NewPage, Web.com, Walter, Raven Power, Arch Coal, Village Roadshow, P2 Energy, Equinox break

By Sara Rosenberg

New York, Nov. 16 - NewPage Corp. lowered the coupon on its exit financing term loan and then freed up for trading on Friday, and Web.com Group Inc., Walter Investment Management Corp., Raven Power Finance, Arch Coal Inc., Village Roadshow Films (BVI) Ltd., P2 Energy Solutions Inc. and Equinox Holdings Inc. all broke as well.

Also in trading, Tribune Co.'s term loan B headed higher late in the day as news surfaced that the Federal Communications Commission approved requests by the company, paving the way for its emergence from Chapter 11.

In more loan happenings, Bass Pro Group LLC accelerated the commitment deadline on its term loan, Wesco Distribution Inc. lifted the coupon on its U.S. and euro term loans, Sports Authority Inc. pulled its deal and TransFirst LLC came out with structural details on its upcoming credit facility and a full list of lead banks.

NewPage flexes, breaks

NewPage trimmed pricing on its $500 million six-year term loan to Libor plus 650 basis points from talk of Libor plus 675 bps to 700 bps, and then the debt emerged in the secondary market on Friday afternoon with levels quoted at 98½ bid, 99½ offered, according to a market source.

As before, the loan has a 1.25% Libor floor and is non-callable for one year, then at 102 in year two and 101 in year three. The debt was issued at an original issue discount of 98 as initially planned.

The company's $850 million exit financing credit facility also provides for a $350 million five-year asset-based revolver that is priced at Libor plus 200 bps with a 37.5 bps unused fee.

Goldman Sachs & Co., J.P. Morgan Securities LLC, Barclays Capital Inc., Wells Fargo Securities LLC and UBS Securities LLC are leading the deal that will be used to finance distributions under the company's Chapter 11 plan and fund post-emergence working capital needs.

NewPage is a Miamisburg, Ohio-based producer of printing and specialty papers.

Web.com hits secondary

Web.com's credit facility began trading as well, with the $629.5 million first-lien term loan B due Oct. 27, 2017 quoted at 99 bid, 99½ offered on the open and then it moved to 99 bid, 99 3/8 offered, according to a trader.

Pricing on the term loan is Libor plus 425 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.

Recently, the term loan was upsized from roughly $570 million and the discount firmed at the wide end of the 99 to 99½ guidance.

Proceeds are being used to reprice an existing first-lien term loan from Libor plus 550 bps with a 1.5% Libor floor, and the additional $60 million raised through the upsizing are being used to pay down some of the company's roughly $120 million second-lien term loan.

J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., SunTrust Robinson Humphrey Inc., Goldman Sachs Lending Partners, Citigroup Global Markets Inc. and Wells Fargo Securities LLC are leading the deal for the Jacksonville, Fla.-based provider of internet services and online marketing services.

Walter tops OID

Walter Investment's credit facility started trading too, with the $700 million first-lien term loan quoted at 99½ bid, according to a market source.

Pricing on the term 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 repricing protection for one year.

During syndication, the term loan was upsized from $600 million and pricing was reduced from talk of Libor plus 475 bps to 500 bps.

The company's $825 million five-year senior secured credit facility (B1/B+) also includes a $125 million revolver that was increased from $100 million.

Credit Suisse Securities (USA) LLC and Morgan Stanley Senior Funding Inc. are leading facility that will be used to repay all borrowings under a roughly $444 million first-lien term loan and for working capital and general corporate purposes.

Walter Investment is a Tampa, Fla.-based asset manager, mortgage servicer and mortgage portfolio.

Raven frees up

Raven Power Finance's $175 million six-year first-lien term loan B also made its way into the secondary market, with levels quoted at 99 bid, par offered, according to a trader.

Pricing on the term loan B is Libor plus 600 bps with a 1.25% Libor floor, and it was sold at an original issue discount of 98. The debt is non-callable for one year, then at 102 in year two.

