deck

Alliance HealthCare Services set a bank meeting for 10 a.m. ET in New York on Thursday to launch a $390 million credit facility that includes a $50 million five-year revolver and a $340 million six-year first-lien term loan, according to a market source.

Talk on the term loan has already come out at Libor plus 350 bps with a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months, the source said.

Credit Suisse Securities (USA) LLC, Jefferies Finance LLC, SunTrust Robinson Humphrey Inc. and Deutsche Bank Securities Inc. are leading the deal that will be used to refinance existing bank debt.

Commitments are due on May 23, the source added.

Alliance HealthCare is a Newport Beach, Calif.-based provider of advanced outpatient diagnostic imaging and radiation therapy service.

Arysta readies deal

Arysta LifeScience emerged with plans to hold a bank meeting at 9:30 a.m. ET in New York on Thursday to launch a $1,805,000,000 credit facility, according to a market source.

The facility consists of a $150 million five-year revolver, a $1.1 billion seven-year first-lien term loan and a $555 million 71/2-year second-lien term loan, the source said, adding that price talk is not yet available.

J.P. Morgan Securities LLC is the left lead on the deal.

Proceeds will be used by the Tokyo-based crop protection and life science company to refinance existing debt.

Global Cash coming soon

Global Cash Access scheduled a call for Thursday to launch a roughly $117 million term loan that is talked at Libor plus 300 bps to 325 bps with a 1% Libor floor and 101 soft call protection for six months, according to a market source.

Proceeds will be used to reprice an existing term loan from Libor plus 550 bps with a 1.5% Libor floor, the source said.

Deutsche Bank Securities Inc. is the lead bank on the deal.

Global Cash Access is a Las Vegas-based provider of cash access products and related services.

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