Aristocrat moves commitment deadline; Blackstone reveals guidance; Xperi, Ziply on deck

By Sara Rosenberg

New York, May 12 – Aristocrat Leisure Ltd. moved up the commitment deadline for its incremental term loan and Blackstone Mortgage Trust Inc. released price talk on its incremental term loan in connection with a lender call.

In more happenings, Xperi Corp. and Ziply Fiber (Northwest Fiber) joined this week’s primary loan calendar.

Aristocrat tweaks timing

Aristocrat Leisure accelerated the commitment deadline for its $350 million non-fungible incremental term loan to 5 p.m. ET on Tuesday from Thursday due to strong demand, according to a market source.

Talk on the term loan is Libor plus 400 basis points with a 1% Libor floor, an original issue discount of 97 and 101 soft call protection for one year.

UBS Investment Bank is the left lead bank on the deal.

Proceeds will be used for general corporate purposes.

Aristocrat Leisure is a North Ryde, Australia-based provider of gaming solutions.

Blackstone sets talk

Blackstone Mortgage Trust hosted a lender call during the session and launched a $250 million incremental term loan (Ba2) talked at Libor plus 450 bps to 475 bps with a 1% Libor floor and an original issue discount of 97, a market source remarked.

J.P. Morgan Securities LLC is leading the deal that will be used for general corporate purposes.

Blackstone Mortgage Trust is a New York-based real estate finance company.

Xperi coming soon

Xperi set a lender call for Wednesday to launch its previously announced $1.1 billion covenant-lite term loan B, according to a market source.

BofA Securities, Inc., RBC Capital Markets and Barclays are leading the deal that will be used to refinance Xperi’s debt and TiVo Corp.’s debt in connection with the merger of the two companies.

Xperi and TiVo have agreed to merge in an all-stock transaction, representing about $3 billion of combined enterprise value.

Closing is expected in early June, subject to approval by the shareholders of each company and other customary conditions.

Xperi is a San Jose, Calif.-based licenser of technologies and intellectual property. TiVo is a San Jose, Calif.-based provider of technology and services for digital video recorders.

Ziply plans call

Ziply Fiber scheduled a lender call for Wednesday to launch its $790.5 million term loan B into general syndication, a market source said.

BofA Securities, Inc. is the left lead on the deal.

The new loan will be used to help fund the recently completed $1,352,000,000 acquisition of Frontier Communications Corp.’s operations and associated assets in Washington, Oregon, Idaho and Montana by WaveDivision Capital LLC, Searchlight Capital Partners LLC, PSP Investments, British Columbia Investment Management Corp. and Canada Pension Plan Investment Board.

Ziply Fiber is a Kirkland, Wash.-based broadband provider.

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