Recently, the loan was upsized from $150 million and pricing firmed at the low end of the Libor plus 600 bps to 650 bps talk.

UBS Securities LLC is leading the deal that will be used to help fund the purchase of three Maryland coal-fired power plants from Exelon for about $400 million.

Due to the term loan B upsizing, less equity will be used for the acquisition.

Raven Power, a portfolio company of Riverstone Holdings LLC, expects to close on the transaction this quarter.

Arch Coal starts trading

Another deal to free up was Arch Coal's $250 million incremental covenant-light senior secured term loan (Ba3) due 2018, with levels quoted at 99¾ bid, par ¼ offered, according to a trader.

Pricing on the loan is Libor pus 450 bps with a 1.25% Libor floor, in line with existing term loan pricing, and it was sold at a discount of 99.

Bank of America Merrill Lynch, PNC Capital Markets LLC, Morgan Stanley Senior Funding Inc., Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are leading the deal that will be used with $375 million of senior unsecured notes due 2019 for general corporate purposes.

The 9 7/8% notes offering had been upsized recently from $350 million and priced at 95.934 to yield 10¾%.

Completion of the new term loan would reduce the size of the company's revolver to $350 million from $600 million.

Arch Coal is a St. Louis-based coal producer and marketer.

Village seen above par

Village Roadshow Films' $600 million term loan B also hit the secondary, with levels quoted at par ¼ bid, par ¾ offered and then it moved to par ½ bid, 101 offered, according to a trader.

Pricing on the term loan is Libor plus 375 bps with a 1% Libor floor, and it was sold at a discount of 99. The debt is non-callable for two years, then at 101 in year three.

During syndication, the term loan was upsized from $550 million, pricing was reduced from Libor plus 400 bps and the Libor floor was cut 1.25%.

The company's $825 million five-year credit facility also includes a $225 million revolver that had been downsized from $325 million.

J.P. Morgan Securities LLC and Rabobank are the lead banks on deal that will be used to refinance an existing senior secured credit facility and acquire pictures one year after theatrical release.

Village Roadshow is an Australian-based filmed entertainment company.

P2 surfaces in secondary

P2 Energy Solutions freed up with the $220 million first-lien term loan (B1) quoted at 99½ bid, par offered and the $110 million second-lien term loan (Caa1) quoted at 99 bid, par offered, a trader said.

Pricing on the first-lien term loan is Libor plus 475 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.

The second-lien term loan is priced at Libor plus 875 bps with a 1.25% Libor floor, and was sold at a discount of 981/2. This debt has call protection of 103 in year one, 102 in year two and 101 in year three.

The company's $355 million credit facility also includes a $25 million revolver (B1).

Jefferies & Co. is leading the deal that will be used to refinance an existing credit facility and pay a distribution to shareholders.

Total leverage is 5.7 times.

P2, a Vista portfolio company, is a Denver-based provider of software and data services exclusively for the upstream oil and gas industry.

Equinox breaks

Equinox Holdings' $500 million seven-year first-lien term loan (B1/B) freed up at 99½ bid, par offered, and its $200 million 71/2-year second-lien term loan (Caa2/CCC+) freed up at 99 bid, 99½ offered on Friday, a trader remarked.

Pricing on the first-lien term loan is Libor plus 425 bps with a 1.25% Libor floor, and it was sold at a discount of 983/4, compared to earlier talk of Libor plus 425 bps to 450 bps with a 1.25% floor and a discount of 99.

The second-lien loan is priced at Libor plus 825 bps with a 1.25% Libor floor, and it was sold at a discount of 98. The spread came at the low end of the Libor plus 825 bps to 850 bps talk.

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 $800 million credit facility also includes a $100 million five-year revolver (B1/B).

Bank of America Merrill Lynch, Morgan Stanley Senior Funding Inc., Goldman Sachs & Co. and Citigroup Global Markets Inc. are leading the deal that will be used to refinance existing debt.

