Landry's allocates, trades higher; Albea Beauty sets pricing; AMC talks two-part deal

By Paul A. Harris

Portland, Ore., April 11 – In Tuesday's loan market the repriced Landry’s Inc. $1,284,000,000 Libor plus 275 basis points senior secured first-lien term loan due Oct. 4, 2023 allocated and traded to par bid, par 3/8 offered.

Albea Beauty Holdings SA set final pricing on its $816 million equivalent of term loan debt.

And AMC Entertainment Holdings Inc. set price talk on $1.37 billion of term loan repricings (Ba1/BB) in two tranches.

Landry's allocates, trades higher

The repriced Landry’s $1,284,000,000 Libor plus 275 basis points senior secured first-lien term loan due Oct. 4, 2023 allocated and traded to par bid, par 3/8 offered, according to a market source. It was talked at Libor plus 250 basis points to 275 bps.

The par-pricing loan spread sits atop of 0.75% Libor floor and includes 101 soft call protection for six months.

Jefferies Finance LLC, Deutsche Bank Securities Inc. and Citigroup Global Markets Inc. are the bookrunners on the deal.

The repricing will take the term loan down from Libor plus 325 bps with a 0.75% Libor floor.

Albea Beauty final pricing

Albea Beauty Holdings SA set final pricing on its $816 million equivalent of term loan debt, an informed source said.

A $408 million seven-year covenant-light term loan B is priced at Libor plus 375 basis, with no Libor floor, at 99.5. The final spread came at the tight end of the Libor plus 375 to 400 bps spread talk.

A $408 million euro-equivalent seven-year covenant-light term loan B will price on top of talk at Euribor plus 400 bps, with no Euribor floor, at 99.5.

The deal is set to allocate on Wednesday.

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

Amortization on the U.S. term loan is 1% per annum, and the euro term loan has no amortization, the source added.

The company’s $921 million-equivalent senior secured credit facility (B2) also includes a $105 million six-year revolver.

Goldman Sachs International and BNP Paribas are the joint global coordinators on the deal and are mandated lead arrangers and joint bookrunners with Credit Agricole CIB and HSBC Bank.

Proceeds will be used to refinance dollar-denominated 8¾% bonds due 2019 and euro-denominated 8 3/8% bonds due 2019, to fund a dividend, redemption or return of capital to shareholders, to repay certain other existing debt and for transaction expenses.

Closing is expected by the end of April.

AMC Entertainment price talk

AMC Entertainment Holdings Inc. set price talk on $1.37 billion of term loan repricings (Ba1/BB) in two tranches, according to a market source.

An $869.6 million senior secured term loan B due Dec. 15, 2022 and a $500 million senior secured term loan B due Dec. 15, 2023 are both talked at Libor plus 225 basis points, with no Libor floor, at par.

Both tranches feature six month soft calls at 101 and 1% annual amortization.

Commitments from existing lenders are due at 5 p.m. ET on April 18. Commitments from new lenders are due at 5 p.m. ET on April 19.

The deal is expected to close on May 9.

Citigroup Global Markets is the sole arranger.

Nomad Foods talks €1.05 billion

Nomad Foods Ltd. set price talk for €1.05 billion-equivalent in its two-part seven-year first lien term loan, according to market sources.

A $510 million (€470 million equivalent) loan is talked with a 275 basis points to 300 bps spread to Libor, with no Libor floor, at 99.5.

A €500 million loan is talked with a 300 bps to 325 bps spread to Euribor, with no Euribor floor, at 99.75 to par.

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

Amortization on the U.S. term loan is 1% per annum. The euro term loan has no amortization.

Commitments are due at noon ET on April 20.

Bookrunner Goldman Sachs is the left lead on the dollar-denominated loan.

Bookrunner Credit Suisse is the left lead on the euro-denominated loan.

UBS and Deutsche Bank are also bookrunners.

The facilities also feature an €80 million six-year revolver.

Commitments are due on April 21, sources added.

Proceeds will be used to refinance in full existing euro- and sterling-denominated term loans and floating-rate senior secured notes due 2020 and to pay related fees and expenses.

StandardAero sets pricing

StandardAero Aviation Holdings Inc. set pricing in its fungible $240 million incremental term loan due July 7, 2022 and its $911,125,000 repriced term loan due July 7, 2022, according to a market source.

The spread to Libor tightens to 375 basis points from 425 bps.

There is a 1% Libor floor.

The reoffer price for existing lenders is par. New lenders are offered the deal at 99.5.

Commitments for participants in the repricing are due at 5 p.m. ET on April 18.

New money commitments are due at 3 p.m. ET on April 20.

