RadNet, American Tire break; MultiPlan, Ennis, Presidio, Orient-Express revisions surface

By Sara Rosenberg

New York, March 19 - RadNet Inc.'s bank debt freed up for trading during Wednesday's market hours, with the new second-lien term loan and add-on first-lien term loan both seen trading above their original issue discount prices, and American Tire Distributors Inc. broke as well.

Moving to the primary, MultiPlan Inc. set pricing on its term loan B at the low end of talk, added a step-down, revised the original issue discount and sweetened the call protection, and Ennis Flint (Road Infrastructure Investment LLC) tightened spreads and offer prices on its first- and second-lien loans.

In addition, Presidio Inc. lifted the size of its term loan, while firming the spread and offer price, and Orient-Express Hotels Interfin Ltd. trimmed pricing on its U.S. and euro term loans and extended the soft call protection.

Furthermore, BRG Sports Inc. (Easton-Bell Sports Inc.), Eze Software Group, U.S. Renal Care Inc., Milacron LLC and AWAS came out with talk with launch, and Learfield Communications Inc. announced repricing plans.

RadNet starts trading

RadNet's loans hit the secondary market on Wednesday, with the $180 million seven-year second-lien covenant-light term loan (Caa1/CCC+) quoted at 99¼ bid, par ¼ offered and the $30 million tack-on first-lien term B (Ba3) due Oct. 10, 2018 quoted at 99 5/8 bid, par 1/8 offered, according to a trader.

Pricing on the second-lien term loan is Libor plus 700 basis points with a 1% Libor floor and it was sold at an original issue discount of 99. The debt is non-callable for one year, then at 102 in year two and 101 in year three.

The add-on first-lien term loan is priced at Libor plus 325 bps with a 1% Libor floor and was sold at a discount of 991/2. There is 101 soft call protection for six months.

Recently, the spread on the second-lien loan firmed at the wide end of the Libor plus 675 bps to 700 bps talk, and the issue price on the first-lien loan finalized at the low end of the 99¼ to 99½ talk.

RadNet repaying debt

Proceeds from RadNet's term loans will be used to refinance $200 million of the company's 10 3/8% senior unsecured notes due 2018.

Barclays, RBC Capital Markets, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and GE Capital Markets are leading the deal that is expected to close in April.

First-lien leverage is 3.5 times and second-lien leverage is 5 times.

RadNet is a Los Angeles-based owner and operator of fixed-site diagnostic imaging centers.

American Tire frees up

American Tire's $300 million senior secured covenant-light term loan (CCC+) due June 2018 began trading too, with levels seen at par ¼ bid, par ¾ offered, a trader said.

Pricing on the loan is Libor plus 475 bps with a step-down to Libor plus 450 bps at 4.5 times net total leverage. The debt has a 1% Libor floor and 101 hard call protection for one year, and was sold at a discount of 993/4.

During syndication, pricing on the loan was reduced from Libor plus 500 bps, the step-down was added and the discount was changed from 99.

Bank of America Merrill Lynch is leading the deal that will be used to help fund the acquisition of Terry's Tire Town Holdings Inc., an Alliance, Ohio-based tire distributor.

Closing is expected in late March or early April.

American Tire is a Huntersville, N.C.-based replacement tire distributor.

MultiPlan reworks loan

Over in the primary, MultiPlan firmed pricing on its $2.2 billion seven-year term loan B at Libor plus 300 bps, the low end of the Libor plus 300 bps to 325 bps talk, added a step-down to Libor plus 275 bps when first-lien leverage is 4.25 times, moved the discount to 99¾ from 99½ and pushed out the 101 soft call protection to one year from six months, according to a market source, who said the 1% Libor floor was unchanged.

Also, the MFN provision is now applicable to all incremental term loans, instead of applicable only to EBITDA Prong, the source remarked.

The company's $2,275,000,000 credit facility (B1/B) includes a $75 million five-year revolver as well.

Recommitments are due by 5 p.m. ET on Wednesday, the source added.

Senior secured leverage is 5 times and total leverage is 7.3 times.

Barclays and J.P. Morgan Securities LLC are leading the deal that will be used to help fund the buyout of the New York-based provider of health care cost management services by Starr Investment Holdings and Partners Group from Silver Lake and BC Partners and to refinance existing debt.

Ennis reverse flexes

Ennis Flint cuts pricing on its $390 million seven-year covenant-light first-lien term loan (B1/B) to Libor plus 325 bps from Libor plus 375 bps and revised the discount to 99¾ from 991/2, while keeping the 1% Libor floor and 101 soft call protection for six months intact, a source said.

