Nine Entertainment, ATI Physical, OneStopPlus, Unifrax, Interactive Data, Blackboard break

By Sara Rosenberg

New York, Jan. 31 - Nine Entertainment Group, ATI Physical Therapy Inc., OneStopPlus Group, Unifrax I LLC, Interactive Data Corp. and Blackboard Inc. all freed up for trading during Thursday's market hours.

Over in the primary, Emergency Medical Services Corp. made some changes to its add-on term loan and repricing request, trimming the Libor floor, adding a step-down in spread that is based on leverage and setting the offer price on the incremental debt at the tight end of talk.

Also, Syniverse Holdings upsized its term add-on term loan and cut the spread and Libor floor, LMI Aerospace Inc. lowered the coupon on its B loan, added a step-down and tightened the original issue discount, and Allison Transmission Inc. increased its term loan B-2 size.

Additionally, FairPoint Communications Inc., ServiceMaster Co., Kronos Inc., Party City Holdings Inc., Hillman Group Inc., Sage Products Holdings III LLC and Dunkin' Brands Inc. all launched deals.

Furthermore, NBTY Inc., Centaur Gaming, Colfax Corp., Cinedigm Digital Cinema Corp. and Weather Channel are readying loan transactions.

Nine tops OID

Nine Entertainment's credit facility made its way into the secondary market on Thursday, with the $735 million seven-year covenant-light term loan (Ba2/BB) quoted at par ½ bid, 101 offered on the break, and then it moved to par ¾ bid, 101¼ offered, a trader said.

Pricing on the term loan is Libor plus 275 basis points with a step-down to Libor plus 250 bps when net first-lien leverage is 2.5 times. There is a 0.75% Libor floor and 101 soft call protection for six months, and it was sold at an original issue discount of 99 7/8.

During syndication, pricing on the term loan was lowered from Libor plus 325 bps, the step-down was added, the floor was tightened from 1%, the discount was changed from revised talk of 99¾ and initial talk of 991/2, and the call protection was shortened from one year.

Nine paying down debt

Proceeds from Nine Entertainment's credit facility will be used to pay A$600 million cash consideration to previous senior and mezzanine lenders and Red Earth, to pay transaction and advisory costs and for general corporate purposes.

In addition to the term loan, the facility includes an A$100 million five-year undrawn revolver priced at Libor plus 275 bps with no Libor floor and a 50 bps undrawn fee.

Last week, pricing on the revolver was flexed down from Libor plus 325 bps.

UBS Securities LLC, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc. and Nomura are the lead banks on the senior secured credit facility.

Nine Entertainment is an Australian diversified media and entertainment group.

ATI starts trading

ATI Physical Therapy's credit facility also broke for trading, with the $305 million seven-year term loan B quoted at par ½ bid on the open and then it moved to 101 bid, a trader said.

Pricing on the B loan is Libor plus 450 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 one year.

During syndication, the term loan B was upsized from $285 million and pricing was reduced from Libor plus 500 bps.

Also, the incremental term loan incurrence test was revised to 4 times first-lien leverage for the first 12 months, stepping down to 3.75 times first-lien leverage thereafter, from the originally proposed 3.75 times first-lien leverage for the life of the loan

And, the permitted acquisition incurrence test was changed to 6 times total leverage for the first 12 months, stepping down to 5.75 times total leverage thereafter, versus an initially proposed test of closing leverage for the life of the loan, and the financial covenants cushion was revised to 30% from 25%.

ATI getting revolver

ATI Physical Therapy's $355 million secured credit facility (Ba3/B+) also includes $50 million five-year revolver.

When the changes were made to the term loan B, the revolver saw its maturity get shortened from six years.

Jefferies & Co. Inc. and Ally Commercial Finance are leading the deal.

Proceeds, along with $160 million of mezzanine debt from Crescent Mezzanine Partners and equity, will be used to back the buyout of the company by KRG Capital Partners from GTCR that was completed in December.

The additional proceeds raised from the term loan upsizing will be placed on the balance sheet for future acquisitions.

First-lien leverage is 3.9 times and total leverage is 6 times, the source said.

ATI Physical Therapy is a Bolingbrook, Ill.-based operator of physical therapy clinics.

