Phillips-Medisize, Alstom Auxiliary, Arizona Chemical, Ryman, Creative Circle ready deals

By Sara Rosenberg

New York, May 23 - In the primary leveraged loan market on Friday, Phillips-Medisize Corp. disclosed timing on the launch of its credit facility and Alstom Auxiliary Components surfaced with new loan plans, joining Arizona Chemical Inc., Ryman Hospitality Properties Inc. (RHP Hotel Properties LP) and Creative Circle LLC as business for the week of May 26.

Phillips-Medisize timing

Phillips-Medisize nailed down timing on its $605 million credit facility, with the bank meeting to launch the deal scheduled for Thursday, a market source said.

The facility consists of a $70 million revolver, a $365 million first-lien term loan and a $170 million second-lien term loan.

Goldman Sachs Bank USA, UBS Securities LLC and Jefferies Finance LLC are leading the deal that will be used to help fund the buyout of the company by Golden Gate Capital from Kohlberg & Co. LLC.

Closing is subject to customary regulatory approvals and is expected to occur in the coming months.

Phillips-Medisize is a Hudson, Wis.-based provider of design and manufacturing services to the pharmaceutical, medical device, diagnostic and specialty commercial markets.

Alstom on deck

Alstom Auxiliary Components set a bank meeting for 10:30 a.m. ET in New York on Wednesday to launch €430 million in new term loans, according to a market source.

The debt consists of a €310 million equivalent U.S. dollar and euro first-lien term loan B and a €120 million U.S. dollar equivalent second-lien term loan, the source remarked.

Citigroup Global Markets Inc., Barclays, ING Financial Markets LLC, RBC Capital Markets and Societe Generale are leading the deal.

Last month, the company said that it is being purchased by Triton from Alstom for about €730 million.

Closing is expected before the end of the first half of fiscal year 2014/2015.

Alstom Auxiliary Components is a Mannheim, Germany-based company active in air preheaters and gas-gas heaters for thermal power plants, heat transfer solutions for a variety of petrochemical and industrial processes, and grinding mills for diversified industrial applications.

Arizona Chem readies deal

Arizona Chemical is also holding a bank meeting on Wednesday, as it will launch a $940 million credit facility, according to a market source.

As previously reported, the facility consists of a $60 million five-year revolver, a $675 million seven-year covenant-light first-lien term loan and a $205 million eight-year covenant-light second-lien term loan.

Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, Jefferies Finance LLC and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to refinance existing debt and fund a dividend.

Arizona Chemical is a Jacksonville, Fla.-based biorefiner of pine chemicals.

Ryman coming soon

Another deal slated for launch with a Wednesday bank meeting is Ryman Hospitality's $400 million covenant-light term loan B due January 2021 that is talked with 101 soft call protection for six months.

Deutsche Bank Securities Inc., Wells Fargo Securities LLC, J.P. Morgan Securities LLC, Bank of America Merrill Lynch and U.S. Bank are leading the loan that will be used to repay revolving credit facility borrowings and for general corporate purposes.

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

Creative Circle plans meeting

Creative Circle also set a Wednesday bank meeting, at which time it will present to investors a $200 million credit facility consisting of a $15 million revolver (B1/B+), a $150 million first-lien term loan (B1/B+) and a $35 million second-lien term loan (Caa1/CCC+).

Societe Generale is leading the deal that will be used to refinance existing debt and fund a dividend.

Morgan Stanley Global Private Equity is the sponsor.

Senior leverage is 3.7 times, and total leverage is 4.6 times.

Creative Circle is a Los Angeles-based provider of specialized freelance and permanent staffing for advertising, creative and digital/IT marketing talent.

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