Altisource, Confie Seguros break; Brickman, WTG up deadlines; Ardagh, Sensata tweak deals

By Sara Rosenberg

New York, Dec. 6 - Altisource Solutions Sarl's term loan B made its way into the secondary market on Friday, with levels seen above its issue price, and Confie Seguros began trading as well.

Over in the primary, Brickman Group and WTG Holdings moved up the commitment deadlines on their credit facilities, Ardagh Group tightened the spread and original issue discount on its term loan B, and Sensata Technologies BV upsized its B loan.

Additionally, Ipreo Holdings LLC and Smart & Final Holdings Corp. released talk with launch, details on Extreme Reach Inc.'s acquisition financing emerged, and Chrysler Group LLC, U.S. Renal Care Inc., Polymer Group Inc., Four Seasons Hotels and Resorts and Remington Outdoor Co. scheduled lender calls.

Altisource starts trading

Altisource's $397.5 million senior secured covenant-light term loan B due Nov. 27, 2020 freed up on Friday, with levels quoted at par ½ bid, according to a trader.

Pricing on the loan is Libor plus 350 basis points with a 1% Libor floor and it was sold at an original issue discount of 99 7/8. There is 101 soft call protection for six months.

During syndication, the spread on the loan firmed at the tight end of the Libor plus 350 bps to 375 bps talk and the discount was modified from 993/4.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC and Citigroup Global Markets Inc. are leading the deal that will be used to reprice and extend by one year an existing term loan B.

Closing is expected to occur on Dec. 9.

Total leverage is 2.2 times and net leverage is 1 times.

Luxembourg-based Altisource is focused on high-value, technology-enabled services principally related to real estate and mortgage portfolio management, asset recovery and customer relationship management.

Confie Seguros frees up

Confie Seguros' credit facility also broke, with the $330 million first-lien term loan due 2018 quoted at par bid, par ½ offered, a market source said.

The term loan is priced at Libor plus 450 bps with a 1.25% Libor floor and was issued at par. There is 101 soft call protection for six months.

Proceeds will be used to reprice an existing term loan from Libor plus 525 bps with a 1.25% Libor floor.

The company's $405 million credit facility also includes a $75 million revolver due 2017.

RBC Capital Markets and GE Capital Markets are the lead banks on the deal.

Confie Seguros is a Huntington Beach, Calif.-based national insurance broker primarily focused on the insurance needs of the Hispanic consumer.

Brickman accelerated

Moving to the primary, Brickman revised the commitment deadline on its $1.08 billion senior secured credit facility to noon ET on Tuesday from Dec. 13, according to a market source.

The facility consists of a $110 million five-year revolver (B1/B) talked at Libor plus 300 bps to 325 bps with no Libor floor, a $735 million seven-year first-lien term loan B (B1/B) talked at Libor plus 300 bps to 325 bps with a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months, and a $235 million eight-year second-lien term loan (Caa1/CCC+) talked at Libor plus 650 bps to 675 bps with a 1% Libor floor, a discount of 99 and hard call protection of 102 in year one and 101 in year two.

Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, RBC Capital Markets, Mizuho Bank, KKR Capital Markets LLC, Macquarie Capital (USA) Inc., Sumitomo Mitsui and UBS Securities LLC are leading the deal that will help fund the $1.6 billion buyout of the company by KKR from Leonard Green & Partners LP and other shareholders.

Closing is expected on Dec. 18, subject to customary conditions.

Brickman is a Rockville, Md.-based provider of landscape maintenance and snow removal services.

WTG shutting early

WTG Holdings revised the commitment deadline on its $655 million credit facility to 2 p.m. ET on Wednesday from Dec. 16, a market source remarked.

The facility consists of a $75 million revolver (B+), a $475 million seven-year covenant-light first-lien term loan (B+) talked at Libor plus 425 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, and a $105 million eight-year covenant-light second-lien term loan (CCC+) talked at Libor plus 800 bps with a 1% Libor floor, a discount of 98½ and call protection of 102 in year one and 101 in year two.

Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc., RBC Capital Markets, UBS Securities LLC and Goldman Sachs Bank USA are leading the deal.

Proceeds will be used to fund the acquisition of WTG, which is part of Siemens' water business, by AEA Investors LP for about €640 million.

WTG is a provider of services for treating and processing municipal and industrial water and wastewater.

Ardagh reworks pricing

Ardagh Group cut the spread on the U.S. portion of its $675 million equivalent six-year covenant-light senior secured term loan B (Ba3/B+) to Libor plus 325 bps from talk of Libor plus 350 bps to 375 bps, and although the euro portion is still expected 25 bps wide of the U.S. piece, as a result of the U.S flex, pricing on the euro loan was reduced to Euribor plus 350 bps from talk of Euribor plus 375 bps to 400 bps, according to a market source.

In addition, the original issue discount on the U.S. and euro pieces was tightened to 99½ from 99 and the commitment deadline was moved up to 5 p.m. ET on Monday from 5 p.m. ET on Tuesday, the source said.

The entire term loan B still has a 1% floor and 101 soft call protection for six months.

The company is looking to do at least $500 million of the loan in U.S. dollars and the remainder in euros, but that is subject to change based on demand.