Equinox is a New York-based exercise and fitness company.

Tribune gains ground

In more trading happenings, Tribune's term loan B rose to 77 bid, 78 offered from 75¾ bid, 76¾ offered as the Federal Communications Commission approved the company's request for the assignment of its broadcast licenses, according to a trader.

The FCC also granted the company a permanent waiver of the ban on cross-ownership in Chicago and temporary waivers in New York, Los Angeles, South Florida and Hartford.

"We are extremely pleased with today's action by the FCC," said Eddy Hartenstein, chief executive officer, in a news release.

"This decision will enable the company to continue moving forward toward emergence from Chapter 11, a process we expect to complete over the course of the next several weeks," Hartenstein added.

Tribune is a Chicago-based media company.

Bass Pro moves deadline

Over in the primary market, Bass Pro Group revised the commitment deadline on its $900 million term loan B (B1/BB-) due 2019 to 2 p.m. ET on Friday from end of day Friday, according to a market source.

The loan broke for trading late in the day at 99 7/8 bid, par 3/8 offered, a trader added.

Pricing on the loan was left unchanged at Libor plus 300 bps with a 1% Libor floor. The debt was sold at an original issue discount of 99¾ and includes 101 soft call protection for one year.

J.P. Morgan Securities LLC is the left lead on the deal that will be used to refinance an existing term loan B.

Bass Pro is a Springfield, Mo.-based retailer of outdoor sports and recreation products.

Wesco ups spreads

Wesco Distribution increased the coupon on its $605 million term loan to Libor plus 350 bps from Libor plus 300 bps and on its C$150 million term loan to BA plus 400 bps from BA plus 350 bps, according to a market source, who said the 1% Libor floor, original issue discount of 99 and 101 soft call protection for one year on both tranches was unchanged.

Commitments are still due by end of day Tuesday, the source added.

Credit Suisse Securities (USA) LLC, Barclays, UBS Securities LLC and Goldman Sachs & Co. are leading the roughly $755 million of new seven-year covenant-light term loans (Ba3/B+).

Proceeds will fund the acquisition of Eecol Electric Corp. for about C$1.14 billion.

Closing is expected this quarter, subject to approval under the Canadian Competition Act.

Wesco is a Pittsburgh-based provider of electrical, industrial, and communications MRO and OEM products, construction materials, and advanced supply chain management and logistics services. Eecol is a Calgary, Alberta-based full-line distributor of electrical equipment, products and services.

Sports Authority pulls loan

Sports Authority withdrew its $630 million seven-year covenant-light senior secured term loan B (B3) from market that was going to be used to refinance an existing term loan due 2017 and senior subordinated notes due 2016, according to a source.

Talk on the loan had been Libor plus 550 bps to 600 bps with a 1.25% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC, BMO Capital Markets Corp., Credit Suisse Securities (USA) LLC, RBC Capital Markets LLC, UBS Securities LLC and Wells Fargo Securities LLC were leading the deal.

Sports Authority is an Englewood, Colo.-based sporting goods retailer.

TransFirst structure emerges

TransFirst released details on its credit facility, including that it will be sized at $700 million and consist of a $50 million revolver, a $425 million first-lien term loan B and a $225 million second-lien term loan, market sources said. Price talk is not yet available.

Also it was disclosed that the lead banks will include Bank of America Merrill Lynch, Deutsche Bank Securities Inc., GE Capital Markets, SunTrust Robinson Humphrey Inc., RBC Capital Markets LLC and Wells Fargo Securities LLC, sources remarked.

A bank meeting for the credit facility will take place on Monday.

When timing on the deal surfaced, all that was known was that it would be a first-and second-lien structure, that Bank of America was left lead and that Deutsche was expected to be involved too.

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

TransFirst is a Hauppauge, N.Y.-based provider of transaction processing services and payment enabling technologies.

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