UPC Broadband, Capital Automotive, Neenah Enterprises, Sleepy's, NewWave free to trade

By Sara Rosenberg

New York, April 18 - UPC Broadband's term loan AH emerged in the secondary market on Thursday with levels seen above its original issue discount price, and Capital Automotive LP, Neenah Enterprises Inc., Sleepy's Intermediate LLC, Plaze Inc. and NewWave Communications freed up too.

Over in the primary, Delta Air Lines Inc. trimmed pricing on its term loan B-1, and AMC Entertainment Holdings Inc. reduced the coupon its term loan B, while also tightening the Libor floor and the original issue discount.

Also, Dole Food Co. Inc. upsized its term loan B, cut the spread and firmed the offer price at the low end of guidance, and Advantage Sales and Marketing Inc. revised the offer price on its add-on loans.

Furthermore, TricorBraun and TransFirst Holdings Inc. launched repricing proposals, and Focus Brands Inc. started circulating talk on its upcoming transaction.

UPC hits secondary

UPC Broadband's roughly $1.3 billion term loan AH due June 30, 2021 broke for trading, with levels quoted at par bid, par ¼ offered, according to a trader.

Pricing on the loan is Libor plus 250 basis points with a 0.75% floor, and it was sold at an original issue discount of 993/4. There is 101 soft call protection for one year.

During syndication, the size of the loan firmed at the high end of the $400 million to about $1.3 billion talk and the spread was lowered from Libor plus 275 bps.

Scotia Capital (USA) Inc. and Nomura are leading the deal.

Proceeds will be used to refinance all roughly $1.3 billion of the company's term loan T and term loan X borrowings The term loan T due December 2016 and the term loan X due December 2017 are both priced at Libor plus 350 bps with no Libor floor.

UPC is a subsidiary of Liberty Global, an Englewood, Colo.-based provider of video, voice and broadband internet services.

Capital Auto flexes, breaks

Capital Automotive trimmed pricing on its $325 million seven-year senior secured second-lien term loan (B1/B-) to Libor plus 500 bps from Libor plus 550 bps and moved the original issue discount to 99½ from 99, according to a market source.

As before, the loan has a 1% Libor floor and call protection of 103 in year one, 102 in year two and 101 in year three.

With final terms in place, the loan made its way into the secondary market in the afternoon, with levels quoted at par bid, the source said.

Barclays, Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Goldman Sachs & Co. are leading the deal that will be used to repay a portion of the company's first-lien term loan and 6¾% senior notes.

Capital Automotive is a McLean, Va.-based provider of sale-leaseback capital to the automotive retail industry.

Neenah starts trading

Neenah Enterprises' credit facility also freed up, with the $150 million four-year term loan B (B3/B) quoted at 98½ bid on the open and then it moved up to 99 bid, according to market sources.

Pricing on the B loan is Libor plus 550 bps with a 1.25% Libor floor, and it was sold at an original issue discount of 98. There is 101 soft call protection for one year.

During syndication, the spread on the term B was increased from Libor plus 500 bps and the discount was widened from 99.

In addition to the term loan B, the company's $250 million credit facility includes a $100 million five-year ABL revolver.

GE Capital Markets is leading the deal, and Wells Fargo Securities LLC is a co-lead on the revolver.

Neenah Enterprises, a Neenah, Wis.-based manufacturer and marketer of iron castings and steel forgings, will use the new credit facility to refinance existing debt and fund a dividend.

Sleepy's frees up

Sleepy's $168.3 million first-lien term loan due March 30, 2019 began trading as well, with levels quoted at par bid, 101 offered, according to a market source.

Pricing on the loan is Libor plus 450 bps with a 1.25% Libor floor, and it was issued at par. There is 101 repricing protection for six months.

Credit Suisse Securities (USA) LLC is leading the deal that is being used to reprice an existing term loan from Libor plus 600 bps with a 1.25% floor.

Sleepy's is a Hicksville, N.Y.-based specialty mattress retailer.

Plaze tops OID

Another deal to break was Plaze, with its $163 million U.S. term loan quoted at 99½ bid, par ½ offered, according to a trader.

