Univision, CSM, Kindred, Blue Coat, Avis, Orbitz, Brickman, Ozburn, Mediacom, Smart break

By Sara Rosenberg

New York, May 23 - Univision Communications Inc., CSM Bakery Supplies, Kindred Healthcare Inc., Blue Coat Systems Inc., Avis Budget Car Rental LLC, Orbitz Worldwide Inc., Brickman Group Holdings Inc., Ozburn-Hessey Holding Co. LLC, Mediacom Broadband Group and Smart & Final Holdings Corp. all made their way into the secondary market on Thursday.

Meanwhile, over in the primary, BlackBrush TexStar LP reduced the size of its term loan, firmed the coupon at the tight end of talk and added a revolver to its transaction, Clondalkin Group Holdings BV reworked tranche sizes and pricing, and Aeroflex Inc. upsized its term loan and updated pricing.

Also, YP LLC downsized its term loan B, StoneRiver Group LP reduced spreads on its term loans and tightened the second-lien discount, and Cunningham Lindsey Group Ltd. upsized its add-on loan while revising the offer price.

In addition, Allflex Holdings and BioScrip Inc. revealed talk as their deals were presented to lenders during the session, and Quicksilver Resources Inc. and Beats Electronics LLC joined the forward calendar.

Univision hits secondary

Univision's $1.25 billion covenant-light term loan C-3 (B2/B+) started trading on Thursday, with levels quoted at par ¼ bid, par ¾ offered, according to a market source.

Pricing on the loan is Libor plus 300 basis points, after firming at the tight end of revised talk of Libor plus 300 bps to 325 bps. It is down from initial talk of Libor plus 325 bps, another source said.

There is a 1% Libor floor and 101 soft call protection for six months, and the debt was issued at par.

Upon the first adjustment to the term loan pricing, the tranche was upsized from $500 million and the Libor floor was trimmed from 1.25%.

Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Barclays, Credit Suisse Securities (USA) LLC, Wells Fargo Securities LLC, Natixis and Mizuho are leading the deal that is being used to refinance existing debt.

Univision is a Los Angeles-based Spanish-language media company.

CSM north of OIDs

CSM Bakery's seven-year first-lien term loan broke late day at par ¼ bid, par ¾ offered and its eight-year second-lien term loan broke at par ½ bid, 101½ offered, according to a market source.

Earlier in the day, the company increased its first-lien term loan to $700 million from $650 million and set pricing at Libor plus 375 bps, the tight end of the Libor plus 375 bps to 400 bps talk, a source said. The tranche still has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.

Meanwhile, the second-lien term loan was decreased to $150 million from $200 million, the spread firmed at Libor plus 750 bps, the low end of the Libor plus 750 bps to 775 bps talk, and the discount was revised to 99 from 98, the source remarked. The debt still has a 1% Libor floor and hard call protection of 102 in year one and 101 in year two.

In addition to the term loans, the company's $1 billion senior secured credit facility includes a $150 million five-year asset-based revolver.

CSM being acquired

Proceeds from CSM Bakery's credit facility will be used to help fund its buyout by Rhone Capital LLC from CSM NV for €1.05 billion, to refinance existing debt and to pay related fees and expenses.

Morgan Stanley Senior Funding, Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., RBC Capital Markets and MCS Capital Markets LLC are leading the financing.

Closing is expected in the third quarter, subject to regulatory clearance.

CSM Bakery is a supplier of bakery products.

Kindred frees up

Kindred Healthcare's $787.5 million term loan B due June 2018 broke for trading in the morning, with levels quoted at par ½ bid, 101 offered, according to a trader.

Pricing on the loan is Libor plus 325 bps, after firming at the tight end of the Libor plus 325 bps to 350 bps talk. There is a 1% Libor floor and 101 soft call protection for six months, and the debt was issued at par.

J.P. Morgan Securities LLC is leading the deal that is being used to refinance an existing $687.8 million term loan B due June 2018 and a $99.8 million incremental term loan due June 2018.

Kindred Healthcare is a Louisville, Ky.-based health care services company.

Blue Coat breaks

Blue Coat Systems' credit facility freed up, with the $700 million six-year covenant-light term loan quoted around par ¾ bid, 101¼ offered, according to sources.

Pricing on the term loan is Libor plus 350 bps with a 1% Libor floor, and it was issued at par. There is 101 soft call protection for six months.

Recently, the term loan was upsized from $675 million and the offer price was changed from 991/2.

The company's $725 million credit facility (B2/BB-) also includes a $25 million five-year revolver.

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

Blue Coat is a Sunnyvale, Calif.-based web security company.

