AlixPartners, Infogroup, American Teleconferencing break; Associated Asphalt sets changes

By Sara Rosenberg

New York, March 28 – AlixPartners LLP’s term loan B made its way into the secondary market on Tuesday, with levels quoted above its original issue discount, and Infogroup Inc.’s first-lien term loan began trading as well.

In addition, American Teleconferencing Services Ltd. (Premiere Global Services) firmed the original issue discount on its add-on first-lien term loan at the tight end of talk, and then it too freed up for trading.

Also in the loan market, Associated Asphalt Partners LLC reduced pricing on its first-lien term loan B and modified the original issue discount, Springer Science + Business Media (Springer Nature) upsized its euro term loan, updated pricing and dropped plans for maturity extensions, and CCC Information Services Inc. accelerated the commitment deadline on its credit facility.

And, Conduent Business Services LLC, NBG Acquisition Inc., Atlantic Power Corp., ProAmpac, BMC Software and NXT Capital Inc. disclosed price talk with launch, and Constellis Holdings LLC and ServiceMaster Co. LLC hopped onto this week’s primary calendar.

AlixPartners starts trading

AlixPartners’ $1.38 billion seven-year covenant-light term loan B (B2/B+) broke for trading on Tuesday, with levels quoted at par ½ bid, 101 offered, according to a trader.

Pricing on the term loan is Libor plus 300 basis points with a 1% Libor floor, and it was sold at an original issue discount of 99.75. The loan has 101 soft call protection for six months.

On Monday, the term loan was upsized from $1.37 billion, the spread firmed at the low end of the Libor plus 300 bps to 325 bps talk, and the discount was tightened from 99.5.

Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Goldman Sachs Bank USA and Jefferies Finance LLC are leading the deal that will be used to refinance an existing term loan and fund a distribution to shareholders, the amount of which was increased due to the recent term loan upsizing.

Closing is expected during the week of April 3.

AlixPartners is a New York-based performance improvement, corporate turnaround and financial advisory services firm.

Infogroup frees up

Another deal to hit the secondary market was Infogroup, with its $250 million six-year first-lien senior secured term loan seen at 99½ bid, a market source said.

Pricing on the term loan is Libor plus 500 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 company’s $280 million credit facility (B1/B+) also includes a $30 million five-year revolver.

Goldman Sachs Bank USA and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to help fund the buyout of the company by Court Square Capital Partners.

Infogroup is a Papillion, Neb.-based provider of data and data-driven marketing services.

American Teleconferencing OID

American Teleconferencing set the original issue discount on its $115 million add-on first-lien term loan due December 2021 at 99, the tight end of revised talk of 98 to 99, and tight of initial talk of 98, a market source said.

The add-on first-lien term loan is priced at Libor plus 650 bps with a 1% Libor floor, in line with existing first-lien term loan pricing, and includes 101 soft call protection for one year.

The company is also getting a $50 million add-on second-lien term loan due June 2022 priced at Libor plus 950 bps with a 1% Libor floor, in line existing second-lien pricing, and an original issue discount of 98. This tranche has call protection of 102, stepping down to 101 in November.

On Monday, the add-on first-lien term loan was downsized from $140 million and the call protection was extended from six months, the add-on second-lien term loan was trimmed from $70 million, and the total leverage covenant was changed to 5.5 times through March 31, 2018, stepping down 0.25 times annually for three years, from a 6.25 times opening level.

American Teleconferencing breaks

After final terms were put in place, American Teleconferencing’s debt freed up for trading, with the add-on first-lien term loan quoted at 99 5/8 bid, par 1/8 offered and the add-on second-lien term loan quoted at 98 bid, 99 offered, a trader added.

Deutsche Bank Securities Inc., Barclays, Macquarie Capital (USA) Inc. and SunTrust Robinson Humphrey Inc. are the bookrunners on the first-lien loan, with Barclays the administrative agent. Eaglehill is the lead arranger on the second-lien loan, with Wilmington Trust the administrative agent.

The new term loans will be used to repay an outstanding revolver draw and seller note and to fund a dividend to shareholders, which was reduced to $100 million from $145 million with the recent downsizings to the term loans.

Closing is targeted for Friday.

American Teleconferencing is an Atlanta-based provider of audio conferencing, web and video collaboration solutions for businesses.

