Ziggo, ADS Waste, Bob's Discount, Vogue International break; Clondalkin firms at tight end

By Sara Rosenberg

New York, Feb. 7 - Ziggo's term loan emerged in the secondary market on Friday with the U.S. debt quoted above its original issue discount price, and ADS Waste Holdings Inc., Bob's Discount Furniture Inc. and Vogue International broke as well.

Switching to the primary, Clondalkin Group Holdings BV set pricing on its term loan at the low end of guidance, and Allied Security Holdings LLC (AlliedBarton) and Caraustar Industries Inc. moved up the commitment deadlines on their loans.

Also, Stena International S.A. released details on its loan, Barbri launched a repricing transaction, and Aramark Corp., Deluxe Entertainment Services Group Inc., Fibertech Networks and C.H.I. Overhead Doors Inc. surfaced with new deal plans.

Ziggo hits secondary

Ziggo's term debt freed up for trading on Friday, with the $2.35 billion U.S. senior secured term loan B due Jan. 15, 2022 quoted at 99¾ bid, par offered, according to a trader.

Pricing on the U.S. term loan is Libor plus 275 basis points, after firming the other day at the wide end of the Libor plus 250 bps to 275 bps talk.

The company is also getting a €2 billion senior secured term loan B due Jan. 15, 2022 priced at Euribor plus 300 bps, after finalizing recently at the high end of the Euribor plus 275 bps to 300 bps.

Both term loan tranches have a 0.75% Libor floor, 101 soft call protection for six months and a ticking fee of half the spread for days 31 to 105 and the full spread thereafter, and both were sold at an original issue discount of 993/4.

The ticking fee was revised from half the spread from days 61 to 120 and the full spread thereafter during syndication.

Ziggo being acquired

Proceeds from the term loans (Ba3/BB-) will refinance existing Ziggo debt and help fund the acquisition of Ziggo by Liberty Global plc for about €10 billion. Under the plan, Ziggo shareholders will receive €11.00 in cash, 0.2282 Liberty Class A ordinary shares and 0.5630 Liberty Class C ordinary shares for each Ziggo share that they hold.

Credit Suisse Securities (USA) LLC and Bank of America Merrill Lynch are the global coordinators on the loans and bookrunners with Scotiabank, ABN Amro Inc., Credit Agricole Securities (USA) Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., ING Financial Markets LLC, J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc., Nomura Securities Co. Ltd., Rabobank and Societe Generale. Scotiabank is the administrative agent.

Closing on the acquisition is expected in the second half of this year.

Ziggo is an Utrecht, the Netherlands-based provider of entertainment, information and communication through television, internet and telephony services. Liberty is an Englewood, Colo.-based cable company.

ADS Waste starts trading

ADS Waste's $1,782,000,000 covenant-light term loan due October 2019 surfaced in the secondary too, with levels seen at par bid, par ¾ offered, according to a market source.

Pricing on the term loan is Libor plus 300 bps with a 0.75% Libor floor and it was issued at par. There is 101 soft call protection for six months.

During syndication, pricing on the loan was increased from Libor plus 275 bps.

Deutsche Bank Securities Inc. is leading the deal that will be used to reprice an existing term loan from Libor plus 300 bps with a 1.25% Libor floor.

ADS Waste is a Jacksonville, Fla.-based provider of integrated, non-hazardous solid waste collection, transfer, recycling and disposal services.

Bob's tops OIDs

Bob's Discount Furniture's credit facility began trading as well, with the $180 million first-lien term loan (B2/B) quoted at 99½ bid, par ½ offered and the $80 million second-lien term loan (Caa1/CCC+) quoted at 99 bid, par offered, a trader said.

Pricing on the first-lien term loan is Libor plus 425 bps with a 1% Libor floor and it was sold at an original issue discount of 99. There is 101 soft call protection for one year.

The second-lien term loan is priced at Libor plus 800 bps with a 1% Libor floor and was sold at a discount of 98. There is call protection of 102 in year one and 101 in year two.

During syndication, pricing on the first-lien term loan was increased from Libor plus 400 bps and the soft call was extended from six months, and the discount on the second-lien loan was widened from 99.

Bob's getting revolver

In addition to the term loans, Bob's Discount Furniture's $300 million senior secured credit facility includes a $40 million asset-based revolver.

