Ellucian, Harvard, BakerCorp, NRG, Hubbard break; Freescale, Tervita, Kronos, Waupaca revised

By Sara Rosenberg

New York, Feb. 6 - Ellucian freed up for trading during Wednesday's market hours, with levels quoted above its offer price, and Harvard Drug Group LLC, BakerCorp, NRG Energy Inc. and Hubbard Radio LLC broke too.

Moving to the primary, Freescale Semiconductor Inc. revised its refinancing transaction, carving out a short-dated term loan from its longer-dated debt, and Tervita Corp. upsized its term loan B and moved up the commitment deadline.

Also, Kronos Inc. raised pricing on its loan, Waupaca Foundry Inc. increased its term loan size while tightening the offer price, and Tank Holding Corp. set the coupon on its loan at the wide end of guidance.

Furthermore, Univision Communications Inc., Westway Group Inc., Delta Air Lines Inc., Burlington Coat Factory Warehouse Corp. and ACI Worldwide set talk with their launches, Virgin Media Investment Holdings Ltd., Zuffa LLC, Mirion Technologies, NuSil Technology and Integra Telecom Holdings Inc. announced plans to bring new deals to market, and Albertson's LLC firmed timing on its credit facility.

Ellucian tops par

Ellucian's $1,042,000,000 term loan broke for trading on Wednesday, with levels quoted at par ¼ bid, par ¾ offered, according to a trader.

Pricing on the loan is Libor plus 325 basis points with a 1.25% Libor floor, and it was sold at par. There is 101 soft call protection for six months.

Proceeds are being used to refinance the company's existing term loan that was done in 2011 at pricing of Libor plus 500 bps with a 1.25% Libor floor.

Bank of America Merrill Lynch, Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are the lead banks on the deal.

Ellucian is a Fairfax, Va.-based provider of software and services to the education community.

Harvard Drug starts trading

Harvard Drug's $299 million term loan B due Oct. 29, 2019 also freed up, with levels quoted at par ½ bid, 101¼ offered, according to a market source.

Pricing on the loan is Libor plus 375 bps with a 1.25% Libor floor, and it was issued at par. There is 101 soft call protection for one year.

Proceeds are being used to reprice an existing term loan from Libor plus 475 bps with a 1.25% Libor floor.

Existing lenders are getting paid out at 101 as a result of current call protection.

Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are the lead banks on the repricing that is expected to become effective on Friday.

Harvard Drug is a Livonia, Mich.-based independent pharmaceutical distributor.

BakerCorp frees up

BakerCorp's $385 million covenant-light term loan B (Ba3/B) due February 2020 made its way into the secondary market as well, with levels quoted at par 1/8 bid, par 5/8 offered, a source said.

Pricing on the loan is Libor plus 300 bps with a 1.25% Libor floor, and it was sold at par. There is 101 soft call protection for one year.

Proceeds are being used to reprice an existing term loan from Libor plus 375 bps with a 1.25% Libor floor and extend the maturity from 2018.

Deutsche Bank Securities Inc. and Morgan Stanley Senior Funding Inc. are the lead banks on the deal.

BakerCorp is a Seal Beach, Calif.-based provider of equipment rental solutions for liquid and solid containment applications.

NRG hits secondary

Another deal to break was NRG Energy, with its $1.58 billion term loan quoted at par bid, 101 offered, according to a trader.

Pricing on the loan is Libor plus 250 bps with a 0.75% Libor floor, and it was issued at par. There is 101 soft call protection for one year.

During syndication, the Libor floor was reduced from an initially proposed amount of 1%.

Proceeds are being used to reprice an existing term loan from Libor plus 300 bps with a 1% Libor floor.

Citigroup Global Markets Inc. is the lead bank on the deal.

NRG Energy is a wholesale power generation company with headquarters in Princeton, N.J., and Houston.