Associated Asphalt revised

Back in the primary market, Associated Asphalt cut the spread pricing on its $325 million seven-year first-lien term loan B (B3/B+) to Libor plus 525 bps from talk of Libor plus 550 bps to 575 bps and moved the original issue discount to 99.5 from 98.5, according to a market source.

The term loan still has a 1% Libor floor and 101 soft call protection for six months.

Recommitments are due at noon ET on Wednesday, the source added.

Credit Suisse Securities (USA) LLC, KeyBanc Capital Markets LLC, SunTrust Robinson Humphrey Inc. and Capital One are leading the deal that will be used to refinance existing debt.

Associated Asphalt is a Roanoke, Va.-based operator of an asphalt terminalling, storage and distribution network.

Springer tweaks deal

Springer Science + Business Media lifted its euro term loan to €1,768,000,000 from €1,643,000,000, set the spread at Euribor plus 325 bps, the low end of the Euribor plus 325 bps to 350 bps talk, and firmed the issue price at par, the tight end of the 99.875 to par talk, a market source remarked.

The euro term loan still has a 0.5% floor.

Proceeds will be used to reprice from Euribor plus 350 bps with a 1% floor the euro term loan B-8 and euro term loan B-10 into the new loan tranche. The company terminated plans to extend those loans from August 2020 to August 2022, and, as a result, the new loan will mature in August 2020.

Funds from the euro term loan upsizing will be used to pay down the existing U.S. term loan.

Springer drops U.S. extension

Springer Science also terminated plans to extend its $1,432,000,000 term loan B-9 due August 2020 to August 2022 that was talked at Libor plus 350 bps with a 1% Libor floor, in line with current pricing, and was offered at a discount of 99.875, the source continued.

Additionally, the company canceled its proposed extension of its revolver due February 2020 to February 2022 that was talked at Libor/Euribor plus 325 bps, in line with current pricing.

The extension was dropped to maximize demand from older vintage CLOs in the lower priced euro loan, the source added.

Nomura is leading the deal that is expected to allocate on Wednesday.

Springer is a Germany-based STM publisher that provides scientific, professional and academic media content.

CCC moves deadline

CCC Information Services accelerated the commitment deadline on its $1.4 billion senior secured credit facility to noon ET on Wednesday from Friday, a market source said.

The facility consists of a $100 million five-year revolver (B2), a $925 million seven-year covenant-light first-lien term loan (B2) and a $375 million eight-year covenant-light second-lien term loan (Caa2).

Talk on the first-lien term loan is at Libor plus 325 bps to 350 bps with a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, and the second-lien loan is talked at Libor plus 700 bps to 725 bps with a 1% Libor floor, a discount of 99 and hard call protection of 102 in year one and 101 in year two.

Jefferies Finance LLC and Nomura are leading the deal, with Jefferies left lead on the first-lien debt and Nomura left lead on the second-lien loan.

Proceeds will help fund the buyout of the company by Advent International from Leonard Green Partners and Texas Pacific Group and to refinance existing debt, which is expected to close early in the second quarter.

CCC Information is a Chicago-based provider of mission-critical infrastructure to the automotive insurance and claim industry through its integrated software, data, analytics and workflow management systems.

Conduent details emerge

Also in the primary market, Conduent Business Services held its call on Tuesday morning, and shortly before the call began, it was announced that the company would be approaching lenders with an $850 million senior secured term loan B due Dec. 7, 2023 talked at Libor plus 400 bps to 425 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, according to a market source.

Citigroup Global Markets Inc. is the left lead arranger on the deal that will be used to reprice an existing term loan B down from Libor plus 550 bps with a 0.75% Libor floor.

Existing lender commitments are due at 5 p.m. ET on Monday and new money commitments are due at 5 p.m. ET on April 4, the source said.

Closing is expected on April 10.

Conduent is a Florham Park, N.J.-based provider of business process services with expertise in transaction-intensive processing, analytics and automation.

NBG releases talk

NBG Acquisition came out with price talk of Libor plus 500 bps with a 1% Libor floor and an original issue discount of 99 on its $265 million seven-year covenant-light first-lien term loan (B1/B) that launched with a morning bank meeting, a market source said.

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

Commitments are due at noon ET on April 11, the source added.

