Genesys, Atlantic Aviation break; Mohegan, Golden Nugget, Vince Intermediate changes emerge

By Sara Rosenberg

New York, Nov. 4 - Genesys Telecommunications Laboratories Inc.'s term loan made its way into the secondary market on Monday with levels seen above its original issue discount price, and Atlantic Aviation FBO Inc. began trading, too.

Over in the primary, Mohegan Tribal Gaming Authority revised the sizes of its term loans, while firming pricing at the low end of talk and reducing the Libor floor on its B tranche, and Golden Nugget Inc. increased its B loan and trimmed spread guidance.

Also, Vince Intermediate Holding LLC added a step-down to its term loan, and Linden Cogeneration Power Complex (EFS Cogen Holdings I LLC), Filtration Group Corp. and Drew Marine released talk as their deals were presented to lenders during the session.

Furthermore, Murray Energy Corp., Energy Transfer Equity LP, Del Monte Foods Consumer Products Inc. and GlobalLogic Inc. revealed timing on the launch of their new loans, and Maxim Crane Works Holdings Inc., Templar Energy LLC, Serta Simmons Holdings LLC and CHG Healthcare Services Inc. emerged with deal plans.

Genesys tops OID

Genesys Telecommunications Laboratories' $300 million term loan (B2/B) started trading on Monday, with levels quoted at par bid, par ½ offered, 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 991/2. There is 101 soft call protection for six months.

During syndication, pricing on the loan was increased from the Libor plus 325 bps area.

J.P. Morgan Securities LLC, Goldman Sachs Bank USA, Citigroup Global Markets Inc. and RBC Capital Markets are leading the deal that will be used to refinance existing debt and fund the acquisition of Echopass Corp., which is expected to close this quarter.

Genesys is a Daly City, Calif.-based provider of customer engagement and contact center services. Echopass is a Pleasanton, Calif.-based application service provider offering web-based telephone and internet customer support services.

Atlantic Aviation frees up

Atlantic Aviation's $50 million incremental term loan B (Ba3/BB-) due June 1, 2020 also broke, with levels seen at par 1/8 bid, par 5/8 offered, according to a market source.

Pricing on the incremental loan is Libor plus 250 bps with a 0.75% Libor floor and it has 101 soft call protection until May 31, 2014, all in line with the existing term loan B. The new debt was issued at an original issue discount of 991/2.

Barclays and Macquarie Capital (USA) Inc. are leading the deal that will be used to fund a distribution to the company's parent, Macquarie Infrastructure Co., to finance the acquisition of a Fixed Based Operator and for general corporate purposes.

Atlantic Aviation is a New York-based owner, operator and investor in a diversified group of infrastructure businesses.

Mohegan restructures

Switching to the primary, Mohegan Tribal Gaming Authority increased its six-year term loan B to $730 million from $465 million, set the spread at Libor plus 450 bps, the tight end of the Libor plus 450 bps to 475 bps guidance, and reduced the Libor floor to 1% from 1.25%, according to a market source.

As before, the B loan has an original issue discount of 99 and hard call protection of 102 in year one and 101 in year two.

Additionally, the company reduced its five-year term loan A to $125 million from $150 million.

Recommitments for the company's now $955 million credit facility, which also includes a $100 million five-year revolver, are due at 5 p.m. ET on Tuesday.

RBS Securities Inc., Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch, Goldman Sachs Bank USA, SunTrust Robinson Humphrey Inc., Credit Agricole and Jefferies Finance LLC are leading the deal that will be used to refinance existing debt.

Funds from the term B upsizing will finance a tender offer for the company's second-lien notes, the source added.

Mohegan is an Uncasville, Conn.-based operator of gaming and entertainment enterprises.

Golden Nugget revised

Golden Nugget raised its funded six-year term loan B to $350 million from $300 million, and reduced talk on the tranche, as well as on a $150 million delayed-draw six-year term loan B, to Libor plus 450 bps to 475 bps from Libor plus 500 bps to 525 bps, a market source said.

All of the term B debt still has a 1% Libor floor, a discount of 99 and call protection of 102 in year one and 101 in year two, and there is still no ticking fee on the delayed-draw term loan.

The company's now $600 million credit facility (Ba3/BB-) also includes a $100 million five-year revolver.

Jefferies Finance LLC and Deutsche Bank Securities Inc. are leading the deal that will be used to refinance all of the company's existing debt, to acquire from Pinnacle Entertainment Inc. and complete the Golden Nugget Lake Charles casino and hotel resort project, and for related fees.

