Reynolds, Pinnacle, Willbros, Fresenius break; Multi Packaging, Tata tweak deadlines

By Sara Rosenberg

New York, Aug. 5 - Reynolds and Reynolds Co.'s credit facility freed up for trading on Monday, as did deals from Pinnacle Entertainment Inc., Willbros Group Inc. and Fresenius SE & Co. KGaA

Also in the secondary, Revlon Consumer Products Corp.'s term loan B softened with refinancing news and Level 3 Financing Inc.'s B loans weakened with the launch of a repricing/refinancing transaction.

Over in the primary, Multi Packaging Solutions Inc. and Tata Chemicals North America revised the commitment deadlines on their credit facilities.

In addition, Alinta Energy Finance Pty Ltd. raised pricing and widened the original issue discount on its term loan debt for a second time, Keystone Automotive Operations Inc. lifted the spread on its first-lien loan, and WS Packaging Group Inc. trimmed the coupon on its credit facility.

Furthermore, DS Waters of America Inc. (DS Services), Fairmount Minerals Ltd., Booz Allen Hamilton Holding Corp. and Crossmark talk emerged, rue21 inc. came out with timing on the launch of its buyout financing deal, and Shingle Springs Tribal Gaming Authority is getting ready to bring a new loan to market.

Reynolds hits secondary

Reynolds and Reynolds's credit facility began trading on Monday, with the $1.65 billion seven-year first-lien term loan B (Ba3/B+) quoted at par ¼ bid, 101¼ offered, the $1.1 billion 71/2-year second-lien term loan (Caa1/CCC+) quoted at 101½ bid, 102½ offered, and the $650 million five-year first-lien term loan A (Ba3/B+) geared toward CLOs quoted at par bid, 101 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 one year.

The second-lien term loan is priced at Libor plus 700 bps with a 1% Libor floor and it was sold at 99. The debt is non-callable for two years, then at 102 in year three and 101 in year four.

And, pricing on the A loan is Libor plus 275 bps with a 1% Libor floor and it was sold at an original issue discount of 991/2.

The company's $3,425,000,000 credit facility also includes a $25 million revolver (Ba3/B+).

Reynolds recapitalizing

Proceeds from Reynolds and Reynolds' credit facility, which is being led by Deutsche Bank Securities Inc., will repay existing debt and fund a capital payout to shareholders via a stock buyback.

With the recapitalization, existing holders, including Vista Equity Partners, a charitable trust, and senior executive management will roll over $900 million of class B shares.

The deal underwent some changes during syndication, including seeing pricing on the first-lien B loan firm at the tight end of revised talk of Libor plus 325 bps to 350 bps and down from initial talk of Libor plus 400 bps, the discount changed from 99 and the size reduced from $1.75 billion.

Also, during syndication, pricing on the second-lien loan finalized at the low end of the revised Libor plus 700 bps to 725 bps talk and down from original talk of Libor plus 775 bps and the discount was tightened from 981/2.

Lastly, the A loan saw pricing cut from Libor plus 325 bps and its size lifted from $550 million.

Reynolds and Reynolds is a Kettering, Ohio-based provider of software, business forms and supplies, and professional services that support automotive retailing for car dealers and automakers.

Pinnacle begins trading

Pinnacle Entertainment's credit facility made its way into the secondary too, with the $500 million three-year term loan B-1 seen at par ½ bid, 101 offered, and the $1.1. billion seven-year term loan B-2 seen at par ½ bid, 101 offered before trading up to par 7/8 bid, 101 3/8 offered, a trader remarked.

Pricing on both term loans is Libor plus 275 bps with a 1% Libor floor and they both have 101 soft call protection for one year. The B-1 loan was sold at par and the B-2 loan was sold at an original issue discount of 991/2.

Late last month, the deal was restructured from a single $1.6 billion seven-year covenant-light term loan B that was talked at Libor plus 350 bps with a 1% Libor floor, a discount of 99 and 101 soft call protection for one year.

With the term B debt, the company is planning on getting a $1 billion five-year revolver as part of its $2.6 billion senior secured deal (Ba2/BB+/BB+).

Pinnacle lead banks

J.P. Morgan Securities LLC, Goldman Sachs Lending Partners LLC, Bank of America Merrill Lynch, Deutsche Bank Securities Inc., Wells Fargo Securities LLC, Barclays, Credit Agricole and UBS Securities LLC are leading Pinnacle Entertainment's credit facility.

Proceeds will be used with $850 million of senior notes to fund the acquisition of Ameristar Casinos Inc. for $26.50 per share in cash, to redeem Pinnacle's 8 5/8% senior notes due 2017 and for working capital and general corporate purposes.

Closing is expected this month, subject to customary conditions, approval by Ameristar's shareholders and required regulatory approvals.

