Southwire, Taminco, Mediacom, Western Dental, Insight break; Avaya, MRI, Dunkin' revised

By Sara Rosenberg

New York, Jan. 31 - Southwire Co.'s credit facility made its way into the secondary market on Friday, with the term loan seen trading above its original issue discount price, and Taminco Global Chemical Corp., Mediacom LLC, Western Dental Services Inc. and Insight Global (IG Investments Holdings LLC) freed up too.

Over in the primary, Avaya Inc. raised pricing on its term loan B-6 and set the offer price at the wide end of guidance, and MRI Software firmed the spread on its term loan at the low end of talk while tightening the discount.

Also, Dunkin' Brands Group Inc. downsized its extended term loan and firmed the spread and discount at the wide end of talk, and added a shorter dated term loan to its structure, and ExGen Renewables I LLC moved up the commitment deadline on its term loan.

Furthermore, ADS Waste Holdings Inc. and Clondalkin Group Holdings BV launched repricing transactions, CEC Entertainment Inc. came out with timing on its buyout financing, and Roundy's Supermarkets Inc., Seadrill Ltd., Aegis Sciences Corp. and Alamo Portfolio emerged with new deal plans.

Southwire tops OID

Southwire's credit facility began trading on Friday, with the $750 million seven-year covenant-light term loan (Ba3/BB+) seen at par bid, par ½ offered, according to a trader.

Pricing on the term loan is Libor plus 250 basis points with a step-down to Libor plus 225 bps when net leverage is less than 2 times. There is a 0.75% Libor floor and 101 soft call protection for six months, and the debt was issued at a discount of 993/4.

Recently, pricing on the term loan was lowered from talk of Libor plus 275 bps to 300 bps, the step-down was added and the discount was tightened from 991/2.

The company's $1.75 billion senior secured credit facility also includes a $1 billion five-year asset-based revolver.

Southwire lead banks

Bank of America Merrill Lynch, BMO Capital Markets, Wells Fargo Securities LLC and Macquarie Capital are leading Southwire's credit facility that will be used to help fund the acquisition of Coleman Cable Inc. for $26.25 per share in cash in a transaction valued at about $786 million, including the assumption of $294 million in net debt.

Closing is expected this quarter, subject to a majority of Coleman shares being tendered, the expiration or termination of the waiting period under the Hart Scott Rodino Antitrust Improvements Act and other customary conditions.

Southwire is a Carrollton, Ga.-based wire and cable producer. Coleman is a Waukegan, Ill.-based manufacturer of electrical and electronic wire and cable products.

Taminco frees up

Taminco's bank debt broke as well, with the $386.9 million U.S. term loan B due Feb. 15, 2019 quoted at par 1/8 bid, par 7/8 offered, according to a trader.

Pricing on the U.S term loan, of which $43 million is incremental and $343.9 million is for a repricing of the existing loan, is Libor plus 250 bps with a 0.75% Libor floor, and it was issued at par. There is 101 soft call protection for six months.

The company is also getting a €185.9 million term loan B due Feb. 15, 2019 priced at Euribor plus 275 bps with a 0.75% floor and sold at par. This tranche, split between €68 million of incremental debt and €117.9 million repricing debt, also has 101 soft call protection for six months.

During syndication, pricing on the U.S. loan was decreased from Libor plus 275 bps and pricing on the euro loan was cut from Euribor plus 300 bps.

Citigroup Global Markets Inc. is leading the senior secured deal (BB-).

Taminco funding acquisition

Proceeds from Taminco's incremental loans and cash on hand will be used to fund the roughly $190 million acquisition of the formic acid business of Kemira Oyj.

The incremental debt has a ticking fee of half the spread from days 31 to 75 and the full spread from day 76 and thereafter.

Meanwhile, the repricing will take the U.S. term loan B down from Libor plus 325 bps with a 1% Libor floor and the euro term B down from Euribor plus 350 bps with a 1% floor.

