Endo, Deltek, American Casino, Nord Anglia, Authentic Brands, Media General set price talk

By Sara Rosenberg

New York, June 11 – Endo International plc (Endo Luxembourg Finance Co. I Sarl and Endo LLC), Deltek Inc., American Casino & Entertainment Properties LLC, Nord Anglia Education Inc., Authentic Brands Group LLC and Media General Inc. all released price talk with their launches in what was a pretty busy day for the primary loan market.

In addition, ION Trading Technologies Sarl, Confie Seguros, CareCentrix Inc. and Archroma emerged with new deal plans.

Endo discloses terms

Endo held its bank meeting on Thursday, and with the event, price talk on its term loan B and asset-sale bridge loan was announced, a source remarked.

The $2.5 billion seven-year term loan B is talked at Libor plus 300 basis points to 325 bps with 101 soft call protection for six months, and the $1 billion asset-sale bridge loan is talked at Libor plus 250 bps to 275 bps, the source continued. Both tranches are offered with a 0.75% Libor floor and an original issue discount of 99.5.

The asset-sale loan maturity is the earlier of one year and the receipt of the AMS sale proceeds.

Commitments are due at noon ET on June 23.

Deutsche Bank Securities Inc., Barclays, Bank of America Merrill Lynch and Morgan Stanley Senior Funding Inc. are leading the deal.

Endo buying Par

Endo will use its $3.5 billion of term loans (Ba1/BB) to help fund the acquisition of Par Pharmaceutical Holdings Inc. from TPG for $8.05 billion, including the assumption of debt. The purchase price consists of about 18 million shares of Endo equity and $6.5 billion cash consideration to Par shareholders.

Closing is expected in the second half of this year, subject to regulatory approval in the United States and certain other jurisdictions, as well as other customary conditions.

Endo is a Dublin-based specialty pharmaceutical company. Par Pharmaceutical is a Woodcliff, N.J.-based developer, manufacturer and marketer of pharmaceuticals.

Deltek guidance surfaces

Deltek released talk of Libor plus 400 bps with a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months on its $840 million first-lien term loan (B) that launched with a bank meeting during the session, according to a market source.

Also, talk on the company’s $350 million second-lien term loan (CCC+) emerged at Libor plus 850 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 said.

The company’s $1.22 billion credit facility also includes a $30 million revolver.

Commitments are due on June 18, the source added.

Jefferies Finance LLC is leading the deal that will be used to refinance existing debt and fund a dividend to Thoma Bravo.

Deltek is a Herndon, Va.-based provider of enterprise software and information for professional services firms and government contractors.

American Casino sets talk

American Casino & Entertainment Properties came out with talk of Libor plus 400 bps with a 1% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months on its $295 million first-lien term loan that launched with a morning bank meeting, a source remarked.

The company’s $310 million credit facility (B2/BB-) also includes a $15 million revolver.

Commitments are due on June 25, the source added.

Goldman Sachs Bank USA and Deutsche Bank Securities Inc. are leading the deal that will be used to refinance existing first- and second-lien borrowings.

American Casino is a Las Vegas-based owner and operator of gaming and entertainment properties.

Nord Anglia launches

Nord Anglia Education launched with a call its fungible $200 million add-on term loan (B+) with talk of Libor plus 400 bps with a step-down to Libor plus 375 bps if total net leverage is less than 4.5 times, a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, according to a market source.

Also, in connection with the add-on, pricing on the company’s existing term loan is being increased from Libor plus 350 bps with a 1% Libor floor to match the add-on pricing, the existing loan is getting the same soft call protection, and lenders are being offered a 25 bps amendment fee, the source said.

Commitments are due on June 18.

Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc. are leading the deal that will be used to help fund the acquisition of six schools from Meritas LLC for $575 million in cash, subject to certain adjustments.

Closing is expected mid-year, subject to receipt of regulatory approvals and other conditions.

Nord Anglia is a Hong Kong-based operator of premium schools.

Authentic Brands holds call

Authentic Brands Group held its lender call, launching its $120 million incremental first-lien covenant-light term loan (B1/B+) due May 27, 2021 with talk of Libor plus 450 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year, a source said.

