Qlik, Ryman hit secondary; A Wireless sets changes; StandardAero tweaks incremental deadline

By Sara Rosenberg

New York, April 19 – Qlik Technologies Inc. finalized the spread and original issue discount on its term loan B at the tight end of guidance, and Ryman Hospitality Properties Inc. (RHP Hotel Properties LP) upsized its term loan B, firmed pricing at the low side of talk and revised the issue price, and then both of these deals freed up for trading on Wednesday.

In more happenings, A Wireless (LSF9 Atlantis Holdings LLC) increased the size of its first-lien term loan, lowered the spread, modified the original issue discount and shortened the call protection, and StandardAero Aviation Holdings Inc. accelerated the commitment deadline on its incremental term loan.

Also, Orion Engineered Carbons, Harland Clarke Holdings Corp., Deluxe Entertainment Services Group Inc., Alliant Holdings Intermediate LLC and Accuride Corp. released price talk with launch.

Furthermore, Air Medical Group Holdings Inc., NCI Building Systems Inc., Cooper-Standard Automotive Inc. and EMI Music Publishing joined this week’s primary calendar.

Qlik firms terms, trades

Qlik Technologies set the spread on its $995 million seven-year covenant-light term loan B at Libor plus 350 basis points, the low end of the Libor plus 350 bps to 375 bps talk, and firmed the original issue discount at 99.5, the tight end of the 99 to 99.5 talk, according to a market source.

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

With final terms in place, the term loan made its way into the secondary market on Wednesday afternoon, with levels quoted at par bid, par ˝ offered, a trader added.

The company’s $1.07 billion of senior secured credit facilities (B3/B) also include a $75 million five-year revolver priced at Libor plus 350 bps with a 0% Libor floor, after firming at the low end of the Libor plus 350 bps to 375 bps talk.

Morgan Stanley Senior Funding Inc. and Goldman Sachs Lending Partners LLC are leading the deal that will be used to refinance existing debt and for general corporate purposes.

Closing is expected on April 26.

Qlik is a Radnor, Pa.-based visual analytics company.

Ryman updated, breaks

Ryman Hospitality raised its seven-year covenant-light term loan B to $500 million from $400 million, firmed pricing at Libor plus 225 bps, the low end of the Libor plus 225 bps to 250 bps talk, and tightened the issue price to par from 99.75, a market source remarked.

The term loan B still has a 0% Libor floor and 101 soft call protection for six months.

Recommitments were due at 10:30 a.m. ET on Wednesday, and the debt freed to trade in the afternoon, with the term loan B quoted at par 3/8 bid, par 7/8 offered, another source added.

The company also plans on getting a new $200 million term loan A and an extended $700 million revolver.

Deutsche Bank Securities Inc., Wells Fargo Securities LLC, J.P. Morgan Securities LLC, US Bank, Bank of America Merrill Lynch, Credit Agricole, Bank of Nova Scotia and Capital One are leading the deal (Ba3/BB) that will be used to refinance an existing term loan B and to pay down a portion of an outstanding revolver balance.

Closing is expected during the week of May 8.

Ryman is a Nashville, Tenn.-based real estate investment trust specializing in group-oriented, destination hotel assets in urban and resort markets.

A Wireless reworks loan

A Wireless lifted its six-year first-lien term loan (Ba3/B) to $575 million from $510 million, trimmed pricing to Libor plus 600 bps from Libor plus 650 bps, moved the original issue discount to 99 from 98.5 and shortened the 101 soft call protection to six months from one year, a market source said.

The term loan still has a 1% Libor floor.

Recommitments were scheduled to be due on Wednesday, the source added.

The company’s now $645 million senior secured credit facilities also include a $70 million ABL revolver.

UBS Investment Bank, Goldman Sachs Bank USA, SunTrust Robinson Humphrey Inc. and Jefferies Finance LLC are leading the deal that will be used to refinance existing debt.

A Wireless is an exclusive national authorized retailer for Verizon Wireless with corporate offices in Greenville, N.C., and Eden Prairie, Minn.

StandardAero moves deadline

StandardAero Aviation accelerated the commitment deadline on its fungible $240 million incremental term loan due July 7, 2022 to 3 p.m. ET on Wednesday from 3 p.m. ET on Thursday, according to a market source.

Pricing on the incremental term loan is Libor plus 375 bps with a 1% Libor floor and an original issue discount of 99.5.

The company is also repricing an existing $911,125,000 term loan to Libor plus 375 bps with a 1% Libor floor from Libor plus 425 bps with a 1% Libor floor. The repricing was offered at par and commitments were due at 5 p.m. ET on Tuesday.

All of the term loan debt has 101 soft call protection for six months.

Jefferies Finance LLC and Nomura are leading the deal.

Proceeds from the incremental loan will be used to fund the acquisition of PAS International Holdings, to repay debt and for general corporate purposes.

StandardAero is a Scottsdale, Ariz.-based provider of aircraft engine maintenance, repair and overhaul services. PAS is a high technology components provider for the aerospace, oil and gas, and industrial gas turbine markets.