Pinnacle Entertainment is a Las Vegas-based owner and operator of casinos. Ameristar is a Las Vegas-based casino gaming company.

Willbros frees up

Willbros Group's credit facility broke as well, with the $250 million six-year term loan B (Caa1/B-) quoted at 97½ bid, according to a trader.

Pricing on the loan is plus 975 bps with a 1.25% Libor floor and it was sold at an original issue discount of 961/2. The debt is non-callable for one year, then at 103 in year two and 101 in year three.

During syndication, pricing on the loan was increased from talk of Libor plus 675 bps to 700 bps, the discount widened from 98½ and the call protection was changed from a soft call of 103 in year one, 102 in year two and 101 in year three.

The company's $400 million credit facility, which also provides for a $150 million five-year asset-based revolver (B1), will be used to refinance an existing credit facility.

J.P. Morgan Securities LLC is leading the term loan and Bank of America Merrill Lynch is leading the revolver.

Willbros is a Houston-based specialty energy infrastructure contractor.

Fresenius tops OID

Another deal to start trading was Fresenius' $500 million six-year term loan, with levels quoted at 99¾ bid, according to a trader.

Pricing on the loan is Libor plus 200 bps with no Libor floor and it was sold at a discount of 991/2.

Recently, pricing the on loan was reduced from Libor plus 225 bps and the discount firmed at the tight end of the 99 to 99½ talk.

Bank of America Merrill Lynch, Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC are leading the deal that is being used to refinance existing debt.

Fresenius is a Bad Homburg, Germany-based provider of dialysis services and products.

Revlon slides on refi

In more trading news, Revlon's term loan B dipped to par ¼ bid, 101¼ offered from par 5/8 bid, 101 5/8 offered as the company said it would be taking out the debt in connection with its $660 million acquisition of The Colomer Group from CVC Capital Partners, according to a trader.

Funds for the refinancing and the acquisition will come from a new $1,515,000,000 credit facility, comprised of a $140 million asset-based revolver expected at Libor plus 150 bps to 200 bps based on excess availability with a 25 bps commitment fee, and a $1,375,000,000 senior secured term loan expected at Libor plus 300 bps with a 1% Libor floor, said an 8-K filed with the Securities and Exchange Commission.

Citigroup Global Markets Inc. is the lead bank on the deal.

The acquisition is expected to close in the fourth quarter, subject to certain customary conditions and regulatory approvals.

Revlon is a New York-based cosmetics and accessories company. Colomer is a beauty care company focused on the professional salon channel.

Level 3 softens

Levels 3's term loan B-I fell to par bid, par ½ offered from par ½ bid, 101 offered and its term loan B-II fell to par 3/8 bid, par 7/8 offered form par ¾ bid, 101¼ offered as the company launched a new $815 million senior secured term loan B-III (Ba3/BB-) due Aug. 1, 2019, according to a trader.

The B-III loan, which will be used to take out the existing $815 million term loan B-I due Aug. 1, 2019, is talked at Libor plus 325 bps with a 1% Libor floor, a par offer price and 101 soft call protection for six months. The B-I loan that is being repaid is priced at Libor plus 375 bps with a 1.5% Libor floor.

Bank of America Merrill Lynch and Citigroup Global Markets Inc. are the joint lead arrangers on the deal and bookrunners with Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC, Jefferies Finance LLC and J.P. Morgan Securities LLC.

Commitments are due at noon ET on Thursday, a source said. Closing is expected to occur on Aug. 12.

Level 3 is a Broomfield, Colo., provider of fiber-based communications services.

Multi Packaging shutting early

Moving to the primary, Multi Packaging Solutions accelerated the commitment deadline on its $330 million credit facility (Ba3/B+) to 5 p.m. ET on Tuesday from Thursday, according to a market source.

The facility consists of a $50 million five-year revolver, and a $280 million seven-year covenant-light first-lien term loan B talked at Libor plus 375 bps to 400 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

Barclays and Bank of America Merrill Lynch are leading the deal that will be used to help fund the buyout of the company by Madison Dearborn Partners from Irving Place Capital and to refinance its existing senior secured credit facility.

Senior secured leverage is 3.5 times and total leverage is 5.8 times.

Multi Packaging Solutions is a New York-based manufacturer of printed folding cartons, labels, and inserts for customers in the health care, consumer and media end markets.

Tata pushes out deadline

Tata Chemicals reset the commitment deadline on its $340 million credit facility (Ba3/BB) to Tuesday from Monday as the company released first quarter results in the morning and hosted a call to discuss those results during the session, according to a market source.

For the quarter, parent company Tata Chemicals Ltd. posted income from operations at Rs 3,312 crore, profit from operations at Rs411 crore and earnings per share at Rs2.95.

