Party City, Advantage Sales, Davis/Superior Vision, Lumos, Access CIG, Jane Street break

By Sara Rosenberg

New York, Feb. 14 – Party City Holdings Inc. firmed the spread on its term loan at the wide end of talk and added a step-down, Advantage Sales & Marketing Inc. modified the original issue discount on its incremental term loan B-2, and Davis/Superior Vision (Wink Holdco Inc.) adjusted the issue price on its incremental term loan B, and then all of these deals freed up for trading on Wednesday.

Also, Lumos Networks (MTN Infrastructure TopCo Inc.) increased the size of its incremental term loan B and set the issue price at the tight side of guidance before breaking for trading, and deals from Access CIG LLC and Jane Street surfaced in the secondary market too.

In more happenings, Robertshaw US Holding Corp. adjusted sizes and pricing on its first-and second-lien term loans, and TTM Technologies Inc. upsized its add-on term loan B.

Additionally, PSAV, W.R. Grace & Co., Genworth Financial Inc., Accudyne Industries LLC, XPO Logistics Inc., Affinity Gaming and CPM Acquisition Corp. released price talk with launch, and SS&C Technologies Holdings Inc., Pro Mach Group Inc., Hargray Communications Group Inc. and Leslie’s Poolmart Inc. joined this week’s primary calendar.

Party City revised, frees up

Party City finalized pricing on its $1,211,000,000 covenant-light first-lien term loan (Ba3/B+) due August 2022 at Libor plus 275 basis points, the high end of the Libor plus 250 bps to 275 bps talk, and added a 25 bps step-down at senior secured net leverage 0.5 times inside closing date, according to a market source.

As before, the term loan has a 0.75% Libor floor, a par issue price and 101 soft call protection for six months.

Recommitments were due at noon ET on Wednesday, and then the loan made its way into the secondary market with levels quoted at par ¼ bid, par 5/8 offered, another source said.

Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch, MUFG, Barclays, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Mizuho, Morgan Stanley Senior Funding Inc. and Wells Fargo Securities LLC are leading the deal that will be used to refinance existing debt, including a term loan priced at Libor plus 300 bps with a 0.75% Libor floor.

Party City is an Elmsford, N.Y.-based supplier of decorated party goods.

Advantage tweaked, trades

Advantage Sales & Marketing changed the original issue discount on its fungible $350 million incremental covenant-light term loan B-2 (B1/B) due July 25, 2021 to 98 from 97.6, a market source said.

The incremental loan is priced at Libor plus 325 bps with a 1% Libor floor, in line with the existing term loan B-2, and all of the B-2 debt is getting 101 soft call protection for six months.

Recommitments were due at noon ET on Wednesday and then the loan hit the secondary market, with levels quoted at 98 3/8 bid, 98 7/8 offered, another source added.

Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, CB&T and Jefferies LLC are leading the deal that will be used to consolidate Daymon Worldwide into Advantage Sales to create a single credit group by paying off the outstanding Daymon credit facilities and to provide funding for acquisitions under letters of intent.

Advantage Sales is an Irvine, Calif.-based sales and marketing agency.

Davis tightens, tops OID

Davis/Superior Vision changed the original issue discount on its fungible $100 million incremental covenant-light term loan B (B) due Dec. 1, 2024 to 99.25 from the 99 area, according to a market source.

The loan is priced at Libor plus 300 bps with a 1% Libor floor and has 101 soft call protection until June 1, 2018.

By late day, the incremental loan began trading and levels were seen at 99¾ bid, par ¼ offered, a trader added.

Morgan Stanley Senior Funding Inc. is the bookrunner on the deal that will be used to fund a distribution to shareholders. Goldman Sachs Bank USA is the administrative agent.

Closing is expected on Tuesday.

Davis/Superior Vision is a managed vision care company.

