HCA, Six Flags free to trade; Virgin Media, DuBois, ALKU updates surface

By Sara Rosenberg

New York, Oct. 4 – HCA Inc. finalized the issue price on its term loan at the tight end of guidance before breaking for trading on Friday, and Six Flags Theme Parks Inc.’s term loan emerged in the secondary market as well.

In more happenings, Virgin Media upsized its U.S. and euro term loans, DuBois Chemicals Inc. revised price talk on its first- and second-lien term loans, and ALKU LLC extended the call protection on its term loan B.

Additionally, Golden Nugget LLC (Landry’s Inc.) released price talk on its incremental term loan B with launch, and Garda World Security Corp. scheduled the bank meeting for its term loan B and disclosed price guidance.

HCA updated, trades

HCA set the issue price on its $1.478 billion term loan at par, the tight end of the 99.875 to par talk, according to a market source.

The term loan is priced at Libor plus 175 basis points with a 0% Libor floor.

On Friday, the term loan freed to trade, with levels quoted by one trader at par ¼ bid, par ¾ offered.

BofA Securities, Inc. is leading the deal that will be used to reprice a term loan B-10 down from Libor plus 200 bps.

HCA is a Nashville, Tenn.-based health care services provider.

Six Flags frees up

Six Flags’ $798 million term loan B due April 17, 2026 began trading too, with levels quoted at par 1/8 bid, par 5/8 offered, a market source remarked.

Pricing on the term loan is Libor plus 175 bps with a 0% Libor floor and it was issued at par. The debt has 101 soft call protection for six months.

Wells Fargo Securities LLC is the left lead on the deal that will be used to reprice an existing term loan down from Libor plus 200 bps with a 0% Libor floor.

Six Flags is a Grand Prairie, Tex.-based regional theme park company.

Virgin Media revised

Back in the primary market, Virgin Media raised its 8.25-year U.S. covenant-lite term loan to $3.3 billion from $2.5 billion and its 9.25-year euro covenant-lite term loan to €750 million from €450 million, and left pricing at Libor/Euribor plus 250 bps with a 0% floor and an original issue discount of 99.75, according to a market source.

As before, the term loans have 101 soft call protection for six months.

J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., BNP Paribas Securities Corp., Credit Agricole, Goldman Sachs, ING, Lloyds, RBS, Societe Generale and Bank of Nova Scotia are leading the deal, with JPMorgan left on the U.S. and Deutsche left on the euro. Scotia is the administrative agent on both loans.

Proceeds will be used to refinance an existing term loan B due 2026 and, because of the upsizings, for general corporate purposes and the refinancing of additional debt.

Virgin Media, a subsidiary of Liberty Global plc, is a Hook, England-based provider of broadband, TV, mobile phone and home phone services.

DuBois flexes

DuBois Chemicals lifted pricing on its $510 million seven-year first-lien term loan B to Libor plus 450 bps from talk in the range of Libor plus 400 bps to 425 bps, changed original issue discount talk to a range of 97.5 to 98 from 99.5 and extended the 101 soft call protection to one year from six months, a market source remarked.

Meanwhile, pricing on the $140 million eight-year second-lien term loan was set at Libor plus 850 bps, the high end of the Libor plus 825 bps to 850 bps talk, and the discount talk was modified to a range of 97.5 to 98 from 98.5, the source continued.

Both term loans still have a 0% Libor floor.

Previously in syndication, the first-lien term loan was downsized from $540 million and the second-lien term loan was downsized from $190 million, as the equity component of the transaction was upsized.

J.P. Morgan Securities LLC is leading the deal that will be used to help fund the buyout of the company by Altas Partners from the Jordan Co. LP.

Closing is expected this year, subject to customary conditions and regulatory approvals.

DuBois Chemicals is a Sharonville, Ohio-based provider of specialty cleaning chemical solutions.

ALKU tweaked

ALKU extended the 101 soft call protection on its $218 million term loan B to one year from six months, a market source said.

Pricing on the term loan is Libor plus 550 bps with a 0% Libor floor and an original issue discount of 99.

Earlier in syndication, the spread on the term loan was flexed up from Libor plus 500 bps.

The company’s $248 million of credit facilities (B2/B-) also include a $30 million revolver.

Allocations went out on Friday, the source added.

Societe Generale and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to help fund the buyout of the company by FFL Partners.

ALKU is an Andover, Mass.-based provider of temporary and contractual consultants in the technology, health care IT, life sciences and government sectors.

Golden Nugget talk

Golden Nugget held its lender call on Friday and disclosed original issue discount talk of 99.5 on its $300 million incremental term loan B due Oct. 4, 2023, according to a market source.

The incremental loan is priced at Libor plus 275 bps with a 0.75% Libor floor, in line with existing term loan B pricing.

Commitments are due on Thursday, the source said.

Jefferies LLC is leading the deal that will be used to fund the acquisition of Del Frisco’s Double Eagle Steakhouses and the Del Frisco’s Grilles from L Catterton.

Closing is expected at the end of this month.

Golden Nugget is a diversified restaurant, hospitality, entertainment and gaming company.

Garda on deck

Garda World Security set a bank meeting for 11 a.m. ET on Monday to launch its previously announced $1.438 billion seven-year term loan B and is talking the debt at Libor plus 400 bps with a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, a market source remarked.

The company’s $1.773 billion of senior secured credit facilities also include a $335 million five-year revolver.

J.P. Morgan Securities LLC, BofA Securities, Inc., Barclays, TD Securities (USA) LLC, Jefferies LLC, RBC Capital Markets, Bank of Nova Scotia and UBS Investment Bank are leading the deal that will be used with up to $779 million of senior notes to help fund the buyout of the company by BC Partners from Rhone Capital and refinance existing loans and senior notes. The recapitalization is valued at C$5.2 billion.

Upon completion, BC Partners will have a 51% common equity interest in Garda, and Stephan Cretier, founder, chairman and chief executive officer, together with select members of management, will hold 49%.

Closing is expected late this year, subject to customary conditions.

Garda is a Montreal-based provider of cash logistics and security solutions.

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