Dole Food, BWAY, Horizon Pharma, Citco Funding break; Hargray, Las Vegas Sands update deals

By Sara Rosenberg

New York, March 23 – Dole Food Co. Inc. upsized its term loan B, reduced pricing and then freed up for trading on Thursday, and deals from BWAY Holding Co., Horizon Pharma Inc. and Citco Funding LLC broke as well.

In more happenings, Hargray Communications Group Inc. cut the spread on its term loan B, added a step-down and modified the original issue discount, Las Vegas Sands LLC firmed the issue price on its term loan at the tight end of guidance, and AlixPartners LLP accelerated the commitment deadline on its term loan B.

Furthermore, DigiCert Inc. and Amneal Pharmaceuticals LLC released price talk on their term loans, and Albea Beauty Holdings SA came out with timing on the launch of its credit facility.

Dole reworked, trades

Dole Food increased its seven-year term loan B to $950 million from $875 million, trimmed the spread to Libor plus 300 basis points from talk of Libor plus 325 bps to 350 bps and removed the MFN sunset, according to a market source.

The term loan still has a 25 bps pricing step-down at 3.75 times first-lien net leverage, a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Commitments were due at 2:30 p.m. ET on Thursday, accelerated from Friday, the source said.

By late day, the term loan B emerged in the secondary market, and levels were quoted at par ¼ bid, par ¾ offered, a trader added.

Morgan Stanley Senior Funding, Bank of America Merrill Lynch, Deutsche Bank Securities Inc. and the Bank of Nova Scotia are leading the deal that will be used with $300 million of secured notes, downsized from $375 million, to refinance an existing term loan B, existing secured notes and ABL borrowings.

Closing is expected on April 6.

Dole is a Westlake Village, Calif.-based fruit and vegetables company.

BWAY hits secondary

BWAY Holding’s $1.5 billion term loan (B2/B-) also broke for trading, with levels quoted at 99 7/8 bid, par ¼ offered, a trader said.

Pricing on the term loan is Libor plus 325 bps with a 0% Libor floor, and it was sold at an original issue discount of 99.5. The debt has 101 soft call protection for six months.

During syndication, the spread on the term loan finalized at the low end of the Libor plus 325 bps to 350 bps talk.

Bank of America Merrill Lynch, Goldman Sachs Bank USA, BMO Capital Markets Corp. and Citigroup Global Markets Inc. are leading the deal that will be used with $1.48 billion of senior secured notes and $1.2 billion of senior unsecured notes to fund the acquisition by Stone Canyon Industries LLC, BWAY’s parent company, of Mauser Group NV for $2.3 billion from Clayton, Dubilier & Rice.

BWAY is an Atlanta-based manufacturer of rigid metal and plastic containers. Mauser is an Oosterhout, the Netherlands-based supplier of rigid packaging products and services for industrial use.

Horizon Pharma frees up

Horizon Pharma’s $850 million seven-year senior secured covenant-light term loan B began trading too, with levels seen at par bid, par ¾ offered, according to a trader.

Pricing on the term loan B is Libor plus 375 bps with a 1% Libor floor, and it was sold at an original issue discount of 99.75. The debt has 101 soft call protection for six months.

On Wednesday, the term loan was upsized from $769 million and the spread firmed at the low end of the Libor plus 375 bps to 400 bps talk.

Citigroup Global Markets Inc., Bank of America Merrill Lynch and J.P. Morgan Securities LLC are leading the deal that will be used to refinance existing debt, and, due to the recent term loan upsizing, to add cash to the balance sheet.

Closing is expected on March 29.

Horizon Pharma is a Dublin-based biopharmaceutical company.

Citco starts trading

Citco Funding’s $789.9 million five-year first-lien term loan (Ba3) made its way into the secondary market as well, with levels quoted at par ½ bid, 101 offered, a market source said.

Pricing on the loan is Libor plus 300 bps with no Libor floor, and it was issued at par. The loan has 101 soft call protection for six months.

UBS Investment Bank is leading the deal that will be used to refinance existing debt and fund a dividend.

Citco is a provider of financial services to hedge funds, private equity and real estate firms, institutional banks, companies and high net worth individuals.

Hargray reveals changes

Hargray Communications Group reduced pricing on its $450 million seven-year covenant-light term loan B to Libor plus 300 bps from Libor plus 350 bps, added a 25 bps step-down at 4.75 times secured net leverage, and moved the original issue discount to 99.75 from 99.5, a market source remarked.

As before, the term loan has a 1% Libor floor, 101 soft call protection for six months and a ticking fee of half the spread from days 31 to 90 and the full spread thereafter.

