OCI, Archroma break; Pelican ups deadline; Men's Wearhouse, Nortek, Munters, Allison launch

By Sara Rosenberg

New York, April 1 - OCI Beaumont LLC's term loan B-2 freed up for trading on Tuesday above its issue price, and Archroma's tack-on term loan began trading as well.

Over in the primary market, Pelican Products Inc. accelerated the commitment deadline on its credit facility, and The Men's Wearhouse Inc., Nortek Inc., Munters Group and Allison Transmission Inc. disclosed talk on their deals, and Sesac came out with original issue discount guidance.

Also, Avago Technologies Ltd., Skillsoft Ltd., FTS International Inc., Datapipe Inc., US LBM and ClubCorp Club Operations Inc. joined this week's calendar.

OCI hits secondary

OCI Beaumont's $399 million term loan B-2 due Aug. 20, 2019 broke for trading on Tuesday, with levels seen at par ¼ bid, par ¾ offered, according to a trader.

Pricing on the loan is Libor plus 400 basis points, after firming at the wide end of the Libor plus 375 bps to 400 bps talk. There is a 1% Libor floor and 101 soft call protection for one year, and the debt was issued at par.

Bank of America Merrill Lynch is leading the deal that will be used to reprice an existing term loan from Libor plus 500 bps with a 1.25% Libor floor.

OCI Beaumont is an ammonia and methanol production complex in Beaumont, Texas.

Archroma tops OID

Archroma's $25 million tack-on term loan also freed up, with levels quoted at par bid, 101 offered, according to a trader. The tack-on loan trades with the existing term loan.

Pricing on the tack-on is Libor plus 825 bps with a 1.25% Libor floor, in line with the existing term loan B, and the new debt was sold at an original issue discount of 99.

Jefferies Finance LLC is leading the deal that will be used to repay revolving credit facility borrowings and fund an investment in a joint venture.

Archroma is a Switzerland-based textile chemicals, paper specialties and emulsions company.

Pelican moves deadline

Moving to the primary, Pelican Products revised the commitment deadline on its $555 million credit facility to 5 p.m. ET on Wednesday from April 8, according to a market source.

The facility consists of a $30 million revolver, a $365 million six-year first-lien covenant-light term loan talked at Libor plus 500 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year, and a $160 million seven-year second-lien covenant-light term loan talked at Libor plus 900 bps with a 1% Libor floor, a discount of 98½ and call protection of 103 in year one, 102 in year two and 101 in year three.

Credit Suisse Securities (USA) LLC and Morgan Stanley Senior Funding Inc. are leading the deal.

Proceeds will be used to refinance existing bank debt and fund a dividend.

Pelican Products is a Torrance, Calif.-based protective case and lighting equipment manufacturer.

Men's Wearhouse pricing

Men's Wearhouse held its bank meeting on Tuesday, launching its $1.1 billion seven-year covenant-light term loan B (Ba2/B+) with talk of Libor plus 350 bps to 375 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.

By comparison, recent filings with the Securities and Exchange Commission had the term loan B expected at Libor plus 375 bps with a 1% Libor floor and 101 soft call protection for six months.

The company's $1.6 billion senior secured credit facility also includes a $500 million five-year asset-based revolver.

Men's Wearhouse lead banks

J.P. Morgan Securities LLC and Bank of America Merrill Lynch are leading Men's Wearhouse's credit facility that will be used with an expected $600 million notes offering to fund the acquisition of JoS. A Bank Clothiers Inc. for $65.00 per share in cash, or total consideration of $1.8 billion.

Closing is expected by the third quarter, subject to the satisfaction of customary conditions, including expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and the tender of a majority of JoS. A Bank shares.

Men's Wearhouse is a Houston-based specialty retailer of men's apparel. JoS. A. Bank is a Hampstead, Md.-based designer, manufacturer and retailer of men's apparel, footwear and accessories.

Nortek releases talk

Nortek came out with talk of Libor plus 300 bps with a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months on its $350 million senior secured term loan that launched with a morning bank meeting, according to a market source.

Wells Fargo Securities LLC, RBC Capital Markets and UBS Securities LLC are leading the deal for which commitments are due on April 15, the source said.

Proceeds, along with cash on hand, will fund the acquisition of the heating, ventilation and air conditioning business of Thomas & Betts Corp. for $260 million and refinance an existing $93 million term loan.

Closing is expected in the second quarter, subject to customary conditions including approval pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Nortek is a Providence, R.I.-based manufacturer of air management and technology-driven products and solutions for residential and commercial applications.

Munters guidance

Munters Group launched during the session its $280 million seven-year covenant-light term loan B with 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, a source remarked.

Commitments are due on April 15, the source added.

Deutsche Bank Securities Inc. is leading the deal that will be used to refinance existing debt.

Munters is a Sweden-based provider of energy-efficient air treatment services with expertise in climate control technologies.

Allison Transmission launches

Allison Transmission launched a repricing of its $423.5 million senior secured term loan B-2 due Aug. 7, 2017 with talk of Libor plus 250 bps to 275 bps with no Libor floor and 101 soft call protection for six months, according to a market source.

