Getty Images breaks; PetroLogistics ups deadline; Oberthur, NPC, LPL, Cengage tweak deals

By Sara Rosenberg

New York, March 22 - Getty Images Inc.'s term loan B-1 freed up for trading on Thursday, with levels seen above its original issue discount price.

Moving to the primary, PetroLogistics moved up the commitment deadline on its credit facility, Oberthur Technologies sweetened the original issue discount on its term loan B, and NPC International Inc. set the spread on its B loan at the low end of talk.

Additionally, LPL Financial LLC firmed its original issue discount at the tight side of guidance while adding a pricing step-down to the term loan B, and Cengage Learning Acquisitions Inc. flexed pricing higher on its proposed extended term loan.

Furthermore, 99 Cent Only Stores released price talk on its repricing deal, Landry's Inc. nailed down timing on the launch of its credit facility and came out with details on structure, and Goodyear Tire & Rubber Co., Toys 'R' Us Inc. and Veyance Technologies Inc. (formerly Goodyear Engineered Products) announced new loan plans.

Getty tops OID

Getty Images' $350 million term loan B-1 (Ba3/BB-) made its way into the secondary market on Thursday, with levels quoted at 99 7/8 bid, par 3/8 offered, according to a trader.

Pricing on the loan, which was upsized recently from $275 million, is Libor plus 375 basis points with no Libor floor, and it was sold at an original issue discount of 991/2.

Bank of America Merrill Lynch, GE Capital Markets, BMO Capital Markets Corp., RBC Capital Markets LLC and SunTrust Robinson Humphrey Inc. are the lead banks on the deal that will be used to fund a dividend.

Getty Images is a Seattle-based creator and distributor of visual content and other media.

PetroLogistics moves deadline

Over in the primary, PetroLogistics accelerated the commitment deadline on its $470 million senior secured credit facility (B1/B) to 10 a.m. ET on Friday from 5 p.m. ET that same day, with the plan being to allocate and break for trading thereafter, according to a market source.

The facility consists of a $120 million 41/2-year revolver and a $350 million five-year term loan B.

Pricing on the B loan firmed in line with talk at Libor plus 575 bps with a 1.25% Libor floor and an original issue discount of 98. The debt is non-callable for one year, then at 102 in year two and 101 in year three.

Morgan Stanley Senior Funding Inc. is the lead arranger and bookrunner on the deal that will be used to refinance project debt and fund a payment to investors to return construction capital.

PetroLogistics is a Houston-based producer of propylene.

Oberthur widens discount

Oberthur Technologies changed the original issue discount on its $250 million term loan B to 95 from talk of 97 to 971/2, but left pricing alone at Libor plus 500 bps with a 1.25% Libor floor, according to a market source.

The U.S. term loan B due November 2018 is being carved out of a €410 million term loan B, and pricing on the euro tranche firmed in line with talk at Euribor plus 500 bps with an original issue discount of 95, the source added. There is no floor on the euro piece.

RBC Capital Markets LLC, Barclays Capital Inc. and Lloyds Securities LLC are the lead banks on the deal that is expected to allocate next week.

Proceeds will be used to refinance some debt that was used for the company's buyout by Advent International in late 2011.

Oberthur Technologies is France-based provider of security and identification services based on smart-card technologies.

NPC finalizes pricing

NPC firmed the coupon on its $375 million term loan B (Ba3/B) due Dec. 28, 2018 at Libor plus 400 bps, the low end of the Libor plus 400 bps to 425 bps talk, and left the 1.25% Libor floor, par offer price and 101 soft call protection for one year unchanged, according to a market source.

Proceeds will be used to refinance an existing $375 million term loan B due Dec. 28, 2018 that was done in late 2011 at pricing of Libor plus 525 bps with a 1.5% Libor floor and sold at an original issue discount of 98.

Existing lenders are getting repaid at 101 as a result of soft call protection.

Barclays Capital Inc. and Goldman Sachs & Co. are the joint lead arrangers and bookrunners on the deal that is expected to allocate on Friday and close during the week of March 26.

NPC is an Overland Park, Kan.-based Pizza Hut franchisee.

LPL sets OID

LPL Financial finalized the original issue discount on its $800 million seven-year term loan B at 991/2, the low end of the 99 to 99½ talk, and added a pricing step-down to Libor plus 275 bps at net leverage of 1.75 times, a market source told Prospect News.

Opening pricing on the loan remained at Libor plus 300 bps with a 1% Libor floor, and the 101 soft call protection for one year was unchanged as well.

The company's $1.6 billion credit facility (Ba2) also includes a $250 million five-year revolver and a $550 million five-year term loan A, both priced at Libor plus 250 bps, subject to a net leverage grid.

Bank of America Merrill Lynch and Goldman Sachs & Co. are the joint lead arrangers and bookrunners with Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC.

LPL repaying debt

Proceeds from LPL's credit facility will be used to refinance an existing $163.5 million revolver priced at Libor plus 350 bps and $1.33 billion of term loan borrowings.

The existing term loans are divided between a 2013 tranche priced at Libor plus 175 bps, a 2015 tranche priced at Libor plus 275 bps with a 1.5% floor, and a 2017 tranche priced at Libor plus 375 bps with a 1.5% floor.

Closing is expected to occur in the second quarter.

LPL Financial is a broker-dealer, an RIA custodian and a consultant to retirement plans with offices in Boston, Charlotte, N.C., and San Diego.

Cengage ups coupon

Cengage Learning raised pricing on its proposed extended term loan B to Libor plus 550 bps from Libor plus 500 bps, while leaving the 15 bps extension fee and 10 bps consent fee intact, according to a market source.

