TPF Generation, PowerTeam, Surgical Care Affiliates, Learning Care break for trading

By Sara Rosenberg

New York, May 6 - TPF Generation Holdings LLC's credit facility emerged in the secondary market on Monday, as did PowerTeam Services (Power Buyer LLC), Surgical Care Affiliates LLC and Learning Care Group Inc.

Moving to the primary market, SeaWorld Parks & Entertainment Inc., Jimmy Sanders (Pinnacle Operating Corp.), Tempur-Pedic International Inc. and Universal Health Services Inc. released price talk with their launches.

Also, Entravision Communications Corp. revealed timing and structure on its deal, and CSM Bakery Supplies, YP LLC, School Specialty Inc., LifeCare Holdings LLC, Global Tel*Link Corp. Inc. and Grande Communications joined this week's calendar.

TPF begins trading

TPF Generation's credit facility freed up for trading on Monday, with the $425 million 41/2-year term loan B (B2/B+) quoted at 101 bid, 101½ offered, according to a market source.

Pricing on the B loan is Libor plus 375 basis points with a 1% Libor floor, and it was sold at an original issue discount of 991/2. The debt is non-callable for one year, then at 102 in year two for repricings and refinancings only.

During syndication, pricing on the term B was reduced from revised talk of Libor plus 425 bps and initial talk of Libor plus 450 bps, the floor was changed from 1.25% and the discount was tightened from 99.

The company's $455 million credit facility also includes a $30 million four-year revolver (B1/B+) priced at Libor plus 275 bps and issued at par.

UBS Securities LLC and Goldman Sachs & Co. are leading the deal that is being used to refinance existing debt.

TPF is an operator of power generation facilities.

PowerTeam tops OID

PowerTeam Services' credit facility broke as well, with the $400 million seven-year covenant-light first-lien term loan (B2/B) quoted at par bid, par ½ offered, and the $170 million 71/2-year covenant-light second-lien term loan (Caa2/CCC+) quoted at par bid, 101 offered, a market source said.

Pricing on the first-lien term loan, as well as on a $50 million covenant-light first-lien delayed-draw term loan (B2/B) that is available for one year, is Libor plus 325 bps with a 1% Libor floor, and the debt was sold at a discount of 991/2. There is 101 repricing protection for six months.

Included in the delayed-draw term loan is a ticking fee of half the spread from days 31 to 90 and the full spread starting on day 91. There is no fee for the first 30 days.

The second-lien loan is priced at Libor plus 725 bps with a 1% Libor floor, and was sold at a discount of 99. This tranche has call protection of 102 in year one and 101 in year two.

PowerTeam lead banks

Credit Suisse Securities (USA) LLC, RBC Capital Markets and GE Capital Markets are leading PowerTeam's $680 million credit facility, which also includes a $60 million revolver (B2/B).

During syndication, the first-lien term loan was upsized from $385 million, pricing on the tranche and the delayed-draw loan was lowered from Libor plus 350 bps, the floor was reduced from 1.25%, the original issue discount was revised from 99 and call protection was shortened from one year.

Additionally, the second-lien term loan was upsized from $140 million, pricing was cut from Libor plus 750 bps, the floor was trimmed from 1.25%, the discount was tightened from 98½ and the call protection was changed from 103 in year one, 102 in year two and 101 in year three.

Proceeds will be used to help fund the purchase of the company by Kelso & Co. from CIVC Partners and True North Equity LLC. As a result of the term loans upsizings, the equity being used for the buyout was reduced.

PowerTeam is a Plymouth, Mich.-based provider of services to electric and gas utilities.

Surgical Care frees up

Surgical Care's $390 million term loan B (B1/B) due June 2018 hit the secondary too, with the $225 million funded tranche quoted at par ½ bid, and the $165 million unfunded tranche quoted at par ¼ bid, according to a trader.

Pricing on the term loan debt is Libor plus 325 bps with a step-down to Libor plus 300 bps when the total leverage ratio is less than 4.25 times. There is a 1% Libor floor and 101 soft call protection for six months, and the debt was sold at an original issue discount of 993/4.

Last week, pricing on the term loans was reduced from talk of Libor plus 350 bps to 375 bps, the step-down was added and the discount was modified from 991/2.

J.P. Morgan Securities LLC is the lead bank on the deal that is being used to refinance an existing term loan B due in 2014, a term loan B due in 2018 and PIK notes due in 2015.

