Walter, Samson, Crown, Polymer, Sheridan Holdings, Sheridan Production, Spectrum break

By Sara Rosenberg

New York, Dec. 13 - Walter Investment Management Corp. tightened the original issue discount on its term loan, Samson Investment Co. increased its term loan size while lowering the spread, Crown Castle Operating Co. updated its offer price, and Polymer Group Inc. revised the pricing, discount and call protection on its term loan B, and then all off these deals emerged in the secondary market on Friday.

Also freeing up for trading during the session was Sheridan Holdings Inc., Sheridan Production Partners and Spectrum Brands Holdings Inc.

In more happenings, Laureate Education Inc. lifted its add-on amount and modified the discount, Therakos Inc. reworked its add-on loan sizes and firmed discount prices, and Consolidated Communications Holdings Inc. trimmed the spread on its term loan B.

Furthermore, Chrysler Group LLC finalized the Libor floor on its term loan B at the tight end of talk, Six Flags Entertainment Corp. lifted the coupon on its term loan, American Rock Salt firmed pricing on its loan at the low end of guidance, Edmentum Inc. (formerly known as Plato Learning) moved up the commitment deadline on its deal and ATI Physical Therapy Inc. brought a repricing to market.

Walter tweaks, breaks

Walter Investment changed the original issue discount on its $1.5 billion seven-year first-lien covenant-light term loan to 99½ from 99, and left pricing at Libor plus 375 basis points with a 1% Libor floor and the 101 soft call protection for six months unchanged, according to a market source.

The company's $1,625,000,000 credit facility (B2/B+) also includes a $125 million five-year revolver priced at Libor plus 375 bps with no floor.

Recommitments were due at noon ET on Friday and then the deal freed up for trading in the afternoon at par 1/8 bid, par 5/8 offered, another source said.

Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc., Bank of America Merrill Lynch and Barclays are the joint bookrunners on the deal and joint lead arrangers with RBS and UBS Securities LLC.

Proceeds, along with $575 million of senior unsecured notes, upsized recently from $500 million, will be used to refinance existing bank debt, and for general corporate purposes, including additional investments or acquisitions.

Walter, a Tampa, Fla.-based asset manager, mortgage servicer and originator, expects to close on the transaction on Thursday.

Samson reworked, trades

Samson Investment lifted its senior secured covenant-light term loan due Sept. 25, 2018 to $1 billion from $750 million and trimmed the spread to Libor plus 400 bps from Libor plus 425 bps, according to a market source.

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

Recommitments were due at noon ET on Friday, and by late afternoon, the loan had begun trading with levels quoted at par bid, par ½ offered, a second source remarked.

Credit Suisse Securities (USA) LLC and Bank of America Merrill Lynch are leading the deal that will be used to reprice an existing $1 billion term loan from Libor plus 475 bps with a 1.25% Libor floor.

Initially, the company was going to draw on its ABL facility to reduce the term loan size to $750 million, but as a result of the upsizing announced in the morning, that draw is no longer necessary, the source added.

Samson is a Tulsa, Okla.-based private exploration and production company.

Crown Castle wraps par

Crown Castle tightened the original issue discount on its $500 million incremental term loan B due Jan. 31, 2021 (Ba2/NA/BB+) to 99½ from 991/4, and then surfaced in the secondary late day with levels seen at 99 7/8 bid, par ¼ offered, according to a trader.

Pricing on the loan is Libor plus 250 bps with a 0.75% Libor floor.

Bank of America Merrill Lynch, Morgan Stanley Senior Funding Inc. and RBS Securities are leading the deal that will be used to repay revolver debt, including potential borrowings to be used to fund the previously announced AT&T Tower Portfolio transaction.

Crown Castle is a Houston-based owner, operator and leaser of towers and other infrastructure for wireless communications.

Polymer revised, breaks

Polymer Group cut pricing on its $295 million six-year senior secured covenant-light term loan B (B1/B) to Libor plus 425 bps from Libor plus 450 bps, added a step-down to Libor plus 400 bps when net senior secured leverage is below 3.5 times, moved the discount to 99½ from 99, shortened the 101 soft call protection to six months from one year and eliminated the 50 bps MFN provisions, a market source said.

As before, the loan has a 1% Libor floor.

Recommitments were due at 1 p.m. ET on Friday and late day, the debt freed to trade with levels quoted at par ¼ bid, 101 offered, another source said.

