SuperValu, Saxon, First Advantage, Freescale, Calpine, Fariway, Landry's, Immucor free up

By Sara Rosenberg

New York, Feb. 13 - SuperValu Inc., Saxon Energy Services Inc., First Advantage, Freescale Semiconductor Inc., Calpine Corp., Fairway Group Acquisition Co., Landry's Inc. and Immucor Inc. all broke for trading on Wednesday.

In addition, Cengage Learning Acquisitions Inc.'s term loans gained some ground as the company released quarterly results, and Burlington Coat Factory Warehouse Corp.'s term loan was better as a repricing request was withdrawn.

Over in the primary, Integra Telecom Holdings Inc. accelerated the commitment deadline on its credit facility, Virgin Media Investment Holdings Ltd. reverse-flexed its U.S. loan, and Beechcraft Holdings LLC (Hawker Beechcraft Inc.) shifted some funds between its term loan B and ABL revolver while reducing the spread and discount on its B tranche.

Also, MultiPlan Inc. raised the coupon on its repricing proposal, BJ's Wholesale Club Inc. finalized pricing on its deal at the wide end of guidance and WideOpenWest Finance LLC pulled its loan from market.

Furthermore, SRS Distribution Inc., Realogy Group LLC, Latisys Corp., Aramark Corp., AM General LLC, World Kitchen LLC and Pharmaceutical Research Associates Inc. saw talk surfaced with launch, Web.com Group Inc. disclosed offer price guidance on its term loan, and Station Casinos LLC came out with new deal plans.

SuperValu starts trading

SuperValu's credit facility made its way into the secondary market on Wednesday, with the $1.5 billion covenant-light term loan (B1) due March 2019 quoted at 99¾ bid, par ½ offered on the break and then it moved to par ¼ bid, 101 offered, a market source said.

Pricing on the term loan is Libor plus 500 basis points 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, pricing firmed at the low end of revised talk of Libor plus 500 bps to 525 bps and tight of initial talk of Libor plus 575 bps, and the discount was revised from 981/2.

The company's $2.4 billion credit facility also provides for a $900 million asset-based revolver due March 2018 that has opening pricing of Libor plus 200 bps with a 37.5 bps unused fee. Pricing is grid-based and can range from Libor plus 175 bps to 225 bps, while the unused fee can range from 25 bps to 37.5 bps.

SuperValu lead banks

Wells Fargo Securities LLC, U.S. Bank, Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc., Barclays and Bank of America Merrill Lynch are the lead arrangers on SuperValu's revolver, and Goldman Sachs, Credit Suisse, Morgan Stanley, Bank of America and Barclays are the lead arrangers on the term loan.

Closing is expected during the week of March 18.

Proceeds will be used to refinance a $1.65 billion asset-based revolver, an $846 million term loan and $490 million of 7½% bonds scheduled to mature in November 2014.

Secured debt is 2.7 times, total debt is 4.1 times, and net debt is 3.9 times.

SuperValu is an Eden Prairie, Minn.-based food wholesaler.

Saxon Energy frees up

Saxon Energy's credit facility also broke for trading, with the $440 million term loan B quoted at par 3/8 bid, par 7/8 offered on the open and then it moved to par ¾ bid, 101¼ offered, a trader said.

Pricing on the term loan B is Libor plus 425 bps with a 1.25% Libor floor, and it was sold at an original issue discount of 991/2. There is 101 soft call protection for six months.

During syndication, the B loan was upsized from $425 million, pricing was cut from Libor plus 450 bps, the discount was revised from 99 and the soft call was shortened from one year.

The company's $550 million credit facility (Ba3/B) also includes a $110 million revolver that was upsized fro $100 million.

RBC Capital Markets LLC, HSBC Securities (USA) Inc., UBS Securities LLC and Scotia Capital (USA) Inc. are leading the deal that will be used to refinance debt and for general corporate purposes.

Saxon is a Calgary, Alta.-based oil services company providing land based drilling and workover service to oil and gas exploration and production companies.

First Advantage hits secondary

First Advantage's credit facility freed up in the afternoon, with the $315 million first-lien term loan (B) quoted at 99 ½ bid, par offered, according to a trader.

Pricing on the first-lien term loan, which was upsized from $300 million, 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 protection for one year.

The company is also getting a $25 million revolver (B), which was reduced from $40 million, and a $125 million second-lien term loan that was privately placed with Tennenbaum Capital Partners LLC.

Bank of America Merrill Lynch is the leading the deal.

Proceeds will be used to fund the acquisition of the employment and resident screening business of LexisNexis Risk Solutions, a division of Reed Elsevier, which is expected to close in early March.

