Landry’s, Versum Materials, LANDesk, ClubCorp, TTM, PlayPower, Fitness International break

By Sara Rosenberg

New York, Sept. 21 – A number of deals freed up for trading on Wednesday, including Landry’s Inc., Versum Materials LLC, LANDesk Software, ClubCorp Club Operations Inc., TTM Technologies Inc. and PlayPower Inc.

Meanwhile, Fitness International LLC (LA Fitness) reduced the size of its incremental term loan B while finalizing the original issue discount at the tight end of talk, and then this debt also made its way into the secondary market.

In other news, Orion Engineered Carbons lowered pricing on its U.S and euro term loan B debt, and Mediware Information Systems Inc. upsized its term loan B and firmed the spread at the low end of guidance.

Additionally, Nexstar Broadcasting Group Inc., Consolidated Communications Inc. and JDA Software Group Inc. accelerated the commitment deadlines on their term loan B’s.

Furthermore, Fort Dearborn Co. (Fortress Merger Sub Inc.), Vivid Seats LLC, Confie Seguros Holding II Co., 84 Lumber Co. and Henry Co. LLC released price talk with launch, and Rocket Software Inc., US LBM Holdings LLC and Chobani joined this week’s new issue calendar.

Landry’s begins trading

Landry’s saw its credit facility free to trade on Wednesday, with its $1.3 billion seven-year first-lien term loan quoted at par bid, 100¾ offered, according to a market source.

Pricing on the term loan is Libor plus 325 basis points with a 0.75% Libor floor, and it was issued at a discount of 99.5, after tightening on Monday from 99. The debt has 101 soft call protection for six months.

The company’s $1.5 billion senior secured credit facility also includes a $200 million five-year revolver.

Jefferies Finance LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Rabobank are leading the deal that will be used with $600 million of senior notes to refinance existing debt, including 9 3/8% senior unsecured notes due 2020 and an existing senior secured credit facility, and to make a distribution to its indirect parent to redeem all of its outstanding 10¼% senior unsecured notes due 2018.

The notes were upsized this week from $575 million, and the extra proceeds will be used with $25 million in cash on hand to fund a $50 million distribution to Landry’s parent.

Landry’s is a Houston-based diversified restaurant, hospitality and entertainment company.

Versum hits secondary

Versum Materials’ credit facility freed up too, with its $575 million seven-year covenant-light term loan B quoted at 100¼ bid, 100¾ offered, a trader said.

Pricing on the term loan B is Libor plus 250 bps with a 0.75% Libor floor, and it was sold at an original issue discount of 99.5. The debt has 101 soft call protection for one year.

During syndication, pricing on the term loan B was reduced from revised talk of Libor plus 275 bps and initial talk of Libor plus 300 bps to 325 bps, and the 25 bps step-down in pricing when total net leverage is less than 2.5 times was removed.

The company’s $775 million senior secured credit facility (Ba1/BB+) also includes a $200 million five-year revolver.

Citigroup Global Markets Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and Wells Fargo Securities LLC are leading the deal that will be used with $425 million of senior unsecured notes fund a distribution to Air Products and Chemicals Inc. in connection with its spin-off from Air Products.

Versum is a Tempe, Ariz.-based producer of critical materials for the semiconductor and display industries.

LANDesk frees up

LANDesk Software’s credit facility broke too, with its $535 million six-year first-lien term loan (B1/B) seen at 99¾ bid, 100½ offered and its $175 million seven-year second-lien term loan (Caa1/CCC+) seen at 98½ bid, par offered, a trader remarked.

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. The debt has 101 soft call protection for six months.

The second-lien term loan is priced at Libor plus 850 bps with a 1% Libor floor and was issued at a discount of 98. This tranche has hard call protection of 102 in year one and 101 in year two.

Earlier this week, the first-lien term loan was upside from $515 million, and the second-lien term loan was downsized from $195 million.

The company’s $730 million credit facility also includes a $20 million five-year revolver.

Jefferies Finance LLC is leading the deal that will be used to refinance existing debt and fund a dividend.

LANDesk is a South Jordan, Utah-based user-centered IT management company.

