Caesars Growth, Nielsen, Wall Street, Serena Software, McDermott, Orbitz, Allison break

By Sara Rosenberg

New York, April 10 - Caesars Growth Properties Holdings LLC's credit facility emerged in the secondary market on Thursday, as did deals from Nielsen Finance LLC, Wall Street Systems Delaware Inc., Serena Software, McDermott International Inc., Orbitz Worldwide Inc. and Allison Transmission Inc.

Moving to the primary, Minerals Technologies Inc. sweetened the spread, original issue discount and call protection on its term loan, Twin River Management Group Inc. raised pricing on its term loan B, widened the offer price, extended the call protection and shortened the tenor, and FTS International Inc. lowered pricing on its term loan B while modifying the issue price.

Furthermore, Numericable Group, Diamond Resorts Corp., MSC Holdings Inc. and Hi-Crush Partners LP released talk with launch, and Pier 1 Imports Inc. and Rocket Software Inc. surfaced with new deal plans.

Caesars Growth tops par

Caesars Growth Properties' credit facility broke for trading on Thursday, with the $1,175,000,000 seven-year first-lien term loan quoted at par 3/8 bid, par 7/8 offered on the open and then it moved up to par ¼ bid, par ¾ offered, according to a trader.

Pricing on the term loan is Libor plus 525 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 101 in year two.

During syndication, pricing on the term loan was reduced from Libor plus 575 bps and the discount was revised from 99.

The company's $1,325,000,000 senior secured credit facility (B2/B+/BB-) also includes a $150 million revolver.

Caesars funding acquisition

Proceeds from Caesars Growth Properties' credit facility and $675 million of notes will be used to fund the acquisition of Bally's Las Vegas, the Cromwell, the Quad Resort & Casino and Harrah's New Orleans from Caesars Entertainment Corp. for $2.2 billion and to refinance Planet Hollywood Resort & Casino's existing debt.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., UBS Securities LLC, J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc., Macquarie Capital and Nomura are leading the deal.

Closing is expected in the second quarter, subject to conditions, including the receipt of required regulatory approvals.

Caesars Growth Partners is a Las Vegas-based casino asset and entertainment company.

Nielsen hits secondary

Nielsen Finance's new debt freed up, with the $500 million term loan B-1 due 2017 quoted at par bid, par ¾ offered and the $1.1 billion seven-year term loan B-2 quoted at 99 7/8 bid, par 5/8 offered, a trader said.

Pricing on the term loan B-1 is Libor plus 225 bps and pricing on the term loan B-2 is Libor plus 300 bps, with both tranches having no Libor floor and 101 soft call protection for six months. The term loan B-1 was issued at par and the term loan B-2 was sold at an original issue discount of 993/4.

Recently, pricing on the B-1 loan firmed at the low end of the Libor plus 225 bps to 250 bps talk and pricing on the B-2 loan finalized at the high end of the Libor plus 275 bps to 300 bps talk.

The company's $1.8 billion in new term loans (BBB-) also includes a $200 million five-year term loan A.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Goldman Sachs Bank USA, HSBC Securities (USA) Inc. and Morgan Stanley Senior Funding Inc. are leading the deal that will refinance existing bank debt.

Nielsen is a New York and Netherlands-based provider of information into what consumers watch and buy.

Wall Street frees up

Wall Street Systems' credit facility also began trading, with the $460 million seven-year term loan B seen at 99¾ bid, par ¼ offered, according to a market source.

Pricing on the B loan is Libor plus 350 bps, after flexing the other day from talk of Libor plus 300 bps to 325 bps. 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 991/2.

The company's $485 million credit facility (B3/B) also includes a $25 million five-year revolver.

Deutsche Bank Securities Inc. is leading the deal that will be used to refinance an existing senior secured credit facility and repay debt.

Wall Street Systems is a provider of treasury management, central banking and FX trade processing services with U.S. headquarters in New York.

Serena starts trading

Serena Software's credit facility hit the secondary too, with the $345 million six-year first-lien term loan quoted at 98½ bid, 99¼ offered, a source said.

Pricing on the term loan is Libor plus 650 bps with a 1% Libor floor and it was sold at a discount of 98. There is call protection of 102 in year one and 101 in year two on all voluntary prepayments.

During syndication, pricing on the term loan was increased from revised talk of Libor plus 600 bps and initial talk of Libor plus 550 bps, the discount widened from 99, the call protection was revised from a soft call, and amortization was sweetened to 5% in year one and 7.5% thereafter from 5% per annum.

The company's $365 million credit facility (B2/B+) also includes a $20 million five-year revolver.

Credit Suisse Securities (USA) LLC is leading the deal that will be used with equity to fund the buyout of the San Mateo, Calif.-based provider of orchestrated application development and release management services by HGGC and Serena founder Doug Troxel from Silver Lake Partners.

Closing is targeted for Monday, and is subject to regulatory approvals and customary conditions.

