Infor, Crestwood, Waddington, Air Medical free up; NRG Energy, LifeCare firm coupons

By Sara Rosenberg

New York, May 24 - Infor's term loan made its way into the secondary market on Friday morning, with the U.S. tranche seen above par, and Crestwood Holdings LLC and Waddington Group (WNA Holdings Inc.) began trading as well.

Also, Air Medical Holdings LLC lifted the cash pay pricing on its term loan and widened the original issue discount and then freed up for trading, NRG Energy Inc. firmed pricing on its term loan B at the low end of guidance and LifeCare Holdings LLC finalized its term loan spread at the wide end of talk.

Meanwhile, the primary calendar is filling up for after the holiday weekend, with MacDermid Inc., InterGen NV, Beats Electronics LLC, CTI Foods Holding Co. LLC, Quicksilver Resources Inc., Waupaca Foundry Inc., F+W Media Inc., Expera Specialty Solutions LLC and ConvergEx Group all on deck to launch new deals.

Infor tops par

Infor's new seven-year term loan broke on Friday morning, with the $483 million U.S. portion of the deal quoted at par ¼ bid, par ¾ offered, according to a trader.

Pricing on the U.S. loan is Libor plus 275 basis points with a 1% Libor floor, and it was issued at par. There is 101 soft call protection for six months.

The company's $935 million term loan also includes a €350 million euro piece that is priced at Euribor plus 300 bps with a 1% floor, and was sold at par. This tranche has 101 soft call protection for six months as well.

Recently, the total term loan amount was increased from $685 million, pricing on the U.S. tranche was reduced from talk of Libor plus 300 bps to 325 bps, pricing on the euro tranches was trimmed from talk of Euribor plus 325 bps to 350 bps, the floor on the euro tranche was lowered from 1.25% and the offer price on both pieces firmed at the tight end of the 99¾ to par guidance.

Infor repaying debt

Proceeds from Infor's new term loan are being used to refinance an existing term loan B-1 and a euro term loan and, because of the recent upsizing, some term loan B-2 debt.

Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc., Barclays, Deutsche Bank Securities Inc., RBC Capital Markets LLC and KKR Capital Markets are leading the deal.

Infor is a New York-based provider of business software.

Crestwood starts trading

Crestwood's bank debt also freed up for trading, with the $385 million six-year term loan B quoted by one trader at par ¾ bid, 101¾ offered, and by a second source at par 7/8 bid, 101 5/8 offered.

Pricing on the six-year loan is Libor plus 600 bps with a 1% Libor floor, and it was sold at an original issue discount of 991/2. There is soft call protection of 102 in year one and 101 in year two.

In addition, the company is getting a $15 million 41/2-year term loan that is priced at Libor plus 450 bps with a 1% Libor floor, and was sold at a discount of 991/2.

During syndication, the six-year loan was upsized from $365 million, pricing was cut from talk of Libor plus 625 bps to 650 bps, the Libor floor was reduced from 1.25% and the original issue discount was tightened from 99. Also, the 41/2-year loan was added to the capital structure.

Crestwood lead banks

Citigroup Global Markets Inc., Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Barclays, Morgan Stanley Senior Funding Inc., RBC Capital Markets, SunTrust Robinson Humphrey and Wells Fargo Securities LLC are the joint bookrunners on Crestwood's $400 million deal.

Proceeds will be used to refinance existing debt and the funds from the upsizing will either be used for general corporate purposes or to fund a distribution to equity holders.

Closing is expected to take place on June 18, a source added.

Crestwood Holdings is a Houston-based provider of midstream infrastructure services for the development of shale and unconventional resource basins.

Waddington hits secondary

Waddington's credit facility began trading too, with the $375 million seven-year covenant-light first-lien term loan (B1/B) quoted at par bid, 101 offered, the C$100 million seven-year covenant-light first-lien term loan (B1/B) quoted at 99¾ bid, par ¾ offered, and the $125 million 71/2-year covenant-light second-lien term loan (Caa1/CCC+) quoted at par ½ bid, 101½ offered, a market source said.

Pricing on the U.S. first-lien loan is Libor plus 325 bps, the Canadian term loan is priced at BA plus 425 bps, and the second-lien term loan is priced at Libor plus 725 bps. All of the term loans have a 1.25% Libor floor, the first-lien term loans have 101 soft call protection for one year, and the second-lien term loan has call protection of 103 in year one, 102 in year two and 101 in year three. The first-lien debt was sold at a discount of 991/2, while the second-lien loan was sold at 99.

