Phoenix Services slashes pricing; Syniverse sets talk; Atkore tightens

By Paul A. Harris

Portland, Ore., Jan. 29 – The retail flows of the dedicated bank loan funds were modestly positve at $90 million, on Friday, the most recent session for which data was available at press time, an investor said.

In the primary market Phoenix Services International LLC slashed pricing on its $465 million seven-year covenant-light first-lien term.

Syniverse Holdings Inc. set talk on its $1,552,000,000 five-year first-lien term loan.

And Atkore International, Inc. narrowed talk on its $425 million incremental term loan B.

Phoenix Services cuts rate

Phoenix Services International slashed pricing on its $465 million seven-year covenant-light first-lien term loan by 75 basis points and tightened the original issue discount.

The loan is now priced at Libor plus 375 basis points, down from Libor plus 450 bps at launch.

It also changed the original issue discount to 99.5 from 99 previously.

The 1% Libor floor was left unchanged as was the 101 soft call protection for six months.

Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and RBC Capital Markets LLC are the arrangers on the deal. Barclays is the administrative agent.

Recommitments were due at 5 p.m. ET on Jan. 29.

Proceeds will be used to help fund the buyout of the company by Apollo Global Management from Olympus Partners.

Syniverse talks Libor plus 500 to 550 bps

Syniverse Holdings set talk on its $1,552,000,000 five-year first-lien term loan (B2/B) at Libor plus 500 basis points to 550 bps.

The loan has a 1% Libor floor and is being offered at 98.5.

Goldman Sachs and Barclays are the lead arrangers with Goldman on the left.

Commitments are due by Feb. 12.

Mallinckrodt talks Libor plus 300 bps

Mallinckrodt plc announced talk of Libor plus 300 basis points with a 0.75% Libor floor and an offer price of 99.75 for its $500 million term loan B (Ba1/BB+).

Proceeds will be used to finance the acquisition of Sucampo Pharmaceuticals, Inc., to refinance some of Sucampo’s debt, to pay transaction costs and for general corporate purposes.

Deutsche Bank, Barclays and Citigroup are joint lead arrangers and joint bookrunners for the financing. Deutsche Bank AG, New York Branch is administrative agent. Credit Suisse, Goldman Sachs, Morgan Stanley, Wells Fargo, Mizuho and PNC are co-managers.

Commitments are due by Feb. 6.

Atkore tightens, adds repricing

Atkore International narrowed talk on its $425 million incremental term loan B due Dec. 22, 2023 to Libor plus 275 basis points with a 1% Libor floor, to be offered at par.

In addition, Atkore is now looking to reprice its existing $495 million loan B due Dec. 22, 2023 on the same terms as the tightened talk on the add-on.

The add-on was launched at Libor plus 300 bps with a 1% Libor floor and a 99.5 offer price, terms that matched the current pricing on the existing loan, other than the offer price.

The full $920 million term loan B will have 101 soft call protection for six months.

Recommitments and signatures from existing lenders were due at 5 p.m. ET on Jan. 29.

Deutsche Bank is the left bookrunner for the new loan.

Proceeds from the add-on will be used to fund a stock repurchase and to prepay all or a portion of the loans outstanding under the company’s asset-based loan facility.

Arclin finalizes at tight end

Arclin set pricing on its term loan transaction at the narrow end of talk and upsized the incremental term loan to $80 million from $40 million previously.

The $478 million term loan due February 2024 (B2/B+) and $80 million incremental loan (B2/B+) are priced at Libor plus 350 bps, the narrow end of talk for a coupon of Libor plus 350 bps to 375 bps.

As previously, the repriced term loan is being offered at par while the incremental loan, which has the same maturity, is offered at 99.75.

Both have a 1% Libor floor and 101 soft call protection for six months.

The borrower is New Arclin U.S. Holding Corp.

Credit Suisse is the lead on the deal.

Commitments are due on Jan. 30.

Proceeds from the incremental loan will be used to repay part of the company’s second-lien term loan. With the upsizing, proceeds from the incremental loan will also be used to pay a distribution to shareholders.

