CCC Information, Fairway break; Ineos, Calpine, Channelview, SS&C revisions surface

By Sara Rosenberg

New York, May 1 - CCC Information Services Inc.'s term loan freed up for trading on Wednesday, with levels quoted above the issue price, and Fairway Group Acquisition Co.'s broke as well.

Moving to the primary, Ineos Group Holdings SA made a number of changes to its deal, including upsizing the U.S. and euro add-on term loans, firming pricing on its longer-dated loans at the low end of talk while adding step-downs and reducing pricing on its shorter-dated debt.

Also, Calpine Construction Finance Co. LP retranched its upsized deal, GIM Channelview Cogeneration LLC tightened the coupon, Libor floor and original issue discount on its term loan, and SS&C Technologies Holdings Inc. added a Libor floor to its loans.

Additionally, EquiPower Resources Holdings LLC released pricing on its term loan C with launch, ION Trading Technologies Ltd. Inc. started circulating talk on its upcoming deal, guidance on Seminole Hard Rock Entertainment Inc.'s term loan emerged, and BlackBrush TexStar LP and LPL Financial LLC revealed new deal plans.

CCC starts trading

CCC Information's roughly $470 million term loan (B1) hit the secondary market, with levels quoted at par ¼ bid, 101 offered, according to a market source.

Pricing on the loan is Libor plus 300 basis points, after firming at the tight end of the Libor plus 300 bps to 325 bps talk. There is a 1% Libor floor and 101 soft call protection for six months, and it was issued at par.

Goldman Sachs & Co. and J.P. Morgan Securities LLC are leading the deal that is being used to reprice an existing term loan from Libor plus 400 bps with a 1.25% Libor floor.

CCC is a Chicago-based provider of advanced software and workflow tools to the insurance automotive claims and collision repair industries.

Fairway frees up

Fairway's credit facility also broke for trading, with the roughly $274.3 million first-lien term loan due August 2018 quoted at par ½ bid, 101 offered, according to a market source.

Pricing on the term loan is Libor plus 400 bps with a 50 bps step-down if ratings are B2/B. The debt has a 1% Libor floor and 101 repricing protection for six months, and was issued at par.

The company's $314.3 million credit facility also includes a $40 million revolver due August 2017 priced at Libor plus 400 bps with a 1% Libor floor.

Proceeds are being used to reprice and existing term loan and revolver from Libor plus 550 bps with a 1.25% Libor floor.

Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch and Jefferies Finance LLC are the lead banks on the deal.

Fairway is a supermarket chain with locations in New York, New Jersey and Connecticut.

Ineos updates terms

In the primary, Ineos increased its U.S. add-on term loan due 2018 to $640 million from $570 million and set pricing on the debt, as well as on the repricing of its existing $1,976,600,000 term loan due 2018 at Libor plus 300 bps, the low end of the Libor plus 300 bps to 325 bps talk, according to a source.

Furthermore, the company upsized its euro add-on term loan due 2018 to €350 million from €300 million and firmed the spread on the debt in addition to the repricing of its existing €494 million term loan due 2018, at Euribor plus 325 bps, the low end of the Euribor plus 325 bps to 350 bps guidance.

Also, the U.S. 2018 loans saw the addition of a step-down to Libor plus 275 bps and the euro 2018 loans saw the addition of a step-down to Euribor plus 300 bps, both effective at 3.75 times net leverage.

And, the company firmed the offer price on the add-on U.S. and euro debt at par, the tight end of the 99½ to par talk, while the par offer price on the repricings were left unchanged, the source said.

All of the 2018 loans continue to have a 1% floor.

The existing U.S. 2018 term loan is being repriced from Libor plus 525 bps with a 1.25% floor and the existing euro term loan is being repriced from Euribor plus 550 bps with a 1.25% floor.

Ineos 2015 repricing

Ineos is also repricing its $370.5 million term loan due 2015, and the spread on this debt was flexed down to Libor plus 200 bps from initial talk of Libor plus 225 bps to 250 bps, the source continued.

As before, the 2015 loan has no floor and a par offer price.

The 2015 term loan is being repriced from Libor plus 425 bps with a 1.25% Libor floor.

Unchanged is that all of the add-on debt and repriced term loan tranches are covenant-light and have 101 soft call protection for six months.

Recommitments for the roughly $4 billion deal (BB-) were due from U.S. investors at 5 p.m. ET on Wednesday and are due from non-U.S. investors at noon GMT on Thursday.

Ineos lead banks

Barclays and Bank of America Merrill Lynch are the joint global coordinators on Ineos' credit facility and bookrunners with Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC and UBS Securities LLC.

Proceeds from the add-on loans will be used to refinance bonds. The source explained that the funds raised through the upsizing will be used to reduce balance sheet cash used to pay fees and expenses.

Net senior leverage is 2.8 times and net total leverage is 4.1 times.

Ineos is a Switzerland-based manufacturer of petrochemicals, specialty chemicals and oil products.

Calpine restructures

Calpine Construction Finance revised its deal to split it into a $900 million seven-year term loan and a $300 million term loan due January 2022 - for a total size of $1.2 billion - instead of getting just one $1,055,000,000 seven-year term loan, according to a market source.

