Quicksilver Resources, Emerald Expositions break; Weather Co. shutting early on good demand

By Sara Rosenberg

New York, June 12 - Quicksilver Resources Inc.'s second-lien term loan emerged in the secondary market on Wednesday, with levels seen above its original issue discount price, and Emerald Expositions Holdings began trading, too.

Moving to the primary, Weather Co. (TWCC Holding Corp.) accelerated the commitment deadline on its term loan, and Water Pik Inc., LightSquared Inc., Chrysler Group LLC, American Casino & Entertainment Properties LLC, Genworth Wealth Management (AqGen Liberty Management), Fotolia LLC and Ancile Solutions Inc. disclosed talk with launch.

Also, timing emerged on the new U.S. and euro term loans for Technicolor (Tech Finance & Co S.C.A.), and Oceania Cruises and Four Seasons Hotels and Resorts announced new deal plans.

Quicksilver starts trading

Quicksilver Resources' $625 million six-year second-lien covenant-light term loan (B2/CCC+) freed up for trading on Wednesday, with levels quoted at 97½ bid, 98½ offered, according to a market source.

Pricing on the loan is Libor plus 575 basis points with a 1.25% Libor floor, and it was sold at a discount of 97. There is soft call protection of 102 in year one and 101 in year two.

Earlier in the week, the loan was upsized from $600 million and the original issue discount was widened from 99.

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities LLC are the joint bookrunners on the deal, with Credit Suisse and JPMorgan the co-lead arrangers.

Proceeds, along with $525 million of new notes, will be used to fund a tender for 2015 and 2016 notes, and for general corporate purposes.

Quicksilver is a Fort Worth, Texas-based natural gas and oil exploration and production company.

Emerald Expo tops OID

Emerald Expositions' credit facility broke as well, with the $430 million term loan quoted at 99¾ bid, par ¼ offered, a trader said.

Pricing on the 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.

During syndication, the spread on was flexed up from talk of Libor plus 350 bps to 375 bps, the floor was increased from 1%, the discount firmed at the wide end of the 99 to 99½ guidance and the call protection was extended from six months.

The company's $520 million facility (B2/BB-) also includes a $90 million five-year revolver.

Bank of America Merrill Lynch, Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc., RBC Capital Markets and UBS Investment Bank are leading the deal that will be used with about $350 million in equity and $200 million of notes to fund the $950 million acquisition of Nielsen Expositions (Emerald Expositions) by Onex Corp. from Nielsen Holdings NV.

Closing on the acquisition is expected this quarter, subject to customary conditions.

Emerald Expositions is a San Juan Capistrano, Calif.-based operator of large, business-to-business tradeshows.

BWIC surfaces

In more secondary happenings, a roughly $251 million loan Bid-Wanted-In-Competition surfaced during the session, with investors told that bids are due at 9:30 a.m. ET on Thursday, according to a trader.

Some of the larger pieces of debt in the portfolio include Alliance Laundry Systems LLC's first-lien term loan, David's Bridal Inc.'s initial term loan and Michaels Stores Inc.'s term loan B.

There are about 51 issuers in the BWIC, the trader added.

OWIC announced

In addition, a $132 million Offers-Wanted-In-Competition emerged, with offers due by 11 a.m. ET on Thursday, a trader remarked.

Larger pieces of debt in the OWIC include second-lien term loans from Advantage Sales & Marketing, Applied Systems, Arysta, Confie Seguros, Evergreen Tanks, Eze Software, GCA, Healogics, Ion Trading, Kronos, Ranpak, Sesac, Transfirst, US Renal and Vertafore, as well as Asurion's holdco term loan, Knight/Getco's 8¼% notes and Panda Temple's term loan B.

The portfolio has about 33 issuers.

Weather moves deadlines

Over in the primary, Weather Co. revised the commitment deadline on its $600 million 71/2-year second-lien covenant-light term loan (B3/CCC+) to noon ET on Thursday from noon ET on Friday as the deal is oversubscribed at talk, according to a market source.

As previously reported, the loan is talked at Libor plus 600 bps with a 1% Libor floor, an original issue discount of 98 to 98½ and call protection of 102 in year one and 101 in year two.

Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corp., Mizuho Securities USA Inc. and Natixis are leading the transaction.

Proceeds will be used to fund a dividend.

Weather is an Atlanta-based media company devoted to bringing weather news via television, internet and mobile devices.

Water Pik guidance

Water Pik held its bank meeting on Wednesday morning, and shortly before it began, price talk on the first- and second-lien term loans was announced, according to a market source.

The $215 million seven-year first-lien covenant-light term loan (B2) is talked at Libor plus 400 bps with a 1% Libor floor and an original issue discount of 99, the source said. The debt includes 101 repricing protection for six months.

Meanwhile, the $95 million 71/2-year second-lien covenant-light term loan (Caa2) is talked at Libor plus 800 bps with a 1% Libor floor and a discount of 981/2, the source continued. This tranche has call protection of 102 in year one and 101 in year two.

The company's $335 million credit facility also includes a $25 million revolver (B2).

Credit Suisse Securities (USA) LLC, GE Anteres and Macquarie Capital are leading the deal that will be used to help fund the company's buyout by MidOcean Partners LP.

Commitments are due on June 26.

Water Pik is a Fort Collins, Colo.-based provider of branded oral health and replacement showerhead products.

LightSquared roadshow

LightSquared is holding a roadshow through next week to market a $3 billion four-year senior secured term loan B that is talked at Libor plus 650 bps with a 1.5% Libor floor and an original issue discount of 981/2, according to a market source.

There is a ticking fee of 0% for the first 30 days, half the spread for the next 60 days and the full spread thereafter.

Jefferies Finance LLC is leading the deal that will be used to fund the company's emergence from bankruptcy.

