Regent Seven Seas, Oceania free up; Sedgwick, ADS revised; Aptean, Dealertrack, NXP launch

By Sara Rosenberg

New York, Feb. 6 - Regent Seven Seas Cruises' term loan made its way into the secondary market on Thursday with levels seen above it issue price, and Oceania Cruises Inc.'s term loan began trading as well.

Moving to the primary market, Sedgwick Inc. shifted some funds between its first and second-lien term loans while also tightening spreads and original issue discounts, and ADS Waste Holdings Inc. raised pricing on its term loan.

Also, Aptean Holdings Inc. and Dealertrack Technologies Inc. set talk with launch, NXP BV approached lenders with a repricing transaction, American Pacific Corp. revealed timing on its buyout financing and Stena AB emerged with deal plans.

Regent Seven Seas breaks

Regent Seven Seas Cruises' $246 million term loan B freed up for trading on Thursday, with levels seen at par ½ bid, 101½ offered, according to a market source.

Pricing on the loan is Libor plus 275 basis points, after firming the other day at the tight end of the Libor plus 275 bps to 300 bps talk. There is 1% Libor floor and 101 soft call protection for six months, and the debt was issued at par.

Deutsche Bank Securities Inc. is leading the deal that will be used to reprice an existing term loan B from Libor plus 350 bps with a 1.25% Libor floor.

As part of the repricing, the company is paying down $50 million of its existing term loan B, which is why the new deal is sized at $246 million.

Regent Seven Seas is a Miami-based cruise ship company.

Oceania tops issue price

Oceania Cruises' $249 million term loan B (B+) due July 2020 also began trading, with levels quoted at par ¾ bid, 101¾ offered, a source remarked.

The term loan is priced at Libor plus 425 bps with a 1% Libor floor and was issued at par. There is 101 soft call protection for six months.

Earlier this week, pricing on the loan finalized at the low end of the Libor plus 425 bps to 450 bps talk.

Deutsche Bank Securities Inc. is leading the deal that will be used to reprice the company's existing term loan B from Libor plus 575 bps with a 1% Libor floor.

With the repricing, the company is paying down $50 million of the term loan B, resulting in the new $249 million size.

Oceania Cruises is a Miami-based upper premium cruise line.

Sedgwick restructures

Switching to the primary, Sedgwick lifted its seven-year first-lien term loan to $1,085,000,000 from $1.02 billion, lowered pricing to Libor plus 275 bps from Libor plus 325 bps and revised the original issue discount to 99¾ from 991/2, according to a market source. The loan still has a 1% Libor floor and includes 101 soft call protection for six months.

On the flip side, the eight-year second-lien term loan was trimmed to $445 million from $510 million, the spread was flexed to Libor plus 575 bps from Libor plus 675 bps and the discount was moved to 99½ from 99, the source said. This tranche has a 1% Libor floor and call protection of 102 in year one and 101 in year two.

The company's $1,655,000,000 credit facility also includes a $125 million five-year revolver.

Recommitments were due by 2 p.m. ET on Thursday and allocations are expected on Monday, the source added.

Sedgwick being acquired

Proceeds from Sedgwick's credit facility and equity will be used to fund its buyout by KKR and management for about $2.4 billion from Hellman & Friedman LLC and Stone Point Capital LLC.

UBS Securities LLC, Deutsche Bank Securities Inc., KKR Capital Markets, Mizuho and Morgan Stanley Senior Funding Inc. are leading the deal, with UBS the left lead on the first-lien loan and Deutsche Bank the left lead on the second-lien loan.

Closing is expected this quarter, subject to customary conditions and regulatory approvals.

Sedgwick is a Memphis, Tenn.-based provider of technology-enabled claims and productivity management services.

ADS Waste lifts pricing

ADS Waste flexed pricing on its $1,782,000,000 covenant-light term loan due October 2019 to Libor plus 300 bps from Libor plus 275 bps, while keeping the 0.75% Libor floor, par offer price and 101 soft call protection for six months intact, according to a market source.

Proceeds will be used to reprice an existing term loan from Libor plus 300 bps with a 1.25% Libor floor.