Other funds for the transaction will come from $295 million of bonds, downsized from $300 million, the source added.

Golden Nugget is a hotel and casino operator. The company is being spun out of Landry's Inc.

Vince adds step

Vince Intermediate added a step-down to its $175 million six-year term loan B (B2/B) to Libor plus 475 bps when net total leverage is 2¼ times, according to a market source.

Opening pricing on the loan is Libor plus 500 bps with a 1% Libor floor and it was sold at an original issue discount of 99. There is 101 soft call protection for one year.

Last week, the spread on the loan was increased from talk of Libor plus 425 bps to 450 bps and the call protection was extended from six months.

Bank of America Merrill Lynch and J.P. Morgan Securities LLC are leading the deal that will be used to refinance existing debt.

Vince is a New York-based diversified apparel company.

Linden sets talk

Also in the primary, Linden Cogeneration held its meeting on Monday afternoon, launching its $825 million seven-year term loan B with talk of Libor plus 325 bps to 350 bps with a 1% Libor floor, an original issue discount of 99 to 99½ and 101 soft call protection for one year, according to a market source.

The company's $925 million senior secured deal also includes a $100 million five-year revolver.

Lead banks, Barclays, Citigroup Global Markets Inc. and Bank of Tokyo-Mitsubishi, are seeking commitments by Nov. 18, the source continued.

Proceeds will be used to refinance existing debt, to make a distribution to GE in connection with the acquisition of a 50% interest in the borrower by Highstar, to support project-level letter-of-credit requirements, to fund the debt service reserve account and to pay related fees and expenses.

Total leverage is 4 times.

Linden is a 942MW cogeneration facility located in Linden, N.J.

Filtration guidance

Filtration Group had its bank meeting too, and its $565 million seven-year covenant-light first-lien term B (B1/B+) was launched 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 six months, according to a market source.

Meanwhile, the $235 million eight-year covenant-light second-lien term loan (Caa1/B-) was launched at Libor plus 775 bps to 800 bps with a 1% Libor floor, a discount of 98½ and call protection of 102 in year one and 101 in year two, the source said.

The company's $875 million credit facility also includes a $75 million five-year revolver (B1/B+).

Commitments are due on Nov. 18, the source added.

Goldman Sachs Bank USA and BMO Capital Markets Corp. are leading the deal that will be used to help fund the acquisition of Porex Corp. from Aurora Capital Group.

Filtration Group is a Chicago-based developer, designer and manufacturer of liquid, air and fluid filtration products. Porex is a Fairburn, Ga.-based developer, manufacturer and distributor of porous polymer products.

Drew Marine pricing

Drew Marine came out with talk on its first- and second-lien term loans in connection with its afternoon bank meeting, according to a market source.

The $205 million first-lien term loan is talked at Libor plus 375 bps to 400 bps with a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months, the source said.

And, the $80 million second-lien term loan is talked at Libor plus 750 bps to 775 bps with a 1% Libor floor, a discount of 99 and call protection of 102 in year one and 101 in year two, the source continued.

The company's $335 million credit facility also provides for a $50 million revolver.

BNP Paribas Securities Corp. is leading the deal that will be used to fund the acquisition of Drew Marine and ACR Electronics Inc. by the Jordan Co. from J.F. Lehman.

Drew Marine is a Whippany, N.J.-based provider of technical services to the marine industry. ACR is a Fort Lauderdale, Fla.-based provider of safety products to the aviation, marine, military and commercial markets.

Murray Energy on deck

Murray Energy will hold a bank meeting on Thursday for its $1.62 billion credit facility, which was previously labeled as early November business, according to a market source.

The facility consists of a $200 million ABL revolver, a $1.02 billion first-lien term loan B, and a $400 million second-lien term loan that will be pari passu with the company's existing 8 5/8% notes.

Goldman Sachs Bank USA and Deutsche Bank Securities Inc. are leading the deal.

Proceeds will be used to help fund the acquisition of Consolidation Coal Co. from Consol Energy Inc. for $3.5 billion, including $2.4 billion of Consol balance sheet liabilities.

Closing is expected by year-end, subject to expiration of the Hart Scott Rodino Antitrust Improvements Act waiting period and other customary conditions. There is no financing condition.

Murray Energy is a St. Clairsville, Ohio-based coal company.

