Tata, Alinta, Wastequip, LANDesk break; Bowie, Multi Packaging, Boyd, BMC, Keystone revised

By Sara Rosenberg

New York, Aug. 7 - Tata Chemicals North America lowered the spread on its term loan B, firmed the original issue discount at the low end of talk and then freed up for trading on Wednesday afternoon, and Alinta Energy Finance Pty Ltd., Wastequip LLC and LANDesk Software broke as well.

Over in the primary, Bowie Resources LLC reworked spreads as well as discounts on its term loans and downsized the second-lien tranche, and Multi Packaging Solutions Inc. tightened the coupon and original issue discount on its B loan.

Also, Boyd Gaming Corp. moved funds to its term loan A from its term loan B and reduced pricing guidance on its B loan, BMC Software reworked tranching under its credit facility and Keystone Automotive Operations Inc. increased the spread on its second-lien term loan.

Furthermore, NXT Capital, Live Nation Entertainment Inc., Ceridian Corp., WaveDivision Holdings LLC, Pantry Inc. and Totes Isotoner Corp. set price talk with their launches, and RBS Global Inc. (Rexnord) and Kinetic Concepts Inc. emerged with loan plans.

Tata tweaked, frees up

Tata Chemicals North America trimmed pricing on its $315 million seven-year term loan B to Libor plus 275 basis points from Libor plus 300 bps with a leverage-based grid and set the discount at 99, the tight end of the 98 to 99 talk, according to a market source.

The term B still has a 1% Libor floor and 101 soft call protection for one year.

Recommitments for the $340 million credit facility (Ba3/BB), which also includes a $25 million five-year revolver, were due at noon ET.

Then, by late day, the deal had made its way into the secondary market, with the term loan B quoted at par bid on the open and then it moved to 99¾ bid, par ½ offered, a trader remarked.

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

Tata Chemicals is a Rockaway, N.J.-based natural soda ash producer.

Alinta hits secondary

Alinta Energy's $1.14 billion of senior secured six-year covenant-light term loans freed up as well, with levels seen at 95½ bid, 96½ offered, according to a market source.

Pricing on the debt, which includes a $1.07 billion funded tranche and a $70 million delayed-draw tranche, is Libor plus 537.5 bps with a 1% Libor floor and it was sold at a discount of 95. There is soft call protection of 102 in year one and 101 in year two.

During syndication, the funded tranche was reduced from $1.1 billion, pricing on the debt was increased from revised talk of Libor plus 525 bps and initial talk of Libor plus 425 bps to 450 bps, the discount widened from revised talk of 97 and initial talk of 981/2, the call protection was changed from a 101 soft call for one year and the maturity was shortened from seven years.

The company's credit facility also provides for an A$240 million five-year revolver.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., BNP Paribas Securities Corp., Goldman Sachs Bank USA and Macquarie Capital are leading the deal (B1/B+) that will be used by the Melbourne, Australia-based power company to refinance existing debt.

Wastequip starts trading

Wastequip's $210 million six-year term loan (B3/B+) also broke, with levels quoted at par bid, 101 offered, a source said.

Pricing on the term loan is Libor plus 450 bps with a 1% Libor floor and it was sold at a discount of 991/2. There is 101 soft call protection for one year.

Recently, the spread on the loan was reduced from talk of Libor plus 475 bps to 500 bps and the discount was modified from 99.

Goldman Sachs Bank USA is leading the deal that will be used to refinance existing debt and fund a dividend.

Wastequip is a Charlotte, N.C.-based manufacturer of waste handling equipment and recycling equipment.

LANDesk tops OID

LANDesk Software's credit facility was another deal to start trading, with the $330 million seven-year term loan quoted at par bid, a trader said.

Pricing on the loan is Libor plus 425 bps with a 1% Libor floor and it was sold at an original issue discount of 99. There is 101 soft call protection for six months.

The term loan was upsized from $300 million and pricing firmed at the tight end of the Libor plus 425 bps to 450 bps talk as a result of strong demand.

The company's $350 million credit facility also provides for a $20 million revolver.

Jefferies Finance LLC is leading the deal that is being used to refinance existing debt and fund a dividend, the size of which was increased due to the term loan upsizing.

LANDesk is a South Jordan, Utah-based provider of systems lifecycle management and endpoint security, as well as IT service management for desktops, servers and mobile devices.

Bowie changes emerge

In the primary, Bowie Resources raised talk on its $335 million first-lien term loan B to Libor plus 550 bps to 575 bps from Libor plus 500 bps to 525 bps and widened the discount to 97 from 99, while leaving the 1% Libor floor and 101 soft call protection for one year intact, according to a market source.

Also, amortization on the first-lien was modified to 5% in years one and two, 7.5% in years three and four, and 10% in years five, six and seven, and the excess cash flow sweep was set at 75% with step-downs to 50% at 3 times senior secured leverage and 25% at 2 times senior secured leverage.