Hubbard breaks

Hubbard Radio's $358 million term loan B (B1/B+) due April 28, 2017 began trading, with levels quoted at par ½ bid, 101 offered, according to a market source.

Pricing on the loan is Libor plus 350 bps with a 1% Libor floor, and it was sold at par. There is 101 soft call protection for six months.

Recently, the spread on the loan firmed at the tight end of the Libor plus 350 bps to 375 bps talk and the floor was revised from 1.25%.

Proceeds will be used to reprice an existing term loan B from Libor plus 375 bps with a 1.5% Libor floor, and there is also $140 million of incremental term loan debt raised through this transaction that will be used to refinance the company's second-lien term loan.

Morgan Stanley Senior Funding Inc. is leading the deal that is expected to close on Friday.

Hubbard Radio is a Minneapolis-St. Paul, Minn.-based broadcasting company.

Freescale reworked

Over in the primary, Freescale Semiconductor added a $350 million senior secured term loan due December 2016 to its capital structure that is talked at Libor plus 325 bps with a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for one year, according to a market source.

On the flip side, the senior secured term loan due in 2020 was downsized to $2.38 billion from $2.73 billion, while talk was left unchanged at Libor plus 375 bps with a 1.25% Libor floor, an original issue discount of 99 and 101 soft call protection for one year, the source said.

Recommitments are due at noon ET on Thursday.

Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC are leading the deal that will repay the company's existing term loans due in 2016 and 2019.

Freescale is an Austin, Texas-based designer and manufacturer of embedded semiconductors for the automotive, consumer, industrial, networking and wireless markets.

Tervita upsizes

Tervita increased its first-lien secured term loan B (B2/B-) to $750 million from $500 million, while keeping talk at Libor plus 525 bps to 550 bps with a 1.25% Libor floor, an original issue discount of 99 and 101 soft call protection for one year, according to a market source.

Also, the commitment deadline was accelerated to 2 p.m. ET on Thursday from Friday.

With the term loan B, the company is looking to get a C$300 million revolver (Ba3).

RBC Capital Markets, Goldman Sachs & Co., Deutsche Bank Securities Inc. and TD Bank are leading the deal that will help repay the company's existing senior secured credit facility.

Other funds for the refinancing will come from $850 million of senior secured notes, downsized from $1.1 billion as s result of the term loan B upsizing, the source added.

Closing is expected before the end of this month.

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

Kronos increases coupon

Kronos lifted the spread on its $1.21 billion first-lien covenant-light term loan due October 2019 to Libor plus 350 bps from Libor plus 325 bps, while keeping the 1% Libor floor, par offer price and 101 repricing protection for six months intact, according to a market source.

Proceeds will be used to refinance/reprice 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 in connection with the transaction.

Allocations are expected to go out on Thursday, the source remarked.

Credit Suisse Securities (USA) LLC is the 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.

Waupaca tweaks deal

Waupaca Foundry raised its add-on term loan (B+) to $200 million from $150 million and moved the offer price to par from 991/2, according to a market source. The debt is still priced at Libor plus 450 bps with a 1.25% Libor floor, in line with existing term loan pricing.

GE Capital Markets is leading the add-on that will be used to fund a dividend.

Waupaca Foundry is a Waupaca, Wis.-based producer of gray and ductile iron castings for the automotive, truck, agriculture, construction, hydraulics and commercial vehicle markets.

Tank finalizes spread

Tank Holding firmed pricing on its roughly $349 million term loan at Libor plus 325 bps, the high end of the Libor plus 300 bps to 325 bps talk, according to a market source, who said the 1% Libor floor, par offer price and 101 soft call protection for six months were unchanged.

Proceeds will be used to reprice the existing term loan from Libor plus 425 bps with a 1.25% Libor floor.

GE Capital Markets leading the transaction.

Tank Holding is a Lincoln, Neb.-based manufacturer of polyethylene and steel material handling products.

