Las Vegas Sands, Spectrum, Eastern Power, Hargray, Safe-Guard, RGIS, Technicolor break

By Sara Rosenberg

New York, March 24 – A number of deals emerged in the secondary market on Friday, including Las Vegas Sands LLC, Spectrum Brands Inc., Eastern Power LLC, Hargray Communications Group Inc. and Safe-Guard Products International (SG Acquisition Inc.).

Also, RGIS Services LLC lowered pricing on its term loan, and Technicolor SA set sizes on its U.S. and euro term loans and firmed spreads at the low side of talk, and then both of these deals freed up for trading as well.

In more happenings, United Airlines Inc. finalized the spread on its term loan B at the high end of guidance and tightened the issue price, nThrive Inc. firmed pricing on its term loan B at the wide side of talk, and Associated Asphalt Partners LLC accelerated the commitment deadline on its term loan.

Furthermore, Platform Specialty Products Corp. (MacDermid Inc.), Utility One Source, NBG Acquisition Inc. and NXT Capital Inc. surfaced with new deal plans.

Las Vegas frees up

Las Vegas Sands’ $2,183,000,000 seven-year term loan broke for trading on Friday, with levels seen at par bid, par ¼ by one trader and at par bid, par ½ offered by a second trader.

The term loan is priced at Libor plus 200 basis points with a 0% Libor floor and was issued at par. The debt has 101 soft call protection for six months.

On Thursday, the issue price on the loan finalized at the tight end of the 99.875 to par talk.

Bank of Nova Scotia, Barclays, Bank of America Merrill Lynch, BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Fifth Third Bank are leading the deal that will be used to refinance an existing term loan B priced at Libor plus 225 bps with a 0% Libor floor.

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

Spectrum Brands tops par

Spectrum Brands’ $1,003,000,000 term loan B (Ba1/BB+) due June 23, 2022 began trading too, with levels quoted at par 5/8 bid, 101 offered, a trader said.

Pricing on the term loan is Libor plus 200 bps with no floor, and it was issued at par. The debt has 101 soft call protection for six months.

On Tuesday, the spread on the loan finalized at the low end of the Libor plus 200 bps to 225 bps talk.

RBC Capital Markets LLC and Deutsche Bank Securities Inc. are leading the deal that will be used to reprice an existing U.S. term loan B from Libor plus 250 bps with a 0.75% Libor floor.

Along with the repricing, the company is amending its credit agreement to synchronize the dates in the equity builder portions of the “Available Amount” with the dates used under the borrower’s senior notes due 2024, 2025 and 2026.

Closing is expected on April 7.

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

Eastern Power breaks

Eastern Power’s $1,646,912,314 senior secured term loan B due Oct. 2, 2023 emerged in the secondary market, with levels quoted at par ¼ bid, par ¾ offered, a trader remarked.

Pricing on the loan is Libor plus 400 bps with a 1% Libor floor, and it was sold at an original issue discount of 99.75. The debt has 101 soft call protection through June 9.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to amend and extend the company’s existing term loan B by two years.

Closing is expected during the week of March 27.

Eastern Power is an owner of gas-fired electric generating stations.

Hargray starts trading

Hargray Communications’ credit facility was another deal to free up, with its $450 million seven-year covenant-light term loan B quoted at 99 7/8 bid, par ¼ offered, according to a market source.

The term loan is priced at Libor plus 300 bps with a 25 bps step-down at 4.75 times secured net leverage and a 1% Libor floor. The debt was sold at an original issue discount of 99.75 and includes 101 soft call protection for six months and a ticking fee of half the spread from days 31 to 90 and the full spread thereafter.

On Thursday, pricing on the term loan was reduced from Libor plus 350 bps, the step-down was added and the discount was changed from 99.5.

The company’s $480 million credit facility (B2/B+) also includes a $30 million revolver.

Credit Suisse Securities (USA) LLC, SunTrust Robinson Humphrey Inc. and Antares Holdings are leading the deal that will be used to finance the acquisition of the company by Tom Pritzker Family Business Interests, Redwood Capital Investments, Stephens Capital Partners and management.

Closing on the buyout is expected in the third quarter.

Hargray is a Hilton Head Island, S.C.-based broadband communications and entertainment provider.

Safe-Guard hits secondary

Safe-Guard Products’ $200 million seven-year first-lien term loan (B1/B) also broke, with levels seen at 99 bid, 99½ offered, a market source remarked.

Pricing on the first-lien term loan is Libor plus 500 bps with a 1% Libor floor, and it was sold at an original issue discount of 99. The loan has 101 soft call protection for one year.

During syndication, pricing on the first-lien term loan firmed at the low end of the Libor plus 500 bps to 525 bps talk, and the call protection was extended from six months.

UBS Investment Bank, Goldman Sachs Bank USA and Credit Suisse Securities (USA) LLC are leading the deal that will be used with a pre-placed $70 million eight-year second-lien term loan (Caa1/CCC+) to refinance existing debt and fund a dividend.

Safe-Guard is an Atlanta-based specialty insurance company.

RGIS flexes, trades

RGIS Services cut pricing on its $460 million six-year first-lien term loan to Libor plus 750 bps from Libor plus 800 bps and left the 1% Libor floor, original issue discount of 98.5 and call protection of non-callable for one year, then at 103 in year two and 101 in year three unchanged, a market source remarked.

The company’s $495 million credit facility (B3/CCC+) also includes a $35 million five-year revolver.

Recommitments were due at 1 p.m. ET on Friday, and by late day the first-lien term loan freed to trade, with levels quoted at 98¾ bid, 99¾ offered, the source added.

