Caesars, Transplace break; West, Lighthouse revised; Tekni, Greenhill, Camping accelerated

By Sara Rosenberg

New York, Oct. 2 – Caesars Resort Collection LLC’s credit facilities emerged in the secondary market on Monday, with the first-lien term loan quoted above its original issue discount, and Transplace Holdings Inc. began trading after further revisions were revealed on its second-lien loan tranche.

In more happenings, West Corp. (Olympus Merger Sub Inc.) widened spread, Libor floor and original issue discount on its term loan, and sweetened the call protection, and Lighthouse Network LLC increased the size of its incremental first-lien term loan and set the original issue discount at the tight end of talk.

Also, Tekni-Plex Inc., Greenhill & Co. Inc. and Camping World moved up the commitment deadlines on their term loans, and H.B. Fuller Co. and Bombardier Recreational Products Inc. released price talk with launch.

Furthermore, SFR Group SA, Altice Financing, Blount International Inc., Atlantic Power Corp. and PLZ Aeroscience surfaced with new deal plans.

Caesars Resort tops OID

Caesars Resort Collection’s credit facilities began trading on Monday and the $4.7 billion seven-year covenant-light first-lien term loan was seen quoted at par 1/8 bid, par 3/8 offered, according to a market source.

Pricing on the term loan is Libor plus 275 basis points with a 0% Libor floor, and it was sold at an original issue discount of 99.75. The debt has 101 soft call protection for six months.

On Friday, pricing on the term loan firmed at the wide end of the Libor plus 250 bps to 275 bps talk, the discount was tightened from 99.5 and a ticking fee was added of half the margin from days 46 to 90 and the full margin thereafter.

The company’s $5.7 billion of credit facilities (Ba3/BB) also include a $1 billion revolver priced at Libor plus 225 bps, subject to reductions based on senior secured leverage, with a 50 bps commitment fee.

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc., Bank of America Merrill Lynch, Citigroup Global Markets Inc., Wells Fargo Securities LLC, SunTrust Robinson Humphrey Inc., Goldman Sachs Bank USA, Macquarie, UBS Investment Bank, Barclays and Nomura are leading the deal that will be used to finance the combination of Caesars Growth Properties Holdings LLC and Caesars Entertainment Resort Properties LLC, including a refinancing of debt at both entities.

Caesars Resort is an owner of a collection of casino properties.

Transplace updated

Transplace increased pricing on its $110 million eight-year second-lien term loan (Caa2/CCC) to Libor plus 875 bps from revised talk of Libor plus 850 bps and initial talk of Libor plus 800 bps and widened the original issue discount to 97.5 from revised talk of 98 and initial talk of 98.5, a market source said.

As before, the second-lien term loan has a 1% Libor floor and hard call protection of 102 in year one and 101 in year two.

The company’s $600 million of senior secured credit facilities also include a $90 million five-year revolver (B2/B-), and a $400 million seven-year first-lien term loan B (B2/B-) priced at Libor plus 425 bps with a 1% Libor floor and an original issue discount of 99. The first-lien term loan has 101 soft call protection for six months.

Previously in syndication, the second-lien term loan was downsized from $120 million, the first-lien term loan was upsized from $390 million while pricing was increased from Libor plus 400 bps, and the MFN sunset and maturity carve-out were removed from the credit agreement.

Transplace frees up

After terms finalized, Transplace’s credit facilities hit the secondary market, with the first-lien term loan quoted at 99¾ bid, par ¾ offered, another source added.

Goldman Sachs Bank USA, J.P. Morgan Securities LLC, Barclays, Deutsche Bank Securities Inc., KeyBanc Capital Markets LLC and RBC Capital Markets LLC are leading the deal, with Goldman the left lead on the revolver and term loan B and JPMorgan the left lead on the second-lien loan.

The new credit facilities will be used to help fund the buyout of the company by TPG Capital from Greenbriar Equity Group LLC.

Transplace is a Frisco, Texas-based provider of highly configurable transportation management solutions, with a complementary suite of specialized third-party logistics services.

West reworks loan

Back in the primary market, West Corp. flexed pricing on its $2.7 billion seven-year covenant-light first-lien term loan to Libor plus 400 bps from talk of Libor plus 325 bps to 350 bps, revised the Libor floor to 1% from 0%, adjusted the original issue discount to 99 from 99.5 and extended the 101 soft call protection to one year from six months, a market source remarked.

The company’s $3.05 billion senior secured deal (Ba3/B/BB+) also includes a $350 million revolver.

Commitments are due at noon ET on Tuesday, the source added.