The credit facility consists of a $25 million five-year revolver, and a $315 million seven-year term loan B talked at Libor plus 300 bps with a 1% Libor floor, an original issue discount of 98 to 99 and 101 soft call protection for one year.

J.P. Morgan Securities LLC is leading the deal that will be used to refinance existing debt.

Tata Chemicals is a Rockaway, N.J.-based natural soda ash producer.

Alinta flexes up

Alinta Energy lifted the coupon on its $1.17 billion of senior secured six-year covenant-light term loans to Libor plus 537.5 bps from revised talk of Libor plus 525 bps and initial talk of Libor plus 425 bps to 450 bps, and widened the discount to 95 from revised talk of 97 and initial talk of 981/2, according to a market source.

As before, the term debt, which includes a $1.1 billion funded tranche and a $70 million delayed-draw tranche, has a 1% Libor floor and soft call protection of 102 in year one and 101 in year two.

Late last month, when pricing was increased the first time, the call protection was changed from a 101 soft call for one year and the maturity was shortened from seven years.

The company's credit facility also provides for an A$240 million five-year revolver.

Recommitments are due at noon ET on Tuesday, the source said.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., BNP Paribas Securities Corp., Goldman Sachs Bank USA and Macquarie Capital are leading the deal (B1/B+) that will be used by the Melbourne, Australia-based power company to refinance existing debt.

Keystone lifts pricing

Keystone Automotive raised pricing on its $235 million six-year first-lien term loan (B3/B) to Libor plus 575 bps from Libor plus 475 bps, while keeping the 1.25% Libor floor, original issue discount of 98½ and 101 soft call protection for one year intact, according to a market source.

The company's $360 million credit facility also includes a $25 million ABL revolver that is not being syndicated, and a $100 million seven-year second-lien term loan (Caa2/CCC+) talked at Libor plus 850 bps with a 1.25% Libor floor, a discount of 98 and call protection of 103 in year one, 102 in year two and 101 in year three.

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

UBS Securities LLC, Goldman Sachs Bank USA and Bank of America Merrill Lynch are leading the deal that will be used to repay existing debt and fund a dividend to shareholders.

Keystone is an Exeter, Pa.-based distributor and marketer of aftermarket automotive equipment and accessories.

WS Packaging cuts spread

WS Packaging Group lowered pricing on its $276 million credit facility (B1/B+) to Libor plus 400 bps from Libor plus 425 bps and left the 1% Libor floor and original issue discount of 99½ unchanged, according to a market source.

The facility consists of a $40 million five-year revolver, and a $236 million six-year first-lien term loan that has 101 soft call protection for six months.

Recommitments were due by the end of the day on Monday, the source said.

GE Capital Markets is leading the deal that will be used to refinance existing debt, including bank borrowings and mezzanine debt.

WS Packaging is a Green Bay, Wis.-based manufacturer of pressure-sensitive labels.

DS Waters sets talk

Also in the primary, DS Waters held its bank meeting on Monday, launching its $310 million seven-year covenant-light first-lien term loan with talk of Libor plus 425 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

The company's $385 million senior secured credit facility also includes a $75 million ABL revolver.

Commitments are due at 5 p.m. ET on Aug. 15, the source remarked.

Barclays, Credit Suisse Securities (USA) LLC, Jefferies Finance LLC and BMO Capital Markets are leading the deal that will be used to help fund the company's buyout by Crestview Partners.

First-lien leverage is 2 times and total leverage is 4.3 times.

DS Waters is an Atlanta-based direct-to-consumer beverage services provider.

Fairmount guidance

Fairmount Minerals released talk on its $1,285,000,000 senior secured credit facility (B1) that launched with a bank meeting in the afternoon, according to a market source.

The $75 million five-year revolver, $250 million first-lien term loan B-1 due March 15, 2017 and $960 million six-year first-lien term loan B-2 are all talked at Libor plus 400 bps to 425 bps, with the B-2 loan having a 1% Libor floor and the other tranches having no floor, the source said.

The revolver and term B-1 are offered at an original issue discount of 991/2, and the term B-2 is offered at 99.

Also, the term B-1 has 101 soft call protection for six months and the term B-2 has 101 soft call protection for one year, the source continued.

Commitments are due on Aug. 16.

Fairmount funding acquisition

Proceeds from Fairmount's credit facility will be used to help fund the purchase of nearly all of FTS International's sand mining operations, resin-coating plants and distribution terminals, and to refinance an existing senior secured credit facility.

Barclays, KeyBanc Capital Markets LLC, PNC Capital Markets LLC and Wells Fargo Securities LLC are leading the deal.

Closing is expected by the end of the third quarter.

Senior secured leverage is 3.5 times and total leverage is 3.6 times, the source added.

Fairmount Minerals is a Chesterland, Ohio-based producer of industrial sand.

