Smart & Final, Raven, Spansion, Chrysler, AMR, NSG, American Rock, AFGlobal break

By Sara Rosenberg

New York, Dec. 16 - Smart & Final Holdings Corp. firmed pricing at the high side of talk, Raven Power Finance LLC lifted the size of its B loan and firmed pricing at the low end of guidance and Spansion LLC widened the discount on its add-on loan, and then all of these deals emerged in the secondary market.

Other deals to free up for trading on Monday were Chrysler Group LLC, AMR Corp. (American Airlines), NSG Holdings LLC, American Rock Salt and AFGlobal Corp. (previously Ameriforge Group Inc.).

In more happenings, Las Vegas Sands LLC reduced its term loan B amount while setting the spread at the wide end of talk and upsizing its revolver, and Infor upsized its term loan B-5 as plans for a term loan B-4 were eliminated, and the discount on the B-5 tranche finalized at the low end of talk.

Furthermore, Hillman Group Inc. set pricing on its loan at the low end of talk, American Gaming Systems widened the spread and offer price on its term loan, Sensus USA Inc. modified the discount on its add-on debt, Cyanco Intermediate Corp. firmed its offer price at the high end of guidance, and Berry Plastics Corp. moved up the commitment deadline on its term loan.

Smart & Final pricing

Smart & Final set the spread on its $715.8 million term loan B due November 2019 at Libor plus 375 basis points, the high end of the Libor plus 350 bps to 375 bps talk, according to a market source.

The loan, which includes $575.8 million of existing debt and a fungible $140 million add-on, still has a 1% Libor floor, 101 soft call protection for six months and an original issue discount of 99¾ on the add-on.

The existing term loan B portion is being amended to permit the repayment of the company's second-lien term loan, allow for a one-time dividend exception to the restricted payment covenant and reset the incremental facility dollar basket to $75 million, and lenders were offered a 12.5 bps amendment fee.

With final terms in place, the deal was able to free up for trading in the afternoon, with levels quoted at 99¾ bid, par ¼ offered, a trader added.

Morgan Stanley Senior Funding Inc., Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are leading the deal.

Smart & Final is a Commerce, Calif.-based warehouse-style, no membership fee, multi-format retailer serving households and smaller businesses.

Raven tweaks deal

Raven Power upsized its term loan B (B1/BB-) to $375 million from $350 million and finalized pricing at Libor plus 425 bps, the tight end of the Libor plus 425 bps to 450 bps talk, according to a market source.

The loan still has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.

In the afternoon, the loan began trading, with levels seen at 99½ bid, par ¼ offered, the source continued.

Deutsche Bank Securities Inc. and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to refinance existing debt, to fund a distribution to shareholders and for general corporate purposes.

Raven Power is an Austin, Texas-based power company.

Spansion revised, trades

Spansion changed the original issue discount on its $84 million of fungible add-on senior secured term loan B to 99 from talk of 99½ to par, according to a market source.

Pricing on the add-on and the repricing of the company's existing $216 million term loan B remained at Libor plus 300 bps with a 0.75% Libor floor, and there is still 101 soft call protection for six months.

By late day, the transaction had broken for trading, with levels quoted at 99½ bid, par offered, a trader added.

Morgan Stanley Senior Funding Inc. and Barclays are the lead banks on the $300 million six-year senior secured term loan B that is expected to close on Wednesday.

Proceeds from the add-on will be used to refinance the company's existing 7 7/8% senior notes due 2017, and the repricing, which was offered at par, will take the existing term B down from Libor plus 400 bps with a 1.25% Libor floor.

Spansion is a Sunnyvale, Calif.-based semiconductor device company principally dedicated to designing, manufacturing, marketing, licensing and selling NOR Flash memory technology.

Chrysler frees up

Chrysler's $2,932,500,000 senior secured term loan B due May 24, 2017 hit the secondary, with levels quoted at par ½ bid, 101 offered, according to a trader.

Pricing on the loan is Libor plus 275 bps with a 0.75% Libor floor and it was issued at par. There is 101 soft call protection for six months.

Last week, the Libor floor on the loan firmed at the tight end of the 0.75% to 1% talk.