The repricing will reduce the coupon from Libor plus 425 bps at present.

Lightstone launches $1.68 billion repricing

Lightstone Holdco LLC launched a $1.68 billion repricing of its term loan B and term loan C with a lender call on Monday afternoon.

Both tranches are talked at Libor plus 375 basis points to 400 bps, which will be a reduction from the current level of Libor plus 450 bps. They will be offered at par.

The 1% Libor floor will remain the same as at present, but the 101 soft call will be reset for six months.

Included in the facility is a $1,575,000,000 covenant-light term loan B due January 2024 and a $100 million term loan C (funded letter-of-credit facility), also due January 2024.

Expected ratings are Ba3 from Moody’s Investors Service and BB- from S&P.

Credit Suisse is the lead arranger.

Commitments are due by 5 p.m. ET on Feb. 1.

MyEyeDr. moves up timing

MyEyeDr. moved up timing on its $600 million of new term loans.

Commitments are due at noon ET on Wednesday. Books were previously scheduled to remain open until Feb. 2.

As reported, the $440 million seven-year senior secured first-lien term loan (B2/B) is talked at Libor plus 325 basis points with a 1% Libor floor and an original issue discount of 99.5.

Talk for the $160 million eight-year senior secured second-lien term loan (Caa2/CCC+) is Libor plus 725 bps with a 1% floor for Libor and an original issue discount of 99.

Goldman Sachs is left lead arranger, and RBC Capital Markets, Credit Suisse, Barclays, Jefferies and Golub Capital are also lead arrangers.

Commitments are due by Feb. 2.

Proceeds will be used to refinance debt.

RevSpring cuts rate

RevSpring lowered the coupon in the repricing of its $204.93 million senior secured first-lien term loan (B2/B) by 25 basis points.

The repriced loan, due Nov. 30, 2023, was set at Libor plus 450 bps with a 1% Libor floor and a par issue price.

When the repricing was launched, the rate was set at Libor plus 475 bps.

The new loan allocated on Friday, according to the market source.

As previously reported, RevSpring priced a $207 million seven-year first-lien term loan at Libor plus 550 bps, higher than of Libor plus 475 bps to 500 bps, in November 2016.

The loan had an original issue discount of 98, lowered from talk of 99, and a 1% Libor floor.

Cision to launch repricing

Cision will launch a repricing of its $1,035,000,000 and €250 million of covenant-light term loan Bs (B2/B) with a call for lenders at 10 a.m. ET on Tuesday.

Talk on the dollar tranche is Libor plus 325 basis points, while talk for the euro piece is Euribor plus 350 bps. Current pricing is Libor plus 425 bps and Euribor plus 425 bps.

Both portions will be offered at par, mature in June 2023 and will have their 101 soft call protection refreshed for six months.

Deutsche Bank is leading the transaction.

Commitments are due on Feb. 2.

Western Digital $1 billion increase in term loan A-1

Western Digital Corp. said that it plans to increase its term loan A-1 by $1 billion, increasing the size of the loan to $5,022,000,000.

Proceeds will be used to settle the company's existing term loan A maturing in 2021.

The size of the new loan could increase by a further $1 billion if a concurrent $1 billion offering of convertible notes is not completed.

In addition to the loan and convertibles, the San Jose-based data solutions provider also announced a $2.3 billion notes offer on Monday. The notes offer is being led by BofA Merrill Lynch and JP Morgan.

Lucid moves up timing

Lucid Energy Group II Borrower LLC moved up timing on its $900 million seven-year term loan.

Commitments are due at 5 p.m. ET on Tuesday. Books were previously scheduled to remain open until Feb. 6.

As reported, talk is Libor plus 350 basis points and a 99.5 original issue discount.

The loan has a Libor floor of 1% and 101 soft call protection for six months.

Jefferies is the arranger.

Proceeds will be used to fund the acquisition of the company by Riverstone Holdings and Goldman Sachs Merchant Banking Division and to finance system expansion.

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