Citigroup Global Markets Inc. and Barclays are the joint lead arrangers on the deal and joint bookrunners with RBC Capital Markets and HSBC Securities (USA) Inc.

Proceeds will be used to take out the bridge loan that was used with $30 million of equity to fund the acquisition of Fiberweb plc.

Polymer Group is a Charlotte, N.C.-based producer of engineered materials with a focus on nonwoven products. Fiberweb is an England-based manufacturer of nonwoven fabrics and products for hygiene and cleaning, medical, industrial and technical applications.

Sheridan Holdings frees up

Sheridan Holdings' term debt started trading, with the $400 million second-lien covenant-light term loan (Caa1/CCC+) due December 2021 quoted at par ½ bid, 101 offered before moving up to 101 bid, 102 offered, the $85 million tack-on first-lien covenant-light term loan (B1/B) due June 2018 quoted at par ¼ bid, par ¾ offered and the $70 million delayed-draw first-lien covenant-light term loan (B1/B) due June 2018 quoted at 99¾ bid, par ¼ offered, according to a trader.

Pricing on the second-lien term loan is Libor plus 725 bps with a 1% Libor floor and it was sold at a discount of 991/2. There is call protection of 102 in year one and 101 in year two.

Pricing on the first-lien term loans is Libor plus 350 bps with a 1% Libor floor and they were sold at a discount of 991/2. This debt has 101 soft call protection for six months, and the delayed-draw loan has a ticking fee of half the spread from Jan. 1 to Feb. 15 and the full spread from Feb. 16 to April 1.

During syndication, the second-lien term loan was upsized from $365 million, pricing was reduced from talk of Libor plus 750 bps to 775 bps and the call protection was shortened from 103 in year one, 102 in year two and 101 in year three, and the discount on all tranches was tightened from 99.

Credit Suisse Securities (USA) LLC, Barclays and UBS Securities LLC are leading the $555 million deal that will be used to pay a dividend, fund an acquisition and refinance existing debt.

Sheridan Holdings is a Sunrise, Fla.-based provider of outsourced health care services.

Sheridan Production above OID

Sheridan Production Partners' $800 million term loan (B2) hit the secondary as well, with levels seen at par bid, par ½ offered, a trader remarked.

Pricing on the loan is Libor plus 350 bps with a 0.75% Libor floor and it was sold at a discount of 993/4, after being revised recently from 991/2. There is 101 soft call protection for six months.

Bank of America Merrill Lynch, UBS Securities LLC and RBC Capital Markets are leading the deal that will be used to pay down revolver borrowings.

Sheridan Production Partners is a Houston-based oil and gas production company.

Spectrum starts trading

Spectrum Brands' $215 million U.S. term loan due September 2019 also broke, with levels seen at par ¼ bid, par ¾ offered, according to a trader.

Pricing on the U.S. loan is Libor plus 275 bps with a 0.75% Libor floor and it was sold at a discount of 99 7/8. There is 101 soft call protection through March 2014.

The company is also getting a €225 million term loan due September 2019 priced at Euribor plus 300 bps with a 0.75% floor and was sold at 99 7/8. This tranche has 101 soft call protection for six months.

During syndication, the U.S. loan was downsized from $250 million and the discount firmed at the tight end of the 99¾ to 99 7/8 talk, and the euro loan was upsized from €200 million, the floor was cut from 1% and the discount firmed at the low end of the revised 99¾ to 99 7/8 talk and tight of initial talk of 993/4.

Deutsche Bank Securities Inc. and Credit Suisse Securities (USA) LLC are leading the deal (BB/BB+) that will be used to repay a $513 million U.S. term loan B due December 2019 priced at Libor plus 325 bps with a 1.25% Libor floor.

Closing is expected by Dec. 31.

Spectrum Brands is a Madison, Wis.-based consumer products company.

Laureate upsizes

Back in the primary, Laureate Education increased its add-on senior secured covenant-light term loan B due June 16, 2018 to $200 million from $150 million and changed the original issue discount to 99¾ from revised talk of 99½ and initial talk of 99 to 991/2, according to a market source.

As before, the add-on is priced at Libor plus 375 bps with a 1.25% Libor floor and has 101 soft call protection until April 3, 2014, just like the existing term loan.

Recommitments were due at 3 p.m. ET on Friday, the source said.

Citigroup Global Markets Inc., Barclays, BMO Capital Markets, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, KKR Capital Markets and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to repay revolver debt and to put cash on the balance sheet.