McDermott flexes, trades

McDermott reduced pricing on its $300 million five-year term loan B to Libor plus 425 bps from revised talk of Libor plus 450 bps to 475 bps and initial talk of Libor plus 525 bps to 550 bps, and modified the original issue discount to 99¾ from revised talk of 99½ and initial talk of 99, according to a market source.

As before, the term loan has a 1% Libor floor and is non-callable for one year then has a 101 soft call in year two. Earlier in syndication, the call protection was changed from non-callable for one year, then soft call protection of 102 in year two and 101 in year three.

McDermott, a Houston-based engineering, procurement, construction and installation company for offshore oil and gas projects, was asking for recommitments by noon ET on Thursday for its term loan and the deal broke in the afternoon with term loan levels seen wrapped around 101, another source added.

Along with the term loan, the company is getting a $400 million three-year first-out letter-of-credit facility.

Goldman Sachs Bank USA is leading the $700 million deal (Ba1/BB+) that will be used with $500 million of second-lien senior secured notes due 2021 to refinance revolver debt and for other general corporate purposes.

Orbitz tweaks deal, breaks

Orbitz cut pricing on its $450 million seven-year first-lien term loan to Libor plus 350 bps from Libor plus 375 bps and revised the original issue discount to 99¾ from 991/2, according to a market source.

As before, the term loan has a 1% Libor floor and 101 soft call protection for six months.

Recommitments were due at noon ET on Thursday, and with final pricing in place, the term loan made its way into the secondary market in the afternoon at par bid, par ½ offered, another source said.

The company's $525 million credit facility (B2/BB-) also includes a $75 million revolver.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to refinance existing term loan B and term loan C borrowings.

Orbitz is a Chicago-based online travel agency.

Allison levels emerge

Allison Transmission's $423.5 million senior secured term loan B-2 due Aug. 7, 2017 freed up as well, with levels quoted at par 1/8 bid, par ½ offered, a trader remarked.

Pricing on the term loan is Libor plus 275 basis points after firming at the wide end of the Libor plus 250 bps to 275 bps talk. There is no Libor floor and 101 soft call protection for six months, and the debt was issued at par.

Citigroup Global Markets Inc. is leading the deal that will be used to reprice an existing term loan from Libor plus 300 bps with no Libor floor.

Closing is targeted for Monday.

Allison Transmission is an Indianapolis-based automatic transmission company.

Minerals Technologies modified

Back in the primary, Minerals Technologies lifted pricing on its $1.56 billion seven-year covenant-light term loan B to Libor plus 325 bps from talk of Libor plus 250 bps to 275 bps, widened the original issue discount to 99 from 99½ and extended the 101 soft call protection to one year from six months, according to a market source.

As before, the term loan has a 0.75% Libor floor.

The company's $1.76 billion senior secured deal (Ba3/BB) also includes a $200 million five-year revolver.

J.P. Morgan Securities LLC is leading the deal that will be used with cash on hand to fund the purchase of Amcol International Corp. for $45.75 per share in cash, for a total value of about $1.7 billion.

Closing is expected in the first half of this year, subject to customary conditions.

Minerals Technologies is a New York-based developer, producer and marketer of specialty mineral, mineral-based and synthetic mineral products and related systems and services. Amcol is a Hoffman Estates, Ill.-based producer and marketer of specialty minerals and materials.

Twin River reworked

Twin River Management Group lifted pricing on its $480 million covenant-light term loan B to Libor plus 425 bps from Libor plus 375 bps, moved the discount to 99 from 991/2, pushed out the 101 soft call protection to one year from six months and shortened the maturity to six years from seven years, a market source said.

Additionally, the ticking fee was adjusted to half the spread from days 46 to 75 and the full spread thereafter, from just half the drawn spread starting on day 46. The transaction must close by July 31.

The 1% Libor floor on the term loan was unchanged.

The company's $520 million credit facility (B1/BB-) also includes a $40 million five-year revolver.

Recommitments were due at the close of business on Thursday and allocations are expected on Friday.

Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Jefferies Finance LLC are leading the deal that will be used by the owner and operator of casino resorts to refinance an existing term loan and fund the acquisition of the Hard Rock Hotel & Casino in Biloxi, Miss., for $250 million from Leucadia National Corp.

FTS changes emerge

FTS International reduced the spread on its $550 million covenant-light term loan B to Libor plus 475 bps from Libor plus 500 bps and tightened the original issue discount to 99½ from 99, a market source remarked.

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

Commitments were due on Thursday.

Wells Fargo Securities LLC, Bank of America Merrill Lynch and UBS Securities LLC are leading the deal that will be used to refinance an existing term loan.

FTS International is a Fort Worth, Texas-based provider of well completion services, including pressure pumping, wireline and water management, for the oil and gas industry.

Numericable sets talk

Also on the new deal front, Numericable Group held its bank meeting in London on Thursday, launching its €3 billion U.S. dollar equivalent six-year covenant-light term loan B and €2.6 billion six-year covenant-light term loan B with talk of Libor/Euribor plus 350 bps to 375 bps with a 0.75% Libor floor, an original issue discount of 99 to 99½ and 101 soft call protection for six months, according to a market source.

