TPF, Crown Castle, Yonkers Racing, EXCO, Shingle Springs, Fogo de Chao, Sportsman's break

By Sara Rosenberg

New York, Aug. 16 - TPF II's credit facility made its way into the secondary market on Friday, with the term loan B quoted above its original issue discount price, and Crown Castle Operating Co., Yonkers Racing Corp., EXCO Resources Inc., Shingle Springs Tribal Gaming Authority, Fogo de Chao (Brasa Holdings Inc.) and Sportsman's Warehouse Inc. broke as well.

Moving to the primary, Photonis USA Pennsylvania Inc. lifted the size of its first-lien term loan while canceling plans for a second-lien tranche, and the pricing, original issue discount and call premiums on the first-lien debt were sweetened.

In addition, Moxie Liberty upsized its funded term loan and downsized its delayed-draw term loan.

TPF frees up

TPF's credit facility began trading on Friday, with the $350 million six-year senior secured term loan B (B1/BB-) quoted at 98½ bid, 99½ offered, according to a trader.

Pricing on the B loan is Libor plus 550 basis points with a 1% Libor floor and it was sold at an original issue discount of 971/2. There is call protection of 103 in year one and 102 in year two.

During syndication, the term B was downsized from $475 million, pricing was increased from Libor plus 500 bps and the discount widened from 99.

The company's $370 million credit facility also provides for a $20 million five-year first priority revolver (Ba3).

Goldman Sachs Bank USA is leading the deal that will be used to repay an existing term loan, fund debt service and liquidity reserves, and pay a dividend, the size of which was reduced due to the term loan B downsizing.

TPF is a portfolio of two natural gas fired simple-cycle power generation projects.

Crown Castle tops OID

Crown Castle's $800 million add-on term loan B due Jan. 31, 2019 freed up too, with levels quoted at 99 1/8 bid, 99½ offered on the open and then it moved to 99¼ bid, 99¾ offered, a market source said.

Pricing on the add-on loan is Libor plus 250 bps with a step-down to Libor plus 225 bps when net total leverage is less than 4.5 times and a 0.75% Libor floor, and it was sold at a discount of 99. There is 101 soft call protection until Oct. 19, 2013.

The add-on, which is fungible with the existing term B, was upsized from $500 million, and the discount firmed at the high end of the 99 to 99½ talk shortly before allocations went out.

Morgan Stanley Senior Funding Inc., Bank of America Merrill Lynch and RBS Securities are the joint lead arrangers on the deal and bookrunners with Credit Agricole Corporate and Investment Bank, SunTrust Robinson Humphrey Inc., TD Securities, J.P. Morgan Securities LLC, RBC Capital Markets, Barclays and The Bank of Tokyo-Mitsubishi UFJ Ltd.

Proceeds will be used to repay revolver borrowings.

Crown Castle, a Houston-based owner, operator and leaser of towers and other infrastructure for wireless communications, expects to close on the new loan on Thursday.

Yonkers hits secondary

Another deal to begin trading was Yonkers Racing, with the $245 million first-lien term loan (Ba3/BB-) quoted at par bid, par ½ offered, and the $70 million second-lien term loan (B3/B-) quoted at 99½ bid, par ½ offered, according to a trader.

Pricing on the first-lien term loan is Libor plus 325 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.

Meanwhile, the second-lien loan is priced at Libor plus 750 bps with a 1.25% Libor floor and was sold at 99. This tranche has hard call protection of 103 in year one, 102 in year two and 101 in year three.

During syndication, pricing on the first-lien loan was reduced from talk of Libor plus 350 bps to 375 bps and the discount was revised from 99.

J.P. Morgan Securities LLC is the lead bank on the deal that will be used to redeem 11 3/8% senior secured notes due 2016.

Yonkers Racing is an owner and operator of a gaming and entertainment facility comprised of Empire City Casino and Yonkers Raceway.

EXCO breaks

EXCO Resources' $300 million first-lien term loan (Ba3/B+) due 2019 emerged in the secondary in the afternoon, with levels seen at 99 bid, 99¾ offered, a trader remarked.

The loan is priced at Libor plus 400 bps with a 1% Libor floor and was sold at an original issue discount of 99, and, it includes 101 soft call protection for one year.

Recently, the spread on the loan was increased from Libor plus 350 bps.

J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Bank of America Merrill Lynch and BMO Capital Markets Corp. are the lead banks on the deal that will be used to refinance an existing senior secured term loan and for general corporate purposes, including acquisitions.

EXCO is a Dallas-based oil and natural gas company.

Shingle Springs trading

Shingle Springs Tribal Gaming Authority's $230 million six-year term loan also broke, with levels quoted at 99½ bid, par offered, according to a trader.

Pricing on the loan is Libor plus 500 bps with a 1.25% Libor floor and it was sold at an original issue discount of 99. The debt is non-callable for two years, then at 102 in year three and 101 in year four.