Booz Allen repricing

Booz Allen held a call to launch a repricing of its $1,017,000,000 term loan B that is talked at Libor plus 275 bps with a 0.75% Libor floor, an original issue discount of 99¾ and 101 soft call protection for six months, a source said.

This transaction would take pricing on the loan down from Libor plus 350 bps with a 1% Libor floor.

Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are leading the deal.

Booz Allen Hamilton is a McLean, Va.-based provider of management and technology consulting services to the U.S. government in the defense, intelligence and civil markets.

Crossmark launches

Crossmark launched a $100 million add-on term loan that is talked at Libor plus 350 bps with a 1% Libor floor, in line with the existing term loan, and is offered at an original issue discount of 99, according to a market source.

Bank of America Merrill Lynch, UBS Securities LLC, Credit Suisse Securities (USA) LLC and Barclays are leading the deal that will be used to fund the acquisition of Marketing Werks, a Chicago-based consumer engagement company, and put cash on the balance sheet as a cushion for contingent payments.

Commitments are due on Friday, allocations are expected on Aug. 12 and closing is targeted by the end of the month, the source added.

Crossmark is a Plano, Texas-based sales and marketing services company in the consumer goods industry.

rue21 reveals timing

rue21 disclosed timing on the launch of its $533 million term loan B due September 2020, with the bank meeting set to take place at 10:00 a.m. ET in New York on Tuesday, a market source said.

The company is also expected to get a $150 million five-year asset-based revolver, according to recent filings with the Securities and Exchange Commission.

The filings said that the term loan would be covenant-light and would be priced at Libor plus 325 bps if first-lien secured leverage is more than 3.5 times, and Libor plus 300 bps if first-lien secured leverage is 3.5 times or less, with a 1% Libor floor. However, if a ratings condition is not satisfied, pricing would be 25 bps higher than outlined.

Meanwhile, pricing on the revolver was said to be expected at Libor plus 150 bps with one 25 bps step-up and one 25 bps step-down based on average historical excess availability. The commitment fee can range from 25 bps to 37.5 bps based on the average daily unused portion.

rue21 being acquired

Proceeds from rue21's credit facility will be used to help fund its purchase by Apax Partners for $42 per share, or about $1.1 billion.

Other funds for the transaction are expected to come from $250 million of senior unsecured notes and equity.

The notes are backed by a commitment for a $250 million one-year senior unsecured increasing rate bridge loan that is priced at Libor plus 525 bps, or Libor plus 575 bps if a ratings condition is not satisfied, with a 1.25% Libor floor. The spread will increase by 50 bps every three months until it hits a cap.

J.P. Morgan Securities LLC and Bank of America Merrill Lynch are the co-lead arrangers, and bookrunners with Goldman Sachs Bank USA on the debt financing.

Closing is expected by year-end, subject to shareholder approval and customary conditions.

rue21 is a Warrendale, Pa.-based retailer of girls and guys apparel and accessories.

Shingle Springs on deck

Shingle Springs Tribal Gaming Authority set a bank meeting for Tuesday to launch a $240 million six-year term loan that has 101 soft call protection for six months, according to sources.

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

Shingle Springs Tribal Gaming Authority is the El Dorado County, Calif.-based overseer of the operations at RedHawk Casino.

Media General wraps

In other news, Media General Inc. completed its $945 million credit facility consisting of $60 million five-year super-priority revolver (Ba1/BB) priced at Libor plus 275 bps and an $885 million seven-year term loan priced at Libor plus 325 bps with a 1% Libor floor, according to a news release.

The term loan was sold at a discount of 99, has 101 soft call protection for one year and includes a ticking fee of 50 bps for days 31 to 60 and the full spread thereafter.

During syndication, the term loan B was upsized from $865 million, pricing was cut from Libor plus 375 bps, the soft call was extended from six months, the ticking fee was changed from 50 bps from days 31 to 105, half the spread from days 106 to 165 and the full spread thereafter, and the 18-month MFN sunset provision was removed.

Media General lead banks

RBC Capital Markets, J.P. Morgan Securities LLC and Wells Fargo Securities LLC led Media General's credit facility.

Proceeds will be used to refinance around $765 million of debt at Media General and New Young Broadcasting Holding Co. Inc. in connection with their merger and pay a $50 million cash contribution to Media General's qualified pension plan.

The new credit facility is contingent on the closing of the merger.

In addition, Shield Media, companies with which Young Broadcasting has shared services arrangements for two stations, entered into a new $32 million five-year delayed-draw term loan A (B1/BB-) that is priced at Libor plus 325 bps. This tranche was downsized from $35 million during syndication.

Media General is a Richmond, Va.-based provider of news, information and entertainment. Young is a Nashville, Tenn.-based media company.

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