Surgical Care is a Birmingham, Ala.-based operator of surgical facilities.

Learning Care breaks

Another deal to start trading was Learning Care Group, with the $220 million six-year term loan B quoted at 99¾ bid, par ½ offered, according to a trader.

Pricing on the term loan B is Libor plus 475 bps after firming at the wide end of the Libor plus 450 bps to 475 bps talk. There is a 1.25% Libor floor and 101 soft call protection for one year, and the debt was sold at 99.

The company's $260 million credit facility (Ba3/B) also provides for a $40 million five-year revolver.

Bank of America Merrill Lynch, BMO Capital Markets and Jefferies Finance LLC are leading the deal that is being used to refinance existing senior secured notes due 2016.

Learning Care is a Novi, Mich.-based for-profit child care provider.

TricorBraun holds steady

Also in the secondary market, TricorBraun's $477 million term loan was quoted at par ½ bid, 101 offered on Monday, in line with where it broke for trading on Friday, according to a market source.

Pricing on the term loan, as well as on a $75 million revolver, is Libor plus 300 bps with a 1% Libor floor. The term loan was sold at par and has 101 soft call protection for six months.

During syndication, pricing on the $552 million credit facility (B+) was reduced from Libor plus 325 bps.

Proceeds are being used to reprice an existing revolver and term loan from Libor plus 425 bps with a 1.25% floor.

GE Capital Markets is leading the deal.

TricorBraun is a St. Louis-based designer and deliverer of rigid packaging.

SeaWorld holds call

Over in the primary, SeaWorld hosted a conference call on Monday afternoon to launch a roughly $1.4 billion term loan B (Ba3/BB-), and commitments for the transaction are due on Friday, according to sources.

The B loan is talked at Libor plus 250 bps with a 0.75% Libor floor, an offer price of 99¾ to par and 101 soft call protection for six months, sources said.

Bank of America Merrill Lynch, Goldman Sachs & Co., J.P. Morgan Securities LLC, Barclays, Citigroup Global Markets Inc., Wells Fargo Securities LLC and Macquarie Capital are leading the deal for the Orlando, Fla.-based theme park operator.

Proceeds will refinance an existing term loan B that is priced at Libor plus 300 bps with a 1% Libor floor and an existing term loan A that is priced at Libor plus 275 bps.

Jimmy Sanders repricing

Jimmy Sanders launched during the session a $350 million first-lien covenant-light term loan due November 2018 with talk of Libor plus 375 bps with a 1% Libor floor, a par offer price and 101 repricing protection for six months, according to a market source.

Proceeds will be used to reprice an existing term loan from Libor plus 550 bps with a 1.25% Libor floor.

Credit Suisse Securities (USA) LLC is leading the deal, for which commitments are due on Friday.

Jimmy Sanders is a Cleveland, Miss.-based agricultural input supply and distribution business.

Tempur-Pedic sets talk

Tempur-Pedic held its call, launching a $743 million term loan with talk of Libor plus 275 bps with a 0.75% Libor floor, a par offer price and 101 soft call protection for one year, sources said.

Proceeds will be used to reprice an existing term loan from Libor plus 400 bps with a 1% Libor floor.

The existing loan is sized at $868 million, but lenders will get a $125 million pay down with this transaction, sources explained.

Bank of America Merrill Lynch, Barclays, J.P. Morgan Securities LLC, Wells Fargo Securities LLC and Fifth Third Securities Inc. are leading the deal.

Tempur-Pedic is a Lexington, Ky.-based manufacturer, marketer and distributor of premium mattresses and pillows.

Universal Health guidance

Universal Health Services launched with a call a repricing of its $746 million term loan B that is talked at Libor plus 225 bps to 250 bps with no Libor floor, a par offer price and 101 soft call protection for six months, according to sources.

Commitments are due on Thursday, sources said.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Goldman Sachs & Co., RBS Securities Inc. and SunTrust Robinson Humphrey Inc. are leading the deal that will take term loan pricing down from Libor plus 275 bps with a 1% Libor floor.

Universal Health is a King of Prussia, Pa.-based operator of acute care hospitals, behavioral health facilities and ambulatory centers.

Entravision details emerge

Entravision Communications nailed down timing on the launch of its credit facility with the scheduling of a bank meeting for Thursday, and the company disclosed that the total deal size will be $405 million, according to a market source.