As for the second-lien term loan, it was reduced to $100 million from $121 million, price talk was lifted to Libor plus 950 bps to 975 bps from Libor plus 875 bps to 900 bps, the discount was revised to 97 from 98 and the debt was made non-callable for one year, then at 102 in year two and 101 in year three, instead of having call protection of 103 in year one, 102 in year two and 101 in year three, the source said, adding that the 1% Libor floor was unchanged.

The company's now $470 million credit facility also includes a $35 million ABL revolver.

Bowie lead banks

Morgan Stanley Senior Funding Inc. and Deutsche Bank Securities Inc. are leading Bowie's credit facility, for which commitments are due on Thursday.

Proceeds will be used to help fund the acquisition of Canyon Fuel Co. LLC from Arch Coal Inc. for $435 million in cash, and the funds lost from the second-lien term loan downsizing will be replaced with $21 million of Caterpillar Lease Financing, the source remarked.

As part of the transaction, Galena Private Equity Resources Fund will provide a cash investment to acquire a minority equity stake in Bowie, a Louisville, Ky.-based coal company.

Closing is expected in the third quarter, subject to governmental and regulatory approvals and other customary conditions.

Multi Packaging trims pricing

Multi Packaging Solutions cut pricing on its $280 million seven-year covenant-light first-lien term loan B to Libor plus 325 bps from talk of Libor plus 375 bps to 400 bps and moved the original issue discount to 99½ from 99, according to a market source.

In addition, the foreign acquisition basket was changed to the greater of $100 million and 12% of total assets, from $75 million and 9.25% of total assets, the source said.

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

Recommitments for the company's $330 million credit facility, which also includes a $50 million five-year revolver, were due by 5 p.m. ET on Wednesday.

Multi Packaging being acquired

Proceeds from Multi Packaging's credit facility will be used to help fund its buyout by Madison Dearborn Partners from Irving Place Capital and to refinance its existing senior secured credit facility.

Barclays, Bank of America Merrill Lynch, Citigroup Global Markets Inc. and UBS Securities LLC are leading the deal.

Senior secured leverage is 3.5 times and total leverage is 5.8 times.

Multi Packaging Solutions is a New York-based manufacturer of printed folding cartons, labels, and inserts for customers in the health care, consumer and media end markets.

Boyd reworks deal

Boyd Gaming trimmed its seven-year covenant-light term loan B to $900 million from $1 billion and reduced talk to Libor plus 300 bps to 325 bps from Libor plus 350 bps, a source said, remarking that the 1% Libor floor, original issue discount of 99½ and 101 soft call protection for six months were unchanged.

With the term loan B downsizing, the five-year term loan A was increased to $250 million from $150 million, the source continued.

Pricing on the term loan A and on a $600 million five-year revolver is still Libor plus 300 bps.

Bank of America Merrill Lynch, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, UBS Securities LLC, Wells Fargo Securities LLC and Nomura are leading the $1.75 billion credit facility (Ba3/BB-) that will be used to refinance existing debt.

Boyd is a Las Vegas-based owner and operator of gaming entertainment properties.

BMC retranches

BMC Software downsized its U.S. seven-year first-lien covenant-light term loan to $2.88 billion from $3.2 billion and its euro seven-year first-lien covenant-light term loan to €500 million from €750 million, added a $335 million seven-year term loan at the euro borrower, and upsized its bond offering to $1,625,000,000 from $1,380,000,000, according to a market source.

Pricing on the U.S. term loan still Libor plus 400 bps with a 1% Libor floor and an original issue discount of 99 and the new U.S. denominated term loan at the euro borrower carries the same pricing, the source said.

The euro term loan continues to be priced at Euribor plus 450 bps with a 1% Libor floor and a discount of 99.

The term loans have 101 soft call protection for six months.

Orders for the term loans were due by 5 p.m. ET on Wednesday, the source added.

BMC getting revolver

Along with the term loans, BMC is getting a $350 million five-year revolver as part of its new senior secured credit facility (B1/B+).

Credit Suisse Securities (USA) LLC, RBC Capital Markets, Barclays, Goldman Sachs Bank USA, Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Mizuho Securities USA Inc. and Jefferies Finance LLC are leading the deal.

Proceeds from the credit facility and notes will be used to help fund the buyout of the Houston-based software company by Bain Capital, Golden Gate Capital, GIC Special Investments Pte Ltd. and Insight Venture Partners for $46.25 per share in cash, or about $6.9 billion.

Closing is expected later this year, subject to approval from BMC shareholders, which has been obtained, regulatory approvals and other customary conditions.

Keystone ups spread

Keystone Automotive raised pricing on its $100 million seven-year second-lien term loan (Caa2/CCC+) to Libor plus 950 bps from Libor plus 850 bps, and left the 1.25% Libor floor, discount of 98 and call protection of 103 in year one, 102 in year two and 101 in year three intact, a market source said.