Univision reveals guidance

In more primary happenings, Univision launched on Wednesday a $1.5 billion seven-year covenant-light term loan, and talk on the debt came out at Libor plus 325 bps to 350 bps with a 1.25% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months, a source said.

Deutsche Bank Securities Inc. is leading the deal.

Univision, a Los Angeles-based Spanish-language media company, will use the new term loan to refinance existing debt.

Westway pricing

Westway Group held its bank meeting, and with the event, talk on its $270 million term loan surfaced at Libor plus 400 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year, according to a market source.

The company's $300 million credit facility (Ba3) also includes a $30 million revolver.

Lead bank, RBC Capital Markets, is seeking commitments by Feb. 20, the source added.

Proceeds will be used to back the company's buyout by EQT Infrastructure II for $6.70 per share, the completion of which was announced on Friday.

Westway is a New Orleans-based provider of storage and related services to owners of bulk liquid products.

Delta refinancing

Delta Air Lines announced in the morning that it would hold an afternoon call to launch a roughly $1.35 billion term loan B due April 2017 with talk of Libor plus 300 bps to 325 bps with a 1% 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 an existing term loan B.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc., Goldman Sachs & Co. and UBS Securities LLC are leading the deal.

Delta is an Atlanta-based provider of scheduled air transportation for passengers and cargo.

Burlington launches

Burlington Coat Factory Warehouse also emerged with a refinancing deal, launching with an afternoon call an $871 million term loan B due February 2017 that is talked at Libor plus 325 bps to 350 bps with a 1% Libor floor, a par offer price and 101 soft call protection for six months, according to a market source.

The loan will take out an existing term loan B that is priced at Libor plus 425 bps with a 1.25% Libor floor.

J.P. Morgan Securities LLC is the left lead on the deal.

Burlington Coat Factory is a Burlington, N.J.-based discount retailer.

ACI talk emerges

ACI Worldwide launched during the session its $300 million incremental term loan due Nov. 10, 2016 with pricing of Libor plus 225 bps, which matches existing term loan pricing, according to a market source.

Wells Fargo Securities LLC is leading the loan that will be used to fund the acquisition of Online Resources for $3.85 per share. The transaction has an enterprise value of about $263 million.

Pro forma net leverage will be below 2.7 times, including cost synergies.

Closing is expected this quarter, subject to customary regulatory approvals and the tender of a majority of Online Resources shares outstanding.

ACI is a Naples, Fla.-based provider of payment systems. Online Resources is a Chantilly, Va.-based provider of online banking and full-service bill pay solutions.

Virgin Media on deck

Virgin Media set a bank meeting for 10 a.m. ET in New York on Thursday to launch a $2,755,000,000 senior secured seven-year term loan B that is talked at Libor plus 300 bps with a 0.75% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months, according to a market source.

The company is also getting a £600 million senior secured seven-year term loan B that is talked at Libor plus 375 bps with a 0.75% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months, the source said.

Commitments are due on Feb. 13.

Credit Suisse Securities (USA) LLC, BNP Paribas Securities Corp., Bank of America Merrill Lynch, Barclays and Deutsche Bank Securities Inc. are leading the deal that will help fund the acquisition of Virgin Media by Liberty Global Inc. for $23.3 billion in stock and cash.

Virgin Media plans notes

In addition to the term loans, Virgin Media expects to issue £2.3 billion equivalent notes for the transaction.

Further funds for the acquisition will come from a draw on Liberty's existing credit facilities, cash on hand and other sources of liquidity at Virgin Media.

Under the agreement, Virgin Media shareholders will receive $17.50 in cash, 0.2582 Liberty Global series A shares and 0.1928 Liberty Global series C shares for each Virgin Media share.

Closing is subject to majority approval from both companies' shareholders, regulatory approvals and other customary conditions. The shareholder meetings, as well as the closing of the transaction, are expected to occur in the second quarter.

Virgin Media is a New York-based provider of broadband, television, mobile phone and home phone services in the United Kingdom. Liberty is an Englewood, Colo.-based cable company.

