Neiman, PRA break; Interline reworks terms; TransUnion, Gypsum, Planet Fitness disclose talk

By Sara Rosenberg

New York, March 11 - Neiman Marcus Group LLC's covenant-light term loan made its way into the secondary market on Tuesday with levels seen above its issue price, and PRA International's term loan began trading as well.

Over in the primary, Interline Brands Inc. trimmed the spread on its term loan B and tightened the original issue discount, and TransUnion LLC, Gypsum Management and Supply Inc. (GYP Holdings III Corp.) and Planet Fitness released price talk in connection with their launches.

Furthermore, SunGard Availability Services, Kindred Healthcare Inc., Medpace, Phibro Animal Health Corp. and Jacobs Entertainment Inc. joined the new deal calendar.

Neiman frees up

Neiman Marcus' $2,943,000,000 first-lien covenant-light term loan due October 2020 broke for trading on Tuesday, with levels quoted at par 1/8 bid, par 7/8 offered on the open and then it moved up to par ¼ bid, 101 offered, according to a trader.

Pricing on the loan is Libor plus 325 basis points with a 25 bps step-down at 4 times net first-lien leverage and a 1% Libor floor. The debt was issued at par and has 101 soft call protection for one year.

Recently, pricing on the loan firmed at the wide end of the Libor plus 300 bps to 325 bps talk and the call protection was extended from an initially proposed expiration date in October 2014.

Credit Suisse Securities (USA) LLC, RBC Capital Markets LLC and Deutsche Bank Securities Inc. are leading the deal that will be used to reprice an existing term loan from Libor plus 400 bps with a 1% Libor floor.

Neiman Marcus is a Dallas-based luxury retailer.

PRA starts trading

PRA International's roughly $888 million term loan also freed up, with levels seen in the par bid, par ½ offered area, a trader remarked.

Pricing on the loan is Libor plus 350 bps with a 1% Libor floor and the debt was issued at par. There is 101 soft call protection for six months.

During syndication, pricing on the loan was increased from talk of Libor plus 300 bps to 325 bps.

UBS Securities LLC, KKR Capital Markets, Credit Suisse Securities (USA) LLC, Jefferies Finance LLC and Citigroup Global Markets Inc. are leading the deal that will be used to reprice an existing term loan from Libor plus 400 bps with a 1% Libor floor.

PRA is a Raleigh, N.C.-based contract research organization, providing outsourced clinical development services to the biotechnology and pharmaceutical industries.

Interline flexes lower

Moving to the primary, Interline Brands lowered pricing on its $350 million first-lien term loan B (B2/B) to Libor plus 300 bps from Libor plus 350 bps and moved the original issue discount to 99¾ from 991/2, a market source said.

As before, the loan has a 1% Libor floor and 101 soft call protection for six months.

Recommitments were due by noon ET on Tuesday, the source remarked.

Goldman Sachs Bank USA, Bank of America Merrill Lynch, Barclays, Wells Fargo Securities LLC, Credit Suisse Securities (USA) LLC and Keybanc Capital Markets are leading the deal that will be used to fund a tender offer expiring on March 25 for the company's 7½% notes due 2018, to pay down some revolver debt and for working capital and general corporate purposes.

Interline is a Jacksonville, Fla.-based distributor and direct marketer of broad-line maintenance, repair and operations products to the facilities maintenance end-market.

TransUnion pricing emerges

TransUnion hosted its call on Tuesday afternoon, launching its $1,862,000,000 of seven-year covenant-light term loan debt (Ba3/B+) with talk of Libor plus 275 bps to 300 bps with a 1% Libor floor and an original issue discount of 99½ to 993/4, according to a market source.

The debt consists of a $1,175,000,000 term loan B and a $687 million delayed-draw term loan B, both with 101 soft call protection for six months.

There is a ticking fee of half the margin from day 46 through June 15 and the full margin thereafter.

Commitments are due on March 18, the source added.

Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Bank of America Merrill Lynch, RBC Capital Markets and Credit Suisse Securities (USA) LLC are leading the deal that will be used to refinance existing debt.

The company is also seeking a $190 million revolver to replace its existing revolver.

TransUnion is a Chicago-based provider of information management and risk management services.

Gypsum talk emerges

Gypsum Management held is bank meeting in the morning, and shortly before the event kicked off, price talk on the first- and second-lien term loans was announced, according to a market source.

The $390 million seven-year first-lien covenant-light term loan (B3) loan is talked at Libor plus 350 bps with a 1% Libor floor and an original issue discount of 991/2, and the $160 million eight-year second-lien covenant-light term loan (Caa2) is talked at Libor plus 700 bps with a 1% Libor floor and a discount of 99, the source said.

As previously reported, the first-lien term loan has 101 soft call protection for six months and the second-lien term loan has call protection of 102 in year one and 101 in year two.

The company's $750 million credit facility also includes a $200 million ABL revolver.

Gypsum lead banks

Credit Suisse Securities (USA) LLC, RBC Capital Markets and UBS Securities LLC are leading Gypsum Management's term loans, and RBC is leading the revolver.