Goldman Sachs Bank USA, J.P. Morgan Securities LLC and Natixis are leading the deal that will be used to refinance existing debt.

Closing is targeted for March 31.

RGIS is an Auburn Hills, Mich.-based provider of inventory services, data collection, insight, merchandising and optimization solutions.

Technicolor updated, breaks

Technicolor set the size of its U.S. senior secured covenant-light term loan B (Ba3/BB-) due December 2023 at $300 million and finalized pricing at Libor plus 275 bps, the low end of the Libor plus 275 bps to 300 bps talk, according to a market source.

Additionally, the company firmed the size of its euro senior secured covenant-light term loan B (Ba3/BB-) due December 2023 at €275 million and set pricing at Euribor plus 300 bps, the low end of the Euribor plus 300 bps to 325 bps talk, the source said.

Both term loans still have a 0% floor, a discount of 99.75 and 101 soft call protection for six months.

At launch, the loan was described as total €560 million-equivalent, with U.S. and euro tranche sizes to be determined.

After terms were set, the U.S. term loan B began trading in the afternoon, and levels were seen at par bid, 101 offered, another source added.

Goldman Sachs International, Morgan Stanley Senior Funding Inc. and Natixis are leading the deal that is expected to close on March 31 and will be used to refinance existing term loan debt due in 2020.

Technicolor is a France-based technology company focused on the media and entertainment sector.

United tweaks loan

In other news, United Airlines firmed pricing on its $1.5 billion seven-year term loan B at Libor plus 225 bps, the high end of the Libor plus 200 bps to 225 bps talk, and moved the issue price to par from 99.75, according to a market source.

As before, the term loan has a 0% Libor floor and 101 soft call protection for six months.

The company’s $3.5 billion credit facility (Baa3/BB+) also include a $2 billion five-year revolver.

Final commitments were due at noon ET on Friday, the source added.

Barclays and J.P. Morgan Securities LLC are leading the deal that will be used to refinance the company’s revolvers due 2018 and 2019, term loan B due 2019 and term loan B-1 due 2021 and for general corporate purposes.

United Airlines is a Chicago-based airline operator.

nThrive sets spread

nThrive finalized pricing on its $562,436,842 term loan B (B2/B) due Oct. 20, 2022 at Libor plus 450 bps, the high end of the Libor plus 425 bps to 450 bps talk, and kept the 1% Libor floor, par issue price and 101 soft call protection for six months intact, a market source said.

Barclays and J.P. Morgan Securities LLC are leading the deal that will be used to reprice an existing term loan B due 2022 from Libor plus 550 bps with a 1% Libor floor.

Allocations went out on Friday and closing is expected on April 21, the source added.

nThrive (formerly Precyse Acquisition Corp.) is a patient to payment provider of revenue cycle management technology and services.

Associated Asphalt moves deadline

Associated Asphalt Partners accelerated the commitment deadline on its $325 million seven-year first-lien term loan B (B3/B+) to noon ET on Wednesday from 5 p.m. ET on Thursday, according to a market source.

The term loan is talked at Libor plus 550 bps to 575 bps with a 1% Libor floor, an original issue discount of 98.5 and 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC, KeyBanc Capital Markets LLC, SunTrust Robinson Humphrey Inc. and Capital One are leading the deal that will be used to refinance existing debt.

Associated Asphalt is a Roanoke, Va.-based operator of an asphalt terminalling, storage and distribution network.

Platform joins calendar

Platform Specialty Products emerged with plans to hold a lender call at 9:30 a.m. ET on Monday to launch a $1,317,000,000 term loan B-6 due 2023 and a €575 million term loan C-5 due 2023, according to a market source.

The term loans include 101 soft call protection for six months, the source said.

Commitments are due on Thursday.

Credit Suisse Securities (USA) LLC is leading the term loan B-6, and HSBC is leading the term loan C-5.

Proceeds will be used to refinance an existing $1,471,000,000 term loan B-4 and an existing €432 million term loan C-3.

Platform is a West Palm Beach, Fla.-based producer of high-technology specialty chemicals and a provider of technical services.

Utility One coming soon

Utility One Source set a lenders’ presentation for 2 p.m. ET on Monday to launch a $550 million senior secured credit facility, a market source remarked.

The facility consists of a $100 million revolver and a $450 million first-lien term loan, the source added.

Morgan Stanley Senior Funding Inc., Citigroup Global Markets Inc. and RBC Capital Markets are leading the deal that will be used refinance existing debt and pay related fees and expenses.

Utility One is a Kansas City, Mo.-based provider of equipment and service solutions to the utility and infrastructure sectors.

NBG Acquisition on deck

NBG Acquisition scheduled a bank meeting for 10 a.m. ET in New York on Tuesday to launch a $265 million seven-year covenant-light first-lien term loan that includes 101 soft call protection for six months, a market source said.

Deutsche Bank Securities Inc. and KKR Capital Markets are leading the deal.

The new term loan will be used to help fund the buyout of the company by Sycamore from Kohlberg & Co.

NBG Homes is a supplier of affordable home décor products.

NXT readies loan

NXT Capital set a lender call for 2 p.m. ET on Tuesday to launch a $75 million add-on term loan B due November 2022, according to a market source.

RBC Capital Markets LLC and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to fund a dividend.

In connection with this transaction, the company will seek an amendment to its existing credit agreement to allow for the one-time dividend and make some other minor changes.

Commitments/consents are due on April 4, the source added.

NXT is a Chicago-based provider of structured financing solutions.

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