Trinseo, Eastern Power, LifeMiles, RentPath, Give & Go break; Dimora, E.W. Scripps revised

By Sara Rosenberg

New York, Aug. 17 – Trinseo Materials’ first-lien term loan made its way into the secondary market on Thursday above its issue price, and deals from Eastern Power LLC and LifeMiles Ltd. began trading too.

Also, RentPath Inc. finalized pricing on its term loan at the high end of talk and sweetened the call protection, and Give & Go Prepared Foods Corp. increased the size of its first-lien term loan and decreased the size of its privately-placed second-lien term loan, and then both of these deals freed up for trading as well.

In more happenings, Dimora Brands Inc. downsized its second-lien term loan and widened pricing on the tranche, and firmed the spread on its first-lien term loan at the low end of guidance, E.W. Scripps Co. upsized its term loan B and revised the original issue discount, and HD Supply Inc. is getting ready to bring a repricing and amendment transaction to market.

Trinseo tops par

Trinseo Materials’ $700 million seven-year covenant-light first-lien term loan emerged in the secondary market on Thursday, with levels quoted at par ¼ bid, par ¾ offered, according to a trader.

The term loan B is priced at Libor plus 250 basis points with a 0% Libor floor and was issued at par. The loan has 101 soft call protection for six months.

During syndication, the term loan was downsized from $750 million as the company’s senior notes offering was upsized to $500 million from $450 million, pricing finalized at the low end of the Libor plus 250 bps to 275 bps talk, the issue price was tightened from 99.75 and the MFN sunset was extended to 18 months from 12 months.

Along with the term loan, the company is getting a $375 million revolver.

Barclays and Deutsche Bank Securities Inc. are leading the deal that will be used to refinance existing debt, including 6 3/8% euro senior notes, 6¾% U.S. senior notes and credit facilities borrowings.

Closing is expected during the week of Sept. 4.

Trinseo is a Berwyn, Pa.-based materials solutions provider and manufacturer of plastics, latex binders and synthetic rubber.

Eastern Power hits secondary

Eastern Power’s $1,636,716,543 senior secured term loan B (B1/BB-) due Oct. 2, 2023 freed to trade as well, with levels seen at par bid, par ¼ offered, a trader said.

Pricing on the term loan is Libor plus 375 bps with a 1% Libor floor, and it was sold at an original issue discount of 99.875. The loan has 101 soft call protection for one year.

On Wednesday, pricing on the term loan firmed at the high end of the Libor plus 350 bps to 375 bps talk, the issue price widened from par, and the call protection was extended from six months.

Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA and MUFG are leading the deal that will be used to reprice an existing term loan B down from Libor plus 400 bps with a 1% Libor floor.

Closing is expected during the week of Aug. 21.

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

LifeMiles frees up

LifeMiles’ $300 million five-year term loan B (Ba2/BB-) began trading too, with levels quoted at 99½ bid, par ½ offered, a trader remarked.

Pricing on the term loan is Libor plus 550 bps with a 1% Libor floor, and it was sold at an original issue discount of 99. The debt has hard call protection of 102 in year one and 101 in year two.

During syndication, the term loan was downsized from $350 million, the call protection was changed from a 101 soft call for six months and amortization was increased to 10% per annum from 5% per annum.

Deutsche Bank Securities Inc., UBS Investment Bank and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to fund a distribution to shareholders and related fees and expenses.

LifeMiles is a Latin American coalition loyalty program and the exclusive operator of Avianca’s frequent flyer program.

RentPath tweaked, breaks

RentPath set pricing on its $492.4 million first-lien term loan (B2/B+) due Dec. 17, 2021 at Libor plus 475 bps, the high end of the Libor plus 450 bps to 475 bps, and pushed out the 101 soft call protection to one year from six months, according to a market source.

The term loan still has a 1% Libor floor and a par issue price.

With final terms in place, the loan made its way into the secondary market, and levels were quoted at par ¼ bid, par 5/8 offered, the source said.

RBC Capital Markets is leading the deal that will be used to reprice an existing term loan down from Libor plus 525 bps with a 1% Libor floor.

RentPath is an Atlanta-based vertical search company for apartment and home renters.

Give & Go revised, trades

Give & Go Prepared Foods raised its first-lien term loan due July 2023 to $485 million from $475 million and scaled back its privately placed second-lien term loan to $140 million from $150 million, according to a market source.

The first-lien term loan is still priced at Libor plus 425 bps with a 1% Libor floor and an original issue discount of 99.75 and has 101 soft call protection for six months.

Previously in syndication, pricing on the first-lien term loan was cut from Libor plus 450 bps, and the discount was changed from 99.5.

Recommitments were due at 2:30 p.m. ET on Wednesday and by late day the first-lien term loan broke for trading with levels seen at par ¼ bid, 101 offered, another source added.

Deutsche Bank Securities Inc., BMO Capital Markets, Antares Capital, Wells Fargo Securities LLC and HSBC are leading the deal that will be used for a recapitalization.

Closing is expected during the week of Aug. 21.

Give & Go is a Toronto-based manufacturer of value-added baked goods.

