Sensis, Service King break; Platform, Mannington Mills revised; TPF, Mister Car up deadlines

By Sara Rosenberg

New York, Sept. 19 – Sensis raised the size of its term loan and began trading on Friday above its original issue discount price, and Service King Collision Repair Centers also hit the secondary following some modifications.

In more happenings, Platform Specialty Products Corp. (MacDermid Inc.) modified the offer price on its add-on term loan, Mannington Mills lifted the spread on its term loan and extended the call protection, and TPF II and Mister Car Wash accelerated the commitment deadlines on their credit facilities.

Sensis upsizes, frees up

Sensis increased its five-year term loan (B2/B) to $450 million from $400 million, while leaving pricing at Libor plus 700 basis points with a 1% Libor floor and an original issue discount of 99 and keeping the 101 soft call protection for one year intact, according to a market source.

Following the size change, the term loan made its way into the secondary market, with levels seen at par 1/8 bid, par 5/8 offered, a trader remarked.

Bank of America Merrill Lynch, Macquarie Capital and Credit Suisse Securities (USA) LLC are leading the deal that will be used to refinance existing debt and fund a dividend.

Sensis is a provider of local search and digital marketing services to Australian businesses.

Service King updated, trades

Service King Collision Repair Centers set pricing on its $355 million covenant-light term loan B and $40 million covenant-light delayed-draw term loan at Libor plus 375 bps, the low end of the Libor plus 375 bps to 400 bps talk, added a step-down to Libor plus 350 bps, tightened the offer price to 99½ from 99 and pushed out the 101 soft call protection to one year from six months, a market source said.

As before, the term loans have a 1% Libor floor.

The company’s $495 million credit facility also includes a $100 million revolver.

Recommitments were due at noon ET on Friday and then in the afternoon, the deal broke for trading, with the term loan debt quoted at 99¾ bid, par ¼ offered a trader added.

Service King lead banks

Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Macquarie Capital are leading Service King’s credit facility.

Proceeds will be used with $200 million of senior notes to help fund the acquisition of a majority stake in the company by Blackstone, while the Carlyle Group, its co-investors and management and employees will retain a significant minority stake in the company.

Closing is expected in the third quarter.

Service King is a Dallas-based operator of a chain of automobile body repair centers.

Platform tweaks OID

In other news, Platform Specialty Products changed the original issue discount on its fungible $300 million add-on first-lien covenant-light term loan due June 7, 2020 to 98½ from talk of 99 to 99½, according to a market source, who said pricing remained in line with existing term loan pricing at Libor plus 300 bps with a 1% Libor floor.

The add-on has 101 soft call protection for six months following closing, which will then be reset to six months following the close of the Chemtura AgroSolutions acquisition.

Barclays is leading the deal that will be used with cash on hand to fund the acquisition of Agriphar for €300 million, which is expected to close in the fourth quarter.

Net first-lien and net total leverage is 4.3 times.

Platform is a Miami-based producer of high-technology specialty chemical products and provider of technical services. Agriphar is a European agrochemicals group.

Mannington ups spread

Mannington Mills widened pricing on its $275 million seven-year covenant-light term loan B (B1/BB-) to Libor plus 375 bps from Libor plus 350 bps, extended the 101 soft call protection to one year from six months and eliminated the MFN sunset provision, a source said.

The term loan still has a 1% Libor floor and an original issue discount of 99.

Allocations are expected on Monday, the source added.

RBC Capital Markets and Societe Generale are leading the deal that will be used to refinance existing debt.

Net leverage is 2.9 times.

Mannington Mills is a Salem, N.J.-based manufacturer of residential and commercial sheet vinyl, luxury vinyl, laminate, hardwood and porcelain tile floors, as well as commercial carpet and rubber.

TPF moves deadline

TPF II, an investor in energy and power assets, revised the commitment deadline on its $1.59 billion senior secured credit facility (B1/BB-) to 5 p.m. ET on Tuesday from Thursday, according to a market source.

The facility consists of a $90 million five-year revolver, and a $1.5 billion seven-year term loan B talked at Libor plus 450 bps to 475 bps with a 1% Libor floor, an original issue discount of 99 to 99½ and 101 soft call protection for one year.

Morgan Stanley Senior Funding Inc., Bank of America Merrill Lynch, Goldman Sachs Bank USA and MUFG Union Bank are leading the deal that will be used to repay existing debt at TPF II LC LLC, TPF II Rolling Hills LLC and Astoria Generating Co. Acquisitions LLC, to fund a distribution to the equity holders and to fund a debt service reserve account.

Closing is expected in the week of Sept. 29.

The borrowers are TPF II Power LLC and TPF II Covert Midco LLC.

Mister Car shutting early

Mister Car Wash accelerated the commitment deadline on its $210 million credit facility (Ba3/B-) to noon ET on Monday from Wednesday, according to a market source.

The facility consists of a $30 million revolver, and a $180 million seven-year covenant-light term loan B talked at Libor plus 450 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

Jefferies Finance LLC, Nomura Securities Co., Ltd. and BMO Capital Markets Corp. are leading the deal that will be used to back the recently completed buyout of the Tucson, Ariz.-based car wash company by Leonard Green & Partners LP from Oncap.

Other funds for the transaction are coming from $87.5 million of privately placed unsecured notes and about $270 million of equity.

Leverage through the bank debt is around 3.9 times.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.