OneStopPlus hits secondary

OneStopPlus was another deal to emerge in the secondary market, with the $305 million seven-year first-lien term loan (B1) quoted at par bid, 101 offered, a source said.

Pricing on the first-lien term loan is Libor plus 450 bps with a 1% Libor floor, and it was sold at a discount of 99. There is 101 soft call protection for six months.

Recently, the first-lien term loan was upsized from $280 million, pricing was reduced from talk of Libor plus 475 bps to 500 bps, the floor was cut from 1.25% and the call protection was shortened from one year.

The company's $450 million credit facility also includes a $60 million five-year ABL revolver that is priced at Libor plus 200 bps, and an $85 million 71/2-year second-lien term loan that is priced at Libor plus 900 bps with a step-down to Libor plus 850 bps when senior secured net leverage is less than 4 times, a 1.25% Libor floor and was sold at a discount of 99.

Pricing on the second-lien loan was reduced from Libor plus 925 bps earlier this week.

OneStopPlus funding buyout

Proceeds from OneStopPlus' credit facility will help fund the company's purchase by Charlesbank Capital Partners and Webster Capital.

Other funds will come from $132 million of equity, which was reduced from $157 million due to the first-lien term loan upsizing, the source added.

Goldman Sachs & Co. and Jefferies & Co. are leading the deal that is expected to close this quarter.

First-lien leverage is 3.4 time and total leverage is 4.4 times.

OneStopPlus is a New York-based catalog retailer and online marketplace for plus-size consumers.

Unifrax frees up

Unifrax's credit facility broke too, with the $290 million term loan quoted at 101 bid, 101½ offered, and the €129 million term loan quoted at par bid, 101 offered, according to a market source.

The U.S. term loan is priced at Libor plus 325 bps with a 1% Libor floor, and was sold at an original issue discount of 991/2. There is 101 soft call protection for six months.

The euro term loan is priced at Euribor plus 400 bps with a 1.25% floor, and was sold at an original issue discount of 991/2. There is 101 soft call protection for one year.

Earlier, the total U.S. and euro covenant-light term loan due November 2018 amount was lifted to $465 million from $400 million. Also, pricing on the U.S. loan was decreased from Libor plus 400 bps with a 1.25% floor and a discount of 99, and the call protection was shortened from one year. Pricing on the euro loan, meanwhile, was revised from talk of 50 bps wide of the U.S. term loan with a 1.25% floor and a discount of 99.

Unifrax selling bonds

With the new $515 million credit facility (BB-), which also includes a $50 million revolver, , Unifrax is issuing $205 million of bonds. This offering was downsized from $250 million as a result of the term loan upsizing.

Proceeds will be used to refinance existing debt and to help fund an acquisition.

Goldman Sachs & Co., Wells Fargo Securities LLC, KeyBanc Capital Markets LLC, GE Capital Markets and M&T Bank are leading the credit facility.

Unifrax is a Niagara Falls, N.Y.-based supplier of high-temperature insulation products.

Interactive Data break

Interactive Data's roughly $1.3 billion repriced term loan began trading as well, with levels quoted at par 3/8 bid, par 7/8 offered, according to a trader.

Pricing on the loan is Libor plus 275 bps, after firming at the low end of talk of Libor plus 275 bps to 300 bps. There is a 1% Libor floor and 101 soft call protection for six months.

The repricing is taking the loan pricing down from Libor plus 325 bps with a 1.25% Libor floor.

Bank of America Merrill Lynch, Barclays, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Morgan Stanley Senior Funding Inc. and UBS Securities LLC are leading the deal for the Bedford, Mass.-based provider of financial market data.

Blackboard begins trading

Blackboard's $375 million add-on term loan B-2 freed up, with levels quoted at par ¾ bid, 101¼ offered, according to a trader.

Pricing on the loan is Libor plus 475 bps with a 1.5% Libor floor, and it was sold at par.

The loan, which is priced in line with the existing term B-2, was recently upsized from $150 million.

Bank of America Merrill Lynch, Deutsche Bank Securities Inc. and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to refinance existing debt.

Blackboard is a Washington, D.C.-based provider of enterprise software applications and related services to the education industry.

Emergency Medical revisions

In the primary, Emergency Medical reduced the Libor floor on its $150 million add-on term loan and repricing of its existing $1.17 billion term loan to 1% from 1.25%, according to a market source.

