Univision, MEG, Aramark, Zayo, Station, HHI break; Realogy, Sutherland, Nielsen, Jason revised

By Sara Rosenberg

New York, Feb. 22 - Univision Communications Inc.'s upsized term loan made its way into the secondary market on Friday, with levels quoted above its original issue discount price, and MEG Energy Corp., Aramark Corp., Zayo Group LLC, Station Casinos LLC and HHI Group Holdings LLC began trading as well.

Moving to the primary, Realogy Group LLC and Sutherland Global Services Inc. raised the spreads on their term loans B, widened offer prices and modified call premiums.

Also, Nielsen Finance LLC nailed down U.S. and euro tranche sizes and pricing, and Jason Inc. set the coupon on its term loan at the low end of talk and tightened the original issue discount price.

In addition, Sorenson Communications Inc. released yield talk with launch, and Leap Wireless International Inc. announced new loan plans.

Univision tops OID

Univision's $3.4 billion seven-year covenant-light term loan (which is split between a $2.3 billion C-1 tranche and a $1.1. billion C-2 tranche) freed up for trading on Friday, with levels quoted at par bid, par ½ offered, according to a market source.

Pricing on the loan is Libor plus 350 basis points with a 1.25% Libor floor, and it was sold at an original issue discount of 991/2. There is 101 soft call protection for six months.

During syndication, the loan was upsized from $1.5 billion and pricing firmed at the wide end of the Libor plus 325 bps to 350 bps talk. The deal had to be split into two tranches because the cashless roll from lenders had to be accommodated as a separate tranche.

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

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

MEG frees up

MEG Energy's $1,287,500,000 senior secured covenant-light term loan (Ba1/BBB-) due March 31, 2020 surfaced in the secondary too, with levels quoted at par bid, par ¼ offered on the open and then it moved to par ¼ bid, par ½ offered, a market source said.

Pricing on the term loan is Libor plus 275 bps with a 1% Libor floor, and it was issued at par. There is 101 soft call protection for one year.

During syndication, the loan was upsized from $987.5 million, pricing was lifted from Libor plus 225 bps and the call protection was extended from six months.

Barclays is leading the deal that is being used to reprice the existing term loan from Libor plus 300 bps with a 1% Libor floor and extend the maturity from March 2018. And, the $300 million of additional funds raised through the upsizing will be used for capital expenditures.

MEG Energy is a Calgary, Alta.-based pure play oil sands company.

Aramark hits secondary

Aramark's $1.4 billion senior secured term loan D (B1/BB-) due August 2019 also broke, with levels quoted at par bid, par ½ offered on the open and then it moved to par 3/8 bid, par 7/8 offered, according to a trader.

Pricing on the term loan D, which had been upsized from $1 billion, is Libor plus 300 bps with a 1% Libor floor, and it was sold at an original issue discount of 991/2. There is 101 soft call protection for six months.

J.P. Morgan Securities LLC, Goldman Sachs & Co., Barclays, BofA Merrill Lynch and Wells Fargo Securities LLC are the lead banks on the deal.

Proceeds will be used to repurchase all of OpCo's 8½% senior notes due February 2015, instead of just some as was expected prior to the upsizing, and a portion of its floating-rate notes due February 2015 will be retired as well.

Aramark is a Philadelphia-based professional services company that provides food, hospitality and facility management services as well as uniform and work apparel.

Zayo north of par

Zayo Group's $1,612,000,000 term loan B due July 2, 2019 freed up as well, with levels seen at par ¼ bid, par 5/8 offered, a source said.

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

During syndication, pricing on the loan was increased from Libor plus 325 bps and the call protection was shortened from one year.

The company's 1,862,000,000 credit facility also includes a $250 million revolver due July 2, 2017 that was upsized from $225 million and is priced at Libor plus 300 bps with no Libor floor.

Zayo lead banks

Morgan Stanley Senior Funding Inc., Barclays and RBC Capital Markets are leading Zayo's deal that is being used to reprice an existing credit facility, which is also being amended to remove the maximum senior secured and total leverage ratio covenants.