First Advantage is a St. Petersburg, Fla.-based provider of talent acquisition solutions and services, including background screening, recruiting solutions, skills assessment and skills-related tax services.

Freescale tops issue prices

Freescale Semiconductor's term loans surfaced in the secondary, with the $350 million senior secured term loan due December 2016 quoted at par 3/8 bid, par 7/8 offered, and the $2.38 billion senior secured term loan due 2020 quoted at 99½ bid, par offered, a market source said.

Pricing on the 2016 loan is Libor plus 325 bps with a 1% Libor floor, and it was sold at par. The tranche has 101 soft call protection for six months.

The 2020 loan is priced at Libor plus 375 bps with a 1.25% Libor floor, and was sold at a discount of 99. There is 101 soft call protection for one year.

During syndication, the 2016 loan was added to the capital structure and then saw its issue price tighten from 99½ and its call protection shortened from one year. Also, the 2020 loan was downsized from $2.73 billion.

Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC are the leading the new debt (B) that will be used to repay existing term loans due in 2016 and 2019.

Freescale is an Austin, Texas-based designer and manufacturer of embedded semiconductors.

Calpine levels emerge

Calpine's term loans began trading too, with the $1,277,000,000 term loan B-1 due April 1, 2018 and the $355 million term loan B-2 due April 1, 2018 quoted at par ¼ bid, par ¾ offered, and the $833 million term loan B-3 due Oct. 9, 2019 quoted at par 1/8 bid, par 5/8 offered, according to a market source.

Pricing on all the term loans is Libor plus 300 bps with a 1% Libor floor, and they were sold at par. There is 101 soft call protection for one year.

Proceeds are being used to reprice existing term loan B-1, B-2 and B-3 debt from Libor plus 325 bps with a 1.25% Libor floor.

The repricing is expected to become effective on Friday.

Morgan Stanley Senior Funding Inc. is leading the $2,465,000,000 deal for the Houston-based power company.

Fairway breaks

Fairway's $275 million first-lien term loan due August 2018 hit the secondary market as well, with levels quoted at par ¾ bid, 101 offered, according to a market source.

Pricing on the loan, which was upsized earlier from $265 million, is Libor plus 550 bps with a 1.25% Libor floor, and it was issued at par. There is 101 repricing protection for one year.

Proceeds are being used to reprice an existing term loan from Libor plus 675 bps with a 1.5% Libor floor, and, because of the upsizing, to repay a $7 million subordinated note and add $3 million to the balance sheet.

With the repricing, existing lenders are getting paid out at 101.

Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch and Jefferies & Co. are the lead banks on the deal.

Fairway is a supermarket chain with locations in New York, New Jersey and Connecticut.

Landry's above par

Landry's received approval for the repricing of its roughly $1 billion term loan B to Libor plus 350 bps with a 1.25% Libor floor from Libor plus 525 bps with a 1.25% Libor floor, and the repriced debt freed up for trading at par ¼ bid, par ¾ offered, according to market sources.

The repriced loan has 101 soft call protection for six months, and existing lenders are getting paid out at 101 with the repricing because of current call protection.

Jefferies & Co. is the lead bank on the deal.

Landry's is a Houston-based full-service restaurant, hospitality and entertainment company.

Immucor begins trading

Immucor's roughly $665 million covenant-light term loan was yet another loan to break, with levels quoted at par bid, 101 offered, according to a trader.

Pricing on the loan is Libor plus 375 bps with a 1.25% Libor floor, and it has 101 soft call protection through August 2013. The debt was issued at par.

Proceeds are being used to reprice an existing term loan from Libor plus 450 bps with a 1.25% Libor floor and remove the financial maintenance covenant.

Existing lenders are getting paid out at 101 with the repricing.

Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the lead banks on the deal.

Immucor is a Norcross, Ga.-based provider of automated instrument-reagent systems to the blood transfusion industry.

Cengage heads up

In more trading news, Cengage's term loans were stronger with the release of fiscal second quarter numbers that showed a year-over-year improvement in net income, but a decline in revenue and adjusted EBITDA, according to a trader.

The company's extended term loan was quoted at 75½ bid, 76½ offered, up from 72 bid, 73 offered, the non-extended term loan was quoted at 78 bid, 79 offered, up from 76 bid, 77 offered, and the incremental term loan was quoted at 78¼ bid, 79¼ offered, up from 76 bid, 77 offered, the trader said.

For the 2013 fiscal second quarter, Cengage reported net income of $24.2 million, compared to a $3.7 million loss in the prior year.

