Libbey Glass, Websense, Ollie's break; Caesars Growth Properties, McDermott revise deals

By Sara Rosenberg

New York, April 7 - Libbey Glass Inc.'s term loan emerged in the secondary market on Monday with levels quoted above its original issue discount price, and Websense Inc. and Ollie's Bargain Outlet began trading as well.

Over in the primary, Caesars Growth Properties Holdings LLC lowered pricing and tightened the original issue discount on its term loan, and McDermott International Inc. cut spread talk and offer price on its term loan B while also reworking the call protection.

Furthermore, Select Staffing (Koosharem LLC) released talk on its upcoming deal, and Interactive Data Corp., Hearthside Group Holdings LLC, MSC Holdings Inc., Mood Media Corp., Campaign Monitor and TASC Inc. joined this week's calendar.

Libbey hits secondary

Libbey Glass' $440 million seven-year senior secured covenant-light term loan B freed up for trading on Monday, with levels quoted at par bid, par ¾ offered, according to a trader.

Pricing on the loan is Libor plus 300 basis points with a 0.75% Libor floor and the debt was sold at a discount of 993/4. There is 101 soft call protection for six months.

Recently, the spread was reduced from Libor plus 325 bps, the Libor floor was cut from 1% and the discount was tightened from 991/2.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Barclays and Fifth Third Securities Inc. are leading the deal that is expected to close on Wednesday and will be used to refinance senior secured notes.

The Toledo, Ohio-based manufacturer of glass tableware is tendering for up to $360 million of its 6 7/8% senior secured notes due 2020 in an offer that expires on Tuesday, and following completion of the tender offer, it intends to redeem the remaining $45 million of the notes.

Websense tops OID

Websense's fungible $80 million add-on first-lien term loan (B1/B+) due June 2020 began trading too, with levels quoted at par bid, par ½ offered, a trader said.

Pricing on the add-on is Libor plus 350 bps with a 1% Libor floor, in line with the existing first-lien term loan, and the add-on was sold at an original issue discount of 993/4.

RBC Capital Markets is leading the deal that will be used to repay a shareholder loan.

In connection with the add-on, the company sought an amendment to its existing credit facility to allow for the new loan, provide for 101 soft call protection for six months to all of the first-lien term loan debt, reset the second-lien term loan call protection at 102 in year one and 101 in year two from closing of the amendment and name RBC as the administrative agent on the first-lien loan, a role previously held by J.P. Morgan Securities LLC.

Websense, a San Diego-based provider of web security, e-mail security, mobile security and data loss prevention, offered first-lien lenders a 12.5 bps amendment fee and second-lien lenders a 25 bps amendment fee.

Ollie's frees up

Ollie's Bargain Outlet's $60 million add-on term loan and repriced term loan broke as well, with levels quoted at par bid, according to a trader.

Pricing on the add-on and the repriced loan is Libor plus 375 bps with a 1% Libor floor, and the add-on was sold at an original issue discount of 991/2. There is 101 soft call protection for one year.

Proceeds from the add-on will be used to fund a distribution to shareholders, and the repricing is taking the existing term loan down from Libor plus 400 bps with a 1.25% Libor floor.

Jefferies Finance LLC is leading the deal (B2/B) for the Harrisburg, Pa.-based retailer of closeouts, excess inventory and salvage merchandise.

Caesars flexes lower

Moving to the primary, Caesars Growth Properties, a Las Vegas-based casino asset and entertainment company, revised pricing on its $1,175,000,000 seven-year first-lien term loan to Libor plus 525 bps from Libor plus 575 bps and moved the original issue discount to 99½ from 99, a market source said.

The term loan still has a 1% Libor floor and is non-callable for one year, then at 101 in year two.

The company's $1,325,000,000 senior secured deal (B2/B+/BB-) also includes a $150 million revolver.

Recommitments were due at 5 p.m. ET on Monday, the source continued.

Caesars buying hotels

Proceeds from Caesars Growth Properties' credit facility and notes will be used to fund the acquisition of Bally's Las Vegas, the Cromwell, the Quad Resort & Casino and Harrah's New Orleans from Caesars Entertainment Corp. for $2.2 billion, and to refinance Planet Hollywood Resort & Casino's existing debt.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., UBS Securities LLC, J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc., Macquarie Capital and Nomura are leading the credit facility.

Closing on the acquisition is expected in the second quarter, subject to receipt of required regulatory approvals.

McDermott tweaks deal

McDermott International changed price talk on its $300 million five-year term loan B to Libor plus 450 bps to 475 bps from Libor plus 525 bps to 550 bps and modified the original issue discount to 99½ from 99, according to market sources.

Furthermore, the call protection was revised to non-callable for one year, then a soft call of 101 in year two, from non-callable for one year, then soft call protection of 102 in year two and 101 in year three, sources said.

