Nexstar, P.F. Chang's break; Multi Packaging Solutions, Sirius, Ardent Health rework deals

By Sara Rosenberg

New York, Nov. 19 - Nexstar Broadcasting Group Inc. set the original issue discount on its term loan and made its way into the secondary market, and P.F. Chang's China Bistro Inc. (Wok Acquisition Corp.) broke too.

Moving to the primary, Multi Packaging Solutions Inc. reworked its credit facility, downsizing the first-lien term loan, upsizing the second-lien term loan and adding financial covenants to the deal, and Sirius Computer Solutions Inc. revised the size, coupon and call protection on its term loan B while also adding a leverage test.

In addition, Ardent Health Services raised the pricing on its second-lien term loan and sweetened call premiums, while also firming the spread on its first-lien term loan at the wide side of guidance, and National CineMedia LLC finalized the discount on its term loan at the midpoint of talk.

Furthermore, TransFirst LLC postponed its bank meeting, and Houghton International Inc. nailed down timing on the launch of its credit facility and came out with tranching details.

Nexstar hits secondary

Nexstar Broadcasting's credit facility freed up for trading on Monday, with the $350 million seven-year term loan quoted at par bid, par ½ offered, a trader said.

Pricing on the loan is Libor plus 350 basis points with a 1% Libor floor, and it was sold at a discount of 99½ after firming at the tight end of the 99 to 99½ talk. When the discount was set, a step-down to Libor plus 325 bps at less than 4.75 times leverage was added.

The Irving, Texas-based media company's $445 million senior secured credit facility (Ba2/BB) also includes a $95 million five-year revolver.

Bank of America Merrill Lynch, UBS Investment Bank and RBC Capital Markets are leading the deal that will be used with $250 million of notes to fund the acquisition by Nexstar and Mission Broadcasting Inc. of 12 television stations and associated digital sub-channels in eight markets from Newport Television LLC for $285.5 million, to refinance existing bank debt and to redeem 7% senior subordinated notes and 7% senior subordinated PIK notes.

P.F. Chang's frees up

P.F. Chang's $305 million term loan B hit the secondary market too, with levels quoted at par ½ bid, 101 offered, a market source said.

Pricing on the B loan is Libor plus 400 bps with a 1.25% Libor floor, and it was sold at par. There is 101 soft call protection for one year.

Proceeds are being used to reprice and existing term loan B from Libor plus 500 bps with a 1.25% Libor floor.

Wells Fargo Securities LLC, Deutsche Bank Securities Inc. and Barclays are the lead banks on the deal.

P.F. Chang's is a Scottsdale, Ariz.-based owner and operator of two restaurant concepts in the Asian niche.

NPC holds steady

NPC International Inc.'s roughly $368 million term loan due December 2018 was quoted at par ¼ bid, par ¾ offered on Monday, in line with where it freed up for trading on Friday, according to a source.

Pricing on the term loan is Libor plus 325 bps with a 1.25% Libor floor, and it was sold at par. There is 101 soft call protection for one year.

The Overland Park, Kan.-based Pizza Hut franchisee's roughly $468 million senior secured credit facility (Ba3/B) also includes a $100 million revolver due December 2017.

Barclays and Goldman Sachs & Co. are the lead banks on the deal that is being used to refinance/reprice an existing $100 million revolver due December 2016 that was done in 2011 at pricing of Libor plus 525 bps, subject to a pricing grid, and a $373 million term loan due December 2018 that was done in March 2012 at pricing of Libor plus 400 bps with a 1.25% Libor floor.

Net senior secured leverage is 2.4 times, net total leverage is 3.7 times and lease adjusted leverage is 4.8 times.

Multi Packaging revised

Over in the primary, Multi Packaging Solutions reduced its six-year first-lien term loan (B1/B) to $290 million from $330 million, but left talk at Libor plus 400 bps to 425 bps with a 1.25% Libor floor, an original issue discount of 99 and 101 soft call protection for one year, according to a market source.

With the first-lien downsizing, the 61/2-year second-lien term loan (Caa1/CCC+) was upsized to $100 million from $60 million, the source said. Talk on this tranche is still Libor plus 825 bps to 850 bps with a 1.25% Libor floor, a discount of 98 and call protection of 103 in year one, 102 in year two and 101 in year three.

In addition, the deal now has a net first-lien leverage requirement of 5.5 times, stepping down to 5 times at December 2013 and 4.5 times at December 2014, and a total net leverage requirement of 7 times, stepping down to 6.5 times at December 2013 and 6 times at December 2014, the source remarked, whereas before, it was covenant-light.

Multi Packaging revolver

Multi Packaging Solutions' $420 million senior secured credit facility, for which commitments are still due by the close of business on Tuesday, also includes a $30 million five-year revolver (B1/B).

Barclays and UBS Securities LLC are leading the deal that will be used to refinance existing debt, redeem preferred stock and pay dividends or other distributions to shareholders.

First-lien leverage is 3.7 times, down from 4.1 times under the original structure, the source added. Total leverage is unchanged at 4.8 times.

Multi Packaging Solutions is a New York-based manufacturer of specialty print-based packaging products for the pharmaceutical, multi-media and consumer markets.

Sirius updates terms

Sirius Computer trimmed its six-year term loan B to $260 million from $340 million, raised pricing to Libor plus 575 bps from talk of Libor plus 425 bps to 475 bps, changed the call premium to a hard call of 102 in year one and 101 in year two from just 101 soft call protection for one year and added a total leverage requirement to the previously covenant-light tranche, according to a market source.