Closing is expected to occur on Tuesday.

Laureate is a Baltimore-based provider of higher educational services.

Therakos restructures

Therakos raised its add-on first-lien term loan due Dec. 27, 2017 to $56.5 million from $46.5 million and set the original issue discount at 991/2, the low end of the 99 to 99½ talk, according to a market source. Pricing is still Libor plus 625 bps with a 1.25% Libor floor, in line with the existing first-lien loan.

Meanwhile, the add-on second-lien term loan due June 27, 2018 was cut to $20 million from $25 million and the discount firmed at 99, the high end of the 99 to 99½ talk, the source continued. Like the existing second-lien loan, the add-on is priced at Libor plus 1,000 bps with a 1.25% Libor floor.

Recommitments were due at 1:30 p.m. ET on Friday.

Bank of America Merrill Lynch and Jefferies Finance LLC are leading the deal that will be used to fund a dividend, which was increased due to the overall $5 million upsizing to the loans.

Therakos is a Raritan, N.J.-based provider of integrated systems for delivering extracorporeal photopheresis, a therapy used to treat niche but serious disease states arising from immune system imbalances.

Consolidated cuts spread

Consolidated Communications reverse flexed pricing on its $910 million seven-year term loan B to Libor plus 325 bps from Libor plus 350 bps, and kept the 1% Libor floor, original issue discount of 99½ and 101 soft call protection for six months intact, according to a market source.

The company's $985 million credit facility also includes a $75 million five-year revolver.

Recommitments were due at 5 p.m. ET on Friday, the source remarked.

Wells Fargo Securities LLC and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to refinance existing debt.

Consolidated Communications is a Mattoon, Ill.-based rural local exchange company providing voice, data and video services.

Chrysler firms floor

Chrysler set the Libor floor on its $2,932,500,000 senior secured term loan B due May 24, 2017 at 0.75%, the low end of the 0.75% to 1% talk, and left the Libor plus 275 bps pricing, par issue price and 101 soft call protection for six months unchanged, a market source said.

Proceeds will be used to reprice an existing term loan from Libor plus 325 bps with a 1% Libor floor.

Morgan Stanley Senior Funding Inc., Citigroup Global Markets Inc., Bank of America Merrill Lynch and Goldman Sachs Bank USA are leading the deal that is expected to close on Dec. 23.

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

Six Flags flexes up

Six Flags Entertainment increased pricing on its term loan to Libor plus 275 bps from Libor plus 250 bps, according to a market source, who said the 0.75% Libor floor, par offer price and 101 soft call protection for six months were unchanged.

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

Wells Fargo Securities LLC is leading the deal that will be used to reprice an existing term loan from Libor plus 300 bps with a 1% Libor floor.

Also, the company is looking to amend its credit facility to revise certain covenants since it would like to use some of its excess cash on hand for general corporate purposes, including potential share repurchases, over time.

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

American Rock sets pricing

American Rock Salt firmed the coupon on its $292.5 million covenant-light term loan B at Libor plus 375 bps, the tight end of the Libor plus 375 bps to 400 bps talk, according to a market source.

As before, the loan has a 1% Libor floor, a par offer price and 101 soft call protection for one year.

Allocations are expected to go out on Monday, the source said.

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.

Edmentum moves deadline

Edmentum changed the commitment deadline on its $221 million first-lien term loan due May 2018 (Ba3) to noon ET on Monday from 5 p.m. ET on Monday, according to a market source.

The term loan is talked at Libor plus 450 bps with a 1% Libor floor, a par offer price, 101 soft call protection for one year and amortization of 1% per annum.

Credit Suisse Securities (USA) LLC and Jefferies Finance LLC are leading the deal that will be used to reprice an existing term loan from Libor plus 475 bps with a 1.25% Libor floor, and take down the amortization from 5% per annum.

Existing lenders will get repaid at 101 with the repricing.

Edmentum is a Minneapolis-based provider of online curriculum.

ATI repricing

In other news, ATI Physical Therapy launched during the session a repricing of its term loan that is talked at Libor plus 400 bps with a 1% Libor floor, a par offer price and 101 soft call protection for six months, according to a market source.

This transaction will take the loan down from Libor plus 450 bps with a 1.25% Libor floor.

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

Jefferies Finance LLC is leading the deal.

ATI Physical Therapy is a Bolingbrook, Ill.-based operator of physical therapy clinics.

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