With the structural changes, pricing on the seven-year loan was changed to Libor plus 225 bps from talk of Libor plus 250 bps to 275 bps, while the 0.75% Libor floor, an original issue discount of 99¾ and 101 soft call protection for six months were left intact, the source said.

And, the new January 2022 loan is priced at Libor plus 250 bps with a 0.75% Libor floor and an original issue discount of 99¾ and includes 101 soft call protection for one year.

Recommitments are due at 11 a.m. ET on Thursday and allocations are expected to go out later that same day, the source added.

Goldman Sachs & Co. is leading the transaction that will be used to redeem the Houston-based power producer's 8% senior secured notes due 2016.

Channelview revises loan

GIM Channelview Cogeneration cut the spread on its $375 million seven-year term loan to Libor plus 325 bps from talk of Libor plus 375 bps to 400 bps, revised the Libor floor to 1% from 1.25% and moved the original issue discount to 99¼ from 99, according to a market source.

As before, the loan has 101 soft call protection for one year.

The company's $420 million senior secured credit facility (Ba3) also provides for a $45 million five-year revolver.

Recommitments were due at the end of the day on Wednesday. Allocations are expected to go out on Thursday, the source remarked.

Goldman Sachs & Co., Deutsche Bank Securities Inc. and Union Bank are leading the deal that will be used to refinance existing debt and fund a dividend.

Channelview is a nominal 830 megawatt natural gas-fired cogeneration facility in Houston.

SS&C tweaks deal

SS&C Technologies added a 0.75% Libor floor to its $700.1 million in term loans (Ba3/BB) due June 2019, from no Libor floor, while keeping pricing at Libor plus 275 bps with a par offer price and leaving the 101 soft call protection for six months unchanged, according to a market source.

Also, the loans include a step-down to Libor plus 250 bps at 2.75 times net senior secured leverage, the source said.

The debt consists of a $634.5 million term loan B-1 and a $65.6 million term loan B-2.

Deutsche Bank Securities Inc. is leading the deal that will be used to reprice an existing term loan B-1 due June 2019 and term loan B-2 due June 2019 from Libor plus 400 bps with a 1% Libor floor.

Allocations are expected to go out on Thursday and closing is anticipated for June 10, the source added.

SS&C is a Windsor, Conn.-based provider of financial services software and software-enabled services.

EquiPower sets guidance

In more primary news, EquiPower Resources held its bank meeting on Wednesday morning to launch a $610 million senior secured first-lien term loan C due December 2018, and with the event, price talk was announced, according to a market source.

The term loan C is being shopped at Libor plus 350 bps with a 1.25% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months, the source remarked.

Lead banks, Barclays, Credit Suisse Securities (USA) LLC and Goldman Sachs & Co., are asking for commitments by May 15.

Proceeds will be used to finance the acquisition of two power generation assets from Dominion, repay the existing second-lien term loan, repay existing working capital drawings and fund cash collateral accounts.

EquiPower is a Hartford, Conn.-based competitive power generation company owned by Energy Capital Partners LLC.

ION readies deal

ION Trading set a bank meeting for 10 a.m. ET in New York on Thursday to launch a $1,115,000,000 credit facility, and released price talk on the institutional tranches contained in the transaction, according to a market source.

The facility consists of a $60 million five-year revolver, a $700 million seven-year covenant-light first-lien term loan and a $355 million eight-year covenant-light second-lien term loan, the source said.

Talk on the first-lien term loan is Libor plus 400 bps with a 1.25% Libor floor, an original issue discount of 99 and 101 repricing protection for one year.

As for the second-lien loan, talk is Libor plus 775 bps with a 1.25% Libor floor, a discount of 98½ and call protection of 102 in year one and 101 in year two, the source continued.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to refinance existing debt and fund a dividend.

Commitments are due on May 14, the source added.

ION Trading is a provider of trading software that is owned by ION Investment Group.

Seminole talk surfaces

Seminole Hard Rock Entertainment revealed guidance on its $240 million seven-year covenant-light term loan B (Ba1/BBB-) at Libor plus 300 bps with a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months, according to a market source.

The loan launched on Tuesday morning, but talk was not available at that time.

Bank of America Merrill Lynch and Credit Suisse Securities (USA) LLC are leading the transaction that will be used to refinance existing debt and for general corporate purposes.

Seminole Hard Rock is an owner, operator and franchisor of Hard Rock cafes, casinos and hotels.

BlackBrush coming soon

BlackBrush TexStar set a bank meeting for 10 a.m. ET on May 8 to launch a $675 million senior secured term loan that is being led by UBS Investment Bank and Credit Suisse Securities (USA) LLC, according to a market source.

Proceeds will refinance existing debt, pre-fund capital expenditures and pay transaction-related fees and expenses.

BlackBrush TexStar is a San Antonio, Texas-based oil and gas company.

LPL Financial on deck

LPL Financial scheduled call for Thursday to launch a $1,084,000,000 term loan B due March 2019 that includes 101 soft call protection for six months, according to a market source.

Bank of America Merrill Lynch, Morgan Stanley Senior Funding Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. and J.P. Morgan Securities LLC are leading the deal.

Proceeds will be used to refinance term loan A and term loan B debt.

LPL Financial is a broker-dealer, an RIA custodian and a consultant to retirement plans with offices in Boston, Charlotte, N.C., and San Diego.

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