Dimora reworked

Dimora Brands trimmed its eight-year covenant-light second-lien term loan to $50 million from $65 million, raised pricing to Libor plus 850 bps from talk of Libor plus 800 bps to 825 bps and changed the original issue discount to 98 from 98.5, while leaving the 1% Libor floor and call protection of 102 in year one and 101 in year two intact, according to a market source.

In addition, pricing on the company’s $255 million seven-year covenant-light first-lien term loan, pricing was set at Libor plus 400 bps, the low end of the Libor plus 400 bps to 425 bps talk, with the 1% Libor floor, original issue discount of 99 and 101 soft call protection for six months unchanged, the source said.

Also, the 12 month MFN sunset was eliminated so that the 50 bps MFN is for life, and it is applicable for debt maturing within 24 months of initial term loans versus 12 months, the incremental secured net leverage ratio was revised to 6 times from 6.25 times, the incremental maturity carve-out was removed, the available amount grower prong was removed, the EBITDA adjustment time horizon was modified to 18 months from 24 months and pro forma price increases plus new contracts was removed.

Dimora recapitalizing

Proceeds from Dimora’s term loans will be used to refinance existing debt and fund a distribution to shareholders.

Deutsche Bank Securities Inc., Antares Capital and Bank of Ireland are leading the deal.

The company is owned by the Jordan Co.

Dimora, formerly known as Top Knobs, is a Dallas-based designer, distributor and manufacturer of decorative and functional hardware as well as decorative wood and other products for the kitchen and bath industry.

E.W. Scripps sets changes

E.W. Scripps increased its seven-year covenant-light term loan B to $300 million from $250 million and adjusted the original issue discount to 99.875 from 99.5, a market source said.

As before, the term loan is priced at Libor plus 225 bps with a 0% Libor floor and has 101 soft call protection for six months.

Recommitments are due at 1 p.m. ET on Friday, the source added.

Wells Fargo Securities LLC, J.P. Morgan Securities LLC, Bank of America Merrill Lynch and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to fund the acquisition of Katz broadcasting networks for $302 million or a net purchase price of $292 million after accounting for its 5% ownership position in a portion of the business.

Closing is expected on Oct. 2, subject to Hart-Scott-Rodino clearance and customary conditions.

E.W. Scripps is a Cincinnati-based broadcasting company.

HD Supply joins calendar

HD Supply set a lender call for Friday to launch $1,084,000,000 in term loans, split between a $537 million covenant-light term loan B-3 due Aug. 13, 2021 and a $547 million covenant-light term loan B-4 due Oct. 17, 2023, sources remarked.

Talk on the term loan B-3 is Libor plus 200 bps to 225 bps, and talk on the term loan B-4 is Libor plus 225 bps to 250 bps. Both loans are talked with a 0% Libor floor, an original issue discount of 99.875 to par and 101 soft call protection for six months, sources added.

Commitments are due at 10 a.m. ET on Aug. 24 and closing is expected during the week of Aug. 28.

Bank of America Merrill Lynch is leading the deal that will be used to reprice an existing term loan B-1 and an existing term loan B-2 from Libor plus 275 bps with a 0% Libor floor.

The company also plans to amend its term loan agreement to add the same restricted payment capacity as its senior unsecured notes, which is an amount not to exceed $500 million and an additional amount up to pro forma consolidated leverage of 3 times.

HD Supply is Atlanta-based industrial distributor.

Syncsort closes

In other news, Centerbridge Partners LP completed its $1.26 billion acquisitions of Syncsort Inc. and Vision Solutions Inc. from Clearlake Capital Group LP and merger of the two companies into a combined company that will operate under the Syncsort Inc. name and be based in Pearl River, N.Y., according to a news release.

To help fund the transaction, Syncsort got a $610 million seven-year covenant-light first-lien term loan and a $180 million eight-year covenant-light second-lien term loan.

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 discount of 99. The debt has 101 soft call protection for one year.

The second-lien term loan is priced at to Libor plus 900 bps with a 1% Libor floor and was issued at a discount of 98.5. This tranche has call protection of 102 in year one and 101 in year two.

Syncsort lead banks

Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Antares Capital, Golub Capital, Jefferies LLC and SunTrust Robinson Humphrey Inc. led Syncsort’s $790 million in term loans.

During syndication, the first-lien term loan was upsized from $590 million, pricing widened from Libor plus 475 bps and the call protection was extended from six months, and the second-lien term loan was downsized from $200 million and pricing was raised from Libor plus 875 bps.

Pearl River, N.Y.-based Syncsort and Irvine, Calif.-based Vision Solutions are enterprise software providers.

Terex wraps repricing

Terex Corp. said in a news release that it closed on the repricing of its term loan. The repriced $399 million covenant-light first-lien term loan (Ba1/BBB-) due Jan. 31, 2024 is priced at Libor plus 225 bps with a step-down to Libor plus 200 bps at corporate family ratings of Ba3/BB- and a 0.75% Libor floor. The debt has 101 soft call protection for six months and was issued at par.

Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. led the deal that repriced the existing term loan down from Libor plus 250 bps with a 0.75% Libor floor.

Current corporate family ratings are B1/BB.

Terex is a Westport, Conn.-based lifting and material handling solutions company.

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