Deutsche Bank Securities Inc. is leading the deal.

ADS Waste is a Jacksonville, Fla.-based provider of integrated, non-hazardous solid waste collection, transfer, recycling and disposal services.

Aptean discloses guidance

Aptean Holdings held its bank meeting on Thursday, launching its $315 million six-year first-lien term loan B (B+) with talk of Libor plus 375 basis points to 400 bps with a 1% Libor floor, an original issue discount of 99 to 99½ and 101 soft call protection for six months, according to a market source.

Also, the $100 million seven-year second-lien term loan (CCC+) was launched at Libor plus 700 bps to 725 bps with a 1% Libor floor, a discount of 98½ to 99 and hard call protection of 102 in year one and 101 in year two, the source said.

The $440 million senior secured credit facility also includes a $25 million five-year revolver (B+).

Commitments are due on Feb. 20, the source added.

Morgan Stanley Senior Funding Inc., BMO Capital Markets Corp. and SunTrust Robinson Humphrey Inc. are leading the deal that will refinance existing term loans and the BMO Capital call facility as well as fund a dividend.

Aptean is an Atlanta-based provider of enterprise application software.

Dealertrack releases talk

Dealertrack came out with talk of Libor plus 275 bps to 300 bps with a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months on its $575 million seven-year term loan B that launched with a meeting during the session, a market source said.

The company's $775 million senior secured credit facility (Ba2/BB-) also includes a $200 million revolver.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Barclays and Wells Fargo Securities LLC are leading the deal that will help fund the acquisition of Dealer.com for about 8.7 million shares of Dealertrack's common stock and $620 million in cash.

Dealertrack trim loan size

Originally Dealertrack's term loan size was planned at $625 million, but the company now intends to use some proceeds from the roughly $92.5 million sale of substantially all of its shares of TrueCar Inc. common stock for the Dealer.com purchase, and, as a result, opted to reduce the B loan size, said an 8-K filed with the Securities and Exchange Commission.

Closing on the acquisition is expected this quarter, subject to regulatory approval.

Dealertrack is a Lake Success, N.Y.-based provider of web-based software services to the automotive industry. Dealer.com is a Burlington, Vt.-based provider of marketing and operations software and services for the automotive industry.

NXP repricing

NXP launched - with no call - a $486 million senior secured covenant-light term loan due March 4, 2017 that is talked at Libor plus 175 bps to 200 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 the existing term loan A-1 from Libor plus 325 bps with a 1.25% Libor floor, and existing lenders will get paid out at the 101 call premium at closing, which is expected on March 5.

Lead bank, Barclays, is asking for commitments by 2 p.m. ET on Tuesday, the source continued.

Following the news, the company's term loans A-1 was unchanged in trading at 101 bid, 101 ¼ offered, a trader added.

NXP, an Eindhoven, Netherlands-based maker of semiconductors, has senior secured leverage of 0.8 times, total leverage of 2.4 times and net total leverage of 1.9 times.

American Pacific timing

American Pacific scheduled a bank meeting for Monday to launch its $365 million senior secured credit facility that includes a $35 million 41/2-year revolver and a $330 million five-year term loan B, according to a market source.

Price talk is not yet available, but in an SC TO-T/A filed with the Securities and Exchange Commission, the company said that the revolver is expected at Libor plus 400 bps with a 50 bps unused fee, and the term loan is expected at Libor plus 650 bps with a 1% Libor floor and call protection of 102 in year one and 101 in year two.

Commitments are due on Feb. 24, the source said.

Jefferies Finance LLC is leading the deal that will be used with up to $124.3 million in equity to fund the buyout of the company by H.I.G. Capital LLC for $46.50 per share, or about $392 million.

Completion of the transaction is subject to customary conditions.

American Pacific is a Las Vegas-based custom manufacturer of fine chemicals and specialty chemicals.

Stena on deck

Stena AB set a bank meeting for 11 a.m. ET in New York on Friday to launch a new loan, according to a market source.

Citigroup Global Markets Inc. is leading the deal for the Gothenburg, Sweden-based company that has operations in shipping and offshore oil and gas exploration.

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