With the repricing, the company is taking the term loan B down from Libor plus 400 bps with a 1.25% Libor floor.

Closing is expected in the middle of the Feb. 25 week, the source added.

Zayo is a Louisville, Colo.-based provider of fiber-based bandwidth infrastructure and network-neutral colocation and interconnection services.

Station starts trading

Station Casinos' $1,625,000,000 term loan B broke after some changes were made, with levels quoted at 99½ bid, 99¾ offered, according to a trader.

Pricing on the loan is Libor plus 400 bps, following a flex from Libor plus 350 bps, and there is a 1% Libor floor as well as 101 soft call protection for one year, which was extended from six months. The debt was sold at a discount of 99, after firming at the high end of revised talk of 99 to 99½ and wide of initial talk of just 991/2.

The company's $1,975,000,000 credit facility (B1/B) also includes a $350 million revolver.

Bank of America Merrill Lynch, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC are leading the deal that will be used with $500 million of senior notes to refinance existing OpCo and PropCo debt.

Station Casinos is a Las Vegas-based casino company.

HHI Group breaks

Another deal to begin trading was HHI Group's $505 million term loan, with levels quoted at par ½ bid, 101½ offered, according to a market source.

Pricing on the loan is Libor plus 375 bps with a 1.25% Libor floor, and it was issued at par. There is 101 soft call protection for six months.

Goldman Sachs & Co. is leading the deal that is being used to reprice an existing term loan from Libor plus 475 bps with a 1.25% Libor floor.

With the repricing, existing lenders are getting paid out at 101.

HHI is a Royal Oak, Mich.-based manufacturer of wheel bearings, engine-timing drive systems and forged parts for various power train and wheel-end applications.

Realogy sweetens terms

Over in the primary, Realogy flexed pricing higher on its $1.82 billion term loan B due 2020 to Libor plus 350 bps from talk of Libor plus 300 bps to 325 bps, revised the offer price to 99 to 99½ from par and pushed out the 101 soft call protection to one year from six months, according to a market source. The 1% Libor floor was left intact.

In addition to the term loan, the company's up to $2.42 billion credit facility includes an up to $600 million revolver due 2018.

Recommitments were due by 5 p.m. ET on Friday, the source said.

J.P. Morgan Securities LLC is the leading the deal that will be used to refinance an existing $363 million revolver due April 2016 and a $1.82 billion term loan due October 2016.

Realogy, a Parsippany, N.J.-based provider of real estate brokerage, relocation and settlement services, expects to close on the refinancing this month.

Sutherland reworks deal

Sutherland lifted the coupon on its $225 million six-year term loan to Libor plus 575 bps from Libor plus 500 bps and moved the original issue discount to 98 from 99, while keeping the 1.25% Libor floor unchanged, according to a market source.

Also, call protection was set at 103 in year one, 101½ in year two and par ½ in year three on all voluntary prepayments, compared to the originally proposed 101 repricing protection for one year, the source remarked.

The company's $255 million credit facility also includes a $30 million five-year revolver.

Lead banks, Credit Suisse Securities (USA) LLC and HSBC Securities (USA) Inc., are seeking commitments by 5 p.m. ET on Tuesday.

Proceeds will help fund the acquisition of Apollo Health Street Ltd. and refinance existing debt.

Closing is expected this month, subject to customary regulatory approvals and other conditions.

Sutherland is a Rochester, N.Y.-based provider of business process and technology management services. Apollo Health is a provider of health care business services and health information technology-based services.

Nielsen firms sizes, spreads

Nielsen set the breakdown of its roughly $2.9 billion class E term loan (BBB-) due May 2016 at $2,532,000,000 and €300 million and finalized spreads on the tranches, according to market sources.

The U.S. term loan is priced at Libor plus 275 bps, the wide end of the Libor plus 250 bps to 275 bps talk, and the euro term loan is priced at Euribor plus 300 bps, versus talk of Euribor plus 275 bps to 300 bps talk, sources said.

Both tranches still have no Libor floor, a par offer price and 101 soft call protection for six months.

Citigroup Global Markets Inc. is the leading the deal that will be used to reprice a term loan A, term loan B and term loan C.

