Vistra, Direct Chassis, Mister Car break; VICI, Compass, Aristocrat, Nomad, Learfield tweaked

By Sara Rosenberg

New York, Dec. 13 – Deals from Vistra Operations Co. LLC and Direct ChassisLink Inc. emerged in the secondary market on Wednesday, and Mister Car Wash broke for trading after changing the issue price on its add-on term loan.

In more loan news, VICI Properties Inc. reduced the size of its term loan and moved up the commitment deadline, Compass Power Generation LLC upsized its term loan B while tightening the spread and issue price, and Aristocrat Leisure Ltd. modified the original issue discount on its incremental term loan B.

Also, Nomad Foods Ltd. disclosed the split on its U.S. and euro incremental term loan and adjusted the issue price on the euro piece, and Learfield Communications LLC increased the size of its incremental term loan and revised the original issue discount.

Additionally, Evoqua Water Technologies (EWT Holding III Corp.) and Innovative XCessories & Services LLC accelerated the commitment deadlines on their loans.

Vistra hits secondary

Vistra Operations’ debt broke for trading on Wednesday, with the strip of $2,829,000,000 covenant-light term loan B (Ba2/BB+) due Aug. 4, 2023 and $500 million covenant-light term loan C (Ba2/BB+) due Aug. 4, 2023 debt quoted at par 3/8 bid, par 5/8 offered, according to a trader.

Pricing on the term loans is Libor plus 250 basis points with a 0.75% Libor floor, and they were issued at par. The debt has 101 soft call protection for six months.

Deutsche Bank Securities Inc., Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, RBC Capital Markets, Natixis and UBS Investment Bank are leading the deal that will be used to reprice an existing term loan B and an existing term loan C, which is being downsized from $650 million, from Libor plus 275 bps with a 0.75% Libor floor.

Closing is expected on Thursday.

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

Direct ChassisLink frees up

Direct ChassisLink’s $325 million senior secured covenant-light term loan (BB-) due June 15, 2023 began trading, with levels seen at par ¾ bid, 101¾ offered, a trader said.

Pricing on the term loan is Libor plus 600 bps with a 0% Libor floor and it was sold at an original issue discount of 99.5. The debt has hard call protection of 102 in year one and 101 in year two, reducing to 101 in connection with a change of control.

On Tuesday, pricing on the term loan was lowered from Libor plus 650 bps, the leverage based margin step-down outlined in the marketing term sheet was removed and the discount was changed from 99.

Citigroup Global Markets Inc., Bank of America Merrill Lynch, Deutsche Bank Securities Inc. and Goldman Sachs Bank USA are leading the deal that will be used to fund the acquisition of TRAC Intermodal’s fleet of about 72,000 53-foot domestic chassis and related customer and hosting contracts with Class I railroads and intermodal shipping companies.

Closing is expected in early-to-mid January, subject to customary conditions.

Direct ChassisLink is a Charlotte, N.C.-based provider of chassis leasing.

Mister Car modified, breaks

Mister Car Wash adjusted the issue price on its $20 million add-on term loan due July 2021 to par from 99.75, a market source remarked.

As before, pricing on the add-on term loan and on the repricing of the company’s existing $471,337,660 term loan due July 2021 is Libor plus 325 bps with a 1% Libor floor.

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

Commitments were due at 11 a.m. ET on Wednesday and then the debt freed to trade, with levels seen at par ¼ bid, par ¾ offered, the source added.

Jefferies LLC is leading the deal.

Proceeds from the incremental term loan will be used to pay down revolver borrowings and fund cash to the balance sheet, and the repricing will take the existing term loan down from Libor plus 375 bps with a 1% Libor floor.

Mister Car Wash is a Tucson, Ariz.-based car wash company.

VICI downsizes

In more happenings, VICI Properties trimmed its seven-year first-lien term loan to $2.2 billion from $2.35 billion as a result of an increase in an equity private placement and accelerated the commitment deadline to noon ET on Thursday from Friday, according to a market source.

The term loan is still talked at Libor plus 225 bps to 250 bps with a 0% Libor floor, an original issue discount of 99.5, 101 soft call protection for six months, and a ticking fee of half the margin from days 31 to 60 and the full margin from days 61 to 90.

VICI’s now $2.6 billion of senior secured credit facilities (Ba3/BB+) also include a $400 million revolver.

Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc., Bank of America Merrill Lynch, Barclays, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are leading the debt that will be used with the equity to refinance the company’s existing first-lien term loan and first-lien notes, to repurchase existing mezzanine debt and for the acquisition of Harrah’s Las Vegas Hotel and Casino from Caesars Entertainment Corp. for about $1.14 billion.

Closing is expected this month.

VICI Properties is a Las Vegas-based real estate investment trust that owns gaming, hospitality and entertainment destinations.

Compass Power reworked

Compass Power Generation lifted its seven-year term loan B to $750 million from $700 million, cut pricing to Libor plus 375 bps from Libor plus 400 bps and tightened the original issue discount to 99.5 from 99, while leaving the 1% Libor floor and 101 soft call protection for six months unchanged, a market source said.

The company’s now $810 million of senior secured credit facilities also include a $60 million revolver.

Commitments are due at noon ET on Thursday with allocations expected thereafter, the source added.

Morgan Stanley Senior Funding Inc. and MUFG are leading the deal that will be used to refinance existing debt, fund a distribution to Starwood Energy Group, fund a capital expenditure reserve and pay transaction costs. The funds from the term loan upsizing will be used to increase the dividend payment.

Compass Power Generation, a Starwood Energy Group portfolio company, is a 1.2 GW natural gas power portfolio.