The company is also repricing its $200 million revolver due Feb. 15, 2017 to Libor plus 250 bps (after flexing from Libor plus 275 bps) with a 0.75% Libor floor from Libor plus 325 bps with a 1% Libor floor.

Closing on the loan transaction is targeted for Feb. 5, and closing on the acquisition is expected this quarter, subject to the fulfillment of customary conditions.

Taminco is an Allentown, Pa.-based producer of alkylamines and alkylamine derivatives.

Mediacom hits secondary

Mediacom's $250 million four-year term loan F (Ba3/BB+) freed up for trading too, with levels quoted at 99¾ bid, par ¼ offered, according to a market source.

Pricing on the loan is Libor plus 250 bps with no Libor floor, and it was sold at an original issue discount of 993/4.

Wells Fargo Securities LLC, J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Natixis, RBC Capital Markets and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to repay the company's existing term loan C.

Mediacom is a Middletown, N.Y.-based cable operator.

Western Dental starts trading

Western Dental's $300 million term loan due November 2018 broke, with levels seen at par bid, 101 offered, according to a trader.

Pricing on the loan is Libor plus 500 bps with a 1% Libor floor, and original issue discount of 99 for new money and a par issue price for rollover commitments. There is 101 soft call protection for six months.

Jefferies Finance LLC is leading the deal that is being used to refinance existing debt.

Western Dental is an Orange, Calif.-based dental and oral health maintenance organization.

Insight Global breaks

Another deal to emerge in the secondary was Insight Global's $120 million fungible first-lien tack-on covenant-light term loan due October 2019, with levels quoted at par bid, par ½ offered, a trader remarked.

Pricing on the tack-on is Libor plus 425 bps with a 1% Libor floor, in line with the existing term loan, and it was sold at an original issue discount of 99. There is 101 soft call protection through Nov. 1, 2014.

During syndication, the tack-on loan was upsized from $90 million.

Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch, RBC Capital Markets LLC and Wells Fargo Securities LLC are leading the deal that will be used to fund a dividend.

Insight Global is an Atlanta-based temporary staffing firm for the information technology sector.

Avaya flexes up

Moving to the primary, Avaya raised pricing on its $1,137,539,846 term loan B-6 due March 31, 2018 to Libor plus 550 bps from talk of Libor plus 500 bps to 525 bps and set the offer price on new money commitments at 991/2, the wide end of the 99½ to par talk, according to a market source.

The B-6 loan still has a 1% Libor floor and 101 soft call protection for six months and a par offer price for existing lenders.

Recommitments were due at 3 p.m. ET on Friday, the source said.

Morgan Stanley Senior Funding Inc., Barclays, Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are leading the deal that will be used to reprice/refinance an existing term loan B-5 that is priced at Libor plus 675 bps with a 1.25% Libor floor. Existing B-5 lenders will get paid out at 101.

Avaya is a Basking Ridge, N.J.-based provider of business collaboration and communications services.

MRI Software updates terms

MRI Software set pricing on its $150 million first-lien term loan (B2/B+) at Libor plus 425 bps, the low end of the Libor plus 425 bps to 450 bps talk, and moved the original issue discount to 99½ from 99, while keeping the 1% Libor floor and 101 soft call protection for six months intact, according to a market source.

The company's credit facility also includes a $15 million revolver (B2/B+) and a privately placed $65 million second-lien term loan.

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

MRI Software is a Solon, Ohio-based provider of real estate enterprise software applications and hosted solutions.

Dunkin' restructures

Dunkin' Brands cut its term loan due February 2021 to a minimum of $1,379,000,000 from $1,829,000,000, set the spread at Libor plus 250 bps, the wide end of the Libor plus 225 bps to 250 bps talk, and firmed the offer price at 993/4, the high side of the 99¾ to par guidance, according to sources.

As before, the 2021 term loan has a 0.75% Libor floor and 101 soft call protection for six months.