Deutsche Bank Securities Inc. and KKR Capital Markets are leading the deal that will be used to help fund the buyout of the company by Sycamore from Kohlberg & Co.

NBG Home is a supplier of affordable home decor products.

Atlantic Power holds call

Atlantic Power surfaced in the morning with plans to host a lender call at 2 p.m. ET to launch a $615 million senior secured term loan B due April 2023, according to a market source.

In the afternoon, talk on the term loan emerged as Libor plus 425 bps with a 1% Libor floor, a par issue price and 101 soft call protection for six months, the source said.

Commitments are due at 5 p.m. ET on April 4.

Goldman Sachs Bank USA, Bank of America Merrill Lynch, RBC Capital Markets, MUFG and Wells Fargo Securities LLC are leading the deal that will be used to reprice an existing term loan B down from Libor plus 500 bps with a 1% Libor floor.

Atlantic Power is a Dedham, Mass.-based owner and operator of power generation assets.

ProAmpac discloses terms

ProAmpac held its lender call, at which time it was revealed that the company’s proposed incremental term loan is sized at $249 million and talked at Libor plus 400 bps with a 1% Libor floor and an original issue discount of 99.75 to par, a market source said.

Commitments are due on April 4, the source added.

Antares Capital and RBC Capital Markets are leading the deal that will be used to fund a proposed acquisition.

ProAmpac is a Cincinnati-based flexible packaging company.

BMC launches

BMC Software launched a $2,365,000,000 covenant-light term loan (B1/B+) due September 2022 talked at Libor plus 400 bps with a step-down, a 1% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months, a market source remarked.

The company is also seeking a €650 million covenant-light term loan (Ba3/B+) due September 2022 talked at Euribor plus 450 bps to 475 bps with a 0% floor, a discount of 99.75 and 101 soft call protection for six months, the source continued.

Commitments are due on April 4.

Credit Suisse is leading the deal that will be used to extend the existing U.S. term loan B from 2020 and the existing euro term loan B from 2020, and to refinance debt.

BMC is a Houston-based provider of IT digital enterprise management solutions.

NXT floats issue price

NXT Capital held its lender call in the afternoon, launching its $75 million add-on term loan B due November 2022 with issue price talk of par, according to a market source.

The add-on loan is priced at Libor plus 450 bps with a 1% Libor floor, in line with the existing term loan B, and the debt has 101 soft call protection that expires in November.

RBC Capital Markets LLC and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to fund a dividend.

As part of this transaction, the company is seeking an amendment to its existing credit agreement to allow for the one-time dividend and make some other minor changes.

Commitments/consents are due on April 4.

NXT is a Chicago-based provider of structured financing solutions.

Constellis on deck

Constellis set a bank meeting for 10 a.m. ET in New York on Thursday to launch a $1,015,000,000 credit facility, according to a market source.

The facility consists of a $75 million revolver, a $725 million seven-year covenant-light first-lien term loan that has a 1% Libor floor and 101 soft call protection for six months, and a $215 million eight-year covenant-light second-lien term loan that has a 1% Libor floor and call protection of 102 in year one and 101 in year two.

Commitments are due at 5 p.m. ET on April 13, the source said.

Credit Suisse Securities (USA) LLC, Barclays, Citigroup Global Markets Inc., Goldman Sachs Bank USA and Jefferies Finance LLC are leading the deal that will be used to help fund the acquisition of Centerra Group LLC from Alvarez & Marsal Capital and to refinance the combined company’s existing debt.

Closing is expected in the second quarter, subject to customary regulatory reviews and approvals.

Constellis is a Reston, Va.-based provider of operational support and risk management services to government and commercial clients. Centerra is a Palm Beach Gardens, Fla.-based government and critical infrastructure services company.

ServiceMaster readies repricing

ServiceMaster scheduled a lender call for 11 a.m. ET on Wednesday to launch a repricing of its $1.65 billion term loan B due 2023 that is talked at Libor plus 200 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, an informed source said.

Commitments are due at noon ET on April 4.

J.P. Morgan Securities LLC is leading the deal.

The repricing will take the term loan B down from Libor plus 250 bps with a 0% Libor floor.

Closing is expected in April.

ServiceMaster is a Memphis-based provider of residential and commercial services.

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