During syndication, the U.S. first-lien term loan was upsized from $350 million, and the second-lien term loan was downsized from $150 million. Also, pricing on the U.S. first-lien loan was cut from talk of Libor plus 350 bps to 375 bps, pricing on the Canadian loan firmed at the tight end of the BA plus 425 bps to 450 bps guidance, pricing on the second-lien term loan was trimmed from talk of Libor plus 750 bps to 800 bps, the discount on the first-lien term loans finalized at the tight end of the 99 to 99½ talk, and the discount on the second-lien loan tightened from talk of 98 to 981/2.

Waddington getting revolver

Waddington's $650 million senior secured credit facility also includes a $50 million five-year revolver (B1/B).

Barclays, RBC Capital Markets, GE Capital Markets and Goldman Sachs & Co. are leading the deal that will be used to fund the acquisition of Par-Pak Ltd., a designer and manufacturer of rigid plastic packaging, and to refinance existing debt at both companies.

First-lien leverage is 4.2 times and total leverage is 5.3 times.

Waddington is a Covington, Ky.-based manufacturer of disposable drinkware, dinnerware, servingware, cutlery and custom packaging.

Air Medical flexes, breaks

Air Medical raised pricing on its $200 million five-year HoldCo contingent cash pay term loan (Caa1/CCC+) to 7 5/8% plus 75 basis points pay in-kind, from talk of 7% to 7¼% cash pay plus 75 bps PIK, and revised the original issue discount to 99 from talk of 99½ to par, according to a market source.

As before, the loan is non-callable for one year, then at 102 in year two and 101 in year three. During the non-call period, the company can pay out the loan at 102 with initial public offering proceeds.

With final terms in place, the loan made it way into the secondary market, with levels quoted at par bid, 101 offered, another source remarked.

Barclays, Bank of America Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley Senior Funding Inc. are leading the loan that will be used to fund a dividend to shareholders.

The loan will rank pari passu with all senior unsecured debt of the company.

Air Medical is a San Antonio, Texas-based provider of community-based air ambulance services.

NRG sets spread

In more happenings, NRG Energy finalized the coupon on its $2,022,000,000 term loan B due July 1, 2018 at Libor plus 200 bps, the tight end of the Libor plus 200 bps to 225 bps talk, according to a market source, who said that, allocations will likely go out on Tuesday.

The term loan, which includes $450 million of incremental debt, still has a 0.75% Libor floor and 101 soft call protection for six months. The incremental loan is being sold at an original issue discount of 99½ and the existing amount is being sold at par.

Proceeds will be used to reprice the existing term loan and the incremental amount will be used to help fund the redemption of GenOn 2014 unsecured notes and for other general corporate purposes, including financing the Gregory plant acquisition.

Morgan Stanley Senior Funding Inc. and Credit Suisse Securities (USA) LLC are leading the incremental term loan, and Morgan Stanley, Bank of America Merrill Lynch, Barclays, Citigroup Global Markets Inc., Credit Suisse, Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, RBS Securities Inc., Mitsubishi UFJ Financial Group and Union Bank are leading the repricing.

NRG is a wholesale power generation company with headquarters in Princeton, N.J., and Houston.

LifeCare finalizes coupon

LifeCare set pricing on its $200 million 51/2-year first-lien term loan (B3/B-) at Libor plus 525 bps, the high end of the Libor plus 500 bps to 525 bps talk, 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.

Credit Suisse Securities (USA) LLC and GE Capital Markets are leading the loan that will be used to help fund the company's exit from bankruptcy.

Also as part of its exit financing, the company is getting a $30 million ABL revolver that is being led by GE Capital.

LifeCare is a Plano, Texas-based operator of long-term acute care hospitals.

MacDermid coming soon

Looking ahead at the busy primary scheduled, MacDermid will be holding a bank meeting at 2 p.m. ET in New York on Tuesday to launch a $1.14 billion senior secured credit facility that is being led by Credit Suisse Securities (USA) LLC.

The facility consists of a $50 million five-year revolver, a $755 million seven-year covenant-light first-lien term loan talked at Libor plus 325 bps to 350 bps with a 1% Libor floor, an original issue discount of 99½ and 101 repricing protection for six months, and a $335 million 71/2-year covenant-light second-lien term loan talked at Libor plus 725 bps to 750 bps with a 1% Libor floor, a discount of 99 and call protection of 103 in year one, 102 in year two and 101 in year three, a source previously said.

Proceeds will be used to refinance existing debt and repay preferred equity.

The company is tendering for its $350 million 9½% senior subordinated notes due 2017 in an offer that expires on June 19 and is subject to the entrance into the new credit facility.

