Wheel Pros allocates; Potters, Centerfield, Tacala line up loan launches for Nov. 9 week

By Sara Rosenberg

New York, Nov. 6 – Wheel Pros disclosed final pricing terms on its second-lien term loan late in the day Friday and distributed allocations for the second-lien debt as well as for the first-lien term loan.

In other news, Potters Industries LLC came out with structure and timing on its buyout financing transaction, Centerfield announced plans to bring funded and delayed-draw term loan debt to market, and Tacala Cos. joined the new issue calendar with a proposal for incremental first-and second-lien term loans.

Wheel Pros sets terms

Wheel Pros came out with pricing on its $185 million second-lien term loan (Caa2/CCC) at Libor plus 900 basis points with a 1% Libor floor and an original issue discount of 97, a market source said.

The second-lien term loan has call protection of 102 in year one and 101 in year two, the source added.

The company’s $685 million seven-year first-lien term loan (B2/B-) is priced at Libor plus 525 bps with a 1% Libor floor and a discount of 97.5, and has 101 soft call protection for one year.

Previously in syndication, the first-lien term loan was downsized from $735 million, the spread was set at the low end of the Libor plus 500 bps to 525 bps talk, the discount was changed from 98.5 and the call protection was extended from six months. In addition, the second-lien term loan was downsized from $210 million.

The company’s $970 million of credit facilities include a $100 million five-year ABL revolver as well.

UBS Investment Bank and Antares Capital are leading the deal that will be used to refinance existing debt and to fund a dividend.

The dividend was trimmed by $75 million to $145 million when the term loans were downsized.

Wheel Pros is a distributor of proprietary branded wheels and performance tires.

Potters on deck

Potters Industries set a lender call for 2 p.m. ET on Monday to launch $465 million of credit facilities, according to a market source.

The facilities consist of a $75 million revolver and a $390 million seven-year covenant-lite first-lien term loan, the source said.

The term loan has 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on Nov. 19, the source added.

Credit Suisse Securities (USA) LLC, Barclays, Antares Capital, KeyBanc Capital Markets and MUFG are leading the deal that will be used with equity to fund the buyout of the company by The Jordan Co. LP from PQ Group Holdings Inc. for $650 million.

Closing is expected by year-end, subject to customary conditions and regulatory approvals.

Last month, when the buyout was announced, it was disclosed that a commitment for debt financing had been received for the transaction, but specifics on structure and lead banks were not released.

Potters is a glass microsphere supplier.

Centerfield joins calendar

Centerfield will hold a lender call at 11:30 a.m. ET on Monday to launch $500 million of term loan debt, a market source remarked.

The debt consists of a $400 million seven-year term loan B and a $100 million delayed-draw term loan, the source added.

BofA Securities Inc. is leading the deal that will be used to refinance existing debt and for general corporate purposes.

Centerfield is a Los Angeles-based provider of technology-driven, digital performance marketing solutions to drive lead generation and end-to-end customer acquisition.

Tacala readies deal

Tacala surfaced with plans to hold a lender call on Monday to launch $85 million of incremental term loans, according to a market source.

The debt is split between a $65 million incremental first-lien term loan and a $20 million incremental second-lien term loan, the source said.

KKR Capital Markets and Wells Fargo Securities LLC are leading the deal that will be used for a dividend recapitalization.

Tacala is a Vestavia Hills, Ala.-based franchise operator of Taco Bell restaurants.

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