Meanwhile, pricing on the $170 million 71/2-year covenant-light second-lien term loan (Caa1/CCC+) was trimmed to Libor plus 675 bps from Libor plus 725 bps and the discount was changed to 99½ from 981/2, the source continued, adding that the 1% Libor floor and call protection of 102 in year one and 101 in year two were left intact.

The company's $635 million credit facility also includes a $75 million revolver (B1/B).

Recommitments are due at 9 a.m. ET on Thursday.

Credit Suisse Securities (USA) LLC, RBC Capital Markets and Fifth Third Securities Inc. are leading the deal that will be used to refinance existing debt and fund a dividend.

Ennis Flint is a Thomasville, N.C.-based manufacturer and marketer of traffic safety and pavement marking products.

Presidio changes emerge

Presidio increased its senior secured term loan (B1/B+) due March 31, 2017 to $650 million from $600 million, firmed pricing at Libor plus 400 bps, the high end of the Libor plus 375 bps to 400 bps talk, and set the original issue discount on new money commitments at 991/2, the tight end of the 99 to 99½ talk, a market source said.

As before, the term loan has a par issue price for rollover commitments, a 1% Libor floor and 101 soft call protection for six months.

Recommitments were due at 5 p.m. ET on Wednesday, the source continued.

Barclays, Morgan Stanley Senior Funding Inc., PNC Bank and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to refinance existing debt and fund a one-time distribution to shareholders.

Presidio is a New York-based IT services firm.

Orient-Express tweaks deal

Orient-Express lowered the spread on its $345 million seven-year covenant-light term loan to Libor plus 300 bps from Libor plus 350 bps and on its €150 million seven-year covenant-light term loan to Euribor plus 325 bps from Euribor plus 375 bps, and pushed out the 101 soft call protection on the tranches to one year from six months, according to a market source.

Both term loans still have a 1% floor and an original issue discount of 991/2.

The company's credit facility (B3/BB) also includes a $105 million five-year multi-currency revolver.

Recommitments were due at 5 p.m. ET on Wednesday, the source added.

Barclays and J.P. Morgan Securities LLC are leading the deal that will refinance the company's existing capital structure, and will result in senior secured and total leverage of 5.5 times and net leverage of 4.2 times.

Orient-Express is an operator of luxury hotels, restaurants, trains, cruises and safaris.

BRG sets guidance

Also on the new deal front, BRG Sports came out with talk on its first- and second-lien term loans which launched on Wednesday with smaller than previously expected sizes, according to a market source.

The $205 million seven-year first-lien term loan B (B-) is talked at Libor plus 475 bps to 500 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year, and the $105 million eight-year second-lien term loan (CCC) is talked at Libor plus 850 bps to 875 bps with a 1% Libor floor, a discount of 981/2, and hard call protection of 102 in year one and 101 in year two, the source said.

Prior to the bank meeting, it was expected that the first-lien term loan would be sized at $215 million and the second-lien term loan would be sized at $110 million.

The company's $460 million senior credit facility also includes a $150 million five-year ABL revolver.

BRG lead banks

Morgan Stanley Senior Funding Inc. and J.P. Morgan Securities LLC are leading BRG's credit facility, for which commitments are due on April 2, the source added.

Proceeds from the new bank debt and asset sale proceeds will be used to help fund the repayment of the company's senior secured notes due in 2016 and a holdco facility.

Upon completion of these transactions, Easton-Bell Sports will be renamed BRG Sports.

Pro forma for the transaction, first-lien leverage will be 3.3 times, total leverage will be 5 times and net leverage will be 4.7 times.

BRG is a Van Nuys, Calif.-based designer, developer and marketer of sports equipment, protective products and related accessories.

Eze details surface

Eze Software held its call on Wednesday, launching a $380 million first-lien term loan (B+) due April 4, 2020 with talk of Libor plus 300 bps to 325 bps with a 1% Libor floor, an offer price of 99¾ to par and 101 soft call protection for six months, according to a market source.

The company also launched a $125 million second-lien term loan (CCC+) due April 4, 2021 with talk of Libor plus 625 bps to 650 bps with a 1% Libor floor, an offer price of 99¾ to par, and hard call protection of 102 in year one and 101 in year two, the source remarked.

Bank of America Merrill Lynch, Morgan Stanley Senior Funding Inc. and Deutsche Bank Securities Inc. are leading the $505 million of covenant-light term loans for which commitments are due at noon ET on March 26.

Proceeds will be used to refinance an existing first-lien term loan priced at Libor plus 325 bps with a 1.25% Libor floor and an existing second-lien term loan priced at Libor plus 725 bps with a 1.25% Libor floor.

Eze Software is a Boston-based provider of investment technology to support the front, middle and back office.