The term loan B debt consists of a roughly $3.3 billion tranche due in 2014 that is priced at Libor plus 225 bps and a roughly $603 million incremental tranche due in 2014 that is priced at Libor plus 375 bps, and the company is looking to push out the maturity on a portion of these borrowings to July 2017.

Also, the company wants to extend its $300 million revolver to March 2017 from July 2013.

Recommitments were due at 5 p.m. ET on Thursday.

J.P. Morgan Securities LLC is the lead bank on the amendment and extension, which is conditioned on a partial repayment of the extended term B loans.

Cengage is a Stamford, Conn.-based provider of teaching, learning and research services for the academic, professional and library markets.

99 Cent discloses guidance

In more loan happenings, 99 Cent Only Stores held a call on Thursday to launch its $525 million senior secured term loan, and talk on the deal surfaced at Libor plus 375 bps to 400 bps with a 1.25% Libor floor, a par offer price and 101 soft call protection for one year, according to a market source.

Proceeds will be used to reprice an existing $525 million term loan that is priced at Libor plus 550 bps with a 1.5% Libor floor and was sold at an original issue discount of 98 late last year.

Existing lenders are getting paid down at 102 with the repricing as a result of soft call protection.

Commitments towards the transaction are due on March 29, the source added.

RBC Capital Markets, BMO Capital Markets and Deutsche Bank Securities Inc. are the lead banks on the deal.

99 Cent is a City of Commerce, Calif.-based operator of extreme value retail stores.

Landry's details emerge

Landry's has set a bank meeting for 2 p.m. ET on Tuesday to launch its proposed credit facility, which is now known to be sized at $1.4 billion, according to a market source.

Specifically, the facility consists of a $250 million five-year revolver, a $200 million five-year term loan A and a $950 million six-year term loan B, the source remarked.

Previously, it was said that the bank meeting was expected next week, but a firm date had not been outlined, and that the company was coming with a roughly $1.35 billion debt package.

One-on-one meetings with investors about the financing already began taking place this week, and there will be a diligent session in Houston on March 29.

Landry's floats talk

With timing determined, Landry's began circulating some price talk on its credit facility, the source continued.

The revolver and term loan A are talked at Libor plus 400 bps, and the term loan B is talked at Libor plus 475 bps with a 1.25% Libor floor, an original issue discount that is still to be determined and 101 soft call protection for one year, the source added.

Jefferies & Co. is leading the deal that will be used to refinance a roughly $231 million term loan and $100 million revolver at Landry's, a roughly $193 million term loan and $15 million revolver at Morton's Restaurant Group Inc., and other debt.

Landry's is a Houston-based full-service restaurant, hospitality and entertainment company.

Goodyear coming soon

Goodyear Tire & Rubber will be holding a bank meeting at 10:30 a.m. ET on Tuesday to launch a proposed $1.2 billion senior secured second-lien term loan, according to sources.

J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. and Wells Fargo Securities LLC are the lead banks on the deal.

Proceeds will be used by the Akron, Ohio-based tire company to refinance an existing second-lien term loan.

Toys 'R' Us plans loan

Toys 'R' Us joined the calendar, scheduling a conference call for Friday to launch a $300 million covenant-light incremental term loan B-3 (NA/NA/B-) due May 25, 2018 that is talked at Libor plus 375 bps with a 1.5% Libor floor and 101 soft call protection for one year, according to a market source, who said that the original issue discount is still to be determined.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Goldman Sachs & Co., Wells Fargo Securities LLC, Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are the lead banks on the deal.

Proceeds will be used by the Wayne, N.J.-based toy retailer for general corporate purposes, including the repayment of debt.

Veyance readies deal

Veyance Technologies is set to hold a call at 11 a.m. ET on Monday to launch a proposed $50 million incremental non-fungible first-lien term loan due July 31, 2014 that is talked at Libor plus 400 bps to 425 bps with a 1.25% Libor floor, an original issue discount of 99½ and 101 soft call protection for one year, according to a market source.

Barclays Capital Inc. is the lead bank on the deal that will be used to repay revolver borrowings.

In addition, the company is getting a new $75 million revolver that has already been syndicated, the source remarked.

Veyance is an Akron, Ohio-based manufacturer and seller of industrial power transmission products, heavy-duty and lightweight conveyor belts, hydraulics, rubber track, and automotive and heavy-duty truck belts, hose, tensioners and air springs.

Mirion well met

In other news, Mirion Technologies' $225 million credit facility (B1/B) was oversubscribed at initial talk by its 5 p.m. ET Thursday commitment deadline, according to a market source, who said the loan will allocate and close next week.

The facility consists of a $25 million five-year revolver and a $200 million six-year term loan B, both priced at Libor plus 500 bps with a 1.25% Libor floor. The B loan was sold at an original issue discount of 98 and includes 101 soft call protection for one year.

Credit Suisse Securities (USA) LLC is the lead bank on the deal that will be used to refinance existing debt.

Mirion is a San Ramon, Calif.-based provider of mission-critical products to detect, monitor and identify radiation.

Tenneco closes

Tenneco Inc. completed its amended and restated $1.1 billion five-year credit facility (Baa3/BBB-/BBB-), consisting of an $850 million revolver and a $250 million term loan A, and priced at Libor plus 250 bps, according to a news release.

During syndication, the revolver was upsized from $700 million.

Proceeds are being used to refinance a $556 million revolver priced at Libor plus 400 bps, a $148 million term loan B priced at Libor plus 450 bps, a $130 million tranche B-1 letter of credit/revolving loan and $250 million of 8 1/8% senior notes due 2015.

J.P. Morgan Securities LLC led the deal.

Tenneco is a Lake Forest, Ill.-based designer, manufacturer and seller of emission control and ride control products and systems for light, commercial, and specialty vehicle applications.

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