Aristocrat tweaks deal

Aristocrat Leisure tightened the original issue discount on its fungible $890 million incremental senior secured term loan B (Ba1/BB+) due October 2024 to 99.875 from 99.75, and left pricing at Libor plus 200 bps with a 0% Libor floor, a market source remarked.

Commitments were due on Wednesday, the source added.

UBS Investment Bank, Citigroup Global Markets Inc. and Goldman Sachs Bank USA are leading the deal that will be used with $125 million of cash on hand to fund the acquisition of Big Fish Games Inc. from Churchill Downs Inc. for $990 million in cash, subject to customary completion adjustments.

Closing is expected in the first quarter of 2018, subject to regulatory and other approvals, and customary conditions.

Pro forma net leverage is expected to be 2.2 times.

Aristocrat Leisure is a Sydney, Australia-based provider of gaming solutions. Big Fish is a Seattle-based social gaming company.

Nomad Foods updated

Nomad Foods set the split on its €100 million equivalent U.S. and euro incremental term loan due May 15, 2024 to be a $50 million tranche and a €58 million tranche, and revised the issue price on the euro incremental tranche to par from 99.75, according to a market source.

As before, pricing on the U.S. incremental loan and repricing of the company’s $610 million term loan due May 15, 2024 is Libor plus 225 bps with a 0% Libor floor, the U.S. incremental term loan has an original issue discount of 99.75, pricing on the euro incremental loan and repricing of the company’s existing €500 million term loan due May 15, 2024 is Euribor plus 275 bps with a 0% floor, the repricings are offered at par, all of the loans have 101 soft call protection for six months, and the incremental debt has an availability period of 60 days and a ticking fee of half the spread from days 31 to 60.

U.S. recommitments were due at 5 p.m. ET on Wednesday and euro recommitments are due at noon London time on Thursday, the source sai.

Nomad Foods leads

Goldman Sachs, Credit Suisse, UBS and Deutsche Bank are leading Nomad Foods’ term loans (B1/BB-), with Goldman the left lead on the U.S. debt and Credit Suisse the left lead on the euro debt.

The incremental loan will be used for general corporate purposes, including potential future acquisitions, and the repricings will take the U.S. term loan down from Libor plus 275 bps with a 0% Libor floor and the euro term loan down from Euribor plus 300 bps with a 0% floor.

Nomad Foods is a Feltham, England-based frozen foods company.

Learfield changes surface

Learfield Communications raised its incremental covenant-light first-lien term loan due Dec. 1, 2023 to $389 million from $364 million and tightened the original issue discount to 99.75 from 99.5, a market source said.

The incremental loan is split between a $47 million tranche, up from $22 million, that will fund in January to finance the AMC transaction and, because of the upsize, to repay $25 million of existing second-lien term loan borrowings, and a $342 million tranche that will fund upon the closing of the merger of Learfield and IMG College, a subsidiary of WME | IMG, which is expected later in 2018 pending regulatory approval.

Pricing on the incremental matches existing term loan pricing at Libor plus 325 bps with a 1% Libor floor.

The incremental loan has 101 soft call protection for six months and a ticking fee of half the spread from days 31 to 90 and the full spread thereafter.

Recommitments are due by 5 p.m. ET on Thursday and allocations are targeted for Friday.

Deutsche Bank Securities Inc., UBS Investment Bank, KKR Capital Markets, Antares Capital, SunTrust Robinson Humphrey Inc., Barclays, J.P. Morgan Securities LLC and RBC Capital Markets are leading the deal.

Learfield is a Plano, Texas-based provider of collegiate sports multimedia rights administration and marketing services. IMG College represents schools, conferences and other collegiate institutions across multimedia rights, licensing, marketing, ticketing, seating, publishing, radio and digital.

Evoqua changes deadline

Evoqua Water Technologies accelerated the commitment deadline on its $796 million covenant-light first-lien term loan (B2/B) due December 2024 to noon ET on Thursday from 5 p.m. ET on Thursday, according to a market source.

Talk on the loan is Libor plus 300 bps to 325 bps with a 1% Libor floor, a par issue price and 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to extend an existing term loan from January 2021 and reprice the debt from Libor plus 375 bps with a 1% Libor floor.

Lenders are offered a 25 bps amendment fee.

Evoqua is a Warrendale, Pa.-based provider of equipment and services for water treatment.

Innovative XCessories accelerated

Innovative XCessories & Services moved up the commitment deadline on its fungible $235 million incremental senior secured first-lien term loan (B) due Nov. 29, 2022 to 5 p.m. ET on Wednesday from 5 p.m. ET on Thursday, a market source said.

Pricing on the incremental loan is Libor plus 475 bps with a 1% Libor floor, in line with existing first-lien term loan pricing, and the new debt is talked with an original issue discount of 99.5. The incremental and the existing first-lien term loan are getting 101 soft call protection for six months.

Jefferies LLC is leading the deal that will be used to fund an acquisition and a distribution to shareholders.

Innovative XCessories, an Olympus Partners portfolio company, is a Huntsville, Ala.-based provider of upfit services and accessories to the automotive aftermarket and original equipment manufacturers.

Chefs’ Warehouse allocates

In other news, Chefs’ Warehouse Inc. allocated its $289,229,030 first-lien term loan (B2/B) due June 22, 2022, which priced in line with talk at Libor plus 400 bps with a 1% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months.

Jefferies LLC is leading the deal that will be used to reprice an existing term loan down from Libor plus 475 bps with a 1% Libor floor.

Chefs’ Warehouse is a Ridgefield, Conn.-based distributor of specialty food products.

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