Orion launches

In other primary news, Orion Engineered Carbons held its lender call on Wednesday morning, launching its $291 million first-lien senior secured term loan B due July 2021 at talk of Libor plus 275 bps with a 0% Libor floor and an original issue discount of 99.875 to par, and its €334 million first-lien senior secured term loan B due July 2021 at talk of Euribor plus 300 bps with a 0% floor and a discount of 99.875 to par, according to a market source.

Both term loans have 101 soft call protection for six months.

Commitments are due on April 26, the source said.

Goldman Sachs Bank USA is leading the deal that will be used to reprice existing U.S. and euro term loan B debt from Libor/Euribor plus 300 bps with a 0.75% floor.

Orion Engineered Carbons is a Frankfurt-based producer of carbon black.

Harland Clarke floats OID

Harland Clarke came out with original issue discount talk of 99.5 on its $360 million incremental covenant-light first-lien term loan B-6 due February 2022 a few hours before its afternoon lender call began, a market source said.

Pricing on the incremental term loan B-6 is Libor plus 550 bps with a 1% Libor floor, and the debt has 101 soft call protection through August, which is all in line with the existing B-6 loan.

Commitments are due at 5 p.m. ET on April 26.

Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch, Citigroup Global Markets Inc., Macquarie Capital (USA) Inc., Deutsche Bank Securities Inc. and Jefferies Finance LLC are leading the deal that will be used for acquisition financing.

Harland Clarke is a San Antonio-based provider of media delivery, payment solutions and marketing services.

Deluxe sets guidance

Deluxe Entertainment released talk of Libor plus 550 bps with a 1% Libor floor and an original issue discount of 99.53 on its fungible $200 million tack-on first lien term loan (B2/B-) due Feb. 28, 2020 that launched with a morning call, according to a market source.

The add-on term loan has 101 soft call protection for six months.

Spread and floor on the tack-on loan matches the existing first-lien term loan.

Commitments are due at 5 p.m. ET on April 26.

Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch and Macquarie Capital (USA) Inc. are leading the deal that will be used to refinance existing debt.

Deluxe is a Los Angeles-based provider of digital asset creation, management and distribution services.

Alliant reveals talk

Alliant Holdings held its lender call during the session, launching its fungible $200 million add-on covenant-light term loan B due Aug. 14, 2022 at talk of Libor plus 325 bps with a 1% Libor floor, a par issue price and 101 soft call protection until July 24, according to a market source.

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

Morgan Stanley Senior Funding Inc. and KKR Capital Markets LLC are leading the deal that will be used to fund a dividend to shareholders.

Alliant is a Newport Beach, Calif.-based specialty insurance brokerage firm.

Accuride holds call

Accuride had its lender call in the afternoon, launching a fungible $50 million add-on term loan B at talk of Libor plus 700 bps with a 1% Libor floor and an original issue discount of 99, a market source said.

Commitments are due on April 26, the source added.

RBC Capital Markets is leading the deal that will be used with additional sponsor equity to fund an acquisition.

Accuride is an Evansville, Ind.-based supplier of components to the commercial vehicle industries.

Air Medical coming soon

Air Medical Group emerged with plans to hold a lenders’ meeting at 1 p.m. ET on Friday to launch a $750 million first-lien term loan B, according to a market source

Morgan Stanley Senior Funding Inc., KKR Capital Markets LLC, Jefferies Finance LLC, Nomura Securities International Inc. and Wells Fargo Securities LLC are leading the deal that will be used to fund the acquisition of Air Medical Resource Group, a South Jordan, Utah-based provider of air medical services, management, and experience in the air medical industry.

Air Medical is a Lewisville, Texas-based provider of air ambulance services.

NCI joins calendar

NCI Building Systems scheduled a lender call for 2:30 p.m. ET on Thursday to launch a $144 million covenant-light first-lien term loan (Ba3/BBB-) due June 2022 that is talked at Libor plus 275 bps to 300 bps with a 1% 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 April 26, the source said.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to refinance an existing term loan due 2021 that is priced at Libor plus 325 bps with a 1% Libor floor.

NCI is a Houston-based manufacturer and marketer of metal products for nonresidential construction.

Cooper-Standard on deck

Cooper-Standard Automotive set a lender call for 10 a.m. ET on Thursday to launch a $339 million covenant-light term loan B due November 2023 talked at Libor plus 225 bps to 250 bps with a 0.75% Libor floor and a par issue price, a market source remarked.

Deutsche Bank Securities Inc. is the left bookrunner on the deal that will be used to reprice an existing term loan B from Libor plus 275 bps with a 0.75% Libor floor.

Cooper-Standard is a Novi, Mich.-based supplier of systems and components for the automotive industry.

EMI plans call

EMI Music Publishing will hold a lender call at 1:30 p.m. ET on Thursday to launch a loan transaction, according to a market source.

UBS Investment Bank is leading the deal.

EMI Music is a New York-based music publisher.

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