Energy Transfer timing

Energy Transfer Equity set a conference call for Thursday to launch its new term loan, which is now known to be a $900 million six-year first-lien tranche, according to a market source.

Commitments will be due on Nov. 13, the source said.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to help refinance an existing $900 million senior secured term loan due March 2017 and for general purposes, including possibly funding some or all of the company's tender offer that expires on Nov. 27 for up to $400 million of its $1.8 billion 7½% senior notes due 2020.

In conjunction with the new term loan, the company is finalizing a new up to $600 million five-year revolver.

Energy Transfer Equity, a Dallas-based master limited partnership that owns natural gas, natural gas liquids, refined products and crude oil pipelines, expects to close on its credit facility in the first week of December.

Del Monte coming soon

Del Monte Foods Consumer Products scheduled a bank meeting for 10:30 a.m. ET in New York on Thursday to launch a new credit facility, according to a market source, who said structural details are not yet available.

Citigroup Global Markets Inc., Morgan Stanley Senior Funding Inc. and KKR Capital Markets LLC are leading the deal.

Proceeds will be used to help fund the purchase of Del Monte Foods' consumer food business by Del Monte Pacific Ltd. for $1.68 billion.

Closing on the acquisition is expected no later than the first quarter of 2014, subject to regulatory approvals and customary conditions.

Del Monte Foods Consumer Products is a packaged goods and fruit and vegetable company. Singapore-based Del Monte Pacific is a group of companies that caters to consumer needs for healthy food and beverage products.

GlobalLogic readies deal

GlobalLogic emerged with plans to hold a bank meeting on Thursday morning to launch a $185 million senior secured credit facility that will be used to help fund its previously announced buyout by ODSA Topco Ltd., a company backed by Apax Partners, according to a market source.

The facility consists of a $25 million five-year revolver and a $160 million 51/2-year term loan B, the source said.

RBC Capital Markets and Credit Suisse Securities (USA) LLC are leading the deal.

Equity will be 65% of the capitalization and net leverage is 3.0 times based on LTM Sept. 30 EBITDA, the source added.

Closing is expected by year-end, subject to customary conditions.

GlobalLogic is a McLean, Va.-based full-lifecycle product development services company.

Maxim joins calendar

Maxim Crane will hold a bank meeting at 10 a.m. ET on Wednesday to launch a $325 million second-lien term loan, according to a market source.

J.P. Morgan Securities LLC is leading the deal that will be used to refinance existing debt and fund a dividend.

Maxim Crane is a Pittsburgh-based full-service crane rental and sales company.

Templar sets meeting

Templar Energy plans to host a bank meeting at 11:30 a.m. ET in New York on Thursday to launch a new loan deal, according to a market source.

Citigroup Global Markets Inc. is leading the deal.

Templar Energy is an Oklahoma City-based exploration and production company.

Serta plans call

Serta Simmons scheduled a call for 3 p.m. ET on Tuesday to launch a repricing of its $1.28 billion senior secured term loan B from Libor plus 375 bps with a 1.25% Libor floor, according to a market source.

Morgan Stanley Senior Funding Inc., Deutsche Bank Securities Inc., Goldman Sachs Bank USA, UBS Securities LLC and Barclays are leading the deal.

Early in the year, the company attempted to reprice the term loan at talk of Libor plus 300 bps to 325 bps with a 1% Libor floor, a par offer price and 101 soft call protection for six months, but that transaction was pulled in February.

Serta Simmons is a mattress manufacturer.

CHG repricing

CHG Healthcare Services set a call for Tuesday to launch a repricing of its first-lien term loan, a market source said.

Current pricing on the loan is Libor plus 375 bps with a 1.25% Libor floor.

Goldman Sachs Banks USA and Barclays are leading the deal.

CHG is a Salt Lake City-based health care staffing firm.

North Atlantic one-on-ones

In other news, North Atlantic Trading Co. Inc. is conducting one-on-one meetings with investors this week about its $205 million six-year term loan B, according to a market source, who said a bank meeting for the transaction has not yet been set.

Wells Fargo Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance second-lien notes.

North Atlantic Trading is a Louisville, Ky.-based manufacturer and marketer of tobacco products.

Greenway wraps

Vitera Healthcare Solutions LLC, a portfolio company of Vista Equity Partners, closed on its buyout of Greenway Medical Technologies Inc. for $20.35 per share, or about $644 million, according to a news release.

