Misys, Nautilus, TierPoint, Vizient, Material Handling, Orion Engineered, PAE Holding break

By Sara Rosenberg

New York, April 28 – Misys Ltd. upsized its U.S. second-lien term loan and terminated plans for a euro second-lien term loan, and Nautilus Power LLC raised pricing on its revolver and term loan B, and then both of these deals freed up for trading on Friday.

Other transactions to make their way into the secondary market included TierPoint LLC, Vizient Inc., Material Handling Systems Inc., Orion Engineered Carbons and PAE Holding Corp.

Back in the primary market, Everi Payments Inc. set the spread on its term loan at the low side of talk and tightened the original issue discount, and Charter NEX US Inc. is getting ready to bring its buyout deal to market.

Misys increased its U.S. eight-year covenant-light second-lien term loan to $1,245,000,000 from $980 million and cancelled plans for a €250 million eight-year covenant-light second-lien term loan to optimize its currency exposure profile, according to a market source.

Pricing on the U.S. second-lien term loan is Libor plus 725 basis points with a 1% Libor floor and an original issue discount of 99, and the debt has hard call protection of 102 in year one and 101 in year two.

The eliminated euro second-lien term loan was talked at Euribor plus 700 bps with a 1% floor and a discount of 99, and included hard call protection of 102 in year one and 101 in year two as well.

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