Albea Beauty, EOC Group, Internet Brands, Four Seasons, Focus Financial free to trade

By Sara Rosenberg

New York, March 15 – Albea Beauty Holdings SA reduced spreads on its U.S. and euro term loans and adjusted original issue discounts, and EOC Group Inc. increased the sizes of its first- and second-lien term loans and set pricing on the first-lien debt at the tight side of talk, and then both deals freed to trade on Thursday.

Also, Internet Brands Inc. raised the size of its incremental first-lien term loan and adjusted the issue price, Four Seasons Hotels and Resorts finalized the spread on its term loan at the low end of guidance, and Focus Financial Partners LLC moved up the commitment deadline on its add-on term loan, and then all of these deals began trading too.

In more happenings, Allison Transmission Inc. upsized its term loan B and terminated plans for a bond offering, Eton (PricewaterhouseCoopers Public Sector LLP) firmed spreads on its first- and second-lien term loans at the low end of guidance and tightened original issue discounts on the tranches, and Carlisle FoodService Products reworked its tranche sizes and updated pricing.

Furthermore, GVC Holdings plc shifted funds between its term loans and revised spread and issue price on its U.S. tranche, U.S. Security Associates Inc. upsized its term loan B and set pricing at the high side of talk, and Hubbard Radio LLC accelerated the commitment deadline on its credit facilities.

And, Camping World, Loparex International Holding BV, Six Flags Theme Parks Inc. and Fleetpride (FPC Holdings Inc.) released price talk with launch, and Alkermes Inc., Ply Gem Holdings Inc., Inovalon Holdings Inc., Sally Beauty Holdings Inc. and Chemours Co. joined the near-term primary calendar.

Albea revised, trades

Albea Beauty trimmed pricing on its $406 million first-lien term loan (B2/B) due April 2024 to Libor plus 300 basis points from revised talk of Libor plus 325 bps and initial talk in the range of Libor plus 325 bps to 350 bps talk, according to a market source.

The company also cut pricing on its €385 million first-lien term loan (B2/B) due April 2024 to Euribor plus 325 bps from revised talk of Euribor plus 350 bps and initial talk in the range of Euribor plus 350 bps to 375 bps.

Furthermore, the original issue discount on both term loans was changed to 99.875 from revised talk of par and initial talk of 99.75, the source said.

As before, the U.S. term loan has a 1% Libor floor, the euro term loan has a 0% floor and both loans have 101 soft call protection for six months.

Recommitments were due at 11 a.m. ET on Thursday and then the U.S. loan freed to trade with levels quoted at par bid, par ½ offered, another source added.

Credit Suisse and BNP Paribas are leading the deal that will be used to refinance existing U.S. and euro term loans due April 2024. BNP Paribas is the administrative agent.

Albea is a Paris-based maker of plastic packaging for beauty and personal care products.

EOC reworked

EOC Group lifted its seven-year first-lien term loan to $1,115,000,000 from $1.09 billion and finalized the spread on the debt, as well as on its $178.5 million delayed-draw seven-year first-lien term loan, at Libor plus 325 bps, the low end of the Libor plus 325 bps to 350 bps talk, a market source remarked.

In addition, the delayed-draw commitment fee was changed to 1% for the first eight months, 2% for months nine through 16 and 3% for months 17 through 24, from 1% per annum for 24 months.

Also, the company upsized its privately-placed eight-year second-lien term loan to $445 million from $435 million, the source continued.

The first-lien term loan debt, which is being sold as a strip still has a 25 bps step-down based on leverage and a 25 bps step-down following an initial public offering, a 0% Libor floor, an original issue discount of 99.5 and 101 call protection for six months.

The company’s now $1.91 billion of credit facilities also include a $100 million revolver and a $71.5 million privately-placed delayed-draw eight-year second-lien term loan.

Call protection on the second-lien term loan is 102 in year one and 101 in year two.

EOC tops OID

Recommitments for EOC Group’s credit facilities were due at noon ET on Thursday, and by late day the strip of funded and delayed-draw first-lien term loan debt broke for trading with levels quoted at 99 7/8 bid, par 3/8 offered, a trader added.