ClubCorp breaks

ClubCorp’s $675 million senior secured covenant-light term loan due Dec. 15, 2022 surfaced in the secondary as well, with levels seen at 100 3/8 bid, 100¾ offered, according to a trader.

Pricing on the loan is Libor plus 300 bps with a 1% Libor floor, and it was issued at par. The debt includes 101 soft call protection for six months.

Citigroup Global Markets Inc. is leading the deal that will be used to reprice an existing term loan down from Libor plus 325 bps with a 1% Libor floor.

Closing is targeted for Sept. 28.

ClubCorp is a Dallas-based owner and operator of private golf and country clubs and business, sports and alumni clubs.

TTM tops par

TTM Technologies’ $775 million term loan B due 2021 freed to trade, with levels seen at 100¼ bid, 100 5/8 offered, a source remarked.

Pricing on the loan is Libor plus 425 bps with a 1% Libor floor, and it was issued at par, after firming at the tight end of the 99.75 to par talk. The debt has 101 soft call protection for six months.

J.P. Morgan Securities LLC is leading the deal that will be used to refinance an existing term loan priced at Libor plus 500 bps with a 1% Libor floor.

TTM Technologies is a Costa Mesa, Calif.-based printed circuit board manufacturer.

PlayPower above OID

PlayPower’s $70 million add-on first-lien term loan (B2/B) hit the secondary in the afternoon, with the debt quoted at 99¼ bid, according to a market source.

The add-on term loan is priced at Libor plus 475 bps with a 1% Libor floor, and was sold at an original issue discount of 99.03. The debt includes 101 soft call protection for six months.

SG Americas Securities LLC is leading the deal that is being used with equity to fund the acquisition of Playworld, a Lewisburg, Pa.-based designer and manufacturer of active and outdoor play products.

First-lien leverage is 3.6 times, and total leverage is 4.4 times.

Littlejohn & Co. is the sponsor.

PlayPower is a Huntersville, N.C.-based manufacturer of commercial playground equipment, shade structures and floating dock systems.

Fitness updated, trades

Fitness International cut its incremental covenant-light term loan B due July 1, 2020 to $170 million from $210 million and set the original issue discount at 99.5, the tight end of the 99 to 99.5 talk, sources said.

As before, pricing on the incremental term loan B, as well as on $964.3 million in existing covenant-light term loan B debt due July 1, 2020, is Libor plus 500 bps with a 1% Libor floor, existing lenders are receiving a 25 bps amendment fee, and the entire term loan B is getting 101 soft call protection for six months.

With the incremental term loan B downsizing, the company upsized its amended term loan A to $377.5 million from $337.5 million, sources continued.

After terms finalized, the term loan B freed up for trading at 99¾ bid, 100¼ offered, a trader added.

Bank of America Merrill Lynch, Bank of the West and MUFG are leading the deal (B+) that will be used to redeem the equity units of Madison Dearborn Partners and Seidler Institutions, to refinance existing senior credit facility debt and for general corporate purposes.

Fitness International is an Irvine, Calif.-based non-franchised fitness club operator.

Orion cuts spread

In more happenings, Orion Engineered Carbons trimmed pricing on its $302.8 million and €347 million term loan B due July 25, 2021 to Libor/Euribor plus 300 bps from Libor/Euribor plus 325 bps, according to a market source.

As before, the debt has a 0.75% floor, a 12.5 bps consent fee for existing lenders, an original issue discount of 12.5 bps for new money lenders and 101 soft call protection for six months.

Investors have until noon ET on Thursday to withdraw from the revised deal, the source added.

Goldman Sachs is leading the deal that will be used to reprice existing U.S. and euro term loan B debt from Libor/Euribor plus 375 bps with a 1% floor.

Orion Engineered Carbons is a Frankfurt-based producer of carbon black.

Mediware tweaks deal

Mediware Information Systems lifted its seven-year term loan B to $310 million from $300 million and set pricing at Libor plus 475 bps, the low end of the Libor plus 475 bps to 500 bps talk, according to a market source.

The term loan B still has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

The company’s now $340 million credit facility also includes a $30 million revolver.