During syndication, the loan size was changed to $215 million from $240 million before ending up at its final amount, pricing was raised from Libor plus 425 bps, the call protection was beefed up from 101 soft call for six months and amortization was boosted to 3% per annum from 1%.

Bank of America Merrill Lynch is leading the deal that is being used to refinance existing debt.

As part of the refinancing, the company is issuing $260 million of notes. The notes were downsized from a revised amount of $275 million but upsized from an initial amount of $250 million.

Shingle Springs Tribal Gaming Authority is the El Dorado County, Calif.-based overseer of the operations at RedHawk Casino.

Fogo levels surface

Fogo de Chao's $207 million first-lien term loan due July 2019 was quoted at par bid after hitting the secondary in the late afternoon, a trader said.

Pricing on the loan is Libor plus 475 bps with a 1% Libor floor and it was sold at an original issue discount of 993/4.

The size of the loan was increased from $182 million and the spread firmed at the tight end of the Libor plus 475 bps to 500 bps talk during syndication.

J.P. Morgan Securities LLC is leading the deal that is being used to refinance existing debt.

Fogo de Chao is a Dallas-based steakhouse chain in the United States and Brazil.

Sportsman's wraps par

Sportsman's Warehouse's loans started trading too, with the $185 million six-year first-out first-lien term loan (B2/B) quoted at 99½ bid, par ½ offered, according to a market source.

Pricing on the first-out term loan is Libor plus 600 bps with a 1.25% Libor floor and it was sold at a discount of 99. There is call protection of 102 in year one and 101 in year two.

The company is also getting a $50 million last-out six-year term loan (Caa1/CCC+) that is priced at Libor plus 1,075 bps with a 1.25% Libor floor and was sold at a discount of 98. This tranche has call protection of 102 in year one and 101 in year two as well.

Credit Suisse Securities (USA) LLC is leading the deal that is being used to refinance existing debt and fund a dividend.

Sportsman's Warehouse is a Midvale, Utah-based retailer of outdoor sporting goods.

Photonis reworks deal

Over in the primary, Photonis increased its six-year covenant-light first-lien term loan to $325 million from $260 million, raised the spread to Libor plus 750 bps from Libor plus 500 bps. moved the original issue discount to 97 from 99 and reviver call protection to 103 in year one, 102 in year two and 101 in year three from 101 soft call protection for one year, according to a market source.

As before, the first-lien term loan has a 1% Libor floor.

With the first-lien term loan upsizing, the company eliminated plans for a $65 million 61/2-year covenant-light second-lien term loan that was talked at Libor plus 900 bps with a 1% floor, a discount of 98, and call protection of 103 in year one, 102 in year two and 101 in year three.

Recommitments are due on Tuesday and closing is expected to occur during the week of Aug. 26, the source remarked.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to refinance existing debt.

Photonis is a Lancaster, Pa.-based manufacturer of vacuum electron devices and associated RF circuits for communications, science, radar, industry and directed energy applications.

Moxie tweaks tranching

Moxie Liberty raised its funded term loan to $435 million from $358 million and lowered its delayed-draw term loan to $150 million from $200 million, according to a market source.

Pricing on the seven-year term loans is still Libor plus 650 bps with a 1% Libor floor and an original issue discount of 99, and the debt is still non-callable for 2½ years, then at 102 for one year and at 101 for another year.

Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, Ares Capital and Union Bank are leading the now $585 million deal.

Proceeds will be used to help fund the construction of the 829-megawatt natural gas fired power plant owned by Panda Power Funds.

Level 3 closes

In other news, Level 3 Financing Inc. completed its $595.5 million senior secured term loan B due 2020 that is priced at Libor plus 300 bps with a 1% Libor floor and was issued at par, according to a news release.

Bank of America Merrill Lynch, Citigroup Global Markets Inc., Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC, Jefferies Finance LLC and J.P. Morgan Securities LLC led the deal.

Proceeds were used to refinance an existing $596 million term loan B due in 2016 priced at Libor plus 325 bps with a 1.5% Libor floor.

Level 3 is a Broomfield, Colo.-based provider of fiber-based communications services.

Alcatel-Lucent wraps

Alcatel-Lucent USA Inc. closed on its $1,741,250,000 term loan C due Jan. 30, 2019 (B1/B+) and €298.5 million term loan D due Jan. 30, 2019 (B1/B+), a news release said.

Pricing on the U.S. loan is Libor plus 475 bps and pricing on the euro loan is Euribor plus 525 bps, with both having a 1% floor and 101 soft call protection for six months, and both issued at par.

During syndication, the spread on the U.S. loan was reduced from talk of Libor plus 500 bps.

Proceeds were used to reprice an existing term loan C from Libor plus 625 bps with a 1% Libor floor and an existing term loan D from Euribor plus 650 bps with a 1% Euribor floor.

Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. led the deal.

Alcatel is a Paris-based telecommunications services and equipment company.

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