RBC Capital Markets and UBS Securities LLC are leading the deal that will be used to help fund the buyout of the company by Bain Capital.

At close, which is expected this quarter, management will continue to own a significant stake in the company.

Bob's is a Manchester, Conn.-based retailer of furniture and bedding.

Vogue finalizes pricing

Vogue International set the spread on its $415 million term loan at Libor plus 425 basis points, the tight end of the Libor plus 425 bps to 450 bps talk, according to a market source, who said that the 1% Libor floor, original issue discount of 99 and 101 soft call protection for six months were left intact.

With final terms in place, the deal freed up for trading with levels quoted at 99¾ bid, par ¾ offered by late day, a trader remarked.

The company's $445 million credit facility (NA/B/BB+) also includes a $30 million revolver.

Goldman Sachs Bank USA and Bank of America Merrill Lynch are leading the deal that will be used to help fund the buyout of the company by the Carlyle Group.

Vogue is a Tampa Bay, Fla.-based manufacturer and distributor of salon-heritage hair care and other personal care products.

Clondalkin sets spread

In more loan happenings, Clondalkin firmed pricing on its roughly $360 million first-lien term loan due 2020 at Libor plus 350 bps, the low end of the Libor plus 350 bps to 375 bps talk, and left the 1% Libor floor, par offer price and 101 soft call protection for six months unchanged, a market source said.

Proceeds will be used to reprice an existing term loan from Libor plus 450 bps with a 1.25% Libor floor.

Deutsche Bank Securities Inc. is leading the deal for the Amsterdam-based provider of packaging products and services.

Allied Security shutting early

Allied Security moved up the commitment deadline on its $1.21 billion of term loans to 5 p.m. ET on Monday from Tuesday, according to a market source.

The debt consists of an $840 million seven-year first-lien covenant-light term loan (B1/B), of which $220 million is delayed draw, and a $365 million 71/2-year second-lien covenant-light term loan (Caa1/CCC+), of which $100 million is delayed draw.

Talk on the first-lien term loan is Libor plus 350 bps with a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months, and talk on the second-lien term loan is Libor plus 725 bps with a 1% Libor floor, a discount of 99 and call protection of 102 in year one and 101 in year two.

The delayed-draw debt has a ticking fee of half the spread from days 46 to 90 and the full spread thereafter.

Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc., Natixis and SMBC are leading the deal that will be used to refinance existing debt, fund a dividend and finance a potential acquisition.

Allied Security is a Conshohocken, Pa.-based provider of security officer services.

Caraustar revises deadline

Caraustar Industries accelerated the commitment deadline on its fungible $80 million first-lien tack-on covenant-light term loan (B2/B+) due May 2019 to 5 p.m. ET on Friday from Wednesday, a market source said.

The add-on is talked at Libor plus 625 bps with a 1.25% Libor floor, in line with the existing term loan, and is offered at an original issue discount of 99. Call protection on the debt is 102 through May 1, 2014 and 101 for a year thereafter.

Credit Suisse Securities (USA) LLC is the sole bookrunner on the deal and a joint lead arranger with Goldman Sachs Bank USA and Jefferies Finance LLC.

Proceeds will be used to fund a dividend to shareholders.

With the tack-on, the company is seeking an amendment to its existing credit facility to allow for the new debt and the one-time dividend, and lenders are being offered a 10 bps amendment fee.

Caraustar is an Austell, Ga.-based manufacturer of recycled paperboard products and packaging.

Stena discloses loan details

Stena came out with size and price talk on its new loan that launched with a bank meeting on Friday, according to a market source.

The deal is structured as a $750 million seven-year covenant-light senior secured term loan B (Ba2) talked at Libor plus 275 bps to 300 bps with a 0.75% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months, the source said.

Commitments are due at 2 p.m. ET on Feb. 14, allocations are expected on Feb. 18 and closing is targeted for the week of Feb. 24, the source added.

Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are leading the loan that will be used with $350 million of senior secured notes to refinance existing debt.

Stena is a Gothenburg, Sweden-based company that has operations in shipping and offshore oil and gas exploration.

Barbri holds call

Barbri held a call in the morning to launch a repricing of its $30 million revolver due July 2018 and a $256 million term loan B due July 2019 to Libor plus 350 bps with a 1% Libor floor from Libor plus 425 bps with a 1% Libor floor, according to a market source.

The term loan is offered at 99½ for new money commitments and at par for rollover commitments, and includes 101 soft call protection for six months, and, the source said.