Commitments are due at noon ET on Thursday, the source said.

SunTrust Robinson Humphrey Inc. is leading the deal that will be used to refinance existing debt and fund a distribution to shareholders.

Mediware is a Lenexa, Kan.-based provider of specialized health care IT solutions for automating and managing complex health care processes.

Nexstar moves deadline

Nexstar Broadcasting Group accelerated the commitment deadline on its $2.85 billion seven-year covenant-light term loan B to 2 p.m. ET on Thursday from Friday, a market source said.

Talk on the term loan B is Libor plus 325 bps with a 0.75% Libor floor, an original issue discount of 99 to 99.5, and 101 soft call protection for six months.

The company’s $3,295,000,000 senior secured credit facility (Ba3/BB+) also includes a $175 million five-year revolver and a $270 million five-year term A.

Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., SunTrust Robinson Humphrey Inc., Barclays and Wells Fargo Securities LLC are leading the deal.

Nexstar funding acquisition

Proceeds from Nexstar’s credit facility will be used to help finance the purchase of Media General Inc. for $10.55 per share in cash and 0.1249 of a share of Nexstar class A common stock for each Media General share.

Closing is expected in the third quarter or early in the fourth quarter, subject to a vote by stockholders of Media General and Nexstar, FCC approval and other regulatory approvals, and other customary conditions.

Upon closing, Nexstar will change its name to Nexstar Media Group Inc.

Nexstar is an Irving, Texas-based diversified media company. Media General is a Richmond, Va.-based television broadcasting and digital media company.

Consolidated revises timing

Consolidated Communications moved up the commitment deadline on its $900 million seven-year term loan B to 5 p.m. ET on Friday from Tuesday, according to a market source.

The term loan B is talked at Libor plus 300 bps with a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

The company’s $1 billion credit facility (Ba3/BB-) also includes a $100 million five-year revolver.

Wells Fargo Securities LLC is leading the deal that will be used to refinance existing debt.

Leverage is 2.8 times secured and 4.3 times total.

Consolidated Communications is a Mattoon, Ill.-based communications provider.

JDA shuts early

JDA Software Group accelerated the commitment deadline on its $1.2 billion seven-year term loan B to 5 p.m. ET on Wednesday from Thursday, a source remarked.

Talk on the term loan B is Libor plus 400 bps to 425 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

The company’s $1,325,000,000 credit facility (B) also includes a $125 million five-year revolver.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC and Goldman Sachs Bank USA are leading the deal that will be used with a $570 million equity investment by Blackstone and New Mountain Capital to refinance existing debt.

The investment is expected to be completed by early in the fourth quarter, subject to customary conditions. New Mountain Capital will remain as the company’s majority shareholder post-investment.

JDA is a Scottsdale, Ariz.-based provider of end-to-end, integrated retail, omni-channel and supply chain planning and execution solutions.

Fort Dearborn guidance

Also in the primary market, Fort Dearborn held its bank meeting on Wednesday morning, and with the event, price talk on its $625 million in term loans was announced, according to a market source.

The $455 million seven-year covenant-light first-lien term loan (B2/B-) is 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, and the $170 million eight-year covenant-light second-lien term loan (Caa2/CCC) is talked at Libor plus 875 bps to 900 bps with a 1% Libor floor, a discount of 98.5 and call protection of 102 in year one and 101 in year two, the source said.

Commitments are due on Oct. 6.

Deutsche Bank Securities Inc., Citigroup Global Markets Inc., RBC Capital Markets and Credit Suisse Securities (USA) LLC are leading the deal that will be used to help fund the buyout of the company by Advent International from KRG Capital Partners.

Fort Dearborn, an Elk Grove, Ill.-based supplier of high-impact prime labels for the consumer goods industry, expects the buyout to close this quarter, subject to customary conditions.

Vivid Seats launches

Vivid Seats released price talk on its $585 million senior secured credit facility with its lenders’ presentation in the afternoon, a market source said.