Jefferies Finance LLC is the lead bank on the deal.

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

PSAV sets bank meeting

PSAV (AVSC Holding Corp.) set a bank meeting at 2 p.m. ET pn Wednesday for a $980 million term loan B, according to a market source.

Goldman Sachs & Co is the left bookrunner. Morgan Stanley, JP Morgan, Barclays and Macquarie are joint bookrunners.

The Long Beach, Calif.-based event technology provider plans to use the proceeds to refinance its capital structure.

KinderCare lender call Wednesday

Kuehg Corp., the operator of KinderCare will participate in a call with lenders at 10 a.m. ET on Wednesday to kick off a repricing of $884 million of its first-lien term loan due Aug. 13, 2022 (B1/B), according to a market source.

Credit Suisse Securities (USA) LLC is leading the deal.

Talk is Libor plus 350 basis points to 375 bps, versus the 425 bps existing spread. The spread will float atop a 1% Libor floor.

The repricing is being offered at par.

There is 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on April 20.

KinderCare, formerly known as Knowledge Universe, is a Portland, Ore.-based provider of early childhood care and education services.

Varsity Brands lender call

Varsity Brands plans to participate in a conference call with lenders at 2 p.m. ET on Wednesday, according to a market source.

The Memphis-based provider of sports, cheerleading and achievement-related school products is seeking to reprice $1,003,000,000 of outstanding first lien term loan debt.

Goldman Sachs & Co. is the left bookrunner. Barclays and Jefferies LLC are the joint bookrunners.

Michael Baker price talk

Michael Baker International LLC talked a $450 million term loan B (B2/B+) with a 425 basis points spread to Libor atop a 0.75% Libor floor at 99, according to a market source.

The deal comes with 101 soft call protection for six months.

A springing maturity makes the loan due on Jan. 1, 2019 in the event the 8 7/8% holdco notes due 2019 have not been fully repaid by that time.

Barclays is the left lead on the deal.

Proceeds will be used to refinance the company’s existing $125 million ABL revolver due 2018, fund a tender offer for its existing $350 million 8¼% senior secured notes due 2018, repay its existing $8 million PMC subordinated notes due 2018 and repay about $4 million of certain holdco debt and preferred equity, the source said.

Tecomet moves up timing

Tecomet (TecoStar Holdings Inc.) moved up timing on its $540 million seven-year first-lien term loan, according to a market source.

Commitments are now due at noon ET on Thursday. The previous deadline was April 17.

The loan is in the market with price talk of Libor plus 400 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.

It has 101 soft call protection for six months.

The company’s $835 million credit facilities also include a $70 million ABL revolver and a $225 million pre-placed second-lien term loan.

Jefferies Finance LLC, Antares Capital and KKR Capital are the leads on the deal.

Proceeds will be used to help fund the buyout of the company by Charlesbank Capital Partners.

First-lien leverage is 4.5 times, and total leverage is 6.4 times.

Ryman sets talk

Ryman Hospitality Properties Inc. (RHP Hotel Properties LP) talked its $400 million seven-year covenant-light term loan B with a 225 to 250 basis points spread to Libor, with no Libor floor, at 99.75, according to a market source.

The loan comes with a six-month 101 soft call.

Commitments are due at 5 p.m. ET on April 18.

Deutsche Bank Securities Inc. and Wells Fargo Securities LLC are the bookrunners on the deal, with other bookrunners to be announced.

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

Proceeds will be used to refinance an existing term loan B and to pay down a portion of an outstanding revolver balance.

Cypress reprices term loan A

Cypress Semiconductor Corp. repriced its $93,125,000 term loan A due March 12, 2020 (B3/BB) with a 275 basis points spread to Libor, with no Libor floor, at par, a market source said on Tuesday.

The covenants and amortization features are unchanged.

Morgan Stanley is the agent.

The deal was scheduled to close on April 7.

Grosvenor moves up timing

Grosvenor Capital Management moved up timing on its $90 million add-on first-lien term loan due August 2023, according to a market source.

Commitments are now due at noon ET on Wednesday, moving timing on the deal ahead by exactly 24 hours.

The deal is in the market with price talk of Libor plus 300 basis points with a 1% Libor floor and an original issue discount of 99 to 99.5, according to a market source.

The spread and floor on the add-on term loan matches existing first-lien term loan pricing.

Included in the add-on loan is 101 soft call protection for six months and amortization of 1% per annum, the source said.

Goldman Sachs Bank USA and UBS Investment Bank are the bookrunners on the deal.

Proceeds will be used with cash on balance sheet to refinance the company’s existing senior secured term loan due 2021.

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