Zuffa joins calendar

Zuffa will hold a bank meeting on Thursday to launch a $510 million credit facility that consists of a $60 million revolver and a $450 million term loan B, according to a market source.

Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC and Bank of America Merrill Lynch are leading the deal.

Proceeds will be used to refinance existing debt.

Zuffa is the Las Vegas-based company that owns the Ultimate Fighting Championship brand.

Mirion add-on

Mirion Technologies scheduled a call for 2 p.m. ET on Thursday to launch a $70 million first-lien add-on term loan due March 2018 that is talked at Libor plus 500 bps with a 1.25% Libor floor, an original issue discount of 99 and 101 soft call protection through March 2013, according to a market source.

The coupon, floor and call protection match the existing term loan.

Credit Suisse Securities (USA) LLC 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.

NuSil readies loan

NuSil Technology plans to hold a call at 11 a.m. ET on Thursday to launch a $100 million first-lien covenant-light add-on term loan due April 2017 that is talked at Libor plus 400 bps with a 1.25% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months, according to a market source.

Lead banks, Credit Suisse Securities (USA) LLC, Jefferies & Co. and Barclays, are asking for commitments by Feb. 14, the source said.

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.

Integra coming soon

Integra Telecom will be launching on Thursday $780 million in term debt, comprised of a $555 million first-lien term loan and a $225 million second-lien term loan, according to sources.

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

Proceeds will be used to refinance existing debt.

Integra Telecom is a Portland, Ore., fiber-based telecommunications carrier.

Albertson's firms launch

Albertson's set a bank meeting for 3 p.m. ET on Thursday (which was the previously announced targeted date) to launch its $2.05 billion credit facility, according to a market source.

The facility consists of a $1 billion ABL revolver and a $1.05 billion term loan B, with price talk not yet available.

Citigroup Global Markets Inc., Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc. and Barclays are leading the debt that will be used to help fund the acquisition of Albertsons, Acme, Jewel-Osco, Shaw's and Star Market stores from SuperValu Inc.

Under the agreement, Albertson's, through its parent company AB Acquisition LLC, is buying the 877 stores from SuperValu for $100 million in cash plus the assumption of about $3.2 billion in debt.

Closing is expected this quarter, subject to customary conditions and the completion of financing.

Albertson's is a New York-based food and drug retailer.

TCW closes

In other news, The buyout of TCW Group, a Los Angeles-based asset management firm, by the Carlyle Group from Societe Generale has been completed, according to a news release.

For the transaction, TCW got a new $405 million credit facility, comprised of a $50 million five-year revolver and a $355 million seven-year term loan B (Ba1/BB+).

Pricing on the B loan is Libor plus 300 bps with a step-down to Libor plus 275 bps when total leverage is less than 2.25 times and ratings are Ba1/BB+, effective after the delivery of the company's Dec. 31, 2013 financials. There is a 1% Libor floor and 101 soft call protection for one year, and the debt was sold at a discount of 991/2.

During syndication, pricing on the term loan was cut from Libor plus 325 bps, the step-down was added and the discount firmed at the tight end of the 99 to 99½ talk.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch and Morgan Stanley Senior Funding Inc. led the deal.

Allison wraps loan

Allison Transmission Inc. closed on its $1,204,000,000 term loan B-4 due August 2017, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

Pricing on the loan, which was upsized from roughly $793 million, is Libor plus 300 bps with no Libor floor, and it was sold at par. There is 101 soft call protection for one year.

Proceeds from the initial amount were used to reprice the existing roughly $793 million term loan B-2 from Libor plus 350 bps with no Libor floor, and the additional amount raised through the upsizing was used to take out in full the company's roughly $411 million term loan B-1 due August 2014 that is priced at Libor plus 250 bps with no Libor floor.

Citigroup Global Markets Inc. led the deal.

Allison is an Indianapolis-based automatic transmission company.

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