The $30 million five-year revolver (B2/B+) is talked at Libor plus 475 bps to 525 bps with no floor, the $400 million six-year covenant-light first-lien term loan (B2/B+) is talked at Libor plus 500 bps to 550 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, and the $155 million seven-year covenant-light second-lien term loan (Caa2/CCC+) is talked at Libor plus 850 bps to 900 bps with a 1% Libor floor, a discount of 98 and hard call protection of 102 in year one and 101 in year two, the source continued.

Commitments are due on Oct. 5.

Morgan Stanley Senior Funding Inc., J.P. Morgan Securities LLC and RBC Capital Markets LLC are leading the deal, with Morgan Stanley left on the first-lien loan and JPMorgan left on the second-lien loan.

Proceeds will be used to refinance existing first-lien debt and a HoldCo seller notes, and to fund a dividend.

Vivid Seats is a Chicago-based secondary ticket marketplace for live sports, concerts and theater events.

Confie holds meeting

Confie Seguros had it bank meeting, at which time its $590 million 5.5-year term loan B (B) was launched with talk of Libor plus 425 bps to 450 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

Commitments are due on Sept. 30.

RBC Capital Markets LLC, Antares, Goldman Sachs Bank USA and Barclays are leading the deal that will be used with $350 million of six-year unsecured notes to refinance in full the company’s existing first- and second-lien term loans.

Confie Seguros, an ABRY Partners portfolio company, is a Buena Park, Calif.-based personal lines insurance broker.

84 Lumber reveals talk

84 Lumber came out with price talk of Libor plus 525 bps with a 1% Libor floor and an original issue discount of 99 on its $350 million seven-year covenant-light term loan B (B3) that launched with a morning bank meeting, according to a market source.

The term loan has 101 soft call protection for one year.

Commitments are due on Oct. 5, the source added.

Wells Fargo Securities LLC and PNC Capital Markets are leading the deal that will be used to refinance existing debt.

84 Lumber is an Eighty Four, Pa.-based supplier of building materials, manufactured components and services for single and multi-family residences and commercial buildings.

Henry terms emerge

Henry Co. launched at its bank meeting its $320 million seven-year covenant-light term loan B with talk of Libor plus 475 bps to 500 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, a market source remarked.

The company’s $360 million credit facility (B2/B) also includes a $40 million five-year revolver.

Commitments are due on Sept. 30, the source added.

RBC Capital Markets LLC, Credit Suisse Securities (USA) LLC, Antares Capital and Nomura are leading the deal that will be used to help fund the buyout of the company by American Securities.

Henry is an El Segundo, Calif.-based developer and manufacturer of roofing products and other building envelope applications for the residential and commercial construction markets.

Rocket Software on deck

Rocket Software emerged with plans to hold a bank meeting at 9 a.m. ET in Miami on Thursday to launch an $880 million credit facility, split between a $35 million revolver, a $630 million seven-year covenant-light first-lien term loan and a $215 million eight-year covenant-light second-lien term loan, a market source said.

Talk on the first-lien term loan is Libor plus 450 bps to 475 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, and talk on the second-lien term loan is Libor plus 925 bps to 950 bps with a 1% Libor floor, a discount of 98 and call protection of 102 in year one and 101 in year two, the source said.

Commitments are due at 5 p.m. ET on Oct. 6.

Credit Suisse Securities (USA) LLC and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to refinance existing debt, to fund a shareholder distribution and to finance an acquisition.

Rocket Software is a Waltham, Mass.-based software development firm.

US LBM readies loan

US LBM set a lender call for 10 a.m. ET on Thursday to launch a fungible $90 million incremental first-lien term loan due Aug. 8, 2022 talked at Libor plus 525 bps with a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, according to a market source.

Commitments are due at 3 p.m. ET on Sept. 29, the source said.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to repay ABL borrowings.

US LBM is a Green Bay, Wis.-based owner of building material distribution businesses.

Chobani joins calendar

Chobani will hold a bank meeting on Thursday morning to launch a $650 million seven-year covenant-light term loan B, a market source remarked.

Bank of America Merrill Lynch and J.P. Morgan Securities LLC are leading the deal that will be used to refinance existing debt.

Chobani is a producer of Greek yogurt.

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