Jefferies, Antares Capital, KKR Capital Markets, Angel Island and Cowen are leading the debt.

The credit facilities will be used to fund Golden Gate Capital’s acquisition of Mavis Discount Tire and the merger of Mavis with Express Oil Change & Tire Engineers, an existing Golden Gate portfolio company. Funds from the term loan upsizings will finance recently closed acquisitions.

Closing is expected during the week of March 19.

Mavis is a Millwood, N.Y.-based tire and automotive service provider. Express Oil is a Birmingham, Ala.-based automotive service platform.

Internet modified, frees up

Internet Brands upsized its fungible covenant-light incremental first-lien term loan due September 2024 to $325 million from $305 million and moved the original issue discount to 99.75 from 99.5, a market source remarked.

Like the existing term loan, the incremental loan is priced at Libor plus 375 bps with a 0% Libor floor, and has 101 soft call protection through March 15, 2018.

Recommitments were due at noon ET on Thursday and then the debt made its way into the secondary market with levels quoted at par bid, par ½ offered, another source added.

Credit Suisse Securities (USA) LLC and KKR Capital Markets are leading the deal that will be used to refinance a revolver draw and to fund tuck-in acquisitions.

Internet Brands is an El Segundo, Calif.-based provider of vertically focused online media and software services.

Four Seasons updated, breaks

Four Seasons Hotels and Resorts firmed pricing on its $891 million senior secured covenant-light first-lien term loan due Nov. 30, 2023 at Libor plus 200 bps, the low side of the Libor plus 200 bps to 225 bps talk, according to a market source.

The term loan still has a 0% Libor floor, a par issue price and 101 soft call protection for six months.

New money commitments were due at noon ET on Thursday, moved up from 5 p.m. ET on Thursday, and then the loan began trading with levels seen at par 3/8 bid, par 5/8 offered, a trader added.

Citigroup Global Markets Inc. is leading the deal that will be used to reprice an existing term loan B down from Libor plus 250 bps with a 0.75% Libor floor.

Closing is expected on March 29.

Four Seasons is a Toronto-based luxury hotels company.

Focus accelerated, starts trading

Focus Financial Partners moved up the commitment deadline on its fungible $200 million add-on first-lien term loan to 1 p.m. ET on Thursday from end of day on Thursday, according to a market source.

Pricing on the add-on first-lien term loan is Libor plus 275 bps with a 0% Libor floor and a par issue price.

By late day, the add-on term loan freed to trade and levels were quoted at par ½ bid, 101 offered, a trader added.

RBC Capital Markets and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to fund an acquisition.

Not including the add-on, the first-lien term loan is sized at $793 million.

Focus Financial is a New York-based partnership of independent, fiduciary wealth-management firms.

Allison adjusts size

Back in the primary market, Allison Transmission Inc. lifted its senior secured covenant-light term loan B due September 2022 to $1,176,000,000 from $776 million, and left pricing at Libor plus 175 bps with a 0% Libor floor and a par issue price, a market source said.

The term loan still has 101 soft call protection for six months.

Recommitments were due at 5 p.m. ET on Thursday, the source added.

Citigroup Global Markets Inc. is leading the deal that will be used to reprice an existing term loan down from Libor plus 200 bps with a 0% Libor floor.

The existing term loan was expected to be paid down by $400 million to $776 million with proceeds from a senior unsecured bond offering, but the bond deal was cancelled with the term loan upsizing.

Closing is expected during the week of March 19.

Allison Transmission is an Indianapolis-based automatic transmission company and supplier of hybrid-propulsion systems.

Eton tweaks deal

Eton firmed pricing on its $315 million seven-year covenant-light first-lien term loan (B1/B) at Libor plus 350 bps, the low end of the Libor plus 350 bps to 375 bps talk, and revised the original issue discount to 99.75 from 99.5, while leaving the 0% Libor floor and 101 soft call protection for six months intact, a market source remarked.