Lumos updated, breaks

Lumos Networks raised its fungible incremental senior secured covenant-light term loan B due Nov. 17, 2024 to $65 million from $50 million and finalized the issue price at 100.25, the tight end of the 100 to 100.25 talk, according to a market source.

The incremental loan is priced at Libor plus 325 bps with a 1% Libor floor and has 101 soft call protection until May 17, 2018.

After terms finalized, the incremental loan freed up for trading and levels were quoted at par ¾ bid, 101¼ offered, a trader added.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used for general corporate purposes, including capital expenditures to support new contract wins.

Closing is expected in early March.

Lumos is a Waynesboro, Va.-based fiber-based service provider in the Mid-Atlantic region.

Access CIG hits secondary

Another deal to begin trading was Access CIG, with its $575 million seven-year first-lien term loan (B2/B) and $120 million seven-year delayed-draw first-lien term loan (B2/B) quoted at par bid, par ¾ offered, and its $215 million eight-year second-lien term loan (Caa2/CCC+) and $40 million eight-year delayed-draw second-lien term loan (Caa2/CCC+) quoted at par bid, 101 offered, a market source said.

Pricing on the first-lien term loan debt is Libor plus 375 bps with a 0% Libor floor and it was sold at an original issue discount of 99.5. The loan has 101 soft call protection for six months.

The second-lien term loan debt is priced at Libor plus 775 bps with a 0% Libor floor and was issued at a discount of 99. This tranche has hard call protection of 102 in year one and 101 in year two.

The delayed-draw loans have a one-year commitment period and a ticking fee of half the spread from days 61 to 120 and the full spread thereafter, and will include the original issue discounts when drawn.

On Tuesday, pricing on the first-lien term loans was lowered from Libor plus 400 bps and pricing on the second-lien term loans was trimmed from Libor plus 800 bps.

Access CIG getting revolver

In addition to the term loans, Access CIG’s $1.01 billion of senior secured credit facilities include a $60 million five-year revolver (B2/B).

Jefferies LLC, Macquarie Capital (USA) Inc., Nomura and Golub are leading the deal that will be used to refinance existing debt, and the delayed-draw loans are intended for acquisitions currently under letters of intent.

Access CIG is a Livermore, Calif.-based provider of physical and digital records and information management services.

Jane tops issue price

Jane Street’s $800 million term loan B also broke, with levels seen at par 5/8 bid, 101 offered, a market source remarked.

Pricing on the loan is Libor plus 375 bps with a 0% Libor floor and it was issued at par.

JPMorgan Chase Bank is leading the deal that will be used to reprice an existing term loan B down from Libor plus 450 bps with a 0% Libor floor and the $207.5 million of add-on debt raised through this transaction will be used for general corporate purposes.

Jane Street is a trading firm with offices in New York, London and Hong Kong.

Robertshaw modifies deal

Back in the primary market, Robertshaw lifted its seven-year covenant-light first-lien term loan to $510 million from $480 million, cut pricing to Libor plus 350 bps from Libor plus 375 bps, added a step-down was to Libor plus 325 bps at 4.25 times first-lien leverage and tightened the original issue discount to 99.75 from 99.5, according to a market source. The tranche still has a 1% Libor floor and 101 soft call protection for six months.

Additionally, the company scaled back its eight-year covenant-light second-lien term loan to $110 million from $125 million and reduced pricing to Libor plus 800 bps from Libor plus 825 bps, while keeping the 1% Libor floor, discount of 99 and call protection of 102 in year one and 101 in year two intact, the source said.

Also, the MFN sunset was removed so there is now 50 bps MFN for life.

The company’s now $670 million of credit facilities include a $50 million ABL revolver as well.

Final commitments were due at 3 p.m. ET on Wednesday and allocations are targeted for Thursday morning, the source added.

Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Jefferies LLC are leading the deal that will be used to help fund the buyout of the company by One Rock Capital Partners LLC, and due to the $15 million increase in debt, to add cash to the balance sheet.

