Barrington breaks; SuperMedia dips; Fidelity National ups deadline; Michaels updates talk

By Sara Rosenberg

New York, Dec. 8 - Barrington Broadcasting Group LLC's credit facility allocated and freed up for trading on Thursday, with the term loan B seen above its original issue discount price, and SuperMedia Inc.'s term loan continued to come off from its recent run-up that started after the company disclosed tender offer plans.

Over in the primary, Fidelity National Information Services Inc. moved up the commitment deadline on its term loan B as a result of strong demand, but is still giving investors till the original due date to place orders on the term loan A-2.

Furthermore, Michaels Stores Inc. zeroed in on pricing on its proposed extended term loan, focusing the coupon at the tight end and the offer price at the wide end of guidance, and Samson Investment Co. and Affymetrix Inc. released price talk as both deals launched during the session.

Barrington starts trading

Barrington Broadcasting's credit facility hit the secondary market late in the afternoon on Thursday, with the $185 million 51/2-year term loan B quoted at 98 bid, 99 offered, according to a trader.

Pricing on the term loan, as well as on a $10 million five-year revolver, firmed in line with initial talk at Libor plus 600 basis points with a 1.5% Libor floor. The B loan was sold at an original issue discount of 97 and includes 101 soft call protection for one year.

Bank of America Merrill Lynch and Wells Fargo Securities LLC are the lead banks on the $195 million deal (B2/B) that will be used to refinance existing credit facilities and repay 10½% senior subordinated notes due 2014.

Barrington is a Schaumburg, Ill.-based owner and operator of network affiliated television stations.

SuperMedia softens

Also in trading, SuperMedia's term loan slid to 46½ bid, 48½ offered after bouncing around during the previous day's activity on buyback news, according to a trader.

On Wednesday, the loan went out at 47 bid, 49 offered, but had been as high as 48 bid, 50 offered immediately following the launch of a new $117 million cash-offer tender for the debt in a price range of 43 to 50. Lender responses to the tender offer are due by 3 p.m. ET on Tuesday.

Even with the decline after the initial run-up, the loan is still higher than the 45 bid, 46½ offered levels that were seen before the repurchase news emerged.

Last month, the company attempted a tender offer with the same cash offer size but a price range of 43 to 46. That offer, however, was canceled because of insufficient interest.

SuperMedia, a Dallas-based directory publisher, has the ability to buy back the term loan borrowings at a price below par using up to $122.5 million of cash until Jan. 1, 2014 as a result of a recently completed amendment to its credit facility.

Fidelity revises deadline

Switching to primary happenings, Fidelity National Information Services accelerated the commitment deadline on its $1.335 billion term loan B to 10 a.m. ET on Friday from 5 p.m. ET on Monday, and allocations are expected to go out shortly thereafter, a market source told Prospect News.

The term loan B due July 2016 is talked at Libor plus 325 basis points with a 1% Libor floor and an original issue discount of 99 and includes 101 repricing call protection for 18 months.

The company is also looking to get a $315 million add-on term loan A-2 due July 2014, for which commitments continue to be due at 5 p.m. ET on Monday, the source remarked.

J.P. Morgan Securities LLC and Bank of America Merrill Lynch are the lead banks on the deal.

Fidelity repaying debt

Proceeds from Fidelity National's $1.65 billion of new term loans will be used to help refinance an existing $1.485 billion term loan B due July 18, 2016 and up to the entire $315 million of term loan A-1 borrowings due Jan. 18, 2012.

Other funds for the transaction will come from $150 million of 7 5/8% senior notes that priced on Tuesday at 105.375.

The existing term loan B carries pricing of Libor plus 375 bps with a 1.5% Libor floor and was sold at an original issue discount of 99 when obtained in July 2010. As of Sept 30, pricing on the existing term loan A-1 was Libor plus 100 bps and pricing on the existing term loan A-2 was Libor plus 225 bps.

Fidelity National is a Jacksonville, Fla.-based provider of financial institution core processing and card-issuer and transaction-processing services.

Michaels pricing

Michaels Stores is now talking its proposed $400 million of extended term loan at Libor plus 450 bps with no Libor floor and a discount of 99 versus initial talk of Libor plus 450 bps to 475 bps with no floor and an offer price of 99 to par, according to a market source.

As was previously reported, the company is asking to extend the portion of its roughly $1 billion of non-extended term loan debt to July 2016 from Oct. 31, 2013 to match the maturity on its term loan B-2 that is priced at Libor plus 450 bps. Pricing on the non-extended term loan is Libor plus 225 bps

Lead banks Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Wells Fargo Securities LLC kept the commitment deadline at end of day Thursday.

Michaels Stores is an Irving, Texas-based retailer of arts, crafts, framing, floral, wall decor and seasonal merchandise for the hobbyist and do-it-yourself home decorator.

Samson sets talk

In other news, Samson Investment held a bank meeting on Thursday to kick off syndication on its proposed $2.25 billion senior secured revolving credit facility, and in connection with the launch, price talk was announced, according to sources.

Pricing is subject to a utilization-based grid that has five levels ranging from Libor plus 150 bps to 250 bps and a commitment fee ranging from 37.5 bps to 50 bps, sources said. Opening pricing is talked at Libor plus 175 bps with a 37.5 bps commitment fee.

J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the lead arrangers on the deal and bookrunners with Bank of America Merrill Lynch, Barclays Capital Inc., BMO Capital Markets, Citigroup Global Capital Markets Inc., Credit Suisse Securities (USA) LLC, RBC Capital Markets LLC and Mizuho Securities USA Inc.

Samson being acquired

Proceeds from Samson's revolver, along with $2.25 billion of bonds, will be used to fund the purchase of the company by Kohlberg Kravis Roberts & Co. LP, Natural Gas Partners, Crestview Partners and Itochu Corp. for $7.2 billion, with the exception of its onshore Gulf Coast and offshore deep water Gulf of Mexico assets.

The bonds are backed by a commitment for a $2.25 billion bridge loan, syndication of which was launched with a conference call this past Wednesday.

Closing is expected by year-end, subject to regulatory approval and customary conditions.

Samson is a Tulsa, Okla.-based private exploration and production company.

Affymetrix guidance surfaces

Another deal to launch with a bank meeting was Affymetrix, and it is talking its $190 million five-year senior secured credit facility at Libor plus 600 bps with a 1.5% Libor floor and an original issue discount of 98, according to a market source.

The facility - for which commitments are due on Dec. 22 - consists of a $170 million term loan A and a $20 million revolver.

General Electric Capital Corp., Silicon Valley Bank and CIT Bank are the lead banks on the deal that will be used to help fund the $330 million acquisition of eBioscience Holding Co. Inc., repay eBioscience's existing credit facilities and for general corporate purposes.

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

Affymetrix is a Santa Clara, Calif.-based provider of technology used by pharmaceutical, diagnostic and biotechnology companies, and nonprofit research institutes. eBioscience is a San Diego, Calif.-based company focused on flow cytometry and immunoassay reagents.

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