For the buyout, Greenway got a new $570 million senior secured credit facility led by Jefferies Finance LLC and BMO Capital Markets Corp. and comprised of a $30 million five-year revolver, a $360 million seven-year first-lien term loan and a $180 million eight-year second-lien term loan.

Pricing on the first-lien term loan is Libor plus 500 bps with a 1% Libor floor and it was sold at an original issue discount of 99. There is 101 soft call protection for one year.

The second-lien term loan is priced at Libor plus 825 bps with a 1% Libor floor and was sold at a discount of 981/2. This tranche has call protection of 102 in year one and 101 in year two.

During syndication, pricing on the first-lien term loan was increased from Libor plus 450 bps and the call protection was extended from six months, the discount on the second-lien loan was tightened from 98, and 18 month MFN sunset was removed from the credit agreement.

Greenway is a Carrollton, Ga.-based provider of information services that improve the financial performance of health care providers. Vitera is a Tampa, Fla.-based provider of end-to-end clinical and financial technology services to health care professionals.

Alliant Techsystems closes

Alliant Techsystems Inc. announced in a news release on Monday that it completed the $985 million acquisition of Bushnell Group Holdings Inc.

For the transaction, Talliant Techsystems got a new $1.96 billion senior secured credit facility (Ba1/BBB-) consisting of a $700 million five-year revolver and a $1.01 billion five-year term A, both priced at Libor plus 200 bps, and a $250 million seven-year term loan B priced at Libor plus 275 bps with a 0.75% Libor floor. The b loan has 101 soft call protection for six months and was issued at par.

During syndication, the spread on the term loan B firmed at the low end of the Libor plus 275 bps to 300 bps talk and the offer price was tightened from 991/2.

Bank of America Merrill Lynch, Bank of Tokyo-Mitsubishi UFJ Ltd., RBC Capital Markets LLC, SunTrust Robinson Humphrey Inc., U.S. Bank NA and Wells Fargo Securities LLC led the deal.

Pro forma senior secured leverage is 2 times and total leverage is 3.2 times

Alliant Techsystems is an Arlington, Va.-based aerospace, defense, and commercial products company. Bushnell is an Overland Park, Kan.-based designer, marketer and distributor of branded sports optics, outdoor accessories and performance eyewear.

Penton completes refi

Penton Media Inc. closed on its $715 million credit facility that was used to refinance existing debt, a news release said.

The facility consists of a $50 million five-year revolver (B1/B+), a $460 million six-year first-lien term loan (B1/B+) and a $205 million seven-year second-lien term loan (Caa2/CCC+).

Pricing on the first-lien term loan is Libor plus 425 bps with a 1.25% Libor floor and it was sold at an original issue discount of 99. The loan has 101 soft call protection for one year.

The second-lien term loan is priced at Libor plus 775 bps with a 1.25% floor and was sold at a discount of 981/2. This tranche has call protection of 103 in year one, 102 in year two and 101 in year three.

During syndication, the first-lien term loan was downsized from $520 million and the second-lien term loan was upsized from $150 million.

Credit Suisse Securities (USA) LLC, GE Capital Markets, Bank of America Merrill Lynch and Macquarie Capital led the deal.

Penton is a New York-base tradeshow and professional information services company.

Hudson's Bay buys Saks

Hudson's Bay Co. completed its purchase of Saks Inc., a New York-based retailer of clothes and accessories, from Ontario Teachers' Pension Plan for which it got a $950 million ABL revolver, a $2 billion seven-year first-lien senior secured term loan B (B1/BB) and a $300 million eight-year second-lien term loan (B-), according to a news release.

Pricing on the first-lien term loan B is Libor plus 375 bps with a 1% Libor floor and it was sold at an original issue discount of 99. There is 101 soft call protection for one year.

The second-lien loan is priced at Libor plus 725 bps with a 1% Libor floor and was sold at 99. There is call protection of 103 in year one, 102 in year two and 101 in year three.

During syndication, the second-lien loan was added to the capital structure and pricing was reduced to from talk of Libor plus 750 bps to 775 bps, and the first-lien B loan was upsized from $1.9 billion, pricing firmed at the tight end of revised talk of Libor plus 375 bps to 400 bps but up from initial talk of Libor plus 325 bps to 350 bps, and the call protection was extended from six months. The changes to loan sizes resulted in the company canceling plans for a $400 million senior notes offering.

Bank of America Merrill Lynch and RBC Capital Markets led the deal for the Ontario-based operator of department stores.

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