Global Tel*Link breaks; Tribune trades up; Syniverse flexes higher; MSCI releases talk

By Sara Rosenberg

New York, April 17 - Global Tel*Link Corp.'s first-lien term loan freed up for trading during Tuesday's market hours, with levels seen right around its issue price, and the Tribune Co.'s bank debt headed higher on the back of news that its supplemental disclosure statement has been approved by the bankruptcy court.

Over in the primary, Syniverse Technologies raised the coupon and widened the original issue discount on its covenant-light term loan B, MSCI Inc. released price talk on its all pro rata credit facility, Unifrax I LLC launched a repricing transaction, and Emerald Performance Materials LLC announced new deal plans.

Global Tel starts trading

Global Tel*Link's $620 million first-lien term loan due December 2017 made its way into the secondary market on Tuesday, with levels quoted at par bid, par ½ offered, according to a source.

Pricing on the loan is Libor plus 475 basis points with a 1.25% Libor floor, and it was sold at par. There is 101 repricing protection for one year.

Proceeds are being used to reprice an originally sized $635 million term loan from Libor plus 550 bps with a 1.5% Libor floor. The debt was obtained in December 2011 at an original issue discount of 98.

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

Credit Suisse Securities (USA) LLC and UBS Securities LLC are the lead banks on the deal.

Global Tel*Link is a Mobile, Ala.-based correctional communications technology company.

Tribune gains ground

Tribune's bank debt was stronger on Tuesday as investors are optimistic that the bankruptcy process is moving along now that court approval has been obtained for the supplemental disclosure statement related to the fourth amended joint plan of reorganization, according to a trader.

The term loan B was quoted at 67 bid, 68 offered, up from 65¾ bid, 66¾ offered, the incremental loan and term loan X were quoted at 65¾ bid, 66¾ offered, up from 64½ bid, 65½ offered, and the revolver was quoted at 70½ bid, 72½ offered, up from 69½ bid, 71½ offered.

Assuming the fourth amended joint plan of reorganization is confirmed, the company anticipates that it will distribute more than $7 billion to creditors.

Tribune is a Chicago-based media company.

BWIC surfaces

A $25.2 million Bid Wanted in Competition was announced on Tuesday, and investors are being asked to get their bids in by 11 a.m. ET on Wednesday, according to a trader.

The portfolio consists of just about 110 issuers with relatively small pieces of debt being offered in each name, the trader said.

Some of the issuers include Alon USA Energy, Cedar Fair, Community Health Systems Inc., Dunkin' Brands, First Data, HCA, Michaels Stores, Reynolds Group, Univision and VNU.

Syniverse revises pricing

Moving to the primary, Syniverse Technologies made changes to its $925 million seven-year covenant-light term loan B, lifting pricing to Libor plus 375 bps from Libor plus 350 bps and moving the issue discount to 99 from 991/2, according to a market source.

As before, the loan has a 1.25% Libor floor and 101 soft call protection for one year.

Barclays Capital Inc., Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are the lead banks on the $1.075 billion credit facility, which also includes a $150 million five-year revolver.

Recommitments are due at noon ET on Wednesday, the source remarked.

Syniverse refinancing

Proceeds from Syniverse's credit facility will be used to replace an existing credit facility that was done in connection with the company's early 2011 buyout by the Carlyle Group.

At close, the existing deal consisted of a $150 million revolver and a $1.025 billion term loan, both priced at Libor plus 375 bps with a 1.5% Libor floor. The term loan was sold at an original issue discount of 99, while the revolver was sold at 981/2.

Syniverse is a Tampa, Fla.-based provider of technology and business services for the telecommunications industry.

MSCI sets talk

MSCI held a bank meeting on Tuesday to kick off syndication on its $700 million five-year credit facility, which was launched to investors at talk of Libor plus 225 bps with step-downs based on a leverage grid, according to a market source.

The deal, which consists of a $100 million revolver and a $600 million term loan A, is being offered with upfront fees of 25 bps to 50 bps based on the size of the order, the source said.

Commitments are due on April 30.

Morgan Stanley MUFG Loan Partners LLC (acting through Morgan Stanley Senior Funding Inc. and the Bank of Tokyo Mitsubishi UFJ Ltd.) and J.P. Morgan Securities LLC are leading the deal.

MSCI repaying debt

Proceeds from MSCI's credit facility will be used to replace an existing revolver and take out up to $800 million of its existing senior secured term loan B.

Other funds for the paydown will come from $206 million of cash on hand.

MSCI is a New York-based provider of investment decision support tools, including indexes, portfolio risk and performance analytics and corporate governance services.

Unifrax seeks repricing

Unifrax launched a repricing of its U.S. term loan B and is looking to remove all financial covenants, which includes a total leverage ratio and capital expenditures requirements, according to a market source.

The covenant-light term loan B is being talked at Libor plus 500 bps with a 1.5% Libor floor, versus current pricing on the B loan of Libor plus 550 bps with a 1.5% floor, the source said.

Lenders will get paid down at 101 due to call protection, and this soft call feature will remain part of the loan until November 2012.

Goldman Sachs & Co. is the lead bank on the U.S. term loan B, which was sized at $385 million at close in November 2011.

Unifrax, a Niagara Falls, N.Y.-based supplier of high-temperature insulation products, is asking for commitments by April 24.

Emerald readies loan

Emerald Performance Materials has scheduled a bank meeting for Wednesday to launch a proposed $270 million six-year first-lien term loan B that will be used to refinance existing first-lien borrowings, according to a market source.

Jefferies & Co., the lead bank on the deal, will be seeking commitments by May 2, the source said.

Also, through other arrangers, the company will be getting a new $75 million ABL revolver to replace its existing ABL revolver.

And, an existing $188 million second-lien term loan is being left in place, but will be extended to mature after the new term loan B, the source added.

Emerald Performance is a Cuyahoga Falls, Ohio-based producer and marketer of technologically advanced specialty chemicals for food and industrial applications.

NAB well met

North American Bancard (NAB) has seen strong interest towards its $160 million credit facility (Ba3/BB+), resulting in the deal being oversubscribed ahead of its Wednesday commitment deadline, according to a market source.

The facility consists of a $10 million five-year revolver and a $150 million six-year term loan, with both tranches talked at Libor plus 550 bps with a 1.5% Libor floor and an original issue discount of 98. The term loan has 101 repricing protection for one year.

Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. are the lead banks on the deal that will be used to repay existing debt and fund a dividend.

North American Bancard is a Troy, Mich.-based merchant acquirer for payment processing.

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