Credit Suisse Securities (USA) LLC, RBC Capital Markets LLC, Barclays, Bank of America Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc. and Goldman Sachs Bank USA are leading the credit facilities that will be used with $1.35 billion in senior unsecured notes and up to $1.3 billion in equity to fund the buyout of the company by Apollo Global Management LLC for $23.50 per share in cash. The transaction has an enterprise value of about $5.1 billion, including net debt.

Closing is expected in the second half of the year, subject to receipt of regulatory approvals, West stockholder approval and other customary conditions.

West is an Omaha-based provider of communication and network infrastructure services.

Lighthouse changes emerge

Lighthouse Network raised its incremental first-lien term loan due October 2023 to $76 million from $60 million and set the original issue discount at 99.5, the tight end of the 99 to 99.5 talk, according to a market source.

The incremental first-lien term loan is priced at Libor plus 475 bps with a 1% Libor floor, in line with existing term loan pricing.

Commitments are due on Tuesday, the source said.

Credit Suisse Securities (USA) LLC and Citizens Bank are leading the deal that will be used to fund tuck-in acquisitions and to refinance revolver borrowings.

For the transaction, the company is also getting a $20 million incremental second-lien term loan due October 2024 that was privately placed.

Lighthouse, formerly known as Harbortouch LLC, is an Allentown, Pa.-based independent merchant acquirer and payment solutions provider.

Tekni-Plex tweaks timing

Tekni-Plex moved up the commitment deadline on its $413 million seven-year covenant light first lien term loan (B2/B) to 2 p.m. ET on Wednesday from 5 p.m. ET on Oct. 10 and on its $295 million equivalent euro-denominated seven-year covenant-light first lien term loan (B2/B) to 11 a.m. ET on Wednesday from Oct. 10, according to a market source.

The U.S. term loan is talked at Libor plus 350 bps with a 1% Libor floor and an original issue discount of 99.5, and the euro term loan is talked at Euribor plus 375 bps with a 0% floor and a discount of 99.5. Both term loans have 101 soft call protection for six months.

The company’s $768 million of credit facilities also include a $60 million ABL revolver.

Credit Suisse Securities (USA) LLC, Jefferies LLC and BMO Capital Markets are leading the deal that will be used to help fund the buyout of the company by Genstar Capital from American Securities.

Tekni-Plex is a King of Prussia, Pa.-based provider of specialty packaging solutions.

Greenhill revises deadline

Greenhill accelerated the commitment deadline on its $300 million five-year first-lien term loan B to Thursday from Oct. 11, a market source said.

Talk on the term loan is Libor plus 400 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for 18 months.

The company’s $320 million of credit facilities (Ba2/BB) also include a $20 million three-year revolver.

Goldman Sachs Bank USA is leading the deal that will be used with equity sale proceeds to repay all existing debt and repurchase up to $235 million of common stock.

Greenhill is a New York-based independent investment bank.

Camping World accelerated

Camping World revised the commitment deadline on its $195 million add-on senior secured term loan due Nov. 8, 2023 and repricing of its existing $736 million senior secured term loan B due Nov. 8, 2023 to 5 p.m. ET on Tuesday from 5 p.m. ET Wednesday, according to a market source.

The term loan debt is talked at Libor plus 300 bps to 325 bps with a 0.75% Libor floor and 101 soft call protection for six months. The add-on term loan is talked with an original issue discount of 99.75 and the repricing is offered at par.

Goldman Sachs Bank USA is leading the deal.

Proceeds from the add-on term loan will be used for the purchase of inventory and capital expenditures for Gander Outdoors and for future acquisitions, and the repricing will take the existing term loan down from Libor plus 375 bps with a 0.75% Libor floor.

Camping World is a Lincolnshire, Ill.-based seller of RVs and supplier of RV parts, supplies and accessories.

H.B. Fuller sets guidance

Also on the new deal front, H.B. Fuller had its lenders’ presentation on Monday and, with the event, talk on its $1.85 billion seven-year senior secured covenant-light term loan B (Ba2/BB+) was announced at Libor plus 225 bps to 250 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, a market source said.

Commitments are due on Oct. 12, the source added.

Morgan Stanley Senior Funding Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are leading the deal that will be used to fund the acquisition of Royal Adhesives & Sealants for $1,575,000,000 on a cash-free, debt-free basis.

Leverage is expected to be around 5.3 times.

H.B. Fuller is a St. Paul, Minn.-based industrial adhesives, sealants, coatings and specialty materials company. Royal Adhesives is a South Bend, Ind.-based producer of specialty adhesives and sealants.

Bombardier reveals talk

Bombardier Recreational Products came out with price talk on its $693 million term loan B (Ba3/BB) due June 30, 2023 a few hours before its afternoon lender call began, according to a market source.

