Secondary sees surge of deals break, while primary overrun by revisions and launches

By Sara Rosenberg

New York, Feb. 14 - TNS Inc., Advantage Sales & Marketing Inc., WASH Multifamily Laundry Systems, Cinedigm Digital Cinema Corp., American Renal Holdings Inc., Edmentum Inc. (Plato Learning), MultiPlan Inc., Blue Buffalo Co., NuSil Technology and Mirion Technologies all made their way into the secondary market on Thursday.

In the primary, Centaur Gaming tightened spreads and the original issue discounts on both its first- and second-lien term loans, Tube City IMS Corp. increased pricing while extending the call protection on its deal, and TransDigm Inc. boosted the coupon on its loan.

Also, Integra Telecom Holdings Inc. upsized its first-lien term loan while trimming the spread and adding a step-down, and downsized its second-lien term loan while lowering pricing and tightening the original issue discount.

Additionally, Select Medical Corp. increased the size of its incremental loan and firmed pricing at the low end of guidance, MEG Energy Corp. raised pricing and sweetened the call premium, Iasis Healthcare LLC revised call protection on its deal, and AmWINS Group Inc. accelerated its commitment deadline.

Furthermore, Verint Systems Inc., Payless ShoeSource (Collective Brands Inc.), Phillips Plastics Corp., FLY Leasing Ltd. and Hamilton Lane released talk with launch, and eResearchTechnology Inc., Internet Brands Inc., Pro Mach Inc. and Metaldyne LLC joined the forward calendar.

TNS begins trading

TNS' credit facility freed up for trading on Thursday, with the $540 million covenant-light first-lien term loan (B1/BB-) quoted at par bid, par 3/8 offered, and the $100 million covenant-light second-lien term loan (Caa1/B) quoted at par ½ bid, according to a trader.

Pricing on the first-lien term loan is Libor plus 400 basis points with a 1% Libor floor, and it was sold at an original issue discount of 99. There is 101 soft call protection for one year.

The second-lien term loan is priced at Libor plus 800 bps with a 1% Libor floor, and was sold at 981/2. There is call protection of 102 in year one and 101 in year two.

During syndication, the first-lien term loan was flexed from Libor plus 425 bps, the second-lien loan was flexed from Libor plus 825 bps, the floor on both tranches was cut from 1.25% and the discount on the second-lien was revised from 98.

The company's $690 million senior secured credit facility also provides for a $50 million revolver (B1/BB-).

TNS being acquired

Proceeds from TNS' credit facility, along with equity, will be used to fund its buyout by Siris Capital Group for $21 per share in cash and to refinance existing debt. The transaction is valued at about $862 million.

SunTrust Robinson Humphrey Inc. and Macquarie Capital (USA) Inc. are joint lead arrangers on the deal and bookrunners with Fifth Third Bank and KeyBanc Capital Markets LLC.

Closing is expected this quarter, subject to customary conditions, including the receipt of stockholder approval and the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.

TNS is a Reston, Va.-based provider of data communications and interoperability services.

Advantage Sales frees up

Advantage Sales & Marketing's term loans hit the secondary market, with the $907.5 million first-lien term loan (including a $50 million add-on) (Ba3/B+) due December 2017 quoted at par ¼ bid, par ¾ offered, and the $300 million second-lien term loan (Caa1/B-) due June 2018 quoted at par ¼ bid, 101 offered, according to a market source.

Pricing on the first-lien loan is Libor plus 325 bps with a 1% Libor floor. The add-on was sold at an original issue discount of 99½ and the remainder was sold at par. There is 101 soft call protection for one year.

The second-lien term loan is priced at Libor plus 725 bps with a 1% Libor floor, and was issued at par. This tranche also has 101 soft call protection for one year.

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and UBS Securities LLC are leading the $1,207,500,000 of covenant-light term loans that are being used to refinance existing bank debt.

Advantage Sales is an Irvine, Calif.-based sales and marketing agency.