Pricing on the term loan, as well as on an $18.9 million Canadian term loan, a $25 million revolver, $5 million of which is Canadian, and a $68 million delayed-draw term loan, is Libor plus 375 bps with a 1.25% Libor floor, and all tranches were sold at an original issue discount of 99.

During syndication, the total term loan amount was lifted to $181.9 million from $179 million, with the Canadian piece reduced from $19.5 million.

GE Capital Markets is leading the $274.9 million credit facility (B2/B) that is being used to refinance existing debt.

Plaze is a St. Clair, Mo.-based full-service contract aerosol and liquid packager.

NewWave levels surface

NewWave Communications' hit the secondary too, with the $148.5 million first-lien term loan quoted at par ½ bid, and the $57.75 million second-lien term loan quoted at 101½ bid, a trader remarked.

Pricing on the first-lien term loan is Libor plus 400 bps with a 1% Libor floor, and it was sold at a discount of 991/2. There is 101 soft call protection for six months.

The second-lien loan is priced at Libor plus 800 bps with a 1% floor, and was sold at a discount of 99. There is call protection of 102 in year one and 101 in year two.

During syndication the first-lien term loan was upsized from $140 million, pricing was reduced from talk of Libor plus 450 bps to 475 bps, the Libor floor was cut from 1.25% the discount was tightened from 99 and the call protection was shortened from one year.

Also, the second-lien loan was downsized from $66 million, pricing was cut from Libor plus 850 bps, the floor was reduced from 1.25%, the discount was revised from 98½ and the call protection was changed from 103 in year one, 102 in year two and 101 in year three.

NewWave being acquired

Proceeds from NewWave's $221.25 million credit facility, which also includes a $15 million revolver, will be used to help fund its buyout by GTCR from Pamlico Capital.

SunTrust Robinson Humphrey Inc. and Goldman Sachs Bank USA are the lead banks on the deal.

First-lien leverage is 4.5 times and total leverage is unchanged at 6.25 times.

Closing is targeted for April 30.

NewWave is a Sikeston, Mo.-based broadband/cable company providing television, high-speed internet and digital telephone services.

Delta reduces pricing

Moving to the primary, Delta Air Lines cut the coupon its $1,097,000,000 term loan B-1 due Oct. 18, 2018 to Libor plus 300 bps from Libor plus 325 bps, while keeping the 1% Libor floor, par offer price and 101 soft call protection for six months intact, according to a market source.

The company is also getting a $399 million term loan B-2 due April 18, 2016 that is priced at Libor plus 225 bps with a 1% Libor floor and a par offer price.

Proceeds from the $1,496,000,000 of loans, which have a senior security interest on Pacific Route system assets, are being used to reprice an existing term loan B-1 from Libor plus 400 bps with a 1.25% Libor floor, and a term loan B-2 from Libor plus 300 bps with a 1.25% Libor floor.

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

Delta lead banks

Barclays, Bank of America Merrill Lynch, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc. and UBS Securities LLC are leading term loans.

Senior secured leverage is 3.1 times, total leverage is 3.3 times and net total leverage is 2.5 times.

Delta is an Atlanta-based provider of scheduled air transportation for passengers and cargo.

AMC updates terms

AMC Entertainment cut pricing on its $775 million senior secured covenant-light term loan B (Ba2/BB-/BB) due April 30, 2020 to Libor plus 275 bps from Libor plus 300 bps, reduced the Libor floor to 0.75% from 1% and revised the original issue discount to 99¾ from 991/2, according to a market source.

The 101 soft call protection for six months was unchanged.

In addition to the term loan, the company is seeking a $125 million to $150 million five-year revolver.

Citigroup Global Markets Inc. is leading the deal that will be used by the Kansas City, Mo.-based movie exhibitor to refinance existing bank debt.

Recommitments are due at noon ET on Friday, the source added.

Dole reworked

Dole Food increased its term loan B to $675 million from $500 million, reduced pricing to Libor plus 275 bps from talk of Libor plus 300 bps to 325 bps and firmed the offer price at par, the tight end of the 99½ to par talk, according to a market source.