The term loan is talked at Libor plus 225 bps to 250 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, the source said.

Commitments are due at noon ET on Friday.

RBC Capital Markets LLC and BMO Capital Markets Corp. are leading the deal that will be used to reprice an existing term loan B down from Libor plus 300 bps with a 0.75% Libor floor.

Bombardier Recreational is a Valcourt, Quebec-based designer, manufacturer, distributor and marketer of motorized recreational vehicles and powersports engines.

SFR readies deal

SFR Group scheduled a lender call for 9:30 a.m. ET on Tuesday to launch a €2,568,000,000 U.S. and euro denominated covenant-light term loan B-12 due January 2026 talked at Libor/Euribor plus 300 bps with a 0% floor, an original issue discount of 99.75 and 101 soft call protection for six months, a market source said.

Commitments are due on Thursday, the source added.

Credit Suisse and BNP Paribas are the global coordinators and bookrunners on the deal, with Credit Suisse the left lead on the U.S. piece and BNP the left lead on the euro piece. Other bookrunners include Goldman Sachs, J.P. Morgan, Morgan Stanley and Barclays.

The new term debt will be used to refinance a €697 million term loan B-10 due 2025, a $1,781,000,000 term loan B-10 due 2025 and other outstanding debt.

SFR is a France-based provider of television, internet, telephone, video on demand and mobile services.

Altice joins calendar

Altice will hold a lender call on Tuesday to launch a €1,089,000,000 8.25-year U.S. and euro denominated term loan talked at Libor/Euribor plus 300 bps with a 0% floor, an original issue discount of 99.75 and 101 soft call protection for six months, according to a market source.

Commitments are due on Thursday, the source said.

Goldman Sachs, J.P. Morgan, Barclays, BNP Paribas, Credit Suisse and Morgan Stanley are leading the deal that will be used to refinance existing notes due in 2022, with Goldman the left lead on the U.S. piece and JPMorgan the left lead on the euro piece.

Altice is a Luxembourg-based cable and telecom company.

Blount plans loan

Blount International scheduled a lender call for 11 a.m. ET on Friday to launch a $615 million six-year first-lien term loan B, a market source said.

Barclays is leading the deal that will be used to refinance existing debt and to fund a dividend.

The sponsors are American Securities and P2 Capital

Blount is a Portland, Ore.-based manufacturer and marketer of outdoor power equipment.

Atlantic Power on deck

Atlantic Power set a lender call for 10 a.m. ET on Tuesday to launch a repricing of its $562,727,000 first-lien senior secured term loan B, a market source remarked.

Goldman Sachs Bank USA, Bank of America Merrill Lynch, MUFG and Wells Fargo Securities LLC are leading the deal.

Atlantic Power is a Dedham, Mass.-based owner, developer and operator of a diversified fleet of 23 power generation projects totaling 1,500 MW of net generating capacity across nine states in the U.S. and two Canadian provinces.

PLZ Aeroscience coming soon

PLZ Aeroscience emerged with plans to hold a lender call on Oct. 11 to launch a fungible $160 million incremental term loan, according to a market source.

Antares Capital and BMO Financial Corp. are leading the deal that will be used to fund an acquisition.

PLZ Aeroscience, a portfolio company of the Pritzker Group, is a Downers Grove, Ill.-based provider of custom aerosol packaging for various consumer and institutional products.

PlayCore closes

In other news, the buyout of PlayCore by Court Square Capital Partners from Sentinel Capital Partners has been completed, a news release said.

To help fund the transaction, PlayCore got $635 million of senior secured credit facilities, comprised of a $70 million asset-based revolver, a $370 million seven-year first-lien term loan (B2/B), a $50 million delayed-draw first-lien term loan (B2/B) and a $145 million eight-year second-lien term loan (Caa2/CCC+).

Pricing on the first-lien term loan and delayed-draw term loan is Libor plus 375 bps with a 1% Libor floor, and the debt was sold at an original issue discount of 99.75. There is 101 soft call protection for six months.

The second-lien term loan is priced at Libor plus 775 bps with a 1% Libor floor and was issued at a discount of 98.5. This tranche has hard call protection of 102 in year one and 101 in year two.

During syndication, pricing on the first-lien and delayed-draw term loans firmed at the low end of the Libor plus 375 bps to 400 bps talk, the discount was tightened to 99.75 from 99.5, and the MFN sunset was removed.

Goldman Sachs Bank USA, KeyBanc Capital Markets and SunTrust Robinson Humphrey Inc. led the deal.

PlayCore is a Chattanooga, Tenn.-based designer, manufacturer and marketer of commercial playground, park, recreation and specialty equipment and related complementary products.

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