WASH wraps 101

WASH Multifamily Laundry Systems' $365 million U.S. first-lien term loan broke, with levels quoted at par ¾ bid, 101¼ offered, according to a trader.

Pricing on the term loan, as well as on a C$5 million revolver, a $50 million revolver and a C$60 million first-lien term loan, is Libor plus 400 bps with a 1.25% Libor floor, and the tranches were sold at a discount of 993/4. The term loans have 101 soft call protection for six months.

During syndication, the U.S. first-lien term loan was upsized from $318 million, the Canadian revolver was downsized from C$10 million, pricing on all tranches was reduced from Libor plus 475 bps, the discounts were changed from 99, and the soft call on the term loans was shortened from one year.

Also, the company is getting a $78 million second-lien term loan that was cut from $125 million.

GE Capital Markets and Fifth Third Securities Inc. are leading the deal (B2/B-) that will be used to refinance existing debt and fund an acquisition.

WASH is an El Segundo, Calif.-based provider of laundry facilities management services.

Cinedigm hits secondary

Cinedigm Digital Cinema's roughly $130 million five-year term loan also began trading, with levels quoted at par bid, par ½ offered, according to a source.

Pricing on the loan is Libor plus 275 bps with a 1% Libor floor. The $40 million of new money raised was sold at a discount of 99¾ and the remainder was issued at par.

During syndication, pricing was reduced from Libor plus 300 bps and the discount on the new money was tightened from 991/2.

Proceeds from the Societe Generale-led deal will be used to reprice 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, and the new money will be used to repay some mezzanine debt.

Lenders are getting a 25 bps amendment fee that was revised from 50 bps earlier.

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

American Renal allocates

American Renal's credit facility also allocated, and the $400 million 61/2-year covenant-light first-lien term loan (Ba3) freed up at par bid, par ½ offered, while the $240 million seven-year covenant-light second-lien term loan (Caa1) freed up at par bid, 101 offered, a trader said.

Pricing on the first-lien term loan is Libor plus 325 bps with a 1.25% Libor floor, and it was sold at an original issue discount of 991/2, and pricing on the second-lien loan is Libor plus 725 bps with a 1.25% Libor floor and it sold at a discount of 981/2.

The first-lien loan has 101 soft call protection for one year, and the second-lien loan has call protection of 103 in year one, 102 in year two and 101 in year three.

The company's $690 million senior credit facility also includes a $50 million revolver (Ba3).

Bank of America Merrill Lynch, Wells Fargo Securities LLC, Barclays and Deutsche Bank Securities Inc. are leading the deal that will be used to refinance existing debt and fund a dividend.

American Renal is a Beverly, Mass.-based owner and provider of outpatient kidney dialysis services.

Edmentum starts trading

Edmentum's roughly $229.4 million first-lien term loan due May 2018 broke too, with levels quoted at par ¼ bid, par ¾ offered, according to a market source.

The term loan is priced at Libor plus 475 bps with a 1.25% Libor floor. Of the total term loan amount, there is $10 million in new money that was sold at an original issue discount of 99 and the remaining funds were issued at par. There is 101 repricing protection for one year.

Credit Suisse Securities (USA) LLC and Jefferies & Co. are leading the deal that will be used to refinance existing bank debt.

With this transaction, existing first-lien term loan lenders are getting paid out at 101.

Edmentum is a Minneapolis-based provider of online curriculum.

MultiPlan bid above issue

MultiPlan's roughly $1.03 billion senior secured term loan due August 2017 began trading, with the paper seen at par ¼ bid, according to a market source.

Pricing on the loan is Libor plus 300 bps with a 1% Libor floor, and it was issued at par. There is 101 soft call protection for one year.

Recently, pricing on the loan was increased from talk of Libor plus 250 bps to 275 bps and the call protection was extended from six months.

Proceeds are being used to refinance/reprice an existing term loan that is priced at Libor plus 325 bps with a 1.5% Libor floor.

Barclays, Credit Suisse Securities (USA) LLC and BofA Merrill Lynch are leading the deal.

