Laird, EnergySolutions, WireCo, Aegis Toxicology, KeyW, Odyssey Logistics, Arterra break

By Sara Rosenberg

New York, May 4 – Laird plc lifted the spread on its first-lien term loan, modified the original issue discount and extended the call protection, and EnergySolutions LLC increased the size of its term loan B and trimmed pricing, and then both of these deals freed up for trading on Friday.

Also, WireCo firmed the spread on its term loan at the high end of talk and revised the call protection, and Aegis Toxicology Sciences Corp. downsized its term loan B, widened the spread and original issue discount and sweetened the call protection, before surfacing in the secondary market too.

Other deals to begin trading during the session included KeyW Corp., Odyssey Logistics & Technology Corp. and Arterra Wines Canada Inc.

In more happenings, Avolon raised pricing on its term loan B-3 and extended the call protection, and CityCenter Holdings LLC lowered pricing on its add-on term loan, set the issue price at the tight side of guidance and added a repricing proposal to the mix.

Additionally, Quest/One Identity, Springs Window Fashions (SIWF Holdings Inc.) and L&W Inc. (Autokiniton US Holdings Inc.) announced price talk with launch, and Unimin Corp., SRS Distribution Inc., Big Jack’s Holdings LP (Jack’s Family Restaurant) and Vistra Energy joined the near-term primary calendar.

Laird modified, frees up

Laird increased pricing on its $750 million seven-year first-lien term loan (B2/B) to Libor plus 450 basis points from Libor plus 400 bps, widened the original issue discount to 97 from 99.5 and extended the 101 soft call protection to one year from six months, while leaving the 0% Libor floor unchanged, according to a market source.

The term loan has a ticking fee of half the margin from days 31 to 60 and the full margin thereafter.

The company’s $1,026,000,000 of credit facilities also include a $133 million revolver (B2/B) and a $143 million privately placed second-lien term loan.

With final terms in place, the first-lien term loan broke for trading on Friday and levels were quoted at 97¾ bid, 98¾ offered, another source added.

Goldman Sachs Bank USA, Citigroup Global Markets Inc., Bank of America Merrill Lynch, HSBC Securities (USA) Inc., Lloyds and NatWest are leading the deal that will be used to help fund the buyout of the company by Advent International Corp. for 200 pence in cash per share. The transaction values the entire issued ordinary share capital of Laird at roughly £1 billion on a fully diluted basis.

Closing is expected in the third quarter, subject to stockholder and regulatory approvals.

Laird is a London-based provider of products and technology solutions used in network infrastructure, wireless connectivity, displays and industrial controls.

EnergySolutions tweaked, trades

EnergySolutions raised its seven-year covenant-light term loan B to $600 million from $575 million and cut pricing to Libor plus 375 bps from talk in the range of Libor plus 400 bps to 425 bps, according to a market source.

As before, the term loan has a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

The company’s now $750 million of senior secured credit facilities also include a $150 million five-year revolver.

Commitments were due at noon ET on Friday and by late day the term loan began trading with levels quoted at par ¼ bid, 101 offered, a trader added.

Morgan Stanley Senior Funding Inc., Barclays and Deutsche Bank Securities Inc. are leading the deal that will be used to refinance existing debt, pay a dividend to shareholders, the amount of which was increased with the term loan upsizing, and provide liquidity for working capital.

Closing is expected during the week of May 7.

EnergySolutions is a Salt Lake City-based nuclear services company.

WireCo updated, breaks

WireCo set pricing on its $453 million senior secured first-lien term loan due September 2023 at Libor plus 500 bps, the high end of the Libor plus 475 bps to 500 bps talk, and extended the 101 soft call protection to one year from six months, a market source said.

The term loan still has a 1% Libor floor and a par issue price.

Late in the session, the term loan hit the secondary market and levels were seen at par ¾ bid, 101¾ offered, another source added.

Goldman Sachs Bank USA is leading the deal that will be used to reprice an existing term loan down from Libor plus 550 bps with a 1% Libor floor.

Closing is expected during the week of May 7.

WireCo is a Prairie Village, Kan.-based manufacturer and distributor of wires and synthetic ropes.

Aegis reworked, tops OID

Aegis Toxicology Sciences cut its seven-year first-lien term loan B to $300 million from $320 million, lifted pricing to Libor plus 550 bps from talk in the range of Libor plus 500 bps to 525 bps, changed the original issue discount to 98.5 from 99 and extended the 101 soft call protection to one year from six months, a market source said.

The term loan still has a 1% Libor floor.

The company’s now $350 million of senior secured credit facilities also include a $50 million five-year revolver.