Revenues for the quarter were $406.9 million, down 10.8% from $456.2 million in the 2012 fiscal second quarter.

And, adjusted EBITDA was $145.1 million, down 17.1% from $175 million in the previous year.

Cengage is a Stamford, Conn.-based provider of teaching, learning and research services for the academic, professional and library markets.

Burlington gains

Burlington Coat's term loan rose to 101 bid, 101½ offered from par ¾ bid, 101¼ offered as the company pulled its repricing proposal but is still seeking an amendment to its credit facility, according to sources.

Under the amendment, the company is looking to get more flexibility for restricted payments, and in return will pay a 25 bps amendment fee and give lenders 101 soft call protection through August 2013.

The pulled repricing of the $871 million term loan B due February 2017 was 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. Current pricing is Libor plus 425 bps with a 1.25% Libor floor.

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

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

Integra revises deadline

Moving to the primary, Integra Telecom moved the commitment deadline for its $840 million credit facility to noon ET on Thursday from Friday, according to a market source.

The facility consists of a $60 million revolver (B2), a $555 million first-lien term loan (B2) and a $225 million second-lien term loan (Caa2).

The first-lien term loan is talked at Libor plus 525 bps with a 1.25% Libor floor, an original issue discount of 99 and 101 soft call protection for one year, and the second-lien term loan is talked at Libor plus 900 bps to 950 bps with a 1.25% Libor floor and a discount of 98 to 981/2, and is non-callable for one year, then at 102 in year two and 101 in year three.

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

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

Virgin Media lowers coupon

Virgin Media trimmed pricing on its $2,755,000,000 senior secured seven-year term loan B to Libor plus 275 bps from Libor plus 300 bps, and kept the 0.75% Libor floor, original issue discount of 99½ and 101 soft call protection for six months intact, according to a market source.

The company's £600 million senior secured seven-year term loan B is still priced at Libor plus 375 bps with a 0.75% Libor floor and an original issue discount of 991/2, and also has 101 soft call protection for six months.

Recommitments are due at 3 p.m. ET on Thursday. Allocations are expected on Friday, the source remarked.

Credit Suisse Securities (USA) LLC, BNP Paribas Securities Corp., Bank of America Merrill Lynch, Barclays and Deutsche Bank Securities Inc. are the leading the deal (Ba3/BB-).

Virgin Media being acquired

Proceeds from Virgin Media's term loans will be used to help fund its purchase by Liberty Global Inc. for $23.3 billion in stock and cash. 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.

In addition to the term loans, £2.3 billion equivalent notes at Virgin Media, a draw on Liberty's existing credit facilities, cash on hand and other sources of liquidity at Virgin Media will be used to fund the transaction.

Closing is expected in the second quarter, subject to majority approval from both companies' shareholders, regulatory approvals and other customary conditions.

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.

Beechcraft restructures

Beechcraft Holdings upsized its seven-year term loan B (B1/BB-) to $425 million from $375 million to add cash to the balance sheet and downsized its five-year ABL revolver to $175 million from $225 million, a market sourcesaid.

Also, pricing on the term loan B was reduced to Libor plus 450 bps from talk of Libor plus 475 bps to 500 bps and the original issue discount was revised to 99 from 981/2, the source continued. The 1.25% Libor floor and 101 soft call protection for one year were unchanged.

According to court documents, interest on the revolver will depend on available credit, with pricing ranging from Libor plus 175 bps to 225 bps.

Recommitments are due at 3 p.m. ET on Thursday.

J.P. Morgan Securities LLC is leading the $600 million senior secured exit financing credit facility that will be used to repay outstanding amounts under a $400 million debtor-in-possession facility, make specified settlement and cure payments, and for working capital and general corporate purposes.

Beechcraft is a Wichita, Kan.-based manufacturer of business, special mission, light attack and trainer aircraft.

MultiPlan flexes

MultiPlan lifted the spread on the repricing of its roughly $1.03 billion senior secured term loan due August 2017 to Libor plus 300 bps from talk of Libor plus 250 bps to 275 bps, but kept the 1% Libor floor and par offer price intact, according to market sources.

With the pricing change, the 101 soft call protection on the term loan was extended to one year from six months, sources continued.

Recommitments were due at 5 p.m. ET on Wednesday.

Barclays, Credit Suisse Securities (USA) LLC and Bank of America Merrill Lynch are leading the deal that will be used to refinance/reprice an existing term loan from Libor plus 325 bps with a 1.5% Libor floor.

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.