Also, while initial pricing was left at Libor plus 300 bps, a step-down was added to Libor plus 275 bps when net first-lien leverage is less than 2.5 times, the source said.

And, the offer price on the add-on term loan firmed at par, the low end of the 99¾ to par talk, while the repriced loan is still offered at par.

Proceeds from the add-on will be used to repay ABL credit facility borrowings, and through the repricing, the company is taking the existing loan down from Libor plus 375 bps with a 1.5% Libor floor.

Commitments were due at 5 p.m. ET on Thursday.

Deutsche Bank Securities Inc., Barclays, Bank of America Merrill Lynch, Morgan Stanley Senior Funding Inc., RBC Capital Markets and UBS Securities LLC are the bookrunners on the $1.32 billion of covenant-light term loan debt due May 2018.

Emergency Medical is a Greenwood Village, Colo.-based provider of emergency medical services.

Syniverse upsizes, flexes

Syniverse increased its delayed-draw add-on senior secured covenant-light term loan (B1/BB-) due April 2019 to $700 million from $625 million, trimmed pricing to Libor plus 300 bps from Libor plus 325 bps, cut the Libor floor to 1% from 1.25% and firmed the original issue discount at 991/2, the tight end of the 99 to 99½ talk, according to a market source. The loan has 101 soft call protection for one year.

Unchanged was the ticking fee of 100 bps for the first month, half the spread for the second and third months and the full spread thereafter.

Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Goldman Sachs & Co. are leading the deal that will be used to help fund the roughly €550 million purchase of MACH.

Closing on the acquisition is subject to regulatory approvals.

Net senior secured leverage is 3.6 times and net total leverage is 4.8 times.

Syniverse is a Tampa, Fla.-based provider of technology and business services for the telecommunications industry. MACH is a Luxembourg-based provider of cloud-based communication services.

LMI reworks deal

LMI Aerospace cut pricing on its $225 million six-year term loan B to Libor plus 350 bps from talk of Libor plus 400 bps to 425 bps, added a step-down to Libor plus 325 bps when total leverage is less than 3 times, and revised the original issue discount to 99½ from 99, according to a market source.

As before, the term loan B has a 1.25% Libor floor and 101 soft call protection for one year.

Furthermore, the company announced that it upsized its revolver to $125 million from $100 million as a result of strong demand, the source continued. This tranche has a 50 bps unused fee that can step-down to 37.5 bps based on leverage.

Recommitments were due at 5 p.m. ET on Thursday. Allocations are expected to go out on Friday, the source added.

LMI lead banks

RBC Capital Markets and Wells Fargo Securities LLC are leading LMI Aerospace's now $350 million senior secured credit facility (B1/B+).

Proceeds are being used to back the company's already completed purchase of Valent Aerostructures LLC, refinance existing debt and provide for working capital needs.

LMI Aerospace is a St. Charles, Mo.-based supplier of structural assemblies, kits and components and provider of design engineering services to the aerospace and defense industries. Valent is a Kansas City, Mo.-based provider of structural components, major sub-assemblies and machined parts for airframe manufacturers.

Allison ups loans

Allison Transmission lifted its term loan B-2 due August 2017 to about $1.204 billion from roughly $793 million, while keeping pricing at Libor plus 300 bps with no Libor floor and a par offer price, and the 101 soft call protection for one year intact, according to a market source.

Proceeds will be used to reprice an existing roughly $793 million term loan B-2 from Libor plus 350 bps with no Libor floor, and, because of the upsizing, the company will now also take out in full its roughly $411 million term loan B-1 due August 2014 that is priced at Libor plus 250 bps with no Libor floor.

Lead bank, Citigroup Global Markets Inc., was seeking recommitments by 5 p.m. ET on Thursday, the source added.

Allison is an Indianapolis-based automatic transmission company.

FairPoint talk emerges

In more primary news, FairPoint Communications held a bank meeting on Thursday morning to kick off syndication on its credit facility, and with the launch, price talk on the term loan B was announced, according to a market source.

The $650 million six-year term loan B is talked at Libor plus 600 bps to 625 bps with a 1.25% Libor floor, an original issue discount of 99 and 101 soft call protection for one year, the source remarked.

Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC and Jefferies & Co. are leading the $725 million senior secured credit facility (B2), which also includes a $75 million revolver.