Furthermore, the company added an up to $450 million term loan due June 2017 to its deal that is talked at Libor plus 225 bps to 250 bps with no Libor floor, an original issue discount of 99¾ and 101 soft call protection for six months, sources remarked.

Recommitments were due at 5 p.m. ET on Friday.

J.P. Morgan Securities LLC, Barclays and Goldman Sachs Bank USA are leading the deal that will be used to refinance an existing term loan due 2020 that is priced at Libor plus 275 bps with a 1% Libor floor.

Dunkin' Brands is a Canton, Mass.-based franchisor of quick-service restaurants serving hot and cold coffee and baked goods as well as hard-serve ice cream.

ExGen shutting early

ExGen Renewables accelerated the commitment deadline on its $300 million seven-year first-lien HoldCo senior secured term loan (Ba3/BB-) to 5 p.m. ET on Monday from Wednesday, according to a market source.

The term loan is talked at Libor plus 450 bps to 475 bps with a 1% Libor floor and an original issue discount of 99, and has soft call protection of 102 in year one and 101 in year two.

Barclays is leading the deal that will be used to make a distribution to parent company Exelon Corp.

ExGen is an operator of a portfolio of 13 contracted wind energy assets.

ADS sets offer price

Also in the primary, ADS Waste came out with a par offer price on the repricing of its $1,782,000,000 covenant-light term loan due October 2019 that launched with a call in the morning, according to an 8-K filed with the Securities and Exchange Commission on Friday.

Prior to launch, talk on the loan emerged at Libor plus 275 bps with a 0.75% Libor floor and 101 soft call protection for six months.

By comparison, current pricing on the loan is Libor plus 300 bps with a 1.25% Libor floor.

Commitments are due by noon ET on Thursday.

Deutsche Bank Securities Inc. is leading the deal for the Jacksonville, Fla.-based provider of integrated, non-hazardous solid waste collection, transfer, recycling and disposal services.

Clondalkin holds call

Clondalkin held a call at 1 p.m. ET on Friday to launch a repricing of its roughly $360 million first-lien term loan due 2020 talked at Libor plus 350 bps to 375 bps with a 1% Libor floor, versus current pricing of Libor plus 450 bps with a 1.25% Libor floor, according to a market source.

The repriced loan has 101 soft call protection for six months, the source said.

Deutsche Bank Securities Inc. is leading the deal for the Amsterdam-based provider of packaging products and services.

CEC timing emerges

CEC Entertainment surfaced with plans to hold a bank meeting at 2 p.m. ET on Tuesday to launch its $875 million credit facility, according to sources.

The facility consists of a $150 million five-year revolver and a $725 million seven-year covenant-light term loan.

Official price talk is not yet out, but filings with the SEC outlined expected revolver pricing at Libor plus 325 bps with a 50 bps unused fee, and said the term loan is expected at Libor plus 350 bps with a 1% Libor floor and 101 soft call protection for six months.

Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc. and UBS Securities LLC are leading the deal.

CEC being acquired

Proceeds from CEC's credit facility will be used to help fund its buyout by Apollo Global Management LLC for $54.00 per share in a transaction valued at about $1.3 billion, including the assumption of debt.

In addition to the credit facility, the company is expected to use $335 million of equity and $305 million of senior notes for buyout financing.

Closing is subject to a minimum tender condition of more than 50% of the company's common shares, the receipt of the Federal Trade Commission's approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other customary closing conditions.

CEC is an Irving, Texas-based operator of Chuck E. Cheese's family dining and entertainment stores.

Roundy's joins calendar

Roundy's Supermarkets set a bank meeting for 3 p.m. ET in New York on Monday to launch a $460 million 61/2-year first-lien covenant-light tem loan that has 101 soft call protection for six months, according to a market source.

Commitments are due on Feb. 12, the source said.

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Bank of America Merrill Lynch and BMO Capital Markets are leading the deal.

Proceeds will be used to refinance an existing loan.

