ProPetro, Fieldwood, Springleaf, Pitney Bowes break; Information Resources, Topps revised

By Sara Rosenberg

New York, Sept. 25 - ProPetro Services Inc. finalized the spread on its term loan B at the low end of guidance and freed up for trading on Wednesday above its original issue discount price, and Fieldwood Energy LLC, Springleaf Financial Funding Co. and Pitney Bowes Management Services hit the secondary as well.

In more happenings, Information Resources Inc. increased the size of its revolver, Topps Co. Inc. reduced the size of its term loan, lifted the coupon and shortened the maturity, and Samson Investment Co. pushed out the commitment deadline on its repricing deal by one day.

Also, Learfield Communications Inc. and El Pollo Loco released guidance on their deals with launch, Immucor Inc. details surfaced with its call, and Oberthur Technologies revealed price talk on its U.S. term loan ahead of its New York bank meeting.

Furthermore, Gentiva Health Services Inc. disclosed timing on the launch of its credit facility, and Paradigm Precision Group, Systems Maintenance Services and 99 Cents Only Stores joined the forward calendar.

ProPetro starts trading

ProPetro Services' credit facility emerged in the secondary market on Wednesday, with the $220 million six-year term loan B quoted at 99¾ bid, par ¾ offered, according to a market source.

Pricing on the term B is Libor plus 625 basis points, after finalizing at the tight end of the Libor plus 625 bps to 650 bps talk, another source remarked. The debt has a 1% Libor floor and 101 hard call protection for one year, and was sold at an original issue discount of 99.

The company's $260 million senior secured credit facility (B3/B) also includes a $40 million revolver.

Deutsche Bank Securities Inc. and Barclays are leading the deal that will be used to refinance existing debt.

ProPetro is a Midland, Texas-based provider of oil and gas well drilling, stimulation, workover and repair services.

Fieldwood levels surface

Fieldwood's credit facility freed up too, with the $700 million five-year covenant-light first-lien term loan quoted by one trader at 99¾ bid, par ¼ offered. A second trader had the first-lien loan at 99 7/8 bid, par 3/8 offered, and the $1,725,000,000 seven-year second-lien term loan at 99 bid, 99¾ offered before trading up to 99½ bid, par ¼ offered.

Pricing on the first-lien term loan is Libor plus 287.5 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.

The second-lien term loan is priced at Libor plus 712.5 bps with a 1.25% Libor floor and was sold at 97. This debt is non-callable for one year, then at 103 in year two, 102 in year three and 101 in year four.

Recently, the first-lien term loan was downsized from $900 million, pricing was flexed from Libor plus 300 bps and the discount was changed from 99, and the second-lien term loan saw pricing increase from talk of Libor plus 600 bps to 625 bps, the discount widen from talk of 98 to 99, and the call protection sweetened from non-callable for one year, then at 102 in year two and 101 in year three.

Fieldwood getting revolver

In addition to the term loans, Fieldwood's $3,625,000,000 credit facility includes a $1.2 billion five-year ABL revolver that was upsized from $1 billion when the first-lien term loan was downsized.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Bank of America Merrill Lynch and Goldman Sachs Bank USA are leading the deal, with Citi the left lead on the first-lien term loan and JPMorgan the left lead on the second-lien loan.

Proceeds will be used to help fund the acquisition of Apache Corp.'s Gulf of Mexico shelf business for $3.75 billion.

Closing is expected on Sept. 30.

Fieldwood is a Houston-based acquirer and developer of conventional oil and gas assets.

Springleaf breaks

Springleaf Financial upsized its six-year term loan B-2 to $750 million from talk of $250 million to $500 million, and then began trading, with levels seen at par bid, par ½ offered, according to a trader.

Pricing on the loan is Libor plus 350 bps with a 1.25% Libor floor and it was issued at par. There is 101 soft call protection for one year.

Bank of America Merrill Lynch is leading the deal that will be used to repay existing term loan B debt due in 2017.

Springleaf is an Evansville, Ind.-based provider of loans, retail financing and other credit-related products.

Pitney Bowes frees up

Pitney Bowes also broke for trading, with the $215 million six-year first-lien term loan (B1/BB-) quoted at 99½ bid, par offered and the $100 million seven-year second-lien term loan (Caa1/B-) quoted at 98½ bid, 99½ offered, a source remarked.

The first-lien term loan is priced at Libor plus 625 bps with a 1.25% Libor floor and was sold at an original issue discount of 99. There is 101 soft call protection for one year.