Senior secured leverage is 2.7 times, and total leverage is 4.4 times.

MultiPlan is a New York-based provider of health care cost management services.

Blue Buffalo frees

Blue Buffalo's credit facility broke, with the $400 million term loan B due August 2019 quoted at par bid, 101 offered, according to a trader.

Pricing on the loan is Libor plus 375 bps with a 1% Libor floor. The loan has 101 soft call protection through December 2013.

The company's $440 million senior secured credit facility also includes a $40 million revolver due August 2017.

Proceeds are being used to reprice an existing credit facility from Libor plus 525 bps, and the floor on the term loan B is being taken down from 1.25%.

Citigroup Global Markets Inc. and Morgan Stanley Senior Funding Inc. are the lead banks on the deal.

Blue Buffalo is a Wilton, Conn.-based pet food company.

NuSil tops par

NuSil Technology's $125 million first-lien covenant-light add-on term loan due April 2017 freed up as well, with levels quoted at par ½ bid, according to a market source.

Pricing on the add-on is Libor plus 400 bps (with step-downs) with a 1.25% Libor floor, and it was issued at par. There is 101 soft call protection for six months.

Recently, the add-on was upsized from $100 million and the offer price was changed from 991/2.

Credit Suisse Securities (USA) LLC, Jefferies & Co. and Barclays are the lead banks on the deal.

Proceeds will be used to fund a dividend.

NuSil is a Carpinteria, Calif.-based manufacturer of silicone-based materials for the health care, aerospace, electronics and photonics industries.

Mirion breaks

Another deal to make it way into the secondary was Mirion Technologies, with its $80 million first-lien add-on term loan (B2/B) due March 2018 quoted at par ½ bid, a source said.

Pricing on the add-on is Libor plus 500 bps with a 1.25% Libor floor, and it was sold at an original issue discount of 991/2.

The spread and floor match existing term loan pricing, and the add-on has the same 101 soft call protection through March 2013 as the existing loan.

During syndication, the add-on was upsized from $70 million and the discount was revised from 99.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to fund a share repurchase.

Mirion is a San Ramon, Calif.-based provider of mission-critical products to detect, monitor and identify radiation.

Centaur flexes down

Over in the primary, Centaur Gaming trimmed pricing on its $460 million six-year first-lien term loan B (B1/B+) to Libor plus 400 bps from Libor plus 450 bps, and cut the original issue discount to 99½ from 99, while keeping the 1.25% Libor floor and 101 soft call protection for one year intact, according to market sources.

Additionally, pricing on the $185 million seven-year second-lien term loan (Caa1/CCC+) was reduced to Libor plus 750 bps from Libor plus 825 bps and the discount was revised to 99 from 98, sources said. This tranche still has a 1.25% Libor floor and call protection of 103 in year one, 102 in year two and 101 in year three.

The company's $665 million credit facility also includes a $20 million five-year revolver (B1/B+).

Recommitments were due by the end of the day on Thursday.

Goldman Sachs & Co. and Deutsche Bank Securities Inc. are leading the deal that will fund the roughly $500 million purchase of Indiana Grand Casino and Indiana Downs racetrack and refinance debt.

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

Tube City revises deal

Tube City lifted pricing on its $300 million term loan B due March 2019 to Libor plus 375 bps from Libor plus 325 bps and extended the 101 soft call protection to one year from six months, according to a market source. The 1% Libor floor and par offer price were unchanged.

Recommitments were due by 5 p.m. ET on Thursday.

J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch and Wells Fargo Securities LLC are leading the deal that will be used to reprice an existing term loan B due March 2019 from Libor plus 450 bps with a 1.25% Libor floor.

Tube City is a Glassport, Pa.-based provider of outsourced industrial services to steel mills.

TransDigm ups pricing

TransDigm lifted the spread on its $2.2 billion seven-year first-lien covenant-light term loan to Libor plus 300 bps from Libor plus 275 bps, according to sources, who said the 0.75% Libor floor, par offer price and 101 repricing protection for one year were unchanged.