Additionally, the company set the spread on its $105 million eight-year covenant-light second-lien term loan (Caa1/CCC+) at Libor plus 750 bps, the low end of the Libor plus 750 bps to 775 bps talk, and changed the discount to 99.5 from 99, the source continued. This tranche still has a 0% Libor floor and call protection of 102 in year one and 101 in year two.

The company’s $470 million of credit facilities also include a $50 million five-year revolver (B1/B).

Recommitments were due at 5 p.m. ET on Thursday, the source added.

RBC Capital Markets, UBS Investment Bank, Carlyle Global Credit Investment Management LLC and Macquarie Capital (USA) Inc. are leading the deal that will help fund the buyout of the company by Veritas Capital.

Eton is a provider of services to federal, state and local governments and multilateral agencies to help solve complex business problems, improve processes and manage risk through its capabilities in financial management, strategy development, program management, operational effectiveness and organization design.

Carlisle FoodService restructured

Carlisle FoodService Products increased its seven-year first-lien term loan (B2/B) to $332.5 million from $320 million and its five-year revolver (B2/B) to $60 million from $50 million, and trimmed its privately-placed second-lien term loan to $92.5 million from $105 million, according to a market source.

Pricing on the first-lien term loan, the revolver and a $75 million delayed-draw first-lien term loan (B2/B), was cut to Libor plus 300 bps from talk in the range of Libor plus 325 bps to 350 bps, and the 25 bps step-down is now subject to 0.75 times first-lien net leverage reduction instead of 0.5 times, the source said.

Additionally, the original issue discount on the term loans was tightened to 99.75 from 99.5, the first-lien incurrence ratios on the first-lien term loans were reset by 0.2 times to reflect the tranche size increase, and the revolver springing covenant was revised to 7.4 times first-lien net leverage from 7.1 times.

The first-lien term loan debt still has a 1% Libor floor and 101 soft call protection for six months, the delayed-draw loan still has a ticking fee of 1% starting on day 61, and the revolver continues to have a 0% Libor floor and a par issue price.

Carlisle being acquired

Proceeds from Carlisle FoodService’s now $560 million of senior secured credit facilities and equity will be used to fund its buyout by Jordan Co. from Carlisle Cos. Inc. for $750 million in cash, subject to some adjustments.

Recommitments were due at 5 p.m. ET on Thursday, the source added.

Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC and Jefferies LLC are leading the deal.

Closing is expected this quarter, conditioned on regulatory clearances and customary conditions.

Carlisle FoodService Products is a manufacturer and marketer of professional-grade solutions for the restaurant, hospitality, healthcare and janitorial segments.

GVC sets changes

GVC Holdings raised its U.S. six-year covenant-light first-lien term loan B to $800 million from $400 million, lowered pricing to Libor plus 250 bps from Libor plus 275 bps and modified the original issue discount to 99.75 from 99.5, a market source said.

Also, the company downsized its euro six-year covenant-light first-lien term loan B to €625 million from €900 million and its GBP six-year covenant-light first-lien term loan B to £275 million from £325 million, the source continued.

As before, the U.S. term loan has a 1% Libor floor, the euro term loan is priced at Euribor plus 275 bps with a 0% floor and a discount of 99.5, the GBP term loan is priced at Libor plus 350 bps with a 0% Libor floor and a discount of 99.5, and all of the term loans have 101 soft call protection for six months.

The company’s credit facilities also include a £550 million equivalent multi-currency five-year revolver.

GVC buying Ladbrokes

Proceeds from GVC’s credit facilities will be used to help fund the acquisition of Ladbrokes Coral Group, to refinance existing debt at Ladbrokes and for general corporate purposes.

Credit Suisse, Deutsche Bank, Barclays, Mediobanca and Natwest Markets are the bookrunners on the deal, with Credit Suisse the left lead for the U.S. tranche and Deutsche the left lead for the euro and sterling tranches. Nomura and Santander are mandated lead arrangers.

Commitments for the U.S. loan were due at 5 p.m. ET on Thursday, and commitments for the euro and GBP term loans were due at 5:30 p.m. GMT on Thursday, the source added.