GE Capital Markets is leading the $286 million credit facility.

Barbri is a Dallas-based provider of bar review courses and law student support.

Aramark on deck

Aramark emerged with plans to hold a call on Monday to launch a bunch of new term loans, including $3.55 billion of U.S. debt, according to a market source.

The deal includes a $1.4 billion term loan E due September 2019 talked at Libor plus 225 bps with a par offer price, a $2.15 billion seven-year term loan F talked at Libor plus 250 bps with an original issue discount of 993/4, a C$95 million seven-year term loan talked at BA plus 275 bps to 300 bps with a discount of 993/4, a £115 million seven-year term loan talked at Libor plus 325 bps to 350 bps with a discount of 991/2, and a €110 million seven-year term loan talked at Euribor plus 275 bps to 300 bps with a discount of 991/2, the source remarked.

All of the term loans have a 0.75% floor and 101 soft call protection for six months, the source added.

J.P. Morgan Securities LLC is leading the deal that will be used to refinance existing debt.

Aramark is a Philadelphia-based professional services company that provides food, hospitality and facility management services as well as uniform and work apparel.

Deluxe readies refi

Deluxe Entertainment set a bank meeting for 10 a.m. ET in New York on Tuesday to launch a $670 million credit facility that will be used to refinance existing debt, according to a market source.

The facility consists of a $100 million five-year ABL revolver, and a $570 million six-year first-lien term loan (B2) talked at Libor plus 650 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year, the source said.

Commitments are due on Feb. 25.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Citigroup Global Markets Inc. and Morgan Stanley Senior Funding Inc. are leading the deal.

Deluxe is a Shoreview, Minn.-based provider of digital asset creation, management and distribution services.

Fibertech coming soon

Fibertech Networks is planning to hold a call at 2 p.m. ET on Monday to launch a fungible $135 million add-on term loan B that will be used with cash on hand to fund a dividend. Proceeds will also go to a repricing of its existing term loan B, according to sources.

At close, in December 2012, the existing term loan B was sized at $380 million. The debt was repriced in February 2013 to Libor plus 350 bps with a 1% Libor floor.

TD Securities (USA) LLC is the lead bank on the deal and M&T Bank is a co-arranger.

Fibertech, a Rochester, N.Y.-based provider of fiber optic bandwidth services, will have pro forma net leverage of 4.1 times all senior, sources added.

C.H.I. plans add-on

C.H.I. Overhead Doors scheduled a lender meeting for Thursday to launch a fungible $70 million add-on term loan B due March 2019 that is talked at Libor plus 425 bps with a 1.25% Libor floor and an upfront fee of 50 bps, according to a market source.

The spread and floor match the existing term loan B.

GE Capital Markets is leading the deal that will be used to fund a dividend.

C.H.I. Overhead is an Arthur, Ill.-based manufacturer of residential, commercial and rolling steel overhead garage doors.

SBA closes

In other news, SBA Communications Corp. completed its $1.5 billion seven-year incremental senior secured delayed-draw term loan B (BB), a news release said.

Pricing on the term loan B is Libor plus 250 bps with a 0.75% Libor floor and it was sold at a discount of 993/4. There is 101 soft call protection for six months and a ticking fee of half the spread from day 46 until March 31.

During syndication, the loan was upsized from $1 billion, the spread firmed at the tight end of the Libor plus 250 bps to 275 bps talk and the discount was changed from 991/2.

Citigroup Global Markets Inc., Barclays, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, TD Securities (USA) LLC, RBS Securities Inc. and Wells Fargo Securities LLC led the deal that is being used to fund the acquisition of 2,007 wireless sites in Brazil from Oi SA for about R$1,525,000,000 and, due to the upsizing, to refinance existing term loan B debt and for general corporate purposes.

The Boca Raton, Fla.-based wireless communications infrastructure company drew $750 million under the loan on Friday.

Ocean Rig completes deal

Ocean Rig closed on the add-on to its term loan B-1 that was used to repay term loan B-2 debt due in 2016, according to a news release.

The $821 million add-on term loan B-1 due in 2021 is priced at Libor plus 500 bps with a 1% Libor floor and was issued at a premium of 101.

Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, Barclays and Goldman Sachs Bank USA led the deal for the Nicosia, Cyprus-based international offshore drilling contractor.

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