BJ's finalizes spread

BJ's Wholesale Club set pricing on its $1.3 billion first-lien term loan at Libor plus 325 bps, the high end of the Libor plus 300 bps to 325 bps talk, and left the 1% Libor floor, par offer price and 101 soft call protection for six months unchanged, according to a market source.

With terms firmed up, the debt made its way into the secondary market, with levels quoted at par bid, par ½ offered, the source said.

Proceeds will be used to reprice an existing term loan from Libor plus 450 bps with a 1.25% Libor floor.

Deutsche Bank Securities Inc. is the lead bank on the deal.

BJ's is a Westborough, Mass.-based operator of warehouse clubs.

WideOpenWest pulled

WideOpenWest withdrew from market its $1.915 billion six-year term loan B that was talked at Libor plus 350 bps with a 1.25% Libor floor, a par offer price and 101 soft call protection for six months, according to sources.

Proceeds were going to be used to refinance an existing term loan B that is priced at Libor plus 500 bps with a 1.25% Libor floor.

J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc. and RBC Capital Markets were leading the deal.

WideOpenWest is a Denver-based provider of residential and commercial high-speed internet, cable television and telephone services.

SRS sets talk

Also in the primary, SRS Distribution held a bank meeting on Wednesday morning to launch its credit facility, and shortly before the event started, price talk on the $220 million 61/2-year term loan B was announced, according to a market source.

The term loan B is talked at Libor plus 450 bps with a 1.25% Libor floor, an original issue discount of 99 and 101 soft call protection for one year, the source remarked.

In addition to the term loan B, the McKinney, Texas-based roofing distributor is getting a $100 million five-year ABL revolver that has already been syndicated.

Commitments are due on Feb. 25, the source added.

UBS Securities LLC and Barclays are the bookrunners on the $320 million credit facility that will be used with $100 million of mezzanine debt to fund the buyout of the company by Berkshire Partners from AEA Investors.

Realogy discloses guidance

Realogy released 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 on its $1.82 billion term loan B due 2020 that launched with a call during the session, according to a market source.

The company's up to $2.42 billion credit facility also includes an up to $600 million revolver due 2018.

J.P. Morgan Securities LLC is leading the deal, which will be used to refinance an existing $363 million revolver due April 2016 and a $1.82 billion term loan due October 2016.

Closing is expected this month.

Realogy is a Parsippany, N.J.-based provider of real estate brokerage, relocation and settlement services.

Latisys holds meeting

Latisys held its bank meeting, launching its $180 million term loan B with talk of 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.

The company's $200 million credit facility (B3/B), for which commitments are due on Feb. 27, also includes a $20 million revolver.

RBC Capital Markets, TD Securities (USA) LLC and SunTrust Robinson Humphrey Inc. are leading the deal.

Proceeds will be used to refinance existing debt and for general corporate purposes.

Latisys is a provider of data center, managed services and disaster recovery services with facilities located in the Ashburn, Va., Chicago, Denver and Irvine, Calif., markets.

Aramark term loan

Aramark announced in the morning plans to hold a lender call at 2 p.m. ET to launch a $1 billion senior secured term loan due August 2019 that is being talked at Libor plus 300 bps with a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months, according to a market source.

J.P. Morgan Securities LLC, Goldman Sachs & Co., Barclays, Bank of America Merrill Lynch and Wells Fargo Securities LLC are leading the deal that will be used to refinance some of OpCo's 8½% senior notes due 2015.

With the term loan, the company is seeking an amendment to its $550 million revolver to extend the maturity, modify the maximum senior secured leverage ratio and provide additional flexibility with respect to restricted payments.

Aramark is a Philadelphia-based professional services company that provides food, hospitality and facility management services as well as uniform and work apparel.

AM General details surface

AM General held its call in the morning, at which time it launched to lenders a $370 million senior secured credit facility (B2/BB-) that consists of a $20 million revolver and a $350 million term loan, according to market sources.

The term loan is talked at Libor plus 650 bps to 675 bps with a 1.25% Libor floor, an original issue discount of 98 and hard call protection of 102 in year one and 101 in year two, sources said.

Citigroup Global Markets Inc., Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Jefferies Finance LLC and Natixis are leading the deal that will be used to refinance existing bank debt.

Commitments are due on Feb. 26, the source added.

AM General is a South Bend, Ind.-based designer, manufacturer and supplier of specialized vehicles for commercial and military customers.

World Kitchen pricing

World Kitchen released talk of Libor plus 500 bps to 525 bps on its $270 million credit facility with its Wednesday bank meeting, according to a market source.

The facility consists of a $90 million five-year revolver that has no Libor floor and an original issue discount of 991/2, and a $180 million six-year term loan that has a 1.25% Libor floor, an original issue discount of 99 and 101 soft call protection for one year, the source said.