GVC is an Isle of Man-based online gambling company.

U.S. Security upsizes

U.S. Security Associates raised its senior secured term loan B due July 2023 to $595 million from $570 million and finalized the spread at Libor plus 350 bps, the high end of the Libor plus 325 bps to 350 bps talk, a market source remarked.

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

Recommitments were due at 5 p.m. ET on Thursday, the source added.

Goldman Sachs Bank USA and Jefferies LLC are leading the deal. KeyBanc Capital Markets LLC is the administrative agent.

Proceeds will be used to reprice an existing term loan B down from Libor plus 400 bps with a 1% Libor floor, and the funds from the upsizing will be used to repay revolver borrowings.

U.S. Security Associates is a Roswell, Ga.-based safety and security services company.

Hubbard moves deadlines

Hubbard Radio accelerated the commitment/consent deadline for its $302 million of senior secured credit facilities (B1) to noon ET on Friday from noon ET on Wednesday, according to a market source.

The facilities consist of a $10 million revolver, a $252 million seven-year extended term loan B and a $40 million seven-year incremental term loan B

Talk on the term loan B debt is Libor plus 300 bps to 325 bps with a 1% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months.

The incremental term loan B has a ticking fee of half the margin from days 31 to 60 and the full margin thereafter.

Morgan Stanley Senior Funding Inc. is leading the deal.

Proceeds from the revolver and term loan B will be used to extend the company’s existing revolver and term loan B, and the incremental loan will be used to fund the acquisition of two radio stations in St. Louis, KSHE-FM and KPNT-FM, from Emmis Communications and pay related fees and expenses.

Hubbard Radio is a St. Paul, Minn.-based broadcasting company.

Camping World guidance

Also in the primary market, Camping World held its lender call on Thursday, launching its fungible $250 million add-on senior secured term loan due Nov. 8, 2023 and repricing of its existing $937 million senior secured term loan B due Nov. 8, 2023 at talk of Libor plus 275 bps with a 0.75% Libor floor and 101 soft call protection for six months, according to a market source.

Original issue discount talk on the add-on loan is 99.75 and the repricing is offered at par, the source said.

Commitments are due on March 22.

Goldman Sachs Bank USA is leading the deal.

The add-on loan will be used to fund future acquisitions of RV dealerships and expand the retail platform, and the repricing will take the existing term loan down from Libor plus 300 bps with a 0.75% Libor floor.

The company is also seeking amendments to its credit agreement to refresh the $250 million incremental starter basket, refresh the non-loan party investment capacity for freedom roads of greater than $50 million and 18% of EBITDA, and refresh the $20 million general restricted payments basket, the source added.

Camping World is a Lincolnshire, Ill.-based seller of RVs and supplier of RV parts, supplies and accessories.

Loparex reveals talk

Loparex came out with price talk of Libor plus 450 bps with a 1% Libor floor and an original issue discount of 99 on its $320 million seven-year senior secured first-lien term loan that launched with a morning bank meeting, a market source said.

The term loan has 101 soft call protection for six months.

The company’s $350 million of credit facilities (B2) also include a $30 million five-year revolver.

Commitments are due on March 28, the source added.

Jefferies LLC, ABN Amro and Rabobank are leading the deal tha will be used to refinance existing bank debt and repay shareholder loans.

Loparex is a developer and producer of specialty release liner product solutions.

Six Flags holds call

Six Flags emerged in the morning with plans to hold a lender call at 2:30 p.m. ET to launch a $544,750,000 term loan B due June 30, 2022 talked at Libor plus 175 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on Wednesday, the source said.

Wells Fargo Securities LLC is leading the deal that will be used to reprice an existing term loan B down from Libor plus 200 bps with a 0% Libor floor.

Six Flags is a Grand Prairie, Texas-based regional theme park company.

Fleetpride launches

Fleetpride held a lender call at 3 p.m. ET to launch a $447 million covenant-light first-lien term loan B (B3/B-) due Nov. 19, 2022 and a $200 million covenant-light second-lien term loan (Caa2/CCC) due May 19, 2023, a market source said.