Commitments are due at 5 p.m. ET on Feb. 7.

Proceeds, along with $300 million of senior secured notes and cash on hand, will refinance existing bank debt, including a roughly $955 million term loan.

FairPoint is a Charlotte, N.C.-based communications provider of broadband internet access, local and long-distance phone, television and other high-capacity data services.

ServiceMaster seeks loan

ServiceMaster hosted a call in the afternoon to launch a $2.253 billion term loan (B+) due Feb. 28, 2017 that is talked at Libor plus 325 bps with no Libor floor, an original issue discount of 99¼ to 99½ and 101 soft call protection for one year, according to a market source.

J.P. Morgan Securities LLC is leading the deal that will be used to refinance a roughly $1.2 billion non-extended term loan due July 2014 and a roughly $1 billion extended term loan due January 2017.

Closing is expected around Feb. 11.

ServiceMaster is a Memphis-based provider of maintenance services to residential and commercial customers.

Kronos comes to market

Kronos held a call in the afternoon to launch a $1.21 billion first-lien covenant-light term loan due October 2019 with talk of Libor plus 325 bps with a 1% Libor floor, a par offer price and 101 repricing protection for six months, according to a market source.

Proceeds will be used to refinance the existing term loan that is priced at Libor plus 425 bps with a 1.25% Libor floor, and existing lenders will get paid out at 101.

Commitments are due at 5 p.m. ET on Tuesday, the source added.

Credit Suisse Securities (USA) LLC is the sole lead arranger on the deal, and a bookrunner with Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC.

Kronos is a Chelmsford, Mass.-based provider of workforce management software.

Party City holds call

Party City held its lender call on Thursday, launching the repricing of its roughly $1.1 billion term loan with talk of Libor plus 300 bps to 325 bps with a 1% Libor floor and a par offer price, according to a market source.

The term loan was done last year at pricing of Libor plus 450 basis points with a 1.25% Libor floor.

Lead banks, Deutsche Bank Securities Inc. and Bank of America Merrill Lynch, are asking for commitments by Feb. 7, the source added.

Party City is a Rockaway, N.J.-based designer, manufacturer and distributor of party goods, including paper and plastic tableware, metallic balloons, accessories, novelties, gifts and stationery.

Hillman details surface

Hillman launched a $389.2 million senior secured term loan due May 31, 2017 with talk of Libor plus 300 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 refinance a $312.4 million term loan B and a $76.8 million delayed-draw term loan, both due May 31, 2016 and priced at Libor plus 350 bps with a 1.5% Libor floor, and combine the debt into a single fungible tranche, the source said.

Lead banks, Barclays, GE Capital and Morgan Stanley Funding Inc., are asking for commitments by 5 p.m. ET on Feb. 7.

Senior secured leverage is 3.4 times and net total leverage is 5.4 times.

Hillman is a Cincinnati-based distributor of fasteners, key duplication systems, engraved tags and related hardware items.

Sage term loan

Sage Products held a lender call on Thursday, launching a $380 million covenant-light first-lien term loan due December 2019 with talk of Libor plus 300 bps to 325 bps with a 1% Libor floor, a par offer price and 101 soft call protection until Dec. 13, 2019, according to a market source.

Barclays and Deutsche Bank Securities Inc. are leading the deal that will be used to refinance the existing first-lien term loan priced at Libor plus 400 bps with a 1.25% Libor floor.

Commitments are due at 5 p.m. ET on Tuesday.

First-lien leverage is 4 times and total leverage is 6.1 times.

Sage Products is a Cary, Ill.-based healthcare products manufacturer specializing in skin hygiene products to help prevent or stop infections in medical settings.

Dunkin' reveals guidance

Dunkin' Brands launched its $100 million revolver due February 2018 with talk of Libor plus 250 bps, and its $1.853 billion term loan due February 2020 with talk of Libor plus 250 bps to 275 bps with a 1% Libor floor, an original issue discount of 99¾ and 101 soft call protection for six months, according to a market source.

Barclays is the bookrunner on the $1,953,000,000 senior secured credit facility, for which commitments are due at 5 p.m. ET on Feb. 7 and closing is targeted for the week of Feb. 11.