Unchanged was the 1.25% Libor floor and original issue discount of 99.

Along with the term loan B, the company's now $280 million credit facility includes a $20 million five-year revolver.

Lead bank, Wells Fargo Securities LLC, is asking for commitments by Nov. 28, the source said.

Proceeds will be used to refinance existing debt and fund a dividend. Because of the reduction in the term loan B amount, the size of the dividend payment was cut.

Pro forma leverage under the revised structure is around 3.23 times, the source added.

Sirius Computer is a San Antonio, Texas-based national IT solutions integrator.

Ardent tweaks loan

Ardent Health Services sweetened some terms on its $175 million six-year second-lien term loan (Caa1) and firmed pricing on its $725 million 51/2-year first-lien term loan (B1), according to a market source.

Specifically, the second-lien term loan saw pricing increase to Libor plus 950 basis points from guidance of Libor plus 875 basis points to 900 bps, and call protection adjust to 103 in year one, 102½ in year two and 101¼ in year four, from 103 in year one, 102 in year two and 101 in year three, the source said.

As before, the second-lien loan has a 1.5% Libor floor and an original issue discount of 98.

Meanwhile, the first-lien term loan saw its coupon finalize at Libor plus 525 bps, the wide end of the Libor plus 500 bps to 525 bps talk, while the 1.5% Libor floor, original issue discount of 99 and 101 soft call protection for one year were left intact, the source remarked.

Ardent lead banks

Bank of America Merrill Lynch, Barclays, GE Capital Markets and Nomura are the lead banks on Ardent's $1.02 billion senior secured credit facility, which also includes a $120 million five-year revolver (B1).

Proceeds will be used to refinance Ardent's existing senior secured credit facility and finance its portion of the acquisition of Amarillo, Texas-based Baptist St. Anthony's Health System (BSA). Ardent and Baptist Community Services formed a new joint venture to acquire BSA, with Ardent owning 80% of the joint venture and Baptist owning 20%.

Ardent, a Nashville, Tenn.-based owner and operator of hospitals, a member health plan, multi-specialty physician groups and retail pharmacies, expects to close on the acquisition in January.

National CineMedia OID

National CineMedia firmed the original issue discount on its $265 million seven-year term loan at 991/4, the midpoint of the 99 to 99½ talk, and left pricing at Libor plus 325 bps with no Libor floor, according to a market source. There is still 101 soft call protection for one year.

Barclays, J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Macquarie and Morgan Stanley Senior Funding Inc. are leading the deal (Ba2/BB-) that will be used to refinance an existing $225 million term loan, and, with any remaining funds, to pay-off current interest rate swap arrangements, to make affiliate payments and for general corporate purposes.

With the term loan, the company looking to upsize its revolver by $5 million and extend the maturity by seven months.

National CineMedia is a Centennial, Colo., media company that provides advertising and events across theater circuits.

TransFirst delays launch

TransFirst postponed the Monday bank meeting that was supposed to be held to launch its $700 million credit facility, according to a market source.

The deal consists of a $50 million revolver, a $425 million first-lien term loan B and a $225 million second-lien term loan, with proceeds earmarked for the repayment of debt, the payment of a dividend and the redemption of equity.

Bank of America Merrill Lynch, Deutsche Bank Securities Inc., GE Capital Markets, SunTrust Robinson Humphrey Inc., RBC Capital Markets LLC and Wells Fargo Securities LLC are the lead banks on the deal.

TransFirst is a Hauppauge, N.Y.-based provider of transaction processing services and payment enabling technologies.

Houghton details emerge

Houghton International set a bank meeting for 2 p.m. ET in New York on Nov. 26 and the morning of Nov. 28 in London to launch its credit facility that is now known to be sized at $835 million, according to a market source.

The facility consists of a $50 million revolver, a $535 million first-lien term loan and a $250 million second-lien term loan, the source said, adding that a portion of the first-lien loan will be syndicated in a euro tranche.

RBC Capital Markets LLC is the lead arranger on the deal.

Proceeds will be used to help fund the $1.05 billion purchase of the company by Gulf Oil Corp., a Hyderabad, India-based diversified company with business activities in lubricants, industrial explosives, mining and infrastructure services and property development.

The transaction is subject to customary closing conditions.

Houghton is a Norristown, Pa.-based developer, producer and manager of specialty chemicals, oils and lubricants.

Web.com readies close

Web.com Group Inc. expects to close on Tuesday on its $629.5 million first-lien term loan B due Oct. 27, 2017 that is priced at Libor plus 425 bps with a 1.25% Libor floor, according to a news release. The loan was sold at an original issue discount of 99 and has 101 soft call protection for one year.

During syndication, the term loan was upsized from roughly $570 million and the discount firmed at the wide end of the 99 to 99½ guidance.

Proceeds are being used to reprice an existing first-lien term loan from Libor plus 550 bps with a 1.5% Libor floor, and the additional $60 million raised through the upsizing is being used to pay down some of the company's roughly $120 million second-lien term loan.

Furthermore, the company upsized its revolver to $60 million from $50 million and set pricing at Libor plus 375 bps with no Libor floor, down from prior pricing of Libor plus 550 bps with no floor.

J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., SunTrust Robinson Humphrey Inc., Goldman Sachs Lending Partners, Citigroup Global Markets Inc. and Wells Fargo Securities LLC are leading the deal for the Jacksonville, Fla.-based provider of internet services and online marketing services.

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