Talk on the first-lien term loan is Libor plus 400 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, and talk on the second-lien term loan is Libor plus 800 bps with a 0% Libor floor, a discount of 99 and 101 hard call protection for one year, the source added.

Bank of America Merrill Lynch and KKR are leading the deal, with Bank of America the agent and left lead on the first-lien, and KKR the left lead on the second-lien.

The new debt will be used to refinance a $397 million first-lien term loan due 2019, a second-lien term loan due 2020 and borrowings under an ABL revolver.

Fleetpride is an Irving, Texas-based distributor of aftermarket heavy-duty truck and trailer parts.

Alkermes on deck

Alkermes set a lender call for 10 a.m. ET on Friday to launch a $284,250,000 senior secured term loan B, a market source remarked.

Morgan Stanley Senior Funding Inc. and J.P. Morgan Securities LLC are leading the deal that will be used to refinance an existing term loan B.

Alkermes is a Dublin-based biopharmaceutical company.

Ply Gem coming soon

Ply Gem scheduled a bank meeting for Friday morning to launch a $1,755,000,000 seven-year term loan B talked at Libor plus 300 bps to 325 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, according to a market source.

The company’s $1,855,000,000 of credit facilities (B) also include a $100 million revolver.

Commitments are due on March 28, the source said.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Barclays, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Jefferies LLC, MUFG, Natixis, RBC Capital Markets LLC, Societe Generale and UBS Investment Bank are leading the deal that will help fund the buyout of the company by Clayton, Dubilier & Rice for $21.64 per share in cash and combination with Atrium Windows & Doors, which is also being acquired by CD&R.

The transactions are expected to close simultaneously in the second quarter and are subject to the receipt of customary closing conditions, including regulatory approvals.

Ply Gem is a Cary, N.C.-based building products manufacturer. Atrium is a provider of windows and doors to the new construction and repair and remodel markets.

Inovalon timing surface

Inovalon set a lender presentation for 11 a.m. ET on Monday to launch its previously announced $1.08 billion of senior secured credit facilities, a market source remarked.

The facilities consist of a $100 million revolver and a $980 million term loan B.

Morgan Stanley Senior Funding Inc., Citigroup Global Markets Inc., Goldman Sachs Bank USA and JPMorgan Chase Bank are leading the deal that will be used with cash on hand to fund the acquisition of Ability Network for $1.1 billion in cash and $100 million in restricted Inovalon stock.

Closing is expected in April, subject to customary conditions and regulatory approvals.

Pro forma net debt to adjusted EBITDA will be about 4.1 times at year-end 2018.

Inovalon is a Bowie, Md.-based technology company providing advanced, cloud-based platforms empowering a data-driven transformation from volume-based to value-based models across the health care ecosystem. Ability is a Minneapolis-based cloud-based software-as-a-service technology company.

Sally Beauty readies deal

Sally Beauty will hold a lender call on Friday to launch a $548.6 million term loan B due July 2024 talked at Libor plus 225 bps with a 0% Libor floor, an original issue discount of 99.75 to par and 101 soft call protection for six months, a market source said.

Commitments are due on March 22, the source added.

J.P. Morgan Securities LLC is leading the deal that will be used to reprice an existing term loan B.

Sally Beauty is a Denton, Texas-based specialty retailer and distributor of professional beauty supplies.

Chemours joins calendar

Chemours set a lender call for Monday to launch a $900 million seven-year term loan talked at Libor plus 175 bps to 200 bps with a 0% Libor floor and an original issue discount of 99.75, according to a market source.

The company is also getting a €300 million seven-year term loan talked at Euribor plus 200 bps to 225 bps with a 0.5% floor and a discount of 99.75, the source said.

Both term loans have 101 soft call protection for six months.

Commitments are due on March 23, the source added.

J.P. Morgan Securities LLC and Citigroup Global Markets Inc. are leading the deal that will be used to refinance existing debt.

Chemours is a Wilmington, Del.-based provider of performance chemicals.

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