U.S. Renal reveals talk

U.S. Renal came out with discount talk of 99½ on its $225 million incremental first-lien term loan due July 3, 2019 and a par offer price on its $25 million incremental second-lien term loan due Jan. 3, 2020 that launched with a call during the session, a market source said. Second-lien lenders are offered a 25 bps amendment fee.

Pricing on the incremental first-lien term loan is Libor plus 325 bps with a 1% Libor floor and pricing on the incremental second-lien term loan is Libor plus 750 bps with a 1% Libor floor, in line with the existing first- and second-lien loan pricing.

With this transaction, the incremental and existing first-lien term loan will get 101 soft call protection for six months, while the second-lien is non-callable through August, then at 102 for a year and 101 for a year.

Barclays, RBC Capital Markets, Goldman Sachs Bank USA and SunTrust Robinson Humphrey Inc. are leading the $250 million of covenant-light term loans that will be used to fund a dividend.

U.S. Renal, a Plano, Texas-based provider of dialysis services, is asking for commitments by March 26.

Milacron holds call

Milacron hosted a call at 11 a.m. ET on Wednesday, launching a $343 million term loan talked at Libor plus 300 bps with a 1% Libor floor and 101 soft call protection for one year, according to a market source.

Of the total term loan amount, $100 million is an add-on that is offered at an original issue discount of 99½ to 99¾ and the remainder is a repricing of existing term loan debt from Libor plus 325 bps with a 1% Libor floor that is offered at par, the source said.

Proceeds from the add-on will be used to repurchase some notes and fund acquisitions.

J.P. Morgan Securities LLC is leading the deal for the Cincinnati-based provider of plastics processing technologies and industrial fluids.

AWAS revolver terms

AWAS held its New York bank meeting and came out with talk of Libor plus 225 bps with a 45 bps undrawn fee on its $300 million unsecured revolver, according to a market source.

Bank meetings for the revolver will also take place in Singapore on Thursday and in Taipei on Monday.

RBS Securities Inc., RBC Capital Markets, BNP Paribas Securities Corp. and DBS Bank are leading the deal that will be used for general corporate purposes.

AWAS is a Dublin-based aircraft leasing company.

Learfield repricing

Learfield Communications emerged with plans to hold a call at 11 a.m. ET on Thursday to launch a $280 million covenant-light first-lien term loan due October 2020 that will reprice an existing first-lien term loan from Libor plus 400 bps with a 1% Libor floor, according to a market source.

The repriced term loan will have 101 soft call protection for six months.

Lead bank, Deutsche Bank Securities Inc., will be asking for commitments by March 27, the source added.

Learfield is a Jefferson City, Mo.-based college sports multimedia rights marketing company.

Mallinckrodt closes

In other news, Mallinckrodt plc completed its roughly $1.4 billion acquisition of Cadence Pharmaceuticals Inc., a San Diego-based biopharmaceutical company, a news release said.

To help fund the transaction, Mallinckrodt go a new $1.55 billion credit facility (Ba2/BB+) consisting of a $250 million five-year revolver and a $1.3 billion seven-year covenant-light term loan B.

Pricing on the B loan is Libor plus 275 bps with a step-down to Libor plus 250 bps at 3.75 times net total leverage. There is a 0.75% Libor floor and 101 soft call protection for six months, and the debt was issued at an original issue discount of 993/4.

During syndication, the spread on the term loan B firmed at the tight end of the Libor plus 275 bps to 300 bps talk, the step-down was added and the discount was revised from 991/2.

Deutsche Bank Securities Inc., Barclays, Citigroup Global Markets Inc. and Wells Fargo Securities LLC led the deal for the Dublin-based specialty pharmaceutical and medical imaging business.

CEVA completes deal

CEVA Group plc, a London-based supply chain management company, closed on its credit facility that is helping to refinance existing bank and bond debt and pre-fund letters of credit, according to a news release.

The facility (B2/B-) consists of a $1,015,000,000 seven-year first-lien covenant-light term loan, of which $275 million is for a synthetic letter-of-credit facility, a €50 million seven-year first-lien covenant-light term loan and a $250 million five-year revolver.

Pricing on the U.S. and euro term loans is Libor plus 550 bps with a 1% floor and they were sold at a discount of 981/2. The tranches have soft call protection of 102 in year one and 101 in year two.

During syndication, the U.S. term loan was upsized from $875 million, the spread firmed at the tight end of revised talk of Libor plus 550 bps to 575 bps but up from initial talk of Libor plus 500 bps, the discount was changed from revised talk of 98 and initial talk of 99, the call protection was sweetened from a 101 soft call for six months, and the euro term loan was added to the capital structure.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc., UBS Securities LLC and Apollo led the deal.

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