Robertshaw is an Itasca, Ill.-based designer and manufacturer of systems and controls used in residential and commercial appliances, HVAC and transportation applications.

TTM lifts size

TTM Technologies raised its add-on term loan B due Sept. 28, 2024 to $600 million from $300 million, and left talk at Libor plus 250 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, a market source remarked.

Commitments are still due at noon ET on Friday.

Barclays, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to help fund the acquisition of Anaren Inc. for about $775 million in cash from affiliates of Veritas Capital.

Closing is expected in the first half of this year, subject to customary conditions, including regulatory approvals.

TTM is a Costa Mesa, Calif.-based printed circuit board manufacturer. Anaren is a Syracuse, N.Y.-based designer and manufacturer of high-frequency RF and microwave microelectronics, components and assemblies for the space, defense and telecommunications sectors.

PSAV talk surfaces

PSAV held its bank meeting on Wednesday and announced price talk on its $1.03 billion seven-year first-lien term loan (B2/B) and $285 million 7.5-year second-lien term loan, according to a market source.

Talk on the first-lien term loan is Libor plus 350 bps to 375 bps with a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, and talk on the second-lien term loan is Libor plus 750 bps to 775 bps with a 1% Libor floor, a discount of 99 and hard call protection of 102 in year one and 101 in year two, the source said.

The company’s $1,415,000,000 of credit facilities also include a $100 million revolver (B2/B).

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

Goldman Sachs Bank USA, JPMorgan Chase Bank, Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc., Macquarie Capital (USA) Inc., KKR Capital Markets and Sumitomo Mitsui are leading the deal that will be used to refinance an existing first-lien term loan and to fund a dividend.

PSAV is a Long Beach, Calif.-based event technology provider.

W.R. Grace launches

W.R. Grace had its call in the afternoon and launched its $900 million of seven-year first-lien term loans at talk of Libor plus 200 bps to 225 bps with a 0% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months, a market source said.

The debt consists of a $300 million term loan B-1 and a $600 million term loan B-2.

The company’s $1.3 billion of senior secured credit facilities (Ba1/BBB-) also include a $400 million revolver.

Commitments are due on Feb. 22, the source added.

Goldman Sachs Bank USA is leading the deal that will be used to refinance existing debt and for mergers and acquisitions.

W.R. Grace is a Columbia, Md.-based product development and manufacturing company that produces and sells specialty chemicals and materials.

Genworth reveals guidance

Genworth Financial came out with talk of Libor plus 475 bps to 500 bps with a 1% Libor floor and an original issue discount of 98.5 on its $450 million five-year senior secured term loan (Ba3/B+) that launched with a morning bank meeting, a market source remarked.

The term loan is non-callable for one year, then has hard call protection of 102 in year two and 101 in year three.

Commitments are due on Feb. 23, the source added.

Goldman Sachs Bank USA and JPMorgan Chase Bank are leading the deal that will be used with cash on hand to repay existing debt and transaction fees and expenses, and could be used to pay the company’s 6.515% senior unsecured notes due May 2018.

Closing is expected in early March.

Genworth Financial is a Richmond, Va.-based holding company that provides a diversified mix of life, annuity, long-term care and mortgage insurance solutions.

Accudyne floats terms

Accudyne Industries launched on its morning call its $822,937,500 senior secured covenant-light term loan B due Aug. 18, 2024 at talk of Libor plus 325 bps with a 25 bps step-down at 4.25 times total net leverage, a 1% Libor floor, a par issue price and 101 soft call protection for six months, according to a market source.

Commitments/consents are due at 5 p.m. ET on Feb. 21, the source said.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to reprice an existing term loan down from Libor plus 375 bps with a 25 bps step-down at 4.25 times total net leverage and a 1% Libor floor.

Accudyne is a Dallas-based provider of precision engineered, process-critical and technologically advanced flow control systems and industrial compressors.