Pricing on the second-lien term loan is Libor plus 1,050 bps with a 1.25% Libor floor and it was sold at 98. This tranche has call protection of 103 in year one, 102 in year two and 101 in year three.

During syndication, the spread on the first-lien loan was lifted from talk of Libor plus 550 bps to 575 bps and amortization was changed to 1% in year one, 2.5% in year two and 5% thereafter, from 1% in year one and 2.5% thereafter. Also, pricing on the second-lien loan was increased from talk of Libor plus 950 bps to 975 bps.

Pitney Bowes lead banks

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and UBS Securities LLC are leading Pitney Bowes' $365 million facility, which also includes a $50 million five-year revolver (B1/BB-).

Proceeds will fund the $400 million buyout of the company by Apollo Global Management LLC from Pitney Bowes Inc.

Closing is expected in the fourth quarter.

Pitney Bowes is a provider of mail and print outsourcing services.

Information ups revolver

Moving to the primary, Information Resources lifted the size of its revolver to $55 million from $50 million, according to a market source.

The company's now $672.5 million credit facility (B2/B+) also includes a $617.5 million seven-year covenant-light term loan B that is priced at Libor plus 375 bps with a 1% Libor floor and an original issue discount of 99½ and has 101 soft call protection for six months.

Earlier in the week, pricing on the term loan was flexed down from Libor plus 400 bps and the discount moved from 99.

Bank of America Merrill Lynch, Jefferies Finance LLC and BMO Capital Markets are leading the deal that will be used to refinance existing debt and back the acquisition of Aztec, a provider of market measurement and related services for consumer packaged goods, liquor and pharmaceutical manufacturers and retailers, from Aegis Media.

Information Resources is a Chicago-based provider of services for consumer, retail and over-the-counter health care companies.

Topps reworks loan

Topps cut its term loan to $135 million from $150 million, raised pricing to Libor plus 600 bps from Libor plus 450 bps and revised the maturity to five years from seven years, a market source said.

As before, the term loan has a 1.25% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.

In addition, the first-lien net leverage covenant was changed to 4.5 times from 4.75 times and the excess cash flow sweep was modified to 75% with step-down to 50%, 25% and 0%, from 50% with step-downs to 25% and 0%, the source continued.

Furthermore, the accordion was modified to unlimited subject to 2.75 times first-lien net leverage, from $40 million free and clear and unlimited subject to 3.25 times first-lien net leverage, the restricted payments general basket was trimmed to $3 million from $5 million and the available amount starter basket was reduced to $15 million from $19 million.

Recommitments for the now $160 million credit facility (B1/B), which also includes a $25 million revolver, are due at noon ET on Thursday, the source added.

Deutsche Bank Securities Inc. and BMO Capital Markets are leading the deal that will be used by the marketer of sports cards, entertainment products, and confectionery brands to refinance debt.

Samson extends deadline

Samson Investment revised the commitment deadline on its $1 billion senior secured covenant-light term loan due Sept. 25, 2018 to 5 p.m. ET on Wednesday from 5 p.m. ET on this past Tuesday, according to a market source.

Also, ratings were announced on the loan at B1/B- and corporate ratings came out at B1/B, the source remarked.

The term loan is still talked at Libor plus 400 bps with a 1% Libor floor, a par offer price and 101 soft call protection for six months.

Proceeds will be used to reprice an existing term loan from Libor plus 475 bps with a 1.25% Libor floor.

Credit Suisse Securities (USA) LLC is the lead bank on the deal and the administrative agent going forward, the source added.

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

Learfield discloses guidance

Learfield Communications held its bank meeting on Wednesday, and with the event, price talk on its first- and second-lien term loans was announced, according to a market source.

The $215 million seven-year covenant-light first-lien term loan (B+) is talked at Libor plus 425 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, the source said.

And, the $85 million eight-year covenant-light second-lien term loan (CCC+) is talked at Libor plus 825 bps with a 1% Libor floor, a discount of 98½ and hard call protection of 102 in year one and 101 in year two, the source continued.

Commitments for the $330 million credit facility, which also includes a $30 million revolver, are due at noon ET on Oct. 8.

Deutsche Bank Securities Inc. and GE Capital Markets are leading the deal that will be used to help fund the buyout of the Jefferson City, Mo.-based college sports multimedia rights marketing company by Providence Equity.