MacDermid is a Denver-based manufacturer of specialty chemicals to the electronics, industrial, offshore and printing industries.

InterGen readies deal

Also set for Tuesday is InterGen's bank meeting for its $1 billion senior secured credit facility that consists of a $500 million term loan and $500 million in revolvers that will be split between a U.S. tranche and a GBP tranche.

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

Proceeds from the term loan, a $700 million equity contribution and an $800 million offering of senior secured notes will be used to fund the tender offer for the company's 9½% senior secured notes due 2017, 9% senior secured notes due 2017 and 8½% senior secured notes due 2017, to repay an existing corporate debt facility, and for general corporate purposes.

The revolvers are available to fund working capital and for other general corporate purposes.

InterGen is a power generation firm.

Beats Electronics meeting

Then on Wednesday, Beats Electronics will hold a bank meeting with a noon ET registration time to launch a $700 million senior secured credit facility, a market source previously told Prospect News.

The facility consists of a $200 million revolver and a $500 million term loan B.

Barclays, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are leading the deal that will be used to retire existing debt, fund a distribution to shareholders and for general corporate purposes.

Beats Electronics is a Santa Monica, Calif.-based consumer audio company.

CTI deal surfaces

CTI Foods' debt financing for its buyout by Thomas H. Lee Partners LP and Goldman Sachs & Co. from Littlejohn & Co. LLC will also launch with a bank meeting at 1:30 p.m. ET on Wednesday, according to a market source.

The debt includes a $345 million first-lien term loan B, a $140 million second-lien term loan and a $100 million ABL revolver, the source said.

Morgan Stanley Senior Funding Inc. and Goldman Sachs & Co. are leading the transaction.

Closing is expected this quarter.

CTI is a Wilder, Idaho-based provider of food products to national chain restaurants.

Quicksilver on deck

Another deal slated for Wednesday is Quicksilver Resources' $600 million six-year second-lien covenant-light term loan (CCC+) that has soft call protection of 102 in year one and 101 in year two.

The bank meeting will take place at 10 a.m. ET in New York on Wednesday and commitments will be due on June 5.

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities LLC are leading the deal that will be used to help fund a tender offer for the company's 8¼% senior notes due 2015, 11¾% senior notes due 2016 and 7 1/8% senior subordinated notes due 2016, and for general corporate purposes.

Furthermore, the company plans on selling up to $675 million in new senior unsecured notes and up to $200 million in new senior second priority secured notes.

Quicksilver is a Fort Worth, Texas-based natural gas and oil exploration and production company.

Waupaca seeking add-on

Waupaca Foundry will also host a Wednesday bank meeting so that it can present to lenders a $125 million add-on term loan that is talked at Libor plus 350 bps with a 1% Libor floor, an offer price of 99¾ to par and 101 soft call protection for six months, a market source previously said.

The spread, floor and call protection are in line with those on the existing term loan.

GE Capital Markets is leading the deal that will be used to fund a dividend.

Waupaca Foundry is a Waupaca, Wis.-based producer of gray and ductile iron castings for the automotive, truck, agriculture, construction, hydraulics and commercial vehicle markets.

F+W refinancing

Furthermore, F+W Media scheduled a bank meeting for 11 a.m. ET on Thursday to launch $135 million credit facility that will be used to refinance existing debt.

The facility consists of a $10 million revolver and a $125 million term loan B.

Macquarie Capital is leading the deal.

Also, in connection with the refinancing, the company will extend the maturity on its existing $25 million second-lien term loan

F+W Media is a community-focused, content creator and marketer of products and services for enthusiasts.

Expera details emerge

And, Expera Specialty Solutions will host a bank meeting on Thursday too as the company is looking to get a $180 million seven-year term loan B led by Goldman Sachs & Co. and GE Capital Markets, according to sources.

Proceeds will be used to help fund the formation of Expera by KPS Capital Partners LP, through the acquisition and combination of Wausau Paper Corp.'s specialty paper business and Packaging Dynamics Corp.'s specialty paper business.

When the transaction was first announced, it was said that there would be new financing, and the lead banks were revealed, but timing and structure were unavailable.

Completion of the acquisitions is expected to occur simultaneously during the second or third quarter, subject to customary conditions.

ConvergEx readies facility

In addition, ConvergEx is planning on holding a bank meeting during the week of May 27 to launch a $175 million credit facility that is being led by Goldman Sachs & Co., according to a market source.

The facility consists of a $25 million revolver and a $150 million term loan B, the source said.

Proceeds will be used by the New York-based provider of global brokerage and trading related services to refinance existing debt.

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