The company's $360 million credit facility also includes a $235 million six-year first-lien term loan (B3/B) and a $25 million ABL revolver.

The first-lien term loan is priced at Libor plus 575 bps, after flexing earlier from Libor plus 475 bps, with a 1.25% Libor floor and an original issue discount of 981/2, and has 101 soft call protection for one year.

UBS Securities LLC, Goldman Sachs Bank USA and Bank of America Merrill Lynch are leading the deal that is expected to allocate on Thursday and close on Tuesday, the source added.

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

Keystone is an Exeter, Pa.-based distributor and marketer of aftermarket automotive equipment and accessories.

NXT reveals talk

Also in the primary, NXT Capital came out with talk of Libor plus 425 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months on its $150 million seven-year term loan B (B2/BB-) that launched during the session, according to a market source.

Wells Fargo Securities LLC, BMO Capital Markets and SunTrust Robinson Humphrey Inc. are leading the deal.

Proceeds will be used for general corporate purposes.

NXT Capital is a Chicago-based provider of structured financing services to middle-market and emerging growth companies and real estate investors.

Live Nation comes to market

Live Nation Entertainment hosted a call at 2 p.m. ET on Wednesday to launch a $1.35 billion credit facility (Ba3) that will be used to refinance an existing senior secured credit facility and for general corporate purposes, according to a market source.

The facility consists of a $300 million five-year revolver, a $100 million five-year term loan A, and a $950 million seven-year term loan B talked at Libor plus 275 bps to 300 bps with a 1% Libor floor, an original issue discount of 99¾ and 101 soft call protection for six months, the source remarked.

J.P. Morgan Securities LLC is leading the deal.

Live Nation is a West Hollywood, Calif.-based provider of live music concerts and live entertainment ticketing sales and marketing services.

Ceridian repricing

Ceridian launched with a call in the afternoon a $1,419,000,000 term loan B that is talked at Libor plus 425 bps with no Libor floor, an original issue discount of 99¾ and 101 soft call protection for six months, a source said.

Proceeds will be used to reprice the existing term loan B from Libor plus 575 bps with no Libor floor.

Commitments are due at 3 p.m. ET on Tuesday, the source said.

Deutsche Bank Securities Inc. is leading the deal.

Ceridian is a Minneapolis-based provider of human resources, transportation and retail information management services.

WaveDivision holds call

WaveDivision held a call in the afternoon to launch a repricing of its term loan B to Libor plus 275 bps with a 0.75% Libor floor from Libor plus 300 bps with a 1% Libor floor, and its revolver to Libor plus 375 bps from Libor plus 450 bps, according to sources.

The repriced term loan B is being offered at par and has 101 soft call protection for six months, sources said.

Lead banks, Wells Fargo Securities LLC, RBC Capital Markets, Deutsche Bank Securities Inc. and SunTrust Robinson Humphrey Inc., are seeking commitments by Aug. 14.

WaveDivision is a Kirkland, Wash.-based owner and operator of broadband cable systems.

Pantry guidance

Pantry launched a repricing of its term loan B with talk of Libor plus 375 bps with a 1% Libor floor, a par offer price and 101 soft call protection for six months, according to sources.

The repricing is taking the term loan down from Libor plus 450 bps with a 1.25% Libor floor.

Wells Fargo Securities LLC is leading the deal.

Pantry is a Cary, N.C.-based operator of a chain of convenience stores.

Totes tack-on loan

Totes Isotoner held a call at 1 p.m. ET on Wednesday to launch a $25 million tack-on term loan due July 2017 that is talked at Libor plus 575 bps with a 1.5% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months, a market source said.

The spread and floor on the tack-on are in line with existing term loan pricing as the debt is fungible.

Commitments are due on Tuesday, the source said.

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

Totes is a Cincinnati-based designer and retailer of branded accessories.

RBS Global on deck

RBS Global set a call for Thursday to launch a $1.95 billion seven-year first-lien covenant-light term loan that is talked at Libor plus 300 bps to 325 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

Commitments are due on Aug. 14, the source said.

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

Proceeds will be used by the Milwaukee, Wis.-based multi-platform industrial company to refinance existing 8½% senior notes and a term loan.

Kinetic plans add-on

Kinetic Concepts scheduled a call for Thursday to launch a $350 million add-on term loan that is talked at Libor plus 350 bps with a 1% Libor floor and an original issue discount that is still to be determined, according to a market source.

Bank of America Merrill Lynch, Morgan Stanley Senior Funding Inc. and Goldman Sachs Bank USA are leading the deal.

Proceeds will be used to help fund the $485 million acquisition of Systagenix, a UK-based provider of advanced wound care products.

Closing is expected in the fourth quarter, subject to customary conditions, including applicable antitrust approvals.

Kinetic Concepts is a San Antonio, Texas-based medical technology company.

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