The company’s $480 million credit facility (B2/B+) also includes a $30 million revolver.

Recommitments are due at noon ET on Friday, the source added.

Credit Suisse Securities (USA) LLC, SunTrust Robinson Humphrey Inc. and Antares Holdings are leading the deal that will be used to finance the acquisition of the company by Tom Pritzker Family Business Interests, Redwood Capital Investments, Stephens Capital Partners and management.

Closing on the buyout is expected in the third quarter.

Hargray is a Hilton Head Island, S.C.-based broadband communications and entertainment provider.

Las Vegas sets issue price

Las Vegas Sands finalized the issue price on its $2,183,000,000 seven-year term loan at par, the tight end of the 99.875 to par talk, according to a market source.

The term loan is still priced at Libor plus 200 bps with a 0% Libor floor, and has 101 soft call protection for six months.

Allocations are expected on Friday, the source continued.

Bank of Nova Scotia, Barclays, Bank of America Merrill Lynch, BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Fifth Third Bank are leading the deal that will be used to refinance an existing term loan B priced at Libor plus 225 bps with a 0% Libor floor.

Las Vegas Sands is a Las Vegas-based developer and operator of integrated resorts.

AlixPartners moves deadline

AlixPartners accelerated the commitment deadline on its $1.37 billion seven-year covenant-light term loan B (B2/B+) to noon ET on Monday from noon ET on Wednesday, a market source said.

The term loan is talked at Libor plus 300 bps to 325 bps with a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Goldman Sachs Bank USA and Jefferies Finance LLC are leading the deal that will be used to refinance an existing term loan and fund a distribution to shareholders.

AlixPartners is a New York-based performance improvement, corporate turnaround and financial advisory services firm.

DigiCert releases talk

Also in the primary market, DigiCert held its bank meeting on Thursday, launching its $260 million seven-year senior secured first-lien term loan at talk of Libor plus 425 bps to 450 bps with a 1% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months.

Commitments are due on April 5, the source said.

Jefferies Finance LLC is leading the deal that will be used to refinance the company’s existing capital structure.

DigiCert is a Lehi, Utah-based provider of Secure Sockets Layer certificates and managed Public Key Infrastructure solutions with emphasis on authentication and encryption.

Amneal launches

Amneal Pharmaceuticals launched with a lender call on Thursday a $250 million add-on term loan talked at Libor plus 350 basis points with a 1% Libor floor and an original issue discount of 99.509, a market source said.

J.P. Morgan Securities LLC is leading the deal that will be used to fund a dividend and for general corporate purposes.

Amneal Pharmaceuticals is a Bridgewater, N.J.-based manufacturer of generic pharmaceuticals.

Albea timing emerges

Albea Beauty set a bank meeting for 11 a.m. UK time in London on Monday and a bank meeting for 10 a.m. ET in New York on Tuesday to launch its previously announced $921 million-equivalent senior secured credit facility, according to a market source.

The facility consists of a $105 million six-year revolver and an $816 million-equivalent U.S. and euro seven-year covenant-light term loan B, which is now known to be split between a $408 million U.S. tranche and a $408 million euro-equivalent tranche, the source said.

Goldman Sachs International and BNP Paribas are the joint global coordinators on the deal and joint bookrunners with Credit Agricole CIB and HSBC Bank.

Proceeds will be used to refinance U.S. dollar 8¾% bonds due 2019 and euro 8 3/8% bonds due 2019, to fund a dividend, to repay certain other existing debt and for transaction expenses.

Commitments are due on April 10, and closing is expected by the end of April.

Albea is a France-based packaging company for the make-up, fragrance, skincare, personal and oral care markets.

Western Digital closes

In other news, Western Digital Corp. announced in a news release that it completed the repricing of its €881 million term loan B-2 due April 2023 at Euribor plus 200 basis points with a 25 bps step-down when total leverage is less than 1.75 times.

The loan has a 0.75% floor and 101 soft call protection for six months, and was issued at par.

During syndication, pricing on the loan firmed at the low end of the Euribor plus 200 bps to 225 bps talk.

Bank of America Merrill Lynch and J.P. Morgan Securities LLC led the deal that repriced the existing loan down from Euribor plus 325 bps with a 0.75% floor.

The euro loan repricing comes on the heels of the company’s pricing last week of a roughly $3 billion U.S. term loan B-2.

Western Digital is an Irvine, Calif.-based developer and manufacturer of storage solutions that enable people to create, manage, experience and preserve digital content.

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