Avis emerges in secondary

Avis' $1 billion term loan (BB) due 2019 started trading in the afternoon, with levels seen at par 1/8 bid, par 5/8 offered, according to a trader.

Pricing on the loan is Libor plus 225 bps, after finalizing at the tight end of the Libor plus 225 bps to 250 bps talk. There is a 0.75% Libor floor and 101 soft call protection for six months, and the debt was issued at par.

J.P. Morgan Securities LLC is leading the deal that is being used to refinance an existing term loan due 2019.

Avis is a Parsippany, N.J.-based provider of vehicle rental services.

Orbitz starts trading

Orbitz Worldwide's term loans also hit the secondary market, with the $100 million term loan B due September 2017 quoted at par ½ bid, and the $350 million term loan C due March 2019 quoted at par ½ bid, 101 offered, according to a market source.

Pricing on the term loan B is Libor plus 350 bps with a step-down to Libor plus 325 bps when senior secured leverage is 2.5 times. There is a 1% Libor floor and 101 repricing protection for six months, and the debt was issued at par. Amortization is 10% per annum.

The term loan C is priced at Libor plus 475 bps with a step-down to Libor plus 450 bps when senior secured leverage is 2.5 times. This tranche also has a 1% Libor floor and 101 repricing protection for six months, and was issued at par. Amortization is 1% per annum.

Recently, pricing on the B loan was reduced from talk of Libor plus 375 bps to 400 bps, the spread on the C loan finalized at the tight end of the Libor plus 475 bps to 500 bps talk, and the step-downs were added to both loans.

Orbitz refinancing

Proceeds from Orbitz's new loans will be used to reprice/refinance an existing $150 million term loan B due September 2017 that is priced at Libor plus 600 bps with a 1.25% Libor floor and a $300 million term loan C due March 2019 that is priced at Libor plus 675 bps with a 1.25% Libor floor.

Credit Suisse Securities (USA) LLC is the lead bank on the $450 million deal.

Senior secured leverage is around 3 times.

Orbitz is a Chicago-based online travel agency.

Brickman levels emerge

Brickman's credit facility was yet another deal to begin trading, with the $300 million covenant-light term loan B-3 due Sept. 28, 2018 quoted at par ½ bid, 101½ offered, and the roughly $237.9 million covenant-light term loan B-2 due Oct. 14, 2016 quoted at par ¾ bid, 101¾ offered, a market source said.

Pricing on both term loans is Libor plus 300 bps, both were sold at par and both have 101 soft call protection for six months. The B-3 loan has a 1% Libor floor and the B-2 loan has no floor.

Initially, the company was seeking a roughly $537.9 million term loan B due Oct. 14, 2016 that was talked in the Libor plus 325 bps to 350 bps area with a 1% Libor floor, a par offer price and 101 soft call protection for six months, but during syndication, the deal was split into two tranches.

Barclays and Bank of America Merrill Lynch are leading the deal that will be used to reprice an existing term loan due Oct. 14, 2016 from Libor plus 425 bps with a 1.25% Libor floor and extend a portion of the debt.

Senior secured leverage is 3.4 times, and total leverage is 5.7 times.

Brickman is a Gaithersburg, Md.-based commercial landscaping company.

Ozburn tops OID

Ozburn-Hessey's $270 million six-year term loan (B2/B-) began trading as well, with levels quoted at par bid, par ½ offered, a trader remarked.

Pricing on the loan is Libor plus 550 bps with a 1.25% Libor floor, and it was sold at an original issue discount of 99. There is 101 soft call protection for two years.

Bank of America Merrill Lynch, Morgan Stanley Senior Funding Inc. and GE Capital Markets are leading the deal that is being used to refinance existing term loans.

Ozburn-Hessey is a Brentwood, Tenn.-based third-party logistics provider.

Mediacom above par

Mediacom's $600 million term loan H (Ba3/BB-) due January 2021 broke too, with levels quoted at par ¼ bid, par ¾ offered, according to a trader.

Pricing on the loan is Libor plus 250 bps with a 0.75% Libor floor, and it was issued at par. There is 101 soft call protection for six months.

During syndication, the loan was upsized from $450 million, the spread firmed at the tight end of the Libor plus 250 bps to 275 bps talk and the offer price was tightened from 993/4.

J.P. Morgan Securities LLC and Bank of America Merrill Lynch are leading the deal that will be used to refinance existing debt. The prior upsizing to the new loan allows the company to take out its term loan F in its entirety.

Mediacom is a Middletown, N.Y.-based cable operator.

Smart & Final trades

Smart & Final's roughly $578.7 million covenant-light first-lien term loan was sent at par ¼ bid, par ¾ offered when it began trading late day, a source said.

Pricing on the loan is Libor plus 350 bps with a 1% Libor floor, and it was issued at par. There is 101 soft call protection for six months.