Roundy's is a Milwaukee-based supermarket chain.

Seadrill coming soon

Seadrill scheduled a bank meeting for 12:30 p.m. ET on Tuesday to launch a $1.7 billion seven-year term loan B, according to a market source.

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

Seadrill is an Oslo-based provider of offshore drilling services to the oil and gas industry.

Aegis readies deal

Aegis Sciences will hold a bank meeting at 11 a.m. ET in New York on Tuesday to launch a $333 million senior credit facility, according to a market source.

The facility consists of a $40 million revolver, a $195 million first-lien term loan B and a $98 million second-lien term loan, the source said.

Morgan Stanley Senior Funding Inc., SunTrust Robinson Humphrey Inc. and Fifth Third Bank are leading the deal that will be used to help fund the buyout of the company by ABRY Partners.

Aegis is a Nashville, Tenn.-based forensic toxicology and health care sciences laboratory.

Alamo Portfolio on deck

Alamo Portfolio set a bank meeting for 3 p.m. ET in New York on Monday to launch a new loan deal, according to a market source, who said further details on the transaction are not yet available.

Citigroup Global Markets Inc. is leading the financing.

SeaStar closes

In other news, the buyout of SeaStar Solutions by American Securities from H.I.G. Capital LLC has been completed, according to a news release.

For the transaction, SeaStar got a new $235 million credit facility (B2/B) consisting of a $25 million revolver and a $210 million seven-year term loan B.

Pricing on the term loan is Libor plus 425 bps with a 1% Libor floor, and it was sold at a discount of 991/2. There is 101 soft call protection for six months.

During syndication, the term loan was upsized from $200 million as the equity component of the buyout financing was reduced, pricing was decreased from talk of Libor plus 450 bps to 475 bps, the discount was tightened from 99 and amortization was changed to 2.5% per annum from 2.5% in years one and two, and 5% thereafter.

RBC Capital Markets and GE Capital Markets lead the deal for the manufacturer and distributor of marine steering and control systems and engine and drive parts.

Mitel completes deal

Mitel Networks Corp. closed on its acquisition of Aastra Technologies Ltd. for $6.52 in cash plus 3.6 Mitel common shares per each Aastra common share, a news release said.

For the transaction, Mitel got a $405 million senior secured deal (Ba3/B+) consisting of a $50 million five-year revolver and a $355 million six-year term loan.

Pricing on the term loan is Libor plus 425 bps with a 1% Libor floor, and it was sold at a discount of 991/2. There is 101 soft call protection for six months.

During syndication, the spread on the term loan was reduced from talk of Libor plus 475 bps to 500 bps and the discount firmed at the tight end of the 99 to 99½ talk.

Jefferies Finance LLC and TD Securities (USA) LLC led the deal.

Mitel is a Kanata, Ont.-based provider of cloud- and premises-based unified communications software services. Aastra is a Concord, Ont.-based enterprise communications company.

National Mentor wraps

National Mentor Holdings Inc. closed on its $700 million senior secured credit facility (B1/B) consisting of a $100 million five-year revolver priced at Libor plus 375 bps with no Libor floor and sold with a 50 bps upfront fee, and a $600 million seven-year covenant-light term loan B priced at Libor plus 375 bps with a 1% Libor floor and sold at a discount of 993/4, according to an 8-K filed with the SEC.

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

During syndication, the term loan was upsized from $560 million, pricing was cut from Libor plus 400 bps and the discount was moved from talk of 99 to 991/2, and pricing on the revolver was flexed from Libor plus 400 bps.

Proceeds were used to repay all amounts under the company's existing senior secured credit facility and, due to the term loan upsizing, to redeem $38 million of its outstanding $250 million 12½% senior unsecured notes.

Barclays, Goldman Sachs Bank USA, Jefferies Finance LLC and UBS Securities LLC led the deal.

National Mentor is a Boston-based provider of home and community-based health and human services.

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