The company's $2.51 billion credit facility (BB-) also includes a $310 million five-year revolver.

Recommitments were due on Thursday, sources added.

Credit Suisse Securities (USA) LLC, UBS Securities LLC, Morgan Stanley Senior Funding Inc. and Citigroup Global Markets Inc. are leading the deal that will refinance an existing credit facility, including a $2.2 billion term loan that is priced at Libor plus 300 bps with a 1% Libor floor.

TransDigm is a Cleveland-based maker of aircraft components.

Integra restructures

Integra Telecom increased its first-lien term loan (B2) to $585 million from $555 million, trimmed pricing to Libor plus 475 bps from Libor plus 525 bps and added a step-down to Libor plus 450 bps at net first-lien leverage of 2.5 times, according to market sources. The 1.25% Libor floor, original issue discount of 99 and 101 soft call protection for one year were unchanged.

Furthermore, the second-lien term loan (Caa2) was downsized to $200 million from $225 million, pricing was reduced to Libor plus 850 bps from talk of Libor plus 900 bps to 950 bps and the original issue discount was moved to 99 from talk of 98 to 981/2, sources said. There is still a 1.25% Libor floor and the debt is still non-callable for one year, then at 102 in year two and 101 in year three.

The company's now $845 million credit facility also includes a $60 million revolver (B2).

Integra lead banks

Bank of America Merrill Lynch and Morgan Stanley Senior Funding Inc. are the lead banks on Integra's deal, with Bank of America the left lead on the first-lien loan and Morgan Stanley the left lead on the second-lien loan.

Recommitments were due at 5 p.m. ET on Thursday, sources added.

Proceeds will be used by the Portland, Ore., fiber-based telecommunications carrier to refinance existing debt.

Select Medical updates deal

Select Medical lifted its incremental term loan B (B1/B+) due 2016 to $300 million from $250 million and set pricing at Libor plus 325 bps, the tight end of the Libor plus 325 bps to 350 bps talk, a source said. There is still no Libor floor, an original issue discount of 99½ and 101 soft call protection for six months.

Commitments for the J.P. Morgan Securities LLC-led deal were due on Thursday.

Proceeds will be used to call the company's 7 5/8% senior subordinated notes due 2015 and Libor plus 575 bps floating-rate HoldCo notes due 2015, and, as a result of the upsizing, to pay down revolver debt.

Select Medical is a Mechanicsburg, Pa.-based operator of specialty hospitals and outpatient rehabilitation clinics.

MEG modifications emerge

MEG Energy changed pricing on its $987.5 million senior secured covenant-light term loan (Ba1) due March 2020 to Libor plus 275 bps from Libor plus 225 bps and extended the 101 soft call protection to one year from six months, according to a market source. The 1% Libor floor and par offer price were left intact.

Recommitments are due at noon ET on Friday.

Barclays is leading the deal that will be used to reprice the existing term loan from Libor plus 300 bps with a 1% Libor floor and extend the maturity from March 2018.

Leverage is 1.9 times.

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

Iasis sweetens call

Iasis Healthcare extended the 101 soft call protection on its roughly $1 billion term loan B to one year from six months, according to a market source.

Also, pricing on the loan is expected to firm at Libor plus 325 basis points, the wide end of the Libor plus 300 bps to 325 bps talk, the source said.

The loan has a 1.25% Libor floor and a par offer price.

Proceeds will be used to reprice an existing term loan from Libor plus 375 bps with a 1.25% Libor floor.

Bank of Americe Merrill Lynch is leading the deal.

Iasis is a Franklin, Tenn.-based owner and operator of medium-sized acute care hospitals.

AmWINS moves deadline

AmWINS Group accelerated the commitment deadline on its $715 million first-lien covenant-light term loan (B) due February 2020 to 5 p.m. ET on Thursday from Friday, according to a market source.