During syndication, the loan was upsized from $525 million and pricing firmed at the wide end of the Libor plus 325 bps to 350 bps.

Proceeds will be used to reprice an existing first-lien term loan from Libor plus 450 bps with a 1.25% Libor floor, and funds from the upsizing will be used to pay down some second-lien term loan debt.

Morgan Stanley Senior Funding Inc., Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are the lead banks on the deal.

Smart & Final is a Commerce, Calif.-based warehouse-style, no membership fee, multi-format retailer serving households and smaller businesses.

Blackbrush restructures

Moving to the primary, BlackBrush TexStar cut its senior secured term loan (Caa1/B-) to $640 million from $675 million and added a $35 million five-year super-priority revolver to its capital structure, according to a market source.

Additionally, pricing on the term loan firmed at Libor plus 650 basis points, the tight end of the Libor plus 650 bps to 700 bps talk, the source said. The 1.25% Libor floor, original issue discount of 99 and hard call protection of 102 in year one and 101 in year two were unchanged.

Pricing on the new revolver is Libor plus 250 bps, the source continued.

Recommitments were due at 5 p.m. ET on Thursday, allocations are expected mid-next week, and closing is targeted for May 31.

UBS Investment Bank and Credit Suisse Securities (USA) LLC are leading the deal that will be used to refinance existing debt, pre-fund capital expenditures and pay transaction-related fees and expenses.

BlackBrush TexStar is a San Antonio-based oil and gas company.

Clondalkin changes surface

Clondalkin Group upsized its seven-year covenant-light first-lien term loan (B2) to $360 million from $350 million and modified the original issue discount to 99¾ from 991/2, a market source said.

As before, the first-lien term loan is priced at Libor plus 450 bps with a 1.25% Libor floor, and has 101 soft call protection for six months.

Furthermore, the 71/2-year covenant-light second-lien term loan (Caa2) was downsized to $95 million from $105 million, the spread increased to Libor plus 875 bps from Libor plus 825 bps, the discount widened to 98 from 99 and the loan is now non-callable for six months, then at 103 for six months, then at 102 for a year and 101 for a year, instead of having call protection of 103 in year one, 102 in year two and 101 in year three, the source remarked.

The second-lien loan continues to have a 1.25% Libor floor.

Clondalkin lead banks

Deutsche Bank Securities Inc. and Goldman Sachs & Co. are leading Clondalkin's $490 million credit facility, which also provides for a $35 million revolver.

In addition to the term loan changes, the company removed the MFN sunset provision from its credit agreement.

Recommitments were due at noon ET on Thursday, the source added. Allocations are expected to go out on Tuesday.

Proceeds will be used by the Amsterdam-based provider of packaging products and services to refinance existing debt.

Aeroflex reworked

Aeroflex upsized its term loan B due November 2019 to $612 million from $606 million and downsized its revolver due November 2017 to $57,125,000 from $75 million, according to a market source.

Furthermore, pricing on the term loan firmed at Libor plus 350 bps, the tight end of the Libor plus 350 bps to 375 bps talk, and the original issue discount was revised to 99¾ from 991/2, the source said.

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

Recommitments are due at 10 a.m. ET on Friday.

J.P. Morgan Securities LLC is leading the deal that will be used to refinance an existing roughly $606 million term loan B due May 2018 that is priced at Libor plus 450 bps with a 1.25% Libor floor.

Aeroflex is a Plainview, N.Y.-based provider of microelectronic components and test and measurement equipment.

YP cuts size

YP trimmed the size of its five-year term loan B (B2/B) to $650 million from $775 million, according to a market source.

At launch, the loan was talked at Libor plus 550 bps to 600 bps with a 1.25% Libor floor, an original issue discount of 98½ and 101 soft call protection for one year. There is no word yet as to where the final pricing will fall out, the source remarked.

The company's now $1.1 billion credit facility also includes a $450 million five-year ABL revolver.

J.P. Morgan Securities LLC and PNC Capital Markets LLC are leads on the term loan, and PNC is leading the revolver.

Proceeds will be used by the Tucker, Ga.-based provider of local business print, online and mobile directory services to refinance all existing debt and fund a distribution to equity holders.

StoneRiver flexes

StoneRiver reduced pricing on its $520 million 61/2-year first-lien term loan (B1/B+) to Libor plus 325 bps from Libor plus 350 bps, while keeping the 1.25% Libor floor, original issue discount of 99½ and 101 soft call protection for six months intact, according to a market source.

Also, the $150 million seven-year second-lien term loan (Caa1/CCC+) was flexed to Libor plus 725 bps from Libor plus 750 bps and the original issue discount was changed to 99½ from 99, the source said. The 1.25% Libor floor and call protection of 102 in year one and 101 in year two were unchanged.