The repricing will take the loan down from Libor plus 300 bps with no Libor floor.

Commitments from existing lenders are due at 5 p.m. ET on April 8 and from new lenders are due at 2 p.m. ET on April 9, and closing is targeted for April 14, the source said.

Citigroup Global Markets Inc. is leading the deal for the Indianapolis-based automatic transmission company.

Sesac discloses discount

Sesac launched its $115 million add-on first-lien term loan with original issue discount talk of 991/2, according to market sources.

Pricing on the add-on is Libor plus 400 bps with a 1% Libor floor, in line with the existing term loan, and all of the debt will get 101 soft call protection for six months, sources said.

In addition, existing lenders are being offered a 25 bps amendment fee.

Commitments are due on Friday, sources added.

Jefferies Finance LLC is leading the deal that will be used to pay down second-lien term loan debt.

Sesac is a Nashville, Tenn.-based performing rights organization that represents the interests of individual songwriters and publishers of music to ensure they are compensated for the public performance of their copyrighted material.

Avago timing emerges

Avago set a bank meeting for 10 a.m. ET in New York on Thursday to launch its previously announced $5.1 billion credit facility (BBB-) that consists of a $500 million five-year revolver and a $4.6 billion seven-year term loan B, a market source said.

The term loan B has 101 soft call protection for six months. Price talk is still to be announced.

Deutsche Bank Securities Inc., Barclays, Bank of America Merrill Lynch and Citigroup Global Markets Inc. are leading the deal that will be used to help fund the acquisition of LSI Corp., a San Jose, Calif.-based designer of semiconductors and software, for $11.15 per share, or about $6.6 billion.

When announcing this transaction in 2013, the company said that other acquisition funds would come from $1 billion of cash and a $1 billion investment by Silver Lake Partners in the form of 2% unsecured convertible notes.

Avago, a Singapore-based analog semiconductor devices company, expects to close on the purchase in the first half of this year, subject to regulatory approvals, LSI stockholder approval and customary conditions.

Skillsoft coming soon

Skillsoft will hold a bank meeting at 1 p.m. ET on Thursday to launch a $1,485,000,000 senior secured credit facility, according to a market source.

The facility consists of a $100 million five-year revolver, a $900 million seven-year first-lien term loan and a $485 million eight-year second-lien term loan, the source said.

Barclays, Deutsche Bank Securities Inc. and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to help fund the company's buyout by Charterhouse Capital Partners LLP from Berkshire Partners, Advent International and Bain Capital and to refinance existing debt.

Closing is subject to various conditions, including the expiration of the applicable waiting period under the Hart-Scott-Rodino Act.

Skillsoft is a Dublin, Ireland-based provider of cloud based learning services.

FTS plans meeting

FTS International set a bank meeting for 11 a.m. ET in New York on Thursday to launch a $550 million covenant-light term loan B, according to sources.

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.

Datapipe joins calendar

Datapipe emerged with plans to hold a lender call at 11 a.m. ET on Wednesday to launch a $365 million senior secured credit facility, according to a market source.

The facility consists of a $55 million first-lien revolver, which includes a $15 million add-on, a $225 million first-lien term loan, which includes a $25 million add-on, and an $85 million second-lien term loan, the source remarked.

Morgan Stanley Senior Funding Inc. and TD Securities (USA) LLC are leading the deal that will be used to refinance existing debt.

Datapipe is a Jersey City, N.J.-based company that offers IT services.

US LBM on deck

US LBM scheduled a bank meeting for 2 p.m. ET in New York on Thursday to launch a $150 million six-year first-lien term loan that has 101 soft call protection for six months, according to a market source.

Commitments are due on April 17, the source said.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to repay ABL borrowings and fund the acquisition of Desert Lumber.

US LBM is a Green Bay, Wis.-based owner of building material distribution businesses.

ClubCorp readies loan

ClubCorp plans to hold a conference call at 2 p.m. ET on Wednesday to launch a $300 million incremental term loan B, according to a market source.

Citigroup Global Markets Inc. is leading the deal that will be used to redeem about $270 million of the company's 10% senior notes due in 2018.

ClubCorp is a Dallas-based owner and operator of golf courses, country clubs, private business and sports clubs, and resorts.

SunGard Availability closes

In other news, the spin-off of SunGard Availability Services from SunGard Data Systems Inc. to existing stockholders, including private equity owners, has been completed, a news release said.

For the transaction, SunGard Availability got a new $1,275,000,000 credit facility (Ba3/BB-), consisting of a $250 million revolver and a $1,025,000,000 five-year term loan.

Pricing on the term loan is Libor plus 500 bps with a 1% Libor floor and the debt was sold at 991/2. There is 101 soft call protection for one year.

During syndication, pricing on the term loan was raised from Libor plus 450 bps and the discount firmed at the tight end of revised talk of 99 to 991/2, but in line with initial talk.

J.P. Morgan Securities LLC was the left lead on the deal.

SunGard Availability is a Wayne, Pa.-based provider of disaster recovery services, managed IT services, information availability consulting services and business continuity management software

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