Citigroup Global Markets Inc. is leading the deal that will be used to repay 9¼% first-priority senior secured notes due 2016 issued by Ardagh Glass Finance plc and for general corporate purposes.

Ardagh, a Dublin-based supplier of glass and metal packaging, expects to close on the loan on Dec. 17.

Sensata lifts size

Sensata Technologies raised its senior secured term loan B due May 12, 2019 to $475,250,000 from $375,250,000, while keeping pricing at Libor plus 250 bps with a 0.75% Libor floor and a par offer price, and leaving the 101 soft call protection for six months intact, according to a market source.

Morgan Stanley Senior Funding Inc. is leading the deal.

Proceeds from the original amount will be used to reprice from Libor plus 275 bps with a 1% Libor floor and extend from May 12, 2018 an existing term loan B, and the $100 million of incremental debt that is now being raised will be for general corporate purposes.

Recommitments were due on Friday and allocations are targeted to go out on Monday, the source said. Closing is expected on Wednesday.

Sensata is an Attleboro, Mass.-based designer and manufacturer of sensors and controls.

Ipreo sets talk

Ipreo held its conference call on Friday, launching its $168 million term loan with talk of Libor plus 400 bps with a 1% Libor floor, a par offer price and 101 soft call protection for six months, according to a market source.

RBC Capital Markets LLC is leading the deal that will be used to reprice an existing term loan from Libor plus 525 bps with a 1.25% Libor floor.

To allow for the repricing, the company needs to amend its existing credit facility and is offering lenders a 12.5 bps fee for consents, the source remarked.

Commitments are due on Dec. 13.

Ipreo is a New York-based capital markets and corporate analytics firm.

Smart & Final guidance

Smart & Final released talk of Libor plus 350 basis points to 375 bps with a 1% Libor floor and 101 soft call protection for six months on its $715.8 million term loan B due November 2019 that launched during the session, a source said.

The term loan B includes $575.8 million of existing debt, and a fungible $140 million add-on that is being offered at a discount of 993/4, the source said.

The existing term B debt is being amended to permit the repayment of the company's second-lien term loan, allow for a one-time dividend exception to the restricted payment covenant and reset the incremental facility dollar basket to $75 million, the source continued, adding the lenders are being offered a 12.5 bps amendment fee.

Commitments and amendment consents are due on Dec. 13.

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

Smart & Final is a Commerce, Calif.-based warehouse-style, no membership fee, multi-format retailer serving households and smaller businesses.

Extreme Reach details

Extreme Reach set a bank meeting for Monday to launch the debt financing for its $485 million acquisition of the TV business of Digital Generation Inc., according to a market source.

It was revealed to investors that the debt will be a $495 million credit facility comprised of a $30 million five-year revolver, a $350 million six-year first-lien term loan B and a $115 million seven-year second-lien term loan, the source said.

Talk on the first-lien term loan is Libor plus 500 bps to 525 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection, and talk on the second-lien term loan is Libor plus 900 bps to 925 bps with a 1% Libor floor, a discount of 98½ and call protection of non-callable for one year, then at 102 in year two and 101 in year three, the source continued.

J.P. Morgan Securities LLC and SunTrust Robinson Humphrey Inc. are leading the deal.

Other funds for the transaction will come from equity.

Closing is expected in the first quarter of 2014, subject to approval under the Hart-Scott-Rodino Antitrust Improvements Act and Digital Generation stockholder approval.

Extreme Reach is a Needham, Mass.-based video platform for integrated TV, online and mobile advertising.

Chrysler plans call

Chrysler scheduled a call for 11 a.m. ET on Monday to launch a repricing of its $2,932,500,000 senior secured term loan B from Libor plus 325 bps with a 1% Libor floor, according to a market source.

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

Chrysler is an Auburn Hills, Mich.-based automotive company.

U.S. Renal on deck

U.S. Renal Care will hold a call at 11 a.m. ET on Monday to launch a repricing of its existing roughly $637 million first-lien term loan from Libor plus 400 bps with a 1% Libor floor, according to a market source.

Barclays and RBC Capital Markets are leading the deal.

U.S. Renal is a Plano, Texas-based developer, acquirer and operator of outpatient treatment centers for persons suffering from chronic kidney failure.

Polymer joins calendar

Polymer Group surfaced with plans to hold a bank meeting at 10 a.m. ET in New York on Tuesday to launch a new senior secured term loan B that is being led by Citigroup Global Markets Inc., according to a market source.

No further details on the loan are available yet, the source said.

Polymer Group is a Charlotte, N.C.-based producer of engineered materials with a focus on nonwoven products.

Four Seasons readies deal

Four Seasons Hotels and Resorts set a call for all credit facility lenders for 1 p.m. ET on Monday, according to a market source.

Citigroup Global Markets Inc. is leading the deal.

Further details on the transaction are not yet available.

Four Seasons is a Toronto-based luxury hotels company.

Remington coming soon

Remington Outdoor scheduled a call for Monday to launch an amendment to its credit facility, according to a market source.

Bank of America Merrill Lynch is leading the deal.

Remington is a Madison, N.C.-based designer and manufacturer of firearms, ammunition and related products.

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