Following terms firming up, the B loan broke for trading and levels were seen at 99 bid, par offered, a trader added.

Morgan Stanley Senior Funding Inc., SunTrust Robinson Humphrey Inc., Credit Suisse Securities (USA) LLC and Fifth Third are leading the deal that will be used to refinance existing debt.

Closing is expected on Wednesday.

Aegis Toxicology is a Nashville, Tenn.-based laboratory sciences company.

KeyW hits secondary

KeyW’s credit facilities freed up in the afternoon, with the $215 million six-year first-lien term loan (B1/B+) quoted at par bid, 101 offered, according to a trader.

Pricing on the first-lien term loan is Libor plus 450 bps with a 1% Libor floor and it was sold at an original issue discount of 99.5. The loan has 101 soft call protection for six months.

The company’s $340 million senior secured deal also includes a $50 million five-year revolver (B1/B+) and a $75 million seven-year second-lien term loan (Caa1/B-).

The second-lien term loan is priced at Libor plus 875 bps with a 1% Libor floor and it was issued at a discount of 98. This tranche has call protection of 103 in year one, 102 in year two and 101 in year three.

On Thursday, the spread on the first-lien term loan firmed at the high end of the Libor plus 425 bps to 450 bps talk. Also, pricing on the second-lien term loan was lifted from talk in the range of Libor plus 825 bps to 850 bps, the discount widened from 99 and the call protection was revised from 102 in year one and 101 in year two.

RBC Capital Markets, Fifth Third, J.P. Morgan Securities LLC and SunTrust Robinson Humphrey Inc. are leading the debt that will be used to refinance the company’s capital structure.

KeyW is a Hanover, Md.-based total solutions provider for the intelligence, cyber and counterterrorism communities.

Odyssey Logistics breaks

Odyssey Logistics’ $249 million covenant-light first-lien term loan (B1/B+) due October 2024 began trading too, with levels seen at par ½ bid, 101½ offered, a market source remarked.

Pricing on the term loan is Libor plus 375 bps with a ratings-based step-down and a 1% Libor floor. The debt was issued at par and has 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to reprice an existing term loan down from Libor plus 425 bps with a ratings-based step-down and a 1% Libor floor.

Odyssey Logistics is a Danbury, Conn.-based provider of multi-modal transportation solutions and transportation management.

Arterra starts trading

Arterra Wines Canada’s fungible $130 million incremental senior secured covenant-light term loan B-1 (B1/B) due Dec 15, 2023 broke as well, with levels quoted at par ½ bid, 101 offered, according to a trader.

Pricing on the loan is Libor plus 275 bps with a 1% 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 Thursday, the discount on the loan tightened from 99.5.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to refinance existing second-lien debt and fund cash to the balance sheet for general corporate purposes.

Closing is expected on Wednesday.

Arterra, formerly known as Constellation Brands Canada, is a Mississauga, Ont.-based producer and distributor of wine brands.

Avolon revised

Back in the primary market, Avolon increased pricing on its $4,962,500,000 senior secured term loan B-3 due Jan. 15, 2025 to Libor plus 200 bps from Libor plus 175 bps and pushed out the 101 soft call protection to one year from six months, according to a market source.

As before, the term loan has a 0.75% Libor floor and an original issue discount of 99.75.

Commitments/consents are due at noon ET on Monday, the source said.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to extend and reprice the company’s existing term loan B-2.

Avolon is an Ireland-based provider of aircraft leasing and lease management services.

CityCenter restructured

CityCenter cut pricing on its fungible $200 million add-on covenant-light term loan (B1/BB-) due April 18, 2024 to Libor plus 225 bps from Libor plus 250 bps and set the issue price at par, the tight end of the 99.75 to par talk, a market source remarked. The tranche still has a 0.75% Libor floor.

With the flex, the company launched a repricing of its existing $1,588,000,000 covenant-light term loan (B1/BB-) due April 18, 2024 to Libor plus 225 bps with a 0.75% Libor floor from Libor plus 250 bps with a 0.75% Libor floor, the source continued. The repricing is offered at par.

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

Bank of America Merrill Lynch is leading the deal.

The add-on term loan will be used with about $203 million in cash on hand to pay a dividend of $400 million to the company’s shareholders.

CityCenter, which is 50% owned by a wholly owned subsidiary of MGM Resorts International and 50% owned by Infinity World Development Corp., is an urban mixed-use development on the Las Vegas Strip.

Quest/One Identity guidance

Quest/One Identity held its lender call at noon ET on Friday and, a few hours before the event kicked off, price talk was announced on its $1.42 billion seven-year first-lien term loan (B2/B+) and $375 million eight-year second-lien term loan (Caa2/B-), according to a market source.