Lenders will receive upfront warrants, immediately vested, for 5% of fully diluted ownership. An additional 10% will be paid if the term loan is not repaid within 18 months of closing, the source added.

LightSquared is a Reston, Va.-based wireless broadband company.

Chrysler holds call

Chrysler hosted a call in the morning to launch a repricing of its $1.3 billion revolver due May 24, 2016 and a $2,947,000,000 term loan due May 24, 2017 with talk of Libor plus 300 bps to 325 bps, according to market sources.

The term loan is also talked with a 1% Libor floor, a par offer price and 101 soft call protection for six months.

This transaction will take the revolver and term loan pricing down from Libor plus 475 bps, and cut the Libor floor on the term loan from 1.25%.

Citigroup Global Markets Inc., Morgan Stanley Senior Funding Inc., Bank of America Merrill Lynch and Goldman Sachs Bank USA are leading the $4,247,000,000 credit facility, with Citi the left lead on the term loan and Morgan Stanley the left lead on the revolver.

In addition, the company is looking to amend the restricted payments basket in the credit facility to have a 50% consolidated net income builder basket to match the second-lien notes, sources remarked.

Commitments/consents are due at 5 p.m. ET on Tuesday and closing is target for June 21.

Chrysler is an Auburn Hills, Mich.-based automotive company.

American Casino terms

American Casino revealed price talk on its first- and second-lien term loans in connection with its afternoon bank meeting on Wednesday, according to a market source.

The $215 millions seven-year first-lien term loan (B1/BB) is talked at Libor plus 425 bps with a 1.25% Libor floor, an original issue discount of 99 and 101 soft call protection for one year, the source said.

And, the $120 million 71/2-year second-lien term loan (Caa2/B-) is talked at Libor plus 825 bps to 850 bps with a 1.25% Libor floor and a discount of 98, the source continued. This tranche is non-callable for one year, then at 102 in year two and 101 in year three.

The company's $350 million facility also includes a $15 million five-year revolver (B1/BB).

Commitments are due on June 26, the source added.

Goldman Sachs Bank USA and Deutsche Bank Securities Inc. are leading the deal that will be used to fund a tender offer for the company's $337.5 million of outstanding 11% senior secured notes due 2014 that expires on July 5.

American Casino is a Las Vegas-based owner and operator of gaming and entertainment properties.

Genworth sets talk

Genworth Wealth Management came out with talk of Libor plus 475 bps with a 1% Libor floor and an original issue discount of 99 on its $230 million seven-year first-lien term loan with its morning bank meeting, according to a market source.

As previously reported, the term loan has 101 soft call protection for one year.

Credit Suisse Securities (USA) LLC is the lead bank on the $255 million credit facility (B), which also includes a $25 million five-year revolver.

Proceeds will be used to help fund the $412.5 million buyout of the company by Genstar Capital LLC and Aquiline Capital Partners LLC from Genworth Financial Inc.

Commitments are due on June 26.

Genworth is a Richmond, Va.-based product provider in the wealth management industry.

Fotolia pricing

Fotolia released talk of Libor plus 400 bps to 425 bps with a 1.25% Libor floor, an original issue discount of 99½ and 101 soft call protection for one year on its $200 million seven-year first-lien term loan (Ba3/B), according to a market source.

Also, talk on the $100 million 71/2-year euro equivalent second-lien term loan (Caa1/CCC+) came out at Euribor plus 800 bps to 825 bps with a 1.25% floor, a discount of 99 and call protection of 103 in year one, 102 in year two and 101 in year three, the source said.

Goldman Sachs Bank USA and KKR Capital Markets are leading the deal that launched with a bank meeting in New York on Wednesday. A London bank meeting had already taken place on Tuesday.

Proceeds will be used to refinance existing debt, fund a dividend and put cash on the balance sheet.

Fotolia is a New York-based provider of royalty-free images, vectors, illustrations and video footage clips.

Ancile Solutions launches

Ancile Solutions launched a $165 million five-year credit facility - comprised of a $10 million revolver and a $155 million term loan - and talk on the deal emerged at Libor plus 450 bps with a 1.25% Libor floor and an original issue discount of 99, according to a market source.

Commitments are due on June 26, the source said.

BMO Capital Markets and Madison Capital are leading the transaction that will be used to refinance existing debt and fund a dividend.

Ancile Solutions is an Elkridge, Md.-based provider of best-in-class learning and performance software solutions.

Technicolor reveals timing

Also on the new deal front, Technicolor set bank meetings for its $645 million and €250 million seven-year term loan B (B3), with the New York launch slated for 2:30 p.m. ET on Thursday and the London launch slated for Tuesday, according to a market source.

The term loan B debt has soft call protection of 102 for one year then 101 for an additional six months, the source said.

Commitments are due on June 25.

J.P. Morgan Securities LLC, Goldman Sachs Bank USA and Morgan Stanley Senior Funding Inc. are leading the deal that will be used with $330 million of senior notes to refinance existing senior secured debt.

Technicolor, a technology company focused on the media and entertainment sector, expects to close on the refinancing in July.

Oceania on deck

Oceania Cruises scheduled a bank meeting for Thursday to launch a $375 million credit facility that will be used to refinance existing bank debt, according to a market source.

The facility consists of a $75 million revolver and a $300 million seven-year term loan B, the source said.

Deutsche Bank Securities Inc. is leading the deal.

Oceania Cruises is a Miami-based upper premium cruise line.

Four Seasons readies deal

Four Seasons Hotels and Resorts is planning on holding a bank meeting at 2:00 p.m. ET in New York on Thursday to launch a bank deal to existing and prospective lenders, according to a market source.

Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are leading the transaction.

Four Seasons is a Toronto-based luxury hotels company.

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