El Pollo pricing

El Pollo Loco launched during the session its $175 million five-year first-lien term loan with talk of Libor plus 450 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

And, the company's $115 million 51/2-year second-lien term loan was launched at Libor plus 900 bps with a 1% Libor floor and a discount of 98, and is non-callable for one year, then at 102 in year two and 101 in year three, the source said.

The company's $305 million credit facility also includes a $15 million five-year revolver.

Jefferies Finance LLC is leading the deal that will be used to refinance existing debt.

El Pollo Loco is a Costa Mesa, Calif.-based restaurant operator.

Immucor brings repricing

Immucor held its call in the afternoon launching a $662 million senior secured covenant-light term loan B-2 due Aug. 19, 2018 with talk of Libor plus 325 bps with a 1.25% Libor floor, a par offer price and 101 soft call protection for six months, according to a market source.

Proceeds will be used to reprice an existing covenant-light term loan due Aug. 19, 2018 from Libor plus 375 bps with a 1.25% Libor floor.

Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are leading the deal.

Commitments are due at 5 p.m. ET on Oct. 2 and closing is targeted for Oct. 7, the source added.

Immucor is a Norcross, Ga.-based provider of automated instrument-reagent systems to the blood transfusion industry.

Oberthur sets talk

Oberthur Technologies released talk of Libor plus 475 bps to 500 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year on its €275 million (roughly $372 million) six-year U.S. equivalent term loan B that will launch with a bank meeting in New York on Thursday, according to a market source.

The company is also getting a €165 million six-year euro term loan B.

A bank meeting for European investors took place in London on Wednesday.

J.P. Morgan Securities LLC, Goldman Sachs, Lloyds, Barclays, HSBC Securities and Societe Generale are leading the €440 million deal that will be used to refinance existing debt.

Oberthur is a France-based manufacturer of chip-based digital authentication products for the Payment and Telecom industries.

Gentiva timing emerges

Gentiva Health Services set a bank meeting for 1 p.m. ET on Monday to launch its previously announced $955 million senior secured credit facility (B) that consists of a $100 million revolver and an $855 million term loan B, according to a market source.

Barclays and Bank of America Merrill Lynch are leading the deal.

Proceeds, along with $116 million in cash, will be used to fund the acquisition of Harden Healthcare Holdings Inc. for about $408.8 million, comprised of $355 million in cash and around $53.8 million in Gentiva common stock, and to refinance existing debt.

Pro forma for the acquisition, secured leverage will be 3.4 times, net secured leverage will be 3.2 times, total leverage will be 4.8 times and net total leverage will be 4.5 times.

Closing is expected in mid-October, subject to customary conditions.

Gentiva is an Atlanta-based provider of home health and hospice services. Harden is an Austin, Texas-based provider of home health, hospice and community care services.

Paradigm readies deal

Paradigm Precision Group emerged with plans to hold a bank meeting at 10 a.m. ET on Tuesday to launch a $330 million credit facility, according to a market source.

The facility consists of a $70 million revolver and a $260 million term loan B, the source said.

RBC Capital Markets, Deutsche Bank Securities Inc., SMBC and SunTrust Robinson Humphrey Inc. are the bookrunners on the deal that will be used to help fund the purchase of eight aerospace component fabrication and machining facilities from Unison Engine Components, a subsidiary of GE Aviation.

Closing is expected by year-end.

Paradigm Precision is a Stuart, Fla.-based manufacturer of complex components, specializing in the combustion section of turbine engines used in commercial and military aviation as well as industrial gas turbine applications.

Systems Maintenance on deck

Systems Maintenance Services scheduled a bank meeting for 9 a.m. ET on Thursday to launch a $240 million credit facility, according to a market source.

The facility consists of a $20 million revolver, a $160 million first-lien term loan B and a $60 million second-lien term loan, the source said.

GE Capital Markets and BMO Capital Markets are leading the deal that will be used to refinance existing debt and fund a dividend.

System Maintenance Services is a Charlotte, N.C.-based provider of managed IT asset lifecycle support services.

99 Cents plans call

99 Cents Only Stores will host a call at 11 a.m. ET on Thursday to launch a $100 million incremental term loan and a repricing of its existing $507 million term loan from Libor plus 400 bps with a 1.25% Libor floor, according to a market source.

RBC Capital Markets, BMO Capital Markets and Deutsche Bank Securities Inc. are leading the deal.

99 Cents is a City of Commerce, Calif.-based operator of extreme-value retail stores.

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