Proceeds will be used to refinance a $100 million revolver due Nov. 23, 2015 and a $1,853,000,000 term loan due Nov. 23, 2017 that is priced at Libor plus 300 bps with a 1% Libor floor.

Dunkin' Brands is a Canton, Mass.-based franchisor of quick-service restaurants serving hot and cold coffee and baked goods as well as hard-serve ice cream.

iStar launches

iStar Financial Inc. launched with a call on Thursday its roughly $1.7 billion term loan due October 2017 at previously outlined talk of Libor plus 350 bps with a 1% Libor floor, a par offer price and 101 soft call protection through Dec. 31, 2013, a source said.

Proceeds are being used to refinance/reprice an existing term loan that is priced at Libor plus 450 bps with a 1.25% Libor floor.

Existing lenders will get paid out at 101.

J.P. Morgan Securities LLC, Barclays and Bank of America Merrill Lynch are leading the deal.

iStar is a New York-based fully integrated finance and investment company focused on the commercial real estate industry.

NBTY refinancing

NBTY set a conference call for 9 a.m. ET on Friday to launch a refinancing of its senior secured credit facility, a market source said, and the company disclosed in an 8-K filed with the Securities and Exchange Commission, that the portion of the facility that it is looking to replace is the term loan.

Barclays, Bank of America Merrill Lynch and Credit Suisse Securities (USA) LLC are the lead banks on the deal.

NBTY is a Ronkonkoma, N.Y.-based manufacturer, marketer, distributor and retailer of vitamins and nutritional supplements.

Centaur joins calendar

Centaur Gaming emerged with plans to hold a bank meeting at 12:30 p.m. ET in New York on Monday to launch a $665 million credit facility that is being led by Goldman Sachs & Co. and Deutsche Bank Securities Inc., according to a market source.

The facility consists of a $20 million five-year revolver (B1/B+), a $460 million six-year first-lien term loan B (B1/B+) and a $185 million seven-year second-lien term loan (Caa1/CCC+), the source said.

Proceeds will fund the roughly $500 million purchase of Indiana Grand Casino and Indiana Downs racetrack and refinance existing debt.

Centaur is the owner and operator of Hoosier Park Racing & Casino, a casino and racetrack located near Indianapolis.

Colfax plans deal

Colfax will hold a call on Feb. 7 to launch a Deutsche Bank Securities Inc.-led $1.83 billion credit facility that will refinance and reprice existing bank debt, according to a market source.

The facility includes a $500 million revolver, which is being upsized from a current amount of $300 million. This tranche is talked at Libor plus 250 bps.

There is also a $333 million term loan A-1, which includes a $150 million add-on, and a $456 million term loan A-2. Both of these loans are due January 2017, talked at Libor plus 250 bps, down from Libor plus 300 bps currently, and are offered with a 25 bps fee for rollover commitments and a 37.5 bps fee for new lenders, the source said.

Rounding out the deal is a $541 million term loan B, which is a roughly $350 million reduction from the current term loan B size, due January 2019 that is talked at Libor plus 250 bps to 275 bps, with a 0.75% Libor floor, a par offer price and 101 soft call protection for six months. Pricing on this debt is coming down from Libor plus 350 bps with a 1% Libor floor.

Commitments are due on Feb. 11.

Colfax is a Fulton, Md.-based designer, manufacturer and marketer of fluid handling products.

Cinedigm readies loan

Cinedigm Digital Cinema scheduled a call for Monday to launch a roughly $130 million five-year term loan that is talked at Libor plus 300 bps with a Libor floor that is still to be determined, according to a market source.

Societe Generale is leading the loan.

Through this transaction, the company is raising about $40 million in new money to repay some mezzanine debt and repricing about $90 million of existing term loan debt from Libor plus 350 bps with a 1.75% Libor floor while extending the maturity from May 2016.

The new money will be offered at an original issue discount that is still to be determined, the source added.

Cinedigm is a Morristown, N.J.-based company that converts movie theaters into digital and networked entertainment centers.

Weather Channel repricing

Weather Channel will host a call on Monday to launch a repricing of its roughly $1.6 billion term loan B from Libor plus 325 basis points with a 1% Libor floor, according to a market source.

Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. and J.P. Morgan Securities LLC are leading the transaction.

Weather Channel is an Atlanta-based media company devoted to bringing weather news via television, internet and mobile devices.

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