Lead banks, BMO Capital Markets, SunTrust Robinson Humphrey Inc. and J.P. Morgan Securities LLC, are asking for commitments by Feb. 22.

Proceeds will be used to refinance existing debt and for general corporate purposes.

World Kitchen is a Rosemont, Ill.-based manufacturer and marketer of bakeware, dinnerware, kitchen and household tools, rangetop cookware and cutlery products.

Pharmaceutical Research term

Pharmaceutical Research Associates launched in the afternoon $70 million of incremental term loan debt that will be used with $69 million of cash on hand to fund a $45 million acquisition and pay a one time dividend, according to a market source.

The debt consists of a $12.5 million add-on first-lien term loan due December 2017 talked at Libor plus 525 bps with a 1.25% Libor floor and a par offer price, a $45 million delayed-draw for 120 days first-lien term loan due December 2017 talked at Libor plus 525 bps with a 1.25% Libor floor and a discount of 991/2, and a $12.5 million add-on second-lien term loan due June 2019 talked at Libor plus 925 bps with a 1.25% Libor floor and a par offer price, the source said.

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

Lead bank, UBS Securities LLC, is asking for commitments on Feb. 20.

Pharmaceutical Research Associates is a Raleigh, N.C.-based clinical research organization.

Web.com offer price

Web.com Group launched its $660 million term loan B due October 2017 with an offer price of 99¾ to par, according to a market source. Price talk came out earlier at Libor plus 325 bps to 350 bps with a 1% Libor floor, and there is 101 soft call protection for six months.

Commitments are due on Feb. 21, the source said.

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.

Proceeds will refinance a roughly $628 million first-lien term loan priced at Libor plus 425 bps with a 1.25% Libor floor and repay in full a roughly $32 million second-lien term loan.

The company also expects to increase its revolver by $10 million and amend it to lower pricing from Libor plus 375 bps with no Libor floor.

Web.com is a Jacksonville, Fla.-based provider of internet services and online marketing services for small businesses.

RCN Cable launches

RCN Cable held its call on Wednesday, launching a $775 million term loan B and setting a commitment deadline of Feb. 22, according to a market source.

The B loan was launched at previously outlined talk of Libor plus 400 bps with a 1.25% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months.

SunTrust Robinson Humphrey Inc., GE Capital Markets and TD Securities (USA) LLC are leading the deal, which will be used to refinance a roughly $555 million term loan B that is priced at Libor plus 400 bps with a 1.25% Libor floor and pay a dividend.

The existing term loan B has 101 repricing protection, but because pricing is not changing, lenders will get paid out at par, rather than at 101.

RCN Cable is a broadband services provider.

Station Casinos readies deal

Station Casinos set a bank meeting for Thursday to launch a $1,975,000,000 credit facility that will be used to refinance existing OpCo and PropCo debt, according to market sources.

The facility consists of a $350 million revolver and a $1,625,000,000 term loan B, sources said.

Bank of America Merrill Lynch, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC are leading the deal.

Station Casinos is a Las Vegas-based casino company.

PVH closes

In other news, PVH Corp. completed its acquisition of Warnaco Group Inc., according to a news release, for which the company got a new $3.825 billion senior secured credit facility (Ba1/BBB-).

The facility consists of a $750 million five-year revolver and a $1.7 billion five-year term loan A, both priced at Libor plus 200 bps, and a $1.375 billion seven-year term loan B priced at Libor plus 250 bps with a 0.75% Libor floor. The B loan was sold at an original issue discount of 99½ and has 101 soft call protection for one year.

During syndication, the term loan B was downsized from $1.875 billion as the term loan A was upsized from $1.2 billion, pricing on the B loan was trimmed from talk of Libor plus 275 bps to 300 bps, and the ticking fee was added.

Barclays Capital Inc., Bank of America Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and RBC Capital Markets LLC led the deal.

Net senior secured leverage is 2 times and net total leverage is 3.1 times.

Bridgewater, N.J.-based and New York-based Warnaco are apparel companies.

First Data wraps

First Data Corp. closed on its $258 million first-lien tack-on term loan due September 2018, according to an 8-K filed with the Securities and Exchange Commission.

The loan is priced at Libor plus 500 bps with no Libor floor. Initially it was talked with an original issue discount of 993/4, but the offer price tightened to par during syndication.

Credit Suisse Securities (USA) LLC and KKR Capital Markets led the deal that was used to refinance the company's existing bank debt due in 2014.

First Data is an Atlanta-based electronic commerce and payment processing company.

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