Nielsen is a New York and Netherlands-based provider of information and insights into what consumers watch and buy.

Jason updates pricing

Jason firmed pricing on its $225 million six-year term loan at Libor plus 375 bps, the tight end of the Libor plus 375 bps to 400 bps talk, and revised the original issue discount to 99¼ from 99, a source said. The 1.25% Libor floor was unchanged.

GE Capital Markets is leading the $260 million credit facility (B1/B+), which also includes a $35 million five-year revolver.

Proceeds will be used to refinance existing debt and fund a dividend.

Jason is a Milwaukee-based manufacturing company involved in the seating, finishing, components and automotive acoustics markets.

Sorenson floats guidance

Also in the primary, Sorenson Communications hosted a call Friday morning to launch its $500 million term B due Oct. 31, 2014, and shortly before the event kicked off, yield talk of 9½% to 10% surfaced on the loan, according to a market source.

J.P. Morgan Securities LLC is leading the deal that will be used to repay an existing term loan.

Sorenson is a Salt Lake City-based provider of Video Relay telecommunication and interpreting and CaptionCall telephone service for deaf and the hard-of-hearing.

Schaeffler launches

Schaeffler AG (INA Beteiligungs GmbH) held its lender call on Friday, launching a $1.5 billion term loan C due January 2017 and a €525 million term loan C due January 2017, according to a company presentation. There is potential for an upsized amount of the U.S. and/or euro term loan C depending on demand.

As previously reported, the U.S. term loan C is talked at Libor plus 325 bps and the euro term loan C is talked at Euribor plus 375 bps, with both having a 1% floor, an original issue discount of 99½ and 101 soft call protection for six months.

J.P. Morgan Securities LLC is the bookrunner on the U.S. tranche and Deutsche Bank Securities Inc. is the bookrunner on the euro tranche.

Commitments for the term loan C are due on March 1 and closing is expected in mid-March.

Schaeffler repaying debt

Proceeds from Schaeffler's term loan C will be used to refinance an existing €1.6 billion equivalent term loan B2 due January 2017, comprised of €525 million priced at Euribor plus 500 bps with a 1.5% floor and $1.5 billion priced at Libor plus 475 bps with a 1.25% Libor floor.

Also, if there is an upsizing to the new term loan C, those extra proceeds would be used to prepay the company's term loan A due January 2015 that is priced at Euribor plus 400 bps and/or term loan B1 due January 2017 that is priced at Euribor plus 475 bps.

Lenders are being invited to a cashless rollover of their existing commitments under the term loan B2 into the new term loan C.

Schaeffler is a Herzogenaurach, Germany-based manufacturer of bearings for autos & industrial OEMs.

Leap joins calendar

Leap Wireless set a call for 1 p.m. ET on Monday to launch a $1,425,000,000 seven-year term loan C that is talked at Libor plus 350 bps with a 1.25% Libor floor, an original issue discount of 99 and 101 soft call protection for one year, according to market sources.

Deutsche Bank Securities Inc., Bank of America Merrill Lynch, UBS Securities LLC and Citigroup Global Markets Inc. are leading the deal.

Proceeds will be used to refinance 7¾% secured notes and 4½% convertible notes.

Leap is a San Diego-based provider of digital wireless services.

Ollie's readies allocations

Ollie's Bargain Outlet is expected to allocate its $50 million add-on term loan and a repricing of its existing $225 million covenant-light term loan on Monday, according to a market source.

The deal firmed at initial talk of Libor plus 400 bps with a 1.25% Libor floor, a par offer price and 101 soft call protection through Sept. 28, 2013.

By comparison, current term loan pricing is Libor plus 500 bps with a 1.25% Libor floor.

With the repricing, existing lenders will be paid out at 101.

Proceeds from the add-on will be used to redeem shares held by financial sponsor CCMP Capital Advisors, the source added.

Pro forma leverage is 4.3 times net of cash.

Jefferies Finance LLC is leading the deal.

Ollie's is a Harrisburg, Pa.-based retailer of closeouts, excess inventory and salvage merchandise.

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