The loan still has a 1% Libor floor and there is 101 soft call protection for one year.

Because of the upsizing to the funded term loan, the company cancelled plans for a $125 million delayed-draw term loan that was going to be used for general corporate purposes, the source remarked.

The company's now $825 million credit facility also includes a $150 million revolver.

Deutsche Bank Securities Inc., Wells Fargo Securities LLC, BofA Merrill Lynch, Rabobank and Scotia Capital (USA) Inc. are leading the deal that will be used to refinance existing debt, and, as a result of the upsizing, to add cash to the balance sheet.

Dole is a Westlake Village, Calif.-based fruit and vegetables company.

Advantage Sales tweaks deal

Advantage Sales and Marketing modified the offer price on its $90 million add-on first-lien term loan due December 2017 and $30 million add-on second-lien term loan due June 2018 to par from 991/2, according to a market source.

The first-lien add-on is priced at Libor plus 325 bps and the second-lien add-on is priced at Libor plus 725 bps, with both having a 1% Libor floor and 101 soft call through February 2014.

Commitments are due at 5 p.m. ET on Friday, the source added.

Credit Suisse Securities (USA) LLC, UBS Securities LLC and J.P. Morgan Securities LLC are leading the covenant-light loans that will be used to refinance mezzanine debt.

With the transaction, the company is amending its credit facility to allow for the add-ons to repay the mezzanine debt, and lenders are being offered a 5 bps amendment fee.

Advantage Sales is an Irvine, Calif.-based sales and marketing agency.

TricorBraun launches

TricorBraun held a lender call on Thursday to launch a repricing of its $75 million revolver and a $477 million term loan to Libor plus 325 bps with a 1% Libor floor from Libor plus 425 bps with a 1.25% floor, according to a market source.

The repriced debt is offered at par, and the term loan has 101 soft call protection for six months, the source said.

GE Capital Markets is leading the $552 million credit facility.

Commitments are due on April 26, the source added.

TricorBraun is a St. Louis-based designer and deliverer of rigid packaging.

TransFirst repricing

Meanwhile, TransFirst launched with its call a repricing of its $399 million first-lien term loan that is talked at Libor plus 350 bps with a 1.25% Libor floor, a par offer price and 101 soft call protection for six months, according to a market source.

The transaction is taking the term loan pricing down from Libor plus 500 bps with a 1.25% Libor floor.

Commitments are due on Wednesday, the source added.

Bank of America Merrill Lynch, GE Capital Markets and Deutsche Bank Securities Inc. are the joint lead arrangers on the deal and bookrunners with SunTrust Robinson Humphrey Inc., RBC Capital Markets and Wells Fargo Securities LLC.

TransFirst is a Hauppauge, N.Y.-based provider of transaction processing services and payment enabling technologies.

Focus Brands sets talk

Focus Brands released talk of Libor plus 325 bps with a 1% Libor floor, a par offer price and 101 soft call protection for six months on its $351 million first-lien term loan due February 2018 that will launch with a call at 1 p.m. ET on Friday, according to sources.

Proceeds will be used to reprice an existing term loan from Libor plus 500 bps with a 1.25% Libor floor.

Credit Suisse Securities (USA) LLC is leading the deal, for which commitments are due on April 25, sources added.

Focus Brands is an Atlanta-based franchisor and operator of ice cream stores, bakeries, restaurants and cafes.

tw telecom closes

In other news, tw telecom Inc. closed on its $620 million credit facility (Baa3/BB+) that consists of a $520 million term loan B due April 17, 2020 and an $80 million revolver due April 17, 2018, according to a news release.

Pricing on the term loan is Libor plus 250 bps with no 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, the spread on the term loan was reduced from talk of Libor plus 275 bps to 300 bps.

Revolver pricing can range from Libor plus 175 bps to 275 bps.

Wells Fargo Securities LLC, Morgan Stanley Senior Funding Inc. and Credit Suisse Securities (USA) LLC led the deal that was used to refinance debt.

tw telecom is a Littleton, Colo.-based provider of managed data, internet and voice networking services to businesses and large organizations.

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