As before, the term loan has a 1% Libor floor.

The company's $700 million of new bank debt (Ba1/BB+) also includes a $400 million three-year first-out letter-of-credit facility.

Recommitments are due on Wednesday, sources added.

McDermott refinancing

Proceeds from McDermott's credit facility and second-lien senior secured notes due 2021 will be used to refinance revolver borrowings and for other general corporate purposes, including the funding of working capital requirements and capital expenditures.

Goldman Sachs Bank USA is the lead bank on the deal.

McDermott is a Houston-based engineering, procurement, construction and installation company for offshore oil and gas projects.

Select Staffing floats talk

Also in the primary, Select Staffing disclosed talk of Libor plus 700 bps with a 1% Libor floor, an original issue discount of 99 and soft call protection of 102 in year one and 101 in year two on its $350 million six-year senior secured term loan that is slated to launch with a bank meeting at 2 p.m. ET in New York on Tuesday, a market source said.

The company's $470 million credit facility also includes a $120 million ABL revolver.

Commitments are due on April 23.

Credit Suisse Securities (USA) LLC and RBC Capital Markets are leading the deal that will be used with $225 million in equity - raised through a $175 million rights offering and $50 million cash investment - to refinance existing debt and for general corporate purposes in connection with the company's exit from bankruptcy.

Select Staffing is a Santa Barbara, Calif.-based temporary staffing services provider.

Interactive Data joins calendar

Interactive Data Corp. plans to hold a bank meeting on Wednesday to launch a $2.21 billion credit facility, according to sources.

The facility consists of a $160 million five-year revolver and a $2.05 billion seven-year covenant-light term loan, sources said.

Bank of America Merrill Lynch, Goldman Sachs Bank USA, Barclays, Credit Suisse Securities (USA) LLC, UBS Securities LLC, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc. and Well Fargo Securities LLC are leading the deal that will be used to help refinance existing term loans, redeem 10.25% senior notes due 2018 and fund a roughly $273 million dividend to equity holders.

Interactive Data is a Bedford, Mass.-based provider of financial market data.

Hearthside sets meeting

Hearthside scheduled a bank meeting for 10 a.m. ET on Wednesday to launch a $675 million credit facility, according to a market source.

The facility consists of a $100 million five-year revolver and a $575 million seven-year covenant-light first-lien term loan, the source said.

Barclays, Goldman Sachs Bank USA, Deutsche Bank Securities Inc., Fifth Third Securities Inc. and KeyBanc Capital Markets are leading the deal that will be used to help fund the buyout of the company by Goldman Sachs and Vestar Capital Partners from Wind Point Partners.

Closing is expected in the second quarter.

Hearthside is a Downers Grove, Ill.-based bakery and contract food manufacturer.

MSC coming soon

MSC Holdings set a bank meeting for 10:30 a.m. ET in New York on Thursday to launch a $455 million credit facility, according to a market source.

The facility consists of a $230 million five-year ABL revolver, and a $225 million seven-year first-lien term loan that has a 1% Libor floor, the source said.

Commitments are due on April 24.

UBS Securities LLC and RBC Capital Markets are leading the deal that will be used to refinance existing debt.

MSC is a Fort Worth, Texas-based wholesale distributor of plumbing, HVAC and builder products.

Mood Media readies deal

Mood Media emerged with plans to hold a call at 11 a.m. ET on Tuesday to launch a $250 million credit facility (Ba3), according to a market source.

The facility consists of a $15 million revolver, and a $235 million five-year first-lien term loan talked at Libor plus 625 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year, the source remarked.

Commitments are due on April 22.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to refinance an existing revolver and term loan.

Mood Media is a provider of in-store audio, visual and mobile solutions.

Campaign Monitor on deck

Campaign Moniter set a bank meeting for 10 a.m. ET in New York on Wednesday to launch a $170 million credit facility, according to a market source.

The facility consists of a $10 million five-year revolver and a $160 million seven-year first-lien covenant-light term loan that has 101 soft call protection for one year, the source said.

Commitments are due on April 23.

Credit Suisse Securities (USA) LLC leading the deal, which will be used to help fund the buyout of the company by Insight Venture Partners.

Campaign Monitor is a SaaS email marketing platform.

TASC plans call

TASC will hold a call for credit facility lenders at 10 a.m. ET on Tuesday, according to a market source, who said the purpose of the call has not yet been announced.

Barclays is the lead bank on the deal.

The company's existing credit facility consists of an $80 million revolver due Sept. 18, 2015 and a roughly $632 million term loan B due Dec. 18, 2015.

TASC is a Chantilly, Va.-based provider of advanced systems engineering and technical assistance to the defense, intelligence, federal and homeland security markets.

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