The loan is talked at Libor plus 375 bps with a 1.25% Libor floor and an original issue discount of 991/2, and has 101 repricing protection for one year.

Credit Suisse Securities (USA) LLC is leading the deal.

Proceeds will be used to reprice and extend the existing first-lien term loan due June 2019, which is currently sized at $394 million and priced at Libor plus 450 bps with a 1.25% Libor floor, and to refinance a second-lien term loan.

AmWINS is a Charlotte, N.C.-based specialty insurance broker.

Verint comes to market

In more primary happenings, Verint Systems held a call in the afternoon to launch an $850 million credit facility that consists of a $200 million five-year revolver and a $650 million 61/2-year covenant-light first-lien term loan, according to a market source.

The term loan is talked at Libor plus 300 bps with a 1% Libor floor and an original issue discount of 991/2, and includes 101 repricing protection for one year, the source remarked.

Credit Suisse Securities (USA) LLC, RBC Capital Markets LLC, Deutsche Bank Securities Inc., HSBC and Barclays are leading the deal, for which commitments are due on Feb. 28.

Proceeds will be used to refinance an existing credit facility.

Verint is a Melville, N.Y.-based provider of actionable intelligence and value-added services.

Payless sets talk

Payless ShoeSource launched its $175 million add-on term loan B due Oct. 9, 2019 with talk of Libor plus 550 bps to 600 bps with a 1.25% Libor floor, a par offer price and 101 soft call protection for one year, according to a market source.

The add-on and the existing term loan B will be fungible. Existing term loan B pricing is Libor plus 600 bps with a 1.25% Libor floor, so if the add-on prices lower than that, the existing term loan B will be repriced to match, the source said.

Morgan Stanley Senior Funding Inc., Jefferies Finance LLC and MCS Capital Markets LLC are leading the deal that will be used to fund a return of capital to shareholders.

Net leverage is 2.5 times.

Payless, a Topeka, Kan.-based specialty family footwear retailer, is seeking commitments by Feb. 21, the source added.

Phillips Plastics guidance

Phillips Plastics launched its $271.9 million four-year term loan with talk of Libor plus 350 bps with a 1.25% Libor floor, an original issue discount of 99½ for new money and 101 soft call protection for one year, according to a market source.

Existing lenders are being offered a 25 bps amendment fee, the source continued.

The company's $316.9 million senior credit facility, for which commitments are due on Feb. 26, also includes a $45 million 31/2-year revolver.

GE Capital Markets and BNP Paribas Securities Corp. are leading the deal that will be used to refinance existing senior and mezzanine debt.

Leverage is 4 times senior and total.

Phillips Plastics is a Hudson, Wis.-based outsource provider of design and manufacturing services to the commercial and medical device and drug delivery markets.

FLY details surface

FLY Leasing held its call in the afternoon, launching a repricing of its roughly $385 million term loan due August 2018 with talk of Libor plus 350 bps to 375 bps with a 1.25% Libor floor, a par offer price and 101 soft call protection for one year, according to a market source.

By comparison, current pricing on the term loan is Libor plus 450 bps with a 1.25% Libor floor.

Lead banks, Citigroup Global Markets Inc., BNP Paribas Securities Corp., Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc. and RBC Capital Markets, are asking for commitments by Feb. 21.

FLY is an aircraft lessor with corporate offices in Dublin, Ireland and San Francisco.

Hamilton Lane repricing

Hamilton Lane launched a repricing of its $154 million term loan that is talked at Libor plus 400 bps with a 1.25% Libor floor, versus current pricing of Libor plus 500 bps with a 1.5% Libor floor, according to a market source.

The repriced loan has 101 soft call protection for one year, the source said.

Lead bank, Goldman Sachs & Co., is asking for commitments by Feb. 21.

Hamilton Lane is a financial institution that provides discretionary and non-discretionary private equity asset management services.

eResearch readies loan

eResearch set a bank meeting for 1 p.m. ET in New York on Tuesday to launch a $220 million first-lien term loan due May 2, 2018 that is being talked at Libor plus 475 bps with a 1.25% Libor floor, an original issue discount of 99 to 99½ and 101 repricing protection for one year, according to a market source.