The facility is split between a $30 million five-year revolver talked at Libor plus 300 bps with no Libor floor and a $375 million seven-year covenant-light delayed-draw term loan talked at Libor plus 300 bps with a 1% Libor floor, an original issue discount that is still to be determined and 101 soft call protection for six months, the source said.

Also, the term loan has a ticking fee of 150 bps starting on day 31.

GE Capital Markets is leading the deal that will be used to refinance an existing credit facility and redeem 8¾% senior notes due 2017. The term loan is expected to be drawn in full when the bonds are callable in August.

Commitments are due on May 22, the source added.

Entravision is a Santa Monica, Calif.-based diversified Spanish-language media company.

CSM Bakery joins calendar

CSM Bakery Supplies plans to hold a bank meeting at 1:30 p.m. ET in New York on Wednesday to launch a $1 billion senior secured credit facility that includes a $150 million five-year asset-based revolver, a $650 million seven-year first-lien term loan and a $200 million eight-year second-lien term loan, according to a market source.

Morgan Stanley Senior Funding, Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., RBC Capital Markets and MCS Capital Markets LLC are leading the transaction.

Proceeds will help fund the €1.05 billion buyout of the bakery products company by Rhone Capital LLC from CSM nv, refinance existing debt and pay related fees and expenses.

Closing is expected in the third quarter, subject to regulatory clearance.

YP plans meeting

YP LLC scheduled a bank meeting for 2 p.m. ET in New York on Wednesday to launch a $1,225,000,000 five-year credit facility, according to a market source.

The facility consists of a $450 million ABL revolver and a $775 million term loan B, the source said, adding that price talk is not yet out.

J.P. Morgan Securities LLC is leading the deal that will be used to refinance all of the company's existing debt and fund a distribution to equity holders.

Pro forma leverage for the refinancing is 1.3 times LTM EBITDA, the source added.

YP is a provider of local business print, online and mobile directory services.

School Specialty readies

School Specialty set a bank meeting for 10 a.m. ET in New York on Tuesday to launch a $125 million six-year first-lien term loan that is talked at Libor plus 850 bps with a 1% Libor floor, an original issue discount of 98 and call protection of 102 in year one and 101 in year two, according to a market source.

Commitments are due on May 17, the source added.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to help fund the company's exit from Chapter 11.

Also with its bankruptcy emergence, the company is getting a $175 million ABL revolver that is being led by Bank of America Merrill Lynch and SunTrust Robinson Humphrey Inc.

School Specialty is a Greenville, Wis.-based education company.

LifeCare coming soon

LifeCare will host a bank meeting at 2 p.m. ET in New York on Wednesday to launch a $200 million 51/2-year first-lien term loan that is being led by Credit Suisse Securities (USA) LLC and GE Capital Markets, according to a market source.

The loan is talked at Libor plus 500 bps to 525 bps with a 1.25% Libor floor, an original issue discount of 98½ and 101 soft call protection for one year, the source said.

Commitments are due on May 22.

Proceeds, along with a $30 million ABL revolver led by GE Capital, will be used to help fund the company's exit from bankruptcy.

LifeCare is a Plano, Texas-based operator of long-term acute care hospitals.

Global Tel*Link on deck

Global Tel*Link scheduled a bank meeting for 10 a.m. ET in New York on Tuesday to launch an $885 million credit facility, according to a market source.

The facility consists of a $40 million revolver, a $590 million seven-year first-lien covenant-light term loan and a $255 million 71/2-year second-lien covenant-light term loan.

Talk on the first-lien term loan is Libor plus 375 bps to 400 bps with a 1.25% Libor floor, an original issue discount of 99 and 101 repricing protection for six months, and second-lien loan talk is Libor plus 775 bps to 800 bps with a 1.25% floor, a discount of 98 and call protection of 103 in year one, 102 in year two and 101 in year three, the source remarked.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and UBS Securities LLC are leading the deal, which will be used to refinance an existing term loan and fund a dividend.

Global Tel*Link is a Mobile, Ala.-based correctional communications technology company.

Grande deal surfaces

Grande Communications set a bank meeting for Thursday morning to launch a $295 million credit facility that will refinance existing debt and fund a $100 million dividend to ABRY Partners, according to a market source.

The facility consists of a $35 million five-year revolver and a $260 million seven-year term loan B, the source said.

SunTrust Robinson Humphrey Inc. and TD Securities (USA) LLC are leading the transaction.

Leverage will be around 4.7 times all senior and expected ratings are in the mid-single B area, the source added.

Grande is a San Marcos, Texas-based broadband communications company.

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