SeaWorld, Ancestry.com, MGM Resorts, Jimmy Sanders free up; SuperValu, Reynolds tweak deals

By Sara Rosenberg

New York, May 13 - SeaWorld Parks & Entertainment Inc.'s term loan B began trading on Monday, with levels seen above its original issue discount price, and Ancestry.com, MGM Resorts International and Jimmy Sanders (Pinnacle Operating Corp.) broke too.

Moving to the primary market, SuperValu Inc. raised the coupon on its covenant-light term loan, Reynolds and Reynolds Co. lowered the spread on its B loan and KCG Holdings Inc. released price talk with its bank meeting.

Also, Hawaiian Telcom Communications Inc., HCA Inc. and Atlantic Broadband Group LLC launched refinancing/repricing transactions, and Blue Coat Systems Inc., Kindred Healthcare Inc. and WildHorse Resources LLC surfaced with plans to bring new deals to market.

SeaWorld tops par

SeaWorld Parks & Entertainment's roughly $1.4 billion term loan B (Ba3/BB-) hit the secondary market on Monday, with levels quoted at par ¼ bid, par ¾ offered, according to a trader.

Pricing on the loan is Libor plus 225 basis points with a step-down to Libor plus 200 bps at less than 3.2 times net total leverage. There is a 0.75% Libor floor and 101 soft call protection for one year, and the debt was issued at an original issue discount of 993/4.

During syndication, pricing on the loan was reduced from Libor plus 250 bps, the step-down was added, the discount firmed at the wide end of the 99¾ to par talk and the call protection was extended from six months.

Bank of America Merrill Lynch, Goldman Sachs & Co., J.P. Morgan Securities LLC, Barclays, Citigroup Global Markets Inc., Wells Fargo Securities LLC and Macquarie Capital are leading the deal.

Proceeds will be used by the Orlando-based theme park operator to refinance an existing term loan B that is priced at Libor plus 300 bps with a 1% Libor floor and an existing term loan A that is priced at Libor plus 275 bps.

Ancestry.com trading

Ancestry.com's term loans freed up as well, with the $488 million term loan B due Dec. 28, 2018 and the $150 million five-year term loan B-2 quoted at 101 bid, according to a market source.

Pricing on the term loan B is Libor plus 400 bps with a 1.25% Libor floor, and it was issued at par. There is 101 soft call protection until Dec. 28, 2013.

The term loan B-2, meanwhile, is priced at Libor plus 325 bps with a 1% floor, and it was sold at par. This tranche also has 101 soft call protection until Dec. 28, 2013.

Amortization on the term loan B is 1% per annum, and the term loan B-2 amortizes at a rate of 20% per annum.

Last week, the term loan B was upsized from $438 million and the B-2 was downsized from $200 million, pricing on the term loan B was cut from Libor plus 425 bps and pricing on the term B-2 was reduced from Libor plus 350 bps.

Ancestry.com repricing

Proceeds from Ancestry.com's term loans, along with $30 million of cash on hand, will be used to reprice an existing term loan B and to pay down the remaining portion of the existing term loan B.

With this transaction, pricing on the term loan B is being taken down from Libor plus 575 bps with a 1.25% Libor floor.

Morgan Stanley Senior Funding Inc. is the lead arranger on the deal. Barclays is the administrative agent.

Ancestry.com is a Provo, Utah-based online family history resource.

MGM levels surface

Another deal to break was MGM Resorts' $1,746,000,000 term loan B, with levels seen at par 3/8 bid, par ¾ offered, a trader said.

Pricing on the loan is Libor plus 250 bps with a 1% Libor floor, and it was sold at par. There is 101 soft call protection through December 2013.

Proceeds are being used to reprice an existing term loan from Libor plus 325 bps with a 1% Libor floor.

Bank of America Merrill Lynch, Deutsche Bank Securities Inc., Barclays and J.P. Morgan Securities LLC are the lead banks on the deal that is expected to close on Tuesday.

MGM Resorts is a Las Vegas-based operator of destination resort brands.

Jimmy Sanders frees up

Jimmy Sanders' $348.25 million first-lien covenant-light term loan due November 2018 also began trading, with levels quoted at par ¼ bid, par ¾ offered, according to a market source.

Pricing on the term loan is Libor plus 375 bps with a 1% Libor floor, and it was issued at par. There is 101 repricing protection for six months.

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

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Jimmy Sanders is a Cleveland, Miss.-based agricultural input supply and distribution business.

SuperValu flexes higher

Over in the primary, SuperValu lifted pricing on its $1.5 billion covenant-light term loan due March 21, 2019 to Libor plus 400 bps from Libor plus 350 bps and eliminated the request to move the springing maturity threshold on the 2016 notes to $500 million from $250 million, according to a market source.

The term loan still has a 1% Libor floor, a par offer price and 101 repricing protection for six months.

Recommitments were due at 5 p.m. ET on Monday, the source added.

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

SuperValu is an Eden Prairie, Minn.-based food wholesaler.

Reynold cuts pricing

Reynolds and Reynolds trimmed pricing on its $447 million term loan B due 2018 to Libor plus 200 bps from Libor plus 250 bps, according to a market source.

As before, the loan has no Libor floor, a par offer price and 101 soft call protection for six months.