A bank meeting for U.S. investors will take place at 10 a.m. ET in New York on Friday.

Also included in the company's €6.55 billion credit facility is a €750 million five-year revolver at Numericable talked at Euribor plus 325 bps and a €200 million five-year revolver at Altice SA talked at Euribor plus 425 bps.

Commitments for the U.S. term loan B are due on April 22 and commitments for the euro term loan B are due on April 23, the source added.

Numericable lead banks

Deutsche Bank Securities Inc., Goldman Sachs Bank USA and J.P. Morgan Securities LLC are the joint global coordinators on Numericable's credit facility and joint bookrunners with Barclays, BNP Paribas Securities Corp., Credit Agricole, Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc. and ING.

Proceeds will be used to help fund the acquisition of Societe Francaise de Radiotelephone SA (SFR) from Vivendi SA for €13.5 billion in cash and 20% of the combined SFR, to refinance existing Numericable debt and for general corporate purposes.

Prior to acquisition of SFR, Altice will acquire the 21.32% stake in Numericable owned by Carlyle Group and the 13.27% stake in Numericable owned by Cinven in return for a combination of cash and Altice shares. Altice will hold ultimately 60% of the new entity, with the final 20% as the free-float.

Numericable is a France-based cable operator. SFR is a France-based telecommunications company. And, Altice is a Luxembourg-based cable and telecommunications company.

Diamond reveals pricing

Diamond Resorts launched with a morning meeting its $445 million seven-year first-lien covenant-light term loan with talk of Libor plus 450 bps with a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for one year, a source said.

The company's $470 million credit facility (B2/B) also includes a $25 million revolver.

Commitments are due on April 24.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to refinance $374.4 million of the company's 12% senior secured notes due 2018, any outstanding revolver borrowings and other debt and for corporate purposes.

Diamond Resorts is a Las Vegas-based hospitality and vacation ownership company.

MSC releases guidance

MSC Holdings disclosed talk of Libor plus 400 bps to 425 bps with a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months on its $225 million seven-year first-lien term loan that launched with a bank meeting during the session, a market source said.

The company's $455 million credit facility also includes a $230 million five-year ABL revolver.

Commitments are due on April 24.

UBS Securities LLC and RBC Capital Markets are leading the deal that will refinance existing debt.

MSC is a Fort Worth, Texas-based wholesale distributor of plumbing, HVAC and builder products.

Hi-Crush launches

Hi-Crush Partners held its bank meeting, launching its $200 million seven-year senior secured term loan B (B2/B) with talk of Libor plus 375 bps to 400 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year, according to a market source.

Commitments are due on April 23 and closing is targeted for April 28, the source said.

Morgan Stanley Senior Funding Inc., Barclays and UBS Securities LLC are leading the deal that will be used to help fund the acquisition of certain equity interests in Hi-Crush Augusta LLC, the owner of a raw frac sand processing facility located in Augusta, Wis., for $224.25 million.

The company also expects to get a $150 million revolver that is being led by Amegy Bank.

Closing is subject to regulatory approvals and other conditions.

Hi-Crush is a Houston-based integrated producer, transporter, marketer and distributor of high-quality monocrystalline sand.

Pier 1 on deck

Pier 1 Imports set a bank meeting for 10 a.m. ET in New York on Monday to launch a $200 million senior secured term loan B (B1/B+) due in 2021, a news release revealed.

Bank of America Merrill Lynch and Wells Fargo Securities LLC are leading the deal that will be used for general corporate purposes, including for working capital needs and capital expenditures, and share repurchases and dividends permitted under the debt agreement.

Closing is expected this month.

Pier 1 is a Fort Worth, Texas-based importer of home dιcor and furniture.

Rocket readies deal

Rocket Software scheduled a bank meeting for 11 a.m. ET on Wednesday to launch $725 million in covenant-light term loans, according to a market source.

The debt consists of a $550 million first-lien term loan and a $175 million second-lien term loan, the source said.

Jefferies Finance LLC is leading the deal that will be used to refinance existing and fund a dividend.

Rocket Software is a Waltham, Mass.-based software development firm.

Kindred closes

In other news, Kindred Healthcare Inc. completed its $1 billion senior secured seven-year term loan B (B1/B+), a news release said.

Pricing on the term loan is Libor plus 300 bps with a 1% Libor floor, and it was sold at a discount of 993/4, after firming at the tight end of the 99½ to 99¾ talk. There is 101 soft call protection for six months.

The company's $1.75 billion credit facility also includes a $750 million five-year ABL revolver that has pricing of Libor plus 200 bps to 250 bps based on availability, a 37.5 bps undrawn fee and a 25 bps upfront fee.

J.P. Morgan Securities LLC led the deal that was used with $500 million in bonds to refinance existing secured debt and senior unsecured debt.

Kindred Healthcare is a Louisville, Ky.-based health care services company.

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