Sensus USA levels tighten with refinancing news; Windstream, Surgery Center launch deals

By Sara Rosenberg

New York, March 14 – Sensus USA Inc.’s term loan was bid higher in trading on Monday after news surfaced that the company is planning on approaching investors this week with a refinancing transaction.

In other happenings, Windstream Services LLC came to market with an incremental term loan B-6 and, shortly after the launch of the debt took place, the commitment deadline was accelerated.

Also, Surgery Center Holdings Inc. (Surgery Partners Inc.) launched an incremental term loan and amendment proposal, and API Technologies Corp. joined this week’s calendar.

Sensus USA’s term loan was quoted in the secondary market on Monday at 99 bid, par offered versus 98 bid, par offered on Friday, according to a market source, with the bid rising following word of a proposed refinancing.

The company intends to hold a bank meeting at 10 a.m. ET in New York on Wednesday to launch a $695 million credit facility to fund the refinancing.

The facility consists of a $75 million five-year revolver and a $620 million seven-year first-lien term loan talked with a 1% Libor floor and 101 soft call protection for one year, the source said. Spread and original issue discount talk on the term loan have not yet been disclosed.

Commitments are due at 5 p.m. ET on March 30.

Credit Suisse Securities (USA) LLC and Goldman Sachs Bank USA are leading the new deal.

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