The company is also getting a $468 million term loan A due 2016 priced at Libor plus 200 bps with no floor.

Deutsche Bank Securities Inc. is leading the $915 million deal that will be used to reprice an existing term loan B from Libor plus 275 bps with a 1% Libor floor and an existing term loan A from Libor plus 250 bps with no floor.

Reynolds and Reynolds is a Kettering, Ohio-based provider of software, business forms and supplies, and professional services that support automotive retailing for car dealers and automakers.

KCG reveals talk

KCG Holdings hosted a bank meeting in the morning, and in connection with the event, price talk on the company's $535 million 41/2-year term loan B was announced, a market source said.

The term loan B is guided at Libor plus 475 bps to 500 bps with a 1.25% Libor floor, an original issue discount of 981/2, 101 soft call protection for one year and a ticking fee of half the spread from days 31 through 60 and the full spread after 60 days, the source remarked.

Commitments for the company's $555 million credit facility (Ba3/BB-), which also includes a $20 million four-year revolver, are due on May 23.

Jefferies Finance LLC and Goldman Sachs & Co. are leading the deal that will be used with $305 million of senior secured notes to help fund the merger of Chicago-based Getco Holding Co. LLC and Jersey City, N.J.-based Knight Capital Group Inc. to form KCG, and to refinance existing debt.

Gross leverage is 1.8 times through the first-lien and 2.9 times total.

KCG is a Jersey City, N.J.-based financial services firm.

Hawaiian Telcom refinancing

Hawaiian Telcom held a call at 2 p.m. ET on Monday to launch a $300 million first-lien term loan due May 2019 that is talked at Libor plus 400 bps with a 1% Libor floor, an original issue discount of 99½ and 101 repricing protection for one year, according to a market source.

Proceeds will be used to refinance an existing term loan due February 2017 that is priced at Libor plus 575 bps with a 1.25% Libor floor, and existing lenders will get paid out at 101 with this transaction, the source remarked.

Commitments are due on May 20.

Credit Suisse Securities (USA) LLC is leading the deal.

Hawaiian Telcom is a Honolulu-based provider of integrated communications services.

HCA comes to market

HCA launched a $726 million term loan A-4 due February 2016 with talk of Libor plus 250 bps with no Libor floor, a par offer price and 101 soft call protection for six months, according to a market source.

Proceeds will be used to refinance a term loan A-3 that is priced at Libor plus 325 bps with no Libor floor.

Lead banks, Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Wells Fargo Securities LLC, Deutsche Bank Securities Inc. and Barclays, are seeking commitments by noon ET on Thursday, the source added.

HCA is a Nashville-based health care company.

Atlantic Broadband call

Atlantic Broadband hosted a lender call in the morning to launch a $419 million term loan B that is talked at Libor plus 250 bps to 275 bps with a 0.75% Libor floor, a par offer price and 101 soft call protection for six months, according to a market source.

Proceeds will be used to reprice an existing term loan B from Libor plus 350 bps with a 1% Libor floor.

Bank of America Merrill Lynch is the left lead on the deal.

Atlantic Broadband is a Quincy, Mass.-based cable system operator.

Blue Coat deal emerges

Blue Coat Systems set a bank meeting for 11 a.m. ET on Wednesday to launch a $700 million credit facility that will be used to refinance existing debt and fund recent acquisitions, according to a market source.

The facility consists of a $25 million revolver and a $675 million six-year covenant-light term loan, the source said.

Jefferies Finance LLC is leading the deal.

Blue Coat is a Sunnyvale, Calif.-based web security company.

Kindred on deck

Kindred Healthcare scheduled a call for 3 p.m. ET on Tuesday to launch a $787.5 million term loan B due June 2018 that is talked at Libor plus 325 bps to 350 bps with a 1% Libor floor, a par offer price and 101 soft call protection for six months, according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance an existing $687.8 million term loan B due June 2018 and a $99.8 million incremental term loan due June 2018.

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

WildHorse readies loan

WildHorse Resources will host a bank meeting on Thursday morning to launch a $325 million six-year covenant-light second-lien term loan that has call protection of 102 in year one and 101 in year two, according to sources.

Wells Fargo Securities LLC is leading the transaction.

Proceeds will be used to fund a dividend and refinance existing debt.

WildHorse Resources is a Houston-based energy company focused on oil and gas exploration and production in Texas and Louisiana.

Packaging Coordinators closes

In other news, Packaging Coordinators Inc. and Frazier Healthcare VI LP completed the purchase of AndersonBrecon, a contract pharmaceutical packaging business, from AmerisourceBergen Corp., a news release said.

For the transaction, Packaging Coordinators got a new $280 million credit facility that includes a $30 million revolver, a $175 million first-lien term loan and a $75 million second-lien term loan.

Pricing on the first-lien term loan is Libor plus 425 bps with a 1.25% Libor floor, and it was sold at a discount of 991/2. There is 101 soft call protection for one year.

During syndication, pricing on the loan was reduced from Libor plus 450 bps and the discount was tightened from 99.

GE Capital Markets, SunTrust Robinson Humphrey Inc. and Fifth Third Securities Inc. led the deal for the Philadelphia-based pharmaceutical and biotechnology packaging company.

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