Syniverse, Wendy's break; North American Bancard tweaks discount; NGPL sets size, talk

By Sara Rosenberg

New York, April 20 - Syniverse Technologies' credit facility freed up for trading on Friday, with the covenant-light term loan B seen above its original issue discount price, and Wendy's International Inc. hit the secondary too.

Moving to the primary, North American Bancard tightened the original issue discount on its term loan due to strong investor demand, and allocations are targeted to go out within the next few days.

Also, NGPL PipeCo LLC revealed structure and price talk on its credit facility that was launched to lenders during the session, EVO Payments International started distributing guidance on its upcoming deal, and Hoffmaster Group Inc. is getting ready to bring a repricing and add-on transaction to market.

Syniverse frees up

Syniverse Technologies' credit facility emerged in the secondary market on Friday, with the $950 million seven-year covenant-light term loan B quoted at 99½ bid, par ½ offered on the break and then it moved to 99 5/8 bid, par 3/8 offered, according to sources.

Pricing on the B loan is Libor plus 375 basis points 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.

The coupon was flexed up from Libor plus 350 bps and the discount widened from 99½ during the syndication process.

Also included in the company's $1.1 billion credit facility (BB-) is a $150 million five-year revolver.

Syniverse repaying debt

Proceeds from Syniverse's credit facility will be used to refinance an existing credit facility that was done in connection with the company's early 2011 buyout by the Carlyle Group.

At close, the existing deal consisted of a $150 million revolver and a $1.025 billion term loan, both priced at Libor plus 375 bps with a 1.5% Libor floor. The term loan was sold at an original issue discount of 99, while the revolver was sold at 981/2.

Barclays Capital Inc., Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are the lead banks on the new deal.

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

Wendy's begins trading

Wendy's International's credit facility also freed up, with the $1.125 billion seven-year term loan B quoted at 99¾ bid, par 1/8 offered on the open and then it rose to par 1/8 bid, par ½ offered, according to a trader.

Pricing on the B loan is Libor plus 350 bps, after firming recently at the low end of the Libor plus 350 bps to 375 bps talk. There is a 1.25% Libor floor and 101 soft call protection for one year, and the debt was sold at an original issue discount of 99.

The Dublin, Ohio-based quick-service hamburger chain's $1.325 billion senior secured credit facility (B1/BB-), which is expected to close on May 15, also includes a $200 million five-year revolver.

Bank of America Merrill Lynch and Wells Fargo Securities LLC are leading the deal that will be used to refinance an existing $150 million revolver and $500 million term loan B, to repurchase $565 million of 10% senior notes due 2016 and for general corporate purposes.

North American Bancard OID

Over in the primary, North American Bancard changed the original issue discount on its $150 million six-year term loan to 98½ from 98, while leaving pricing at Libor plus 550 bps with a 1.5% Libor floor and the 101 repricing protection for one year intact, according to a market source.

The company's $160 million credit facility (Ba3/BB+) also provides for a $10 million five-year revolver that is priced at Libor plus 550 bps with a 1.5% Libor floor as well.

Allocations are hoped to go out in the beginning of the week of April 23, the source added.

Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. are the lead banks on the deal that will be used to repay existing debt and fund a dividend.

North American Bancard is a Troy, Mich.-based merchant acquirer for payment processing.

NGPL structure emerges

NGPL PipeCo held its bank meeting on Friday morning to launch its five-year credit facility (NA/BB-/BB-), at which time structure and price talk was announced, according to market sources.

The $675 million deal consists of a $75 million revolver and a $600 million term loan B, with both tranches talked at Libor plus 425 bps with a 1.25% Libor floor and an original issue discount of 981/2, sources said. The B loan has 101 soft call protection for one year.

Commitments are due the week of April 30, sources continued.

Credit Suisse Securities (USA) LLC, Barclays Capital Inc. and RBC Capital Markets LLC are the lead banks on the deal that will be used to fund the repurchase of some of the company's $1.25 billion of 6.514% senior notes due 2012 through a tender that expires on May 11 and for general corporate purposes.

NGPL is a Houston-based natural gas transportation and storage company.

EVO floats talk

EVO Payments surfaced with plans to hold a bank meeting on Wednesday to launch a $195 million five-year credit facility, and talk on the deal was released at Libor plus 250 bps with no Libor floor, a market source said.

The facility is comprised of a $115 million revolver and an $80 million term loan A, the source added.

SunTrust Robinson Humphrey Inc. and Fifth Third Securities Inc. are leading the deal that will be used to refinance existing debt.

EVO, a Melville, N.Y.-based credit card processor, will have leverage of roughly 2.2 times.

Hoffmaster coming soon

Hoffmaster also joined the calendar, as it will launch a repricing of its $235 million first-lien term loan and a $15 million add-on to the tranche on Monday, according to a market source.

Repricing talk is not yet available. Current pricing on the first-lien term loan is Libor plus 550 bps with a 1.5% Libor floor, and it was sold at an original issue discount of 98 when done in December 2011.

In connection with the repricing, 101 soft call protection for one year will be added to the first-lien term loan debt, the source said.

The company is getting a $23 million add-on second-lien term loan that has already been syndicated, the source continued.

GE Capital Markets, Jefferies & Co. and Macquarie Capital (USA) Inc. are the lead banks on the deal, and proceeds from the add-ons that will be used to pay down holdco debt.

Hoffmaster is an Oshkosh, Wis.-based producer of specialty disposable tabletop products.

TridentUSA still working

In other news, sources are hearing that TridentUSA Health Services' $175 million five-year first-lien term loan (Ba3) is fully circled, but its $100 million 51/2-year second-lien term loan (Caa1) is still in the process of being syndicated.

The first-lien term loan, along with a $50 million four-year revolver (Ba3), are being talked at Libor plus 525 bps with a 1.25% Libor floor and an original issue discount of 981/2, and there is 101 repricing protection on the term loan.

Meanwhile, the second-lien term loan is talked at Libor plus 900 bps with a 1.25% Libor floor and an original issue discount of 97, and is non-callable for one year, then at 103 in year two, 102 in year three and 101 in year four.

Credit Suisse Securities (USA) LLC, GE Capital Markets and Madison Capital are leading the $325 million deal that will be used by the Burbank, Calif.-based provider of bedside diagnostics services to refinance $120 million of existing debt and pay a roughly $140 million dividend.

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