DJO Finance frees up; CBRE Services, Milacron, Container Store revisions surface

By Sara Rosenberg

New York, March 19 - DJO Finance LLC's credit facility made its way into the secondary market on Tuesday, with the first-lien term loan seen trading above its issue price.

Moving to the primary, CBRE Services Inc. lowered the coupon on its term loan B, tightened the B loan offer price, updated its revolver size and revised pro rata upfront fees, Milacron LLC modified the Libor floor and discount on its term loan, and the Container Store Inc. firmed its spread at the low end of guidance while adding a step-down.

Also, American Petroleum Tankers Parent LLC released talk as its deal was presented to lenders during the session, and WideOpenWest Finance LLC came back with a refinancing deal, while Crown Media Holdings Inc., Navistar Inc. and Haas Group International guidance emerged ahead of their launches.

Additionally, Rice Drilling B LLC, Cooper Gay Swett & Crawford Ltd., RadNet Inc., Capital Automotive LP and Apria Healthcare Group Inc. surfaced with new loan plans.

DJO Finance breaks

DJO Finance's credit facility broke for trading on Tuesday, with the $862 million first-lien term loan due September 2017 quoted at par ½ bid, 101 offered, according to a market source.

Pricing on the term loan is Libor plus 375 basis points with a 1% Libor floor, and it was issued at par. There is 101 soft call protection for one year.

During syndication, the spread on the loan was reduced from Libor plus 400 bps.

The company's $962 million credit facility also includes a $100 million revolver due March 2017.

Credit Suisse Securities (USA) LLC, UBS Securities LLC, Goldman Sachs & Co., Well Fargo Securities LLC and Macquarie Capital are leading the deal that will be used to reprice an existing term loan B-2 and term loan B-3 down from Libor plus 500 bps with a 1.25% Libor floor.

DJO is a Vista, Calif.-based leading developer, manufacturer and distributor of medical devices that provide solutions for musculoskeletal health, vascular health and pain management.

BWICs announced

In more secondary happenings, a roughly $78.2 million Bid-Wanted-In-Competition surfaced, and market participants were told that they have until 10:30 a.m. ET on Thursday to place their bids, according to a trader. There are about 31 issuers in the portfolio.

Some of the larger pieces of debt being offered include Cengage Learning Inc.'s extended term loan, East Valley Tourist Development Authority's term loan, Education Management LLC's term loan C-2, Longview Power LLC's 2014 term loan, RJO Holdings Corp.'s holdco term loan, Special Events Services Inc.'s term loan and Yell Group plc's new term loan B-1.

Also, a roughly $64 million BWIC emerged, for which bids are due at 10:30 a.m. ET on Thursday, the trader continued. There are about 43 issuers in the portfolio.

Some larger pieces of debt offered include Dollar General Corp.'s term loan B-1 and HCA Inc.'s term loan B-3.

And, a roughly $26 million BWIC was announced, with bids due at 11 a.m. ET on Wednesday, the trader added. There are 10 issuers in the portfolio, including KIK Custom Products, LV Sands and West Corp.

CBRE tweaks deal

Over in the primary, CBRE trimmed pricing on its $215 million eight-year term loan B to Libor plus 275 bps from Libor plus 325 bps and changed the offer price to par from 991/2, according to a market source. The tranche has no Libor floor.

Also, the company is talking its five-year revolver with a size of $1 billion to $1.2 billion, revised from just $1 billion previously, and the upfront fee on the revolver, as well as on a $500 million five-year term loan A, is now talked at 25 bps to 50 bps, instead of at 30 bps to 50 bps, the source said.

Pricing on the revolver and term loan A is unchanged at Libor plus 200 bps with no Libor floor, and existing revolver lenders are still being offered a 25 bps extension fee.

Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC, RBS Securities Inc., HSBC Securities (USA) Inc., Barclays and Scotia Capital (USA) Inc. are leading the now up to $1,915,000,000 credit facility (Ba1/BB) that will be used by the Los Angeles-based real estate services and asset management firm to refinance existing debt.

Commitments were due on Tuesday, the source added.

Milacron updates terms

Milacron moved the Libor floor on its $245 million seven-year term loan B (B1/B) to 1% from 1.25% and the original issue discount to 99½ from 99, and removed the MFN sunset on the term loan B incremental, a market source said.

Pricing on the loan is still Libor plus 325 bps and there is still 101 soft call protection for one year.

Recommitments are due at noon ET on Wednesday, the source added.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Barclays, Credit Suisse Securities (USA) LLC and RBC Capital Markets are leading the deal that will be used with $465 million of senior notes to fund the acquisition of Mold-Masters for an enterprise value of C$975 million from 3i Group plc.

Closing is expected by April, subject to certain regulatory approvals.

Milacron is a Cincinnati-based plastics processing solutions provider. Mold-Masters is a Georgetown, Canada-based designer and manufacturer of hot runner systems, temperature controllers and auxiliary equipment for the plastic industry.

Container Store adds step

Container Store set pricing on its roughly $362 million term loan B (B3) due 2019 at Libor plus 425 bps, the tight end of the Libor plus 425 bps to 450 bps talk, and added a step-down to Libor plus 375 bps if the corporate credit rating is upgraded to B2/B, according to a market source. Currently the rating is B3/B-.

The loan still has a 1.25% Libor floor, an original issue discount talk of 99¾ and 101 soft call protection for six months.

Lead banks, J.P. Morgan Securities LLC, Barclays, Morgan Stanley Senior Funding Inc. and Wells Fargo Securities LLC, are asking for recommitments by noon ET on Wednesday.

Proceeds will be used to refinance a roughly $272 million term loan B and to redeem a portion of the company's outstanding cumulative preferred stock.