Morgan Stanley Senior Funding Inc., Citigroup Global Markets Inc., Bank of America Merrill Lynch and Goldman Sachs Bank USA are leading the deal that will be used to reprice an existing term loan from Libor plus 325 bps with a 1% Libor floor.

Closing is targeted for Dec. 23.

Chrysler is an Auburn Hills, Mich.-based automotive company.

AMR hit secondary

AMR's $1.9 billion debtor-in-possession/exit financing term loan freed up, with levels quoted at par ¼ bid, par ¾ offered, a source said.

Pricing on the loan is Libor plus 300 bps with a 0.75% Libor floor and it was issued at par. There is 101 soft call protection for six months.

During syndication, pricing finalized at the tight end of the Libor plus 300 bps to 325 bps talk and the Libor floor was reduced from 1%.

Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Barclays, Goldman Sachs Bank USA, J.P. Morgan Securities LLC and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to reprice an existing term loan from Libor plus 375 bps with a 1% Libor floor.

AMR is a Fort Worth, Texas-based airline company.

NSG tops par

NSG Holdings' $197,620,000 term loan also began trading, with levels quoted at par ¼ bid, par ¾ offered, according to a trader.

Pricing on the loan is Libor plus 275 bps, after firming at the low end of the Libor plus 275 bps to 300 bps talk, a source said. There is a 1% Libor floor and 101 soft call protection for six months.

Proceeds will be used to reprice the company's existing term loan from Libor plus 350 bps with a 1.25% Libor floor.

Lenders were offered a 25 bps repricing fee for any increase in their original commitment amounts, which would have been used to take out any lender who did not want to rollover into the repriced deal, the source added.

BNP Paribas Securities Corp. is leading the deal.

NSG Holdings is a subsidiary of Northern Star Generation LLC, a Houston-based power generation company.

American Rock starts trading

American Rock Salt's $292.5 million covenant-light term loan B broke too, with levels quoted at par ¼ bid, par ¾ offered, a trader remarked.

Pricing on the loan is Libor plus 375 bps, after firming the other day at the low 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.

RBS Securities Inc. is leading the deal that will be used to reprice an existing term loan from Libor plus 425 bps with a 1.25% Libor floor.

American Rock Salt is a Retsof, N.Y.-based salt mine operator.

AFGlobal breaks

AFGlobal's add-on loans freed up as well, with the $100 million add-on first-lien term loan (B+) quoted at par ¼ bid, par ¾ offered and the $50 million add-on second-lien term loan (B-) quoted at 101 ½ bid, 102 ½ offered, according to a market source.

Pricing on the first-lien term loan is Libor plus 375 bps with a 1.25% Libor floor, and pricing on the second-lien loan is Libor plus 750 bps with a 1.25% Libor floor, both in line with existing first- and second-lien loan pricing.

The add-on first-lien term loan was issued at 99½ and the add-on second-lien loan was issued at par.

Deutsche Bank Securities Inc., UBS Securities LLC, Goldman Sachs Bank USA, RBC Capital Markets LLC and BNP Paribas Securities Corp. are leading the $150 million deal that will be used to fund an acquisition, to repay revolver debt and for general corporate purposes.

AFGlobal is a Houston-based manufacturer of highly engineered products, subassemblies and integrated systems for the oil and gas, midstream, downstream, power generation, aerospace, transportation and industrial markets.

Las Vegas retranches

Back in the primary, Las Vegas Sands cut its seven-year covenant-light term loan B to $2.25 billion from $2.5 billion, set pricing at Libor plus 250 bps, the high end of the Libor plus 225 bps to 250 bps talk and removed the 18 months MFN sunset provision, a market source said.

As before, the B loan has a 0.75% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months.

In addition, the company raised its five-year revolver to $1.25 billion from $750 million, while keeping pricing at Libor plus 150 bps with no Libor floor, the source continued.

Upon the sale of Sands Bethlehem, the first $500 million of proceeds will be used to repay and permanently reduce the revolver.

Barclays, Citigroup Global Markets Inc., Bank of America Merrill Lynch, BNP Paribas Securities Corp., Goldman Sachs Bank USA and Scotia Bank are leading the now $3.5 billion senior secured deal (Ba2/BBB-/BBB-) that will be used to repay an existing credit facility and for general corporate purposes.