In addition, the company launched its $75 million incremental second-lien covenant-light term loan (Caa1/CCC+) due May 27, 2022 with talk of Libor plus 850 bps with a 1% Libor floor, a discount of 99 and hard call protection of 102 in year one and 101 in year two, the source remarked.

The spread on the incremental first-lien term loan matches the existing first-lien term loan, while the spread on the incremental second-lien loan is 50 bps higher than current second-lien pricing.

Of the total incremental first-lien loan, $35 million is delayed-draw, and $15 million of the incremental second-lien loan is delayed-draw. There is a delayed-draw ticking fee of half the spread from days 31 to 60 and the full spread but no floor from days 61 to 180.

Authentic Brands amendment fee

With the $195 million in incremental term loans, Authentic Brands is amending its existing credit facility, and first-lien lenders are being offered a 25 bps consent fee while second-lien lenders are being offered a 50 bps amendment fee, the source added.

Commitments are due on June 18.

Bank of America Merrill Lynch is leading the deal that will be used to fund a distribution to shareholders that will primarily be used to return equity used for the Jones New York acquisition, to refinance revolver borrowings used for the Frederick’s of Hollywood acquisition, and to fund potential future acquisitions.

Authentic Brands is a New York-based brand development and licensing company.

Media General repricing

Media General approached lenders with a repricing of its $1,666,000,000 covenant-light term loan B due July 2020 that is talked at Libor plus 275 bps to 300 bps with a 1% Libor floor, a par issue price and 101 soft call protection for six months, according to a market source.

Commitments are due on June 18, the source said.

The repricing will take the current loan pricing down from Libor plus 325 bps with a 1% Libor floor.

RBC Capital Markets is leading the deal.

Media General is a Richmond, Va.-based local television broadcasting and digital media company.

ION readies loan

In more primary news, ION Trading Technologies Sarl scheduled a lender call for 9 a.m. ET on Friday to launch a $250 million add-on first-lien term loan due 2021 that has a 1% Libor floor, a market source said.

Spread, original issue discount and call protection on the add-on loan are not yet available, the source added.

UBS AG is leading the deal that will be used to refinance second-lien term loan borrowings.

ION Trading is a software provider of trading, treasury and workflow solutions.

Confie joins calendar

Confie Seguros emerged with plans to hold a lender call on Tuesday to launch $195 million in fungible add-on term loans on Tuesday, according to a market source.

The debt consists of a $115 million add-on first lien term loan priced at Libor plus 450 bps with a 1.25% Libor floor, and an $80 million add-on second lien term loan priced at Libor plus 900 bps with a 1.25% Libor floor, the source said. Original issue discounts are not yet available.

Commitments are due on June 29, the source added.

RBC Capital Markets is leading the deal that will be used for merger and acquisition financing.

Pro forma for the transaction, the company’s first-lien debt will total $554.4 million and its second-lien debt will total $261.4 million.

Confie Seguros, an ABRY Partners portfolio company, is a Buena Park, Calif.-based personal lines insurance broker.

CareCentrix coming soon

CareCentrix scheduled a bank meeting for 3 p.m. ET on Tuesday to launch a $205 million credit facility that is split between a $30 million five-year revolver and a $175 million seven-year term loan, a market source remarked.

RBC Capital Markets and Citizens Bank are leading the deal.

Pro forma for the transaction, senior and total net leverage will be 3.1, the source added.

CareCentrix, a Hartford, Conn.-based home health cost containment company, will use the new credit facility to refinance existing debt and for general corporate purposes.

Archroma on deck

Archroma set a lender meeting in London for Friday to launch a $515 million credit facility, according to a market source.

The facility consists of a $75 million five-year revolver and a $220 million five-year term loan A, both talked at Libor plus 525 bps with no floor, and a $220 million euro-equivalent six-year term loan B talked at Euribor plus 600 bps with a 1% floor, the source said.

Bank of America Merrill Lynch and HSBC Securities are the global coordinators on the deal and bookrunners with ICICI, Credit Suisse, UBS AG and Mizuho.

Proceeds will be used to refinance existing credit facilities and help fund the acquisition of the global textile chemicals business of BASF.

Archroma is a Switzerland-based provider of specialty chemicals for the textile, paper and emulsions sectors.

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