XPO holds call

XPO Logistics emerged in the morning with plans to hold a lender call at 10:30 a.m. ET on Wednesday to launch a $1,503,000,000 seven-year term loan B talked at Libor plus 200 bps with a 0% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months, according to a market source.

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

Citigroup Global Markets Inc. is the lead arranger on the deal that will be used to refinance existing term loan borrowings. Morgan Stanley Senior Funding Inc. is the administrative agent.

Closing is targeted for Feb. 23.

XPO Logistics is a Greenwich, Conn.-based provider of supply chain solutions.

Affinity seeks repricing

Affinity Gaming held a lender call during the session to launch a $317 million term loan B talked at Libor plus 300 bps with a 1% Libor floor, a par issue price and 101 soft call protection for six months, a market source remarked.

Commitments are due on Feb. 21, the source added.

Citizens Bank, Credit Suisse Securities (USA) LLC and Fifth Third are leading the deal that will be used to reprice an existing term loan B down from Libor plus 350 bps with a 1% Libor floor.

Affinity Gaming is a Las Vegas-based diversified casino gaming company.

CPM discloses talk

CPM Acquisition released talk of Libor plus 350 bps to 375 bps with a 1% Libor floor, a par issue price and 101 soft call protection for six months on its $361.8 million covenant-light first-lien term loan due April 2022 that launched with a morning call, a market source said.

The company’s $381.8 million of credit facilities also include a $20 million revolver due April 2020.

Commitments are due at noon ET on Feb. 22.

BMO Capital Markets Corp. is leading the deal that will be used to reprice existing bank debt.

CPM is a supplier of process equipment used for oilseed processing and animal feed production.

SS&C coming soon

Also in the primary market, SS&C Technologies scheduled a bank meeting for 10 a.m. ET in New York on Friday to launch a $5.6 billion seven-year covenant-light first-lien term loan that has 101 soft call protection for six months, according to a market source.

Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc., Barclays and JPMorgan Chase Bank are leading the deal.

The term loan will be used to help fund the acquisition of DST Systems Inc. for $84 per share plus assumption of debt, equating to an enterprise value of about $5.4 billion.

Closing is expected by the third quarter, subject to DST’s stockholder approval, clearances by the relevant regulatory authorities and other customary conditions.

SS&C is a Windsor Conn.-based provider of financial services software and software-enabled services. DST is a Kansas City, Mo.-based provider of proprietary technology-based information processing and servicing solutions.

Pro Mach on deck

Pro Mach set a lenders’ presentation for 1:30 p.m. ET on Thursday to launch $860 million of senior secured credit facilities, according to a market source.

The facilities consist of a $100 million revolver and a $760 million first-lien term loan B, the source said.

Morgan Stanley Senior Funding Inc. and Goldman Sachs Bank USA are leading the deal that will be used to fund the buyout of the company by Leonard Green & Partners from AEA Investors and to pay related fees and expenses.

Closing is expected this quarter, subject to customary conditions.

Pro Mach, based near Cincinnati, Ohio, is a provider of packaging solutions to the food, beverage, pharmaceutical, personal care, and household and industrial goods industries.

Hargray joins calendar

Hargray Communications will hold a lender call at 11 a.m. ET on Thursday to launch a fungible $60 million incremental covenant-light first-lien term loan B due May 2024, according to a market source.

Like the existing term loan, the incremental loan is priced at Libor plus 300 bps with a 25 bps step-down at 4.75 times first-lien leverage and a 1% Libor floor, the source said. Original issue discount talk is not yet available.

Commitments are due at noon ET on Friday.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to fund a tuck-in acquisition.

Hargray is a Hilton Head Island, S.C.-based broadband communications and entertainment provider.

Leslie’s readies loan

Leslie’s Poolmart plans to hold a lender call at 11 a.m. ET on Thursday to launch a new loan transaction, a market source said.

Nomura is leading the deal.

Leslie’s Poolmart is a Phoenix-based retailer of swimming pool supplies and related products.

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