The $720 million credit facility also includes a $50 million five-year revolver (B1/B+).

Bank of America Merrill Lynch, J.P. Morgan Securities LLC, KeyBanc Capital Markets LLC, Credit Suisse Securities (USA) LLC, U.S. Bank and MCS Capital Markets are leading the deal that will be used to refinance existing debt, for working capital, for capital expenditures and for general corporate purposes, as well as to fund a distribution to unit holders.

StoneRiver is an Oakland, Calif.-based provider of insurance outsourcing technology and professional services solutions to insurance companies, financial institutions and pharmacies.

Cunningham tweaks add-on

Cunningham Lindsey raised its add-on first-lien covenant-light term loan B to $100 million from $75 million and changed the offer price to par ½ from par, according to a market source.

Pricing on the add-on matches existing term loan pricing at Libor plus 375 bps with a 1.25% Libor floor.

Bank of America Merrill Lynch is leading the deal that will be used for general corporate purposes.

Cunningham Lindsey is a Tampa, Fla.-based provider of independent loss adjusting and claims management services.

Allflex discloses talk

In more primary happenings, Allflex held its bank meeting on Thursday morning, and with the launch, price talk on the first- and second-lien term loans was announced, according to a market source.

The $540 million seven-year first-lien term loan B is talked at Libor plus 325 bps to 350 bps with a 1% Libor floor and an original issue discount of 991/2, and the $270 million eight-year second-lien term loan is talked at Libor plus 700 bps to 725 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.

Commitments for the $910 million credit facility, which also includes a $100 million revolver, are due at noon ET on June 6.

Morgan Stanley Senior Funding Inc., Bank of America Merrill Lynch, Goldman Sachs & Co., RBC Capital Markets and Macquarie Capital are leading the deal, with Morgan Stanley left lead on the first-lien loan and Bank of America left lead on the second-lien loan.

Proceeds will help fund BC Partners' $1.3 billion buyout of the company from Electra Partners.

Allflex is a Vitre, France-based producer of visual and electronic identification tags and other tracking products for livestock and other species.

BioScrip sets guidance

BioScrip came out with talk of Libor plus 350 bps to 375 bps with a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months on its $250 million covenant-light term loan B that launched in the morning, according to a market source.

The company's $325 million senior secured credit facility also includes a $75 million revolver.

SunTrust Robinson Humphrey Inc., Jefferies Finance LLC and Morgan Stanley Senior Credit Funding Inc. are leading the deal that will be used to refinance an existing asset-based revolver, to redeem 10¼% senior unsecured notes and for working capital and general corporate purposes.

BioScrip is an Eden Prairie, Minn.-based provider of comprehensive infusion and home care solutions.

Quicksilver readies loan

Quicksilver Resources set a bank meeting for 10 a.m. ET in New York on Wednesday to launch a $600 million six-year second-lien covenant-light term loan that has soft call protection of 102 in year one and 101 in year two, according to a market source.

Commitments are due on June 5, the source said.

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities LLC are leading the deal that will be used to help fund a tender offer for the company's 8¼% senior notes due 2015, 11¾% senior notes due 2016 and 7 1/8% senior subordinated notes due 2016, and for general corporate purposes.

In addition, the company plans on selling up to $675 million in new senior unsecured notes and up to $200 million in new senior second priority secured notes.

Quicksilver is a Fort Worth, Texas-based natural gas and oil exploration and production company.

Beats Electronics on deck

Beats Electronics will hold a bank meeting on Wednesday with a noon ET registration time to launch a $700 million senior secured credit facility, according to a market source.

The facility consists of a $200 million revolver and a $500 million term loan B, the source said.

Barclays, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are leading the deal that will be used to retire existing debt, fund a distribution to shareholders and for general corporate purposes.

Beats Electronics is a Santa Monica, Calif.-based consumer audio company.

Clear Channel wraps

In other news, Clear Channel Communications Inc. wrapped the extension of its some term loan debt through the creation of its new $5 billion term loan D (Caa1/CCC+) due 2018 that is priced at Libor plus 675 bps, according to a news release. The loan has no Libor floor and was issued at par.

During syndication, the term D was upsized from $1.5 billion and pricing was raised from Libor plus 600 bps.

Goldman Sachs & Co., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Banks Securities Inc., Morgan Stanley Senior Funding Inc. and Wells Fargo Securities LLC led the deal.

Proceeds were used to take out term loan B and term loan C debt due in 2016 that is priced at Libor plus 365 bps with no floor.

Clear Channel is a San Antonio-based media and entertainment company.

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