Commitments are due at noon ET on March 25, the source added.

Proceeds will be used to help fund the buyout of the company by AEA Investors.

Gypsum Management is a Tucker, Ga.-based distributor of drywall, acoustical and other specialty building materials.

Planet Fitness guidance

Planet Fitness came out with talk of Libor plus 375 bps to 400 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months on its $390 million seven-year term loan B that launched during the session, according to a market source.

The company's $430 million credit facility (B1/B+) also includes a $40 million five-year revolver.

Commitments are due on March 25, the source continued.

J.P. Morgan Securities LLC, Jefferies Finance LLC, Guggenheim, U.S. Bank and BMO Capital Markets are leading the deal that will be used to refinance existing debt, to purchase some clubs and to fund a dividend.

Planet Fitness is an operator of health clubs.

SunGard Availability on deck

Also on the primary front, SunGard Availability Services scheduled a bank meeting for Thursday to launch a $1,025,000,000 five-year term loan, according to a market source.

J.P. Morgan Securities LLC is leading the deal that will be used to help fund the company's spin-off from SunGard Data Systems Inc. to existing stockholders, including private equity owners.

Closing is expected as early as this quarter, subject to the satisfaction of various customary conditions, including the receipt of financing, opinions of counsel as to the tax-free nature of the split-off and related transactions, and final approval of SunGard's board of directors.

SunGard Availability Services is a Wayne, Pa.-based provider of disaster recovery services, managed IT services, information availability consulting services and business continuity management software.

Kindred joins calendar

Kindred Healthcare set a call for Wednesday to launch a $1 billion term loan B due 2021, according to a market source.

J.P. Morgan Securities LLC is leading the deal that will be used to refinance existing debt.

The company said in a news release that the refinancing will extend the maturity profile of its long-term debt, increase total availability under the secured facilities, improve pricing and provide additional covenant flexibility.

Kindred Healthcare is a Louisville, Ky.-based healthcare services company.

Medpace readies deal

Medpace surfaced with plans to hold a bank meeting at 10:30 a.m. ET on Thursday to launch a $590 million credit facility, according to a market source.

The facility consists of a $60 million revolver and a $530 million seven-year covenant-light term loan, the source said.

Jefferies Finance LLC, Barclays, Credit Suisse Securities (USA) LLC, UBS Securities LLC and Wells Fargo Securities LLC are leading the deal that will be used to help fund the buyout of the company by Cinven from CCMP Capital.

Medpace is a Cincinnati-based full-service clinical research organization providing Phase I-IV core development services for drug, biologic, and device programs.

Phibro coming soon

Phibro Animal Health set a bank meeting for Wednesday to launch its previously announced $390 million senior secured credit facility that is being done in connection with an initial public offering of Class A common stock, a market source said.

The facility consists of a $100 million revolver and a $290 million seven-year covenant-light term loan.

Bank of America Merrill Lynch and Morgan Stanley Senior Funding Inc. are leading the deal that will be used with the IPO proceeds to repay $300 million of 9¼% senior notes due July 1, 2018, $24 million of a term loan due Dec. 31, 2016, $10 million of a term loan due Aug. 1, 2014 and $32 million outstanding under a domestic senior credit facility.

Phibro is a Teaneck, N.J.-based animal health and mineral nutrition company.

Jacobs repricing

Jacobs Entertainment scheduled a call for 4 p.m. ET on Wednesday to launch a $217 million first-lien term loan due October 2018 that is talked at Libor plus 425 bps with a 1% Libor floor, a par offer price and 101 soft call protection for one year, according to a market source.

Commitments are due on March 19, the source said.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to reprice an existing term loan from Libor plus 500 bps with a 1.25% Libor floor.

Jacobs Entertainment is a Golden, Colo.-based owner and operator of gaming properties.

Hudson well met

In other news, Hudson Products Corp.'s $300 million credit facility (B2/B-) was oversubscribed ahead of its 5 p.m. ET commitment deadline on Tuesday, a market source said.

The facility consists of a $30 million 41/2-year revolver, and a $270 million five-year covenant-light term loan talked at Libor plus 425 bps to 450 bps with a 1% Libor floor, an original issue discount of 99½ for new money and 101 soft call protection for six months.

BNP Paribas Securities Corp. is leading the deal that will be used to refinance existing debt and fund a dividend.

Hudson Products is a Beasley, Texas-based designer and manufacturer of air-cooled heat exchanger equipment to serve the oil, gas and petrochemical processing industries.

Petroleum Geo-Services closes

Petroleum Geo-Services ASA completed its $400 million seven-year term loan B that is priced at Libor plus 250 bps with a 0.75% Libor floor and was sold at an original issue discount of 991/2, a news release said. The debt has 101 soft call protection for six months.

Barclays, BNP Paribas Securities Corp., J.P. Morgan Securities LLC and RBS Securities Inc. led the deal that allocated on Monday afternoon.

Proceeds were used to refinance the company's existing $470.5 million term loan B due in 2015.

Petroleum Geo-Services is an Oslo, Norway-based marine seismic survey and data processing company.

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