Credit Suisse Securities (USA) LLC and Jefferies Finance LLC are leading the deal.

Proceeds will be used to refinance existing bank debt, and existing lenders will get paid out at 101 with the transaction, the source said.

Commitments are due on March 5.

eResearchTechnology is a Philadelphia-based technology-driven provider of health outcomes research services and customizable medical devices.

Internet Brands meeting

Internet Brands scheduled a bank meeting for 10:30 a.m. ET on Wednesday to launch a $380 million credit facility that is being led by RBC Capital Markets, Bank of America Merrill Lynch and GE Capital Markets, according to a market source.

The facility consists of a $50 million five-year revolver and a $330 million seven-year term loan, the source said.

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

Internet Brands is an El Segundo, Calif.-based consumer-facing internet media company.

Pro Mach add-on

Pro Mach will host a lender call at 9:30 a.m. ET on Friday to launch an add-on to its term loan B due July 16, 2017, as well as an amendment to its existing senior secured credit facility, according to a market source.

The existing facility is comprised of a $55 million revolver due July 16, 2016, and a $245 million term loan B that is priced at Libor plus 375 bps with a 1.25% Libor floor and has 101 soft call protection through Oct. 5, 2013.

Barclays is leading the deal.

Pro Mach is a Loveland, Ohio-based provider of packaging machinery services and related aftermarket products to clients in the food, beverage, household goods and pharmaceutical industries.

Metaldyne on deck

Metaldyne set a call for Friday morning to launch a repricing of its $415 million term loan B from Libor plus 475 bps with a 1.25% Libor floor, according to a market source.

Bank of America Merrill Lynch is leading the deal.

Metaldyne is a Plymouth, Mich.-based designer and supplier of metal-formed components and assemblies for powertrain applications.

Tervita closes

In other news, Tervita Corp. closed on its credit facility, according to a news release. It consists of a $750 million first-lien secured term loan B (B2/B-) and a C$300 million revolver (Ba3).

Pricing on the term loan B is Libor plus 500 bps with a 1.25% Libor floor, and it was sold at an original issue discount of 99. There is 101 soft call protecttion for one year.

During syndication, the term loan B was upsized from $500 million and pricing was cut from talk of Libor plus 525 bps to 550 bps.

Proceeds were used to help refinance an existing senior secured credit facility.

Other funds for the transaction came from $850 million of senior secured notes, which were downsized from $1.1 billion when the term loan B was upsized.

RBC Capital Markets, Goldman Sachs & Co., Deutsche Bank Securities Inc. and TD Bank led the credit facility.

Tervita is a Calgary-based environmental management company for the oil and gas industry.

Dunkin' wraps refi

Dunkin' Brands Inc. completed its $1,953,000,000 senior secured credit facility, a news release said, that consists of a $100 million revolver due February 2018 and a $1,853,000,000 term loan due February 2020.

Pricing on the term loan is Libor plus 275 bps, after firming recently at the wide end of the Libor plus 250 bps to 275 bps talk. There is a 1% Libor floor and 101 soft call protection for six months, and it was sold at an original issue discount of 993/4.

Barclays led the deal that was 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.

FairPoint completes deal

FairPoint Communications Inc. closed on its $715 million senior secured credit facility (B2/B) comprised of a $75 million revolver and a $640 million six-year term loan B, according to a news release.

The revolver is priced at Libor plus 550 bps and pricing on the B loan is Libor plus 625 bps with a 1.25% Libor floor, and it was sold at a discount of 99. The term B has hard call protection of 103 in year one, 102 in year two and 101 in year three.

Changes made to the term B during syndication included downsizing the loan from $650 million, firming pricing at the high end of the Libor plus 600 bps to 625 bps guidance, and beefing up call protection from just 101 soft call for one year.

Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC and Jefferies & Co. led the deal that was used to help 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.

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