Container Store is a Coppell, Texas-based retailer of organization and storage products.

American Petroleum launches

Also in the primary, American Petroleum Tankers held its bank meeting on Tuesday, launching its $270 million 61/2-year term loan with talk of Libor plus 400 bps with a 1.25% Libor floor, an original issue discount of 99 and 101 soft call for six months, according to a market source.

The company's $280 million senior secured credit facility also includes a $10 million five-year revolver.

Commitments are due at noon ET on March 27, the source added.

Bank of America Merrill Lynch is leading the deal that will be used to redeem the company's existing 10¼% first-priority senior secured notes due 2015.

American Petroleum is a Plymouth Meeting, Pa.-based provider of Jones Act marine transportation services for refined petroleum products, crude oil and chemicals.

WideOpenWest resurfaces

WideOpenWest is looking to get $1.91 billion in new term loans (B1) to refinance an existing term loan B due July 2018 priced at Libor plus 500 bps with a 1.25% Libor floor, according to sources.

The new debt is split between a $400 million term loan B-1 due July 2017 talked at Libor plus 325 bps with a 1% Libor floor, a par offer price and 101 soft call protection for six months, and a roughly $1.51 billion term loan B due March 2019 talked at Libor plus 375 bps with a 1% Libor floor, a par offer price and 101 soft call protection for one year, sources said.

The company will be holding its fiscal year end earnings call on Thursday, and commitments for the loans are due on Friday, sources added.

WideOpenWest lead banks

J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc., RBC Capital Markets, SunTrust Robinson Humphrey Inc. and Bank of Tokyo-Mitsubishi are leading WideOpenWest's term loans.

In January, the company launched a $1,915,000,000 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.

However, that term loan was pulled in February as the company opted not to move forward with the refinancing of its term loan B at that time.

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

Crown Media floats talk

Crown Media began circulating talk of Libor plus 325 bps to 350 bps with a 1% Libor floor, an original issue discount of 99¾ and 101 soft call protection for one year on its $172 million term loan B due July 2018 ahead of its call that is set for Wednesday at 2 p.m. ET, according to a market source.

J.P. Morgan Securities LLC is leading the deal that will be used to refinance an existing roughly $188 million term loan B due July 2018.

Crown Media is a Studio City, Calif.-based owner and operator of pay television channels, including the Hallmark Channel and Hallmark Movie Channel.

Navistar guidance emerges

Navistar revealed talk of Libor plus 475 bps to 500 bps with a 1.25% Libor floor, a par offer price and 101 hard call protection for two years on its $700 million term loan B due Aug. 17, 2017 that will launch with a call at 11 a.m. ET on Wednesday, according to sources.

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

Proceeds, along with up to $300 million of unsecured debt, will be used to refinance an existing $1 billion term loan B due July 16, 2014.

Navistar is a Lisle, Ill.-based manufacturer and seller of commercial and military trucks, buses and diesel engines, and a provider of service parts for trucks and trailers.

Haas Group pricing

Haas Group is talking its $210 million credit facility at Libor plus 425 bps with an original issue discount in the 99 area ahead of its Thursday morning bank meeting, according to a market source.

The facility consists of a $30 million revolver that has no Libor floor and a $180 million term loan B that has a 1% Libor floor, the source said.

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

Haas Group is a chemical supply chain management services company and a distributor of aerospace chemicals and consumables.

Rice Drilling readies loan

Rice Drilling joined this week's calendar, setting a bank meeting for 1:30 p.m. ET on Thursday to launch a $300 million 51/2-year senior secured second-lien term loan, according to a market source.

Barclays is leading the deal that will be used to repay existing debt, redeem convertibles and for general corporate purposes, including capital expenditures and acquisitions.

Rice Drilling is a Canonsburg, Pa.-based natural gas exploration and production company.

Cooper Gay coming soon

Cooper Gay Swett & Crawford will host a lender meeting at 10:30 a.m. ET on Thursday to launch a $500 million senior secured credit facility that will be used to refinance existing debt, according to a market source.

The facility consists of a $75 million revolver, a $280 million first-lien term loan and a $145 million second-lien term loan, the source said.

Morgan Stanley Senior Funding Inc., J.P. Morgan Securities LLC, RBC Capital Markets and Wells Fargo Securities LLC are leading the deal.

Cooper Gay Swett & Crawford is a London-based wholesale & reinsurance broker.

RadNet on deck

RadNet scheduled a call for 2 p.m. ET on Wednesday to launch a $389,125,000 senior secured term loan due Oct. 10, 2018 that has 101 soft call protection for one year, according to a market source.

The loan includes $40 million of incremental debt and $349,125,000 of existing debt, the source said.

Barclays is the leading the deal that will be used to refinance the existing term loan, repay revolver debt and for general corporate purposes.

RadNet is a Los Angeles-based owner and operator of fixed-site diagnostic imaging centers.

Capital Auto plans refi

Capital Automotive set a lender call for 11 a.m. ET on Wednesday to launch a $1.7 billion senior secured credit facility that consists of a $200 million revolver and a $1.5 billion term loan B, according to a market source.

Proceeds will be used to refinance an existing credit facility.

Barclays is leading the deal for the McLean, Va.-based provider of sale-leaseback capital to the automotive retail industry.

Apria joins calendar

Apria Healthcare will hold a bank meeting on Wednesday morning and talk is that the company will be approaching lenders with a new $750 million term loan, according to sources.

Proceeds are expected to be used to refinance existing debt.

Bank of America Merrill Lynch is the lead bank on the deal.

Apria is a Lake Forest, Calif.-based home health care services company.

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