Las Vegas Sands is a Las Vegas-based developer and operator of integrated resorts.

Infor restructures

Infor raised its term loan B-5 due June 3, 2020 to $2.55 billion from $1.54 billion, set the original issue discount at 99, the tight end of the 98½ to 99 talk and extended the 101 soft call protection to one year from six months, sources said.

Pricing on the B-5 loan is still Libor plus 275 bps with a 1% Libor floor.

With the term loan B-5 upsizing, the company cancelled plans for a $1 billion term loan B-4 due April 5, 2018 that was talked at Libor plus 275 bps with a 1% Libor floor, a par offer price and 101 soft call protection for six months.

Recommitments were due at 5 p.m. ET on Monday, sources remarked.

Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc., Barclays, Deutsche Bank Securities Inc., RBC Capital Markets LLC and KKR Capital Markets are leading the deal that will be used to refinance a term loan B-2 priced at Libor plus 400 bps with a 1.25% Libor floor.

Infor is a New York-based provider of business software.

Hillman sets coupon

Hillman Group finalized the spread on its $386.4 million term loan B due May 28, 2017 at Libor plus 275 bps, the tight end of the Libor plus 275 bps to 300 bps talk, according to a market source.

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

Recommitments were due at noon ET on Monday, the source said.

Barclays, GE Capital Markets and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to reprice an existing term loan from Libor plus 300 bps with a 1.25% Libor floor.

Senior secured leverage is 3.1 times and total leverage is 6.2 times.

Hillman is a Cincinnati-based distributor of fasteners, key duplication systems, engraved tags and related hardware items.

American Gaming flexes

American Gaming Systems increased pricing on its $155 million term loan to Libor plus 825 bps from talk of Libor plus 750 bps to 775 bps and changed the discount to 97 from 98, according to a market source.

As before, the term loan has a 1% Libor floor and is non-callable for one year, then at 102 in year two and 101 in year three.

The company's $180 million credit facility also includes a $25 million revolver.

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

Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Nomura and Credit Suisse Securities (USA) LLC are leading the deal that will be used to help fund the buyout of the Las Vegas-based manufacturer and operator of gaming machines by Apollo.

Sensus updates OID

Sensus moved the original issue discount on its fungible $50 million tack-on first-lien term loan (B2) due May 2017 to 99¾ from 991/2, according to a market source.

As before, pricing on the add-on is Libor plus 350 bps with a step-down at 4 times leverage and a 1.25% Libor floor, in line with the existing first-lien term loan, and all of the debt will be getting 101 soft call protection for six months.

Commitments were due at 5 p.m. ET on Monday.

Credit Suisse Securities (USA) LLC and Goldman Sachs Bank USA are leading the deal that will be used to repay revolver borrowings and for general corporate purposes.

Sensus is a Raleigh, N.C.-based technology company providing energy and water utility customers with conservation products and services.

Cyanco sets offer price

Cyanco finalized the original issue discount on its $50 million add-on term loan due April 2020 at 993/4, the wide end of the 99¾ to par talk, according to a market source.

Pricing on the loan is Libor plus 450 bps with a 1% Libor floor.

Deutsche Bank Securities Inc. is leading the deal that will be used to fund a dividend.

Cyanco is a Reno, Nev.-based supplier of sodium cyanide to the mining industry.

Berry Plastics shutting early

Berry Plastics accelerated the commitment deadline on its $1,125,000,000 seven-year first-lien covenant-light term loan (B1/B+) to noon ET on Tuesday from 5 p.m. ET on Tuesday, according to a market source.

The loan is talked at Libor plus 275 bps to 300 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc. and Barclays are leading the deal that will be used to refinance the company's existing term loan C due April 2015 priced at Libor plus 200 bps.

Berry Plastics is an Evansville, Ind.-based plastic consumer packaging provider.

Ipreo allocates

In other news, Ipreo Holdings LLC allocated its $168 million term loan priced at Libor plus 400 bps with a 1% Libor floor and issued at par. The debt has 101 soft call protection for six months.

RBC Capital Markets LLC is leading the deal that will be used to reprice an existing term loan from Libor plus 525 bps with a 1.25% Libor floor.

Ipreo is a New York-based capital markets and corporate analytics firm.

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