The first-lien term loan is talked at Libor plus 425 bps to 450 bps with a 0% Libor floor and an original issue discount of 99.5, and the second-lien term loan is talked at Libor plus 825 bps to 850 bps with a 0% Libor floor and a discount of 99, the source said.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

Commitments are due at 5 p.m. ET on May 15.

Credit Suisse Securities (USA) LLC is the left lead on the $1,795,000,000 of term loans that will be used to finance the carve-out of the business from Seahawk Holdings.

Quest/One Identity is a provider of integrated infrastructure software and identity of governance.

Springs Window launches

Springs Window Fashions came out with price talk on its $840 million seven-year first-lien term loan (B) and $305 million eight-year second-lien term loan (CCC+) in connection with its morning bank meeting, a market source said.

The first-lien term loan is talked at Libor plus 375 bps to 400 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, and the second-lien term loan is talked at Libor plus 775 bps to 800 bps with a 0% Libor floor, a discount of 99 and hard call protection of 102 in year one and 101 in year two, the source added.

The company’s $1.27 billion of credit facilities also include a $125 million five-year ABL revolver.

Commitments are due at noon ET on May 17.

Barclays, Deutsche Bank Securities Inc. and Nomura are leading the deal that will help fund the buyout of the company by AEA Investors LP and British Columbia Investment Management Corp. from Golden Gate Capital.

Pro forma first-lien net leverage is 4.8 times and total net leverage is 6.5 times.

Closing is expected in June, subject to customary regulatory approvals.

Springs Window is a Middleton, Wis.-based manufacturer of window coverings and drapery hardware.

L&W releases talk

L&W held its bank meeting in the morning, launching its $450 million seven-year first-lien term loan (B2/B+) at talk of Libor plus 400 bps with a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

The company’s $525 million of credit facilities also include a $75 million asset-based revolver.

Commitments are due at noon ET on May 17, the source added.

Goldman Sachs Bank USA, Bank of America Merrill Lynch, Barclays and RBC Capital Markets are leading the deal that will be used to help fund the buyout of the company by KPS Capital Partners LP.

L&W is a New Boston, Mich.-based automotive supplier specializing in hot and cold metal stampings and welded assemblies.

Unimin readies deal

Unimin scheduled a bank meeting for 9:30 a.m. ET on Tuesday to launch $1.85 billion of credit facilities (Ba3), according to a market source.

The facilities consist of a $200 million five-year revolver and a $1.65 billion seven-year first-lien term loan, the source said.

Barclays and BNP Paribas Securities Corp. are leading the deal that will be used help fund the company’s merger with Fairmount Santrol, to refinance some existing debt at both companies and for general corporate purposes.

With the merger, Fairmount shareholders will receive $170 million in cash, or about $0.74 per share based on Fairmount’s current diluted share count, and will own 35% of the combined company.

Closing is expected mid-year, subject to the approval of Fairmount shareholders, the receipt of regulatory approvals and the satisfaction of other customary conditions.

Unimin is a New Canaan, Conn.-based application-focused minerals company. Fairmount Santrol is a Chesterfield, Ohio-based provider of high-performance sand and sand-based product solutions used by oil and gas exploration and production companies to enhance the productivity of their wells.

SRS timing emerges

SRS Distribution will hold a bank meeting at 11 a.m. ET in New York on Tuesday to launch its previously announced $1.3 billion seven-year covenant-light term loan B, a market source remarked.

The company’s $1.7 billion of credit facilities also include a $400 million ABL revolver.

Bank of America Merrill Lynch, Barclays, UBS Investment Bank, Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, Nomura and RBC Capital Markets are leading the deal that will be used with $380 million of unsecured notes to help fund the buyout of the company by Leonard Green & Partners LP from Berkshire Partners.

In connection with the transaction, Berkshire Partners and members of management will be rolling part of their equity investment in SRS.

SRS Distribution is a McKinney, Texas-based roofing products distributor.

Big Jack’s on deck

Big Jack’s Holdings set a lender call for noon ET on Monday to launch a repricing of its term loan B and discuss its first quarter 2018 earnings, a market source said.

RBC Capital Markets, Bank of America Merrill Lynch and Morgan Stanley Senior Funding Inc. are leading the deal.

Onex Partners Manager LP is the sponsor.

Big Jack’s is an Alabama-based operator of quick-service restaurants.

Vistra plans call

Vistra Energy will hold a call at 11 a.m. ET on Monday for credit facility lenders, according to a market source.

Credit Suisse Securities (USA) LLC is leading the transaction.

Vistra, formerly known as Texas Competitive Electric Holdings Co. LLC, is a Dallas-based power generator and retail electric provider.

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