PlayPower, Consolidated Precision free up; Lantheus Medical, StandardAero revise deals

By Sara Rosenberg

New York, June 23 – PlayPower Inc. finalized pricing on its first-lien term loan at the tight end of talk and on its second-lien term loan at the high end of guidance, and then the debt freed up for trading on Tuesday, and Consolidated Precision Products Corp. (WPP CPP Holdings LLC) broke as well.

In more happenings, Lantheus Medical Imaging Inc. raised pricing on its first-lien term loan, widened the original issue discount and added a covenant, and StandardAero lifted the spread on its term loan.

Furthermore, SS&C Technologies Inc. and Dayton Superior Corp. disclosed price talk in connection with their launches, CGG Holding (U.S.) Inc. began circulating guidance on its loan ahead of its bank meeting, and Swift Energy Co. surfaced with new deal plans.

PlayPower firms terms

PlayPower set pricing on its $150 million first-lien term loan (B2/B) at Libor plus 475 basis points, the low end of the Libor plus 475 bps to 500 bps talk, and on its $44 million second-lien term loan (Caa2/CCC+) at Libor plus 875 bps, the wide end of the Libor plus 850 bps to 875 bps talk, according to a market source.

The first-lien term loan still has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, and the second-lien term loan still has a 1% Libor floor, a discount of 98.5 and hard call protection of 102 in year one and 101 in year two.

The company’s $224 million credit facility also includes a $30 million revolver (B2/B).

PlayPower starts trading

With final pricing in place, PlayPower’s new debt made its way into the secondary market on Tuesday, with the first-lien term loan quoted at 99¼ bid, par offered and the second-lien term loan quoted at 98½ bid, par offered, a trader remarked.

Proceeds from the credit facility are being used to help fund the buyout of the company by Littlejohn & Co. LLC from Apollo Investment Corp.

Societe Generale is leading the deal.

Senior leverage is 3.9 times, and total leverage is 5 times.

PlayPower is a Huntersville, N.C.-based designer, manufacturer and distributor of commercial playgrounds as well as indoor and outdoor recreational equipment.

Consolidated Precision breaks

Consolidated Precision Products’ term loans freed up for trading too with the $80 million new money add-on first-lien term loan due 2019 and the $529 million first-lien term loan due 2019 quoted at 99 7/8 bid, 1003/8 offered, and the $118 second-lien term loan due 2021 quoted at par bid, 101 offered, a source said.

Pricing on all of the first-lien term loan debt is Libor plus 350 bps with a 1% Libor floor, and there is 101 soft call protection for six months. The add-on was sold at an original issue discount of 99.5 while the rest of the first-lien debt was issued at par.

The second-lien term loan is priced at Libor plus 775 bps with a 1% Libor floor and was issued at par. This tranche has 101 hard call protection through October 2015.

Consolidated refinances

Proceeds from Consolidated Precision Products’ $727 million in term loans will be used to reprice existing debt and repay some second-lien term loan borrowings.

During syndication, the add-on term loan was upsized from $65 million, pricing on the first-lien debt firmed at the low end of the Libor plus 350 bps to 375 bps talk, and the second-lien loan was downsized from $133 million.

UBS AG is leading the debt.

Consolidated Precision Products is a Cleveland-based manufacturer of highly engineered components and subassemblies primarily for the commercial aerospace and defense markets.

Lantheus reworks loan

Back in the primary, Lantheus Medical lifted the spread on its $365 million seven-year first-lien term loan (B3/B) to Libor plus 600 bps from Libor plus 500 bps, moved the original issue discount to 98.75 from 99 and added a total net leverage test starting at 6.25 times to the originally covenant-light loan, according to a market source.

As before, the term loan has a 1% Libor floor and 101 soft call protection for six months.

Commitments were due at 5 p.m. ET Tuesday.

Credit Suisse Securities (USA) LLC, Jefferies Finance LLC and Wells Fargo Securities LLC are leading the deal that will be used with initial public offering proceeds and cash on hand to redeem $400 million of 9¾% senior notes due 2017 and to repay revolver borrowings.

Closing on the term loan is conditioned upon the closing of the IPO of common stock.

Lantheus Medical is a North Billerica, Mass.-based developer, manufacturer, seller and distributor of diagnostic imaging agents.

StandardAero ups spread

StandardAero widened pricing on its $925 million seven-year first-lien covenant-light term loan to Libor plus 425 bps from Libor plus 375 bps and left the 1% Libor floor and original issue discount of 99.5 unchanged, a market source remarked.

The company’s $1,075,000,000 credit facility also includes a $150 million ABL revolver.

Jefferies Finance LLC, KKR Capital Markets and MCS Capital Markets are leading the deal that will be used with $485 million of notes to help fund the buyout of the company by Veritas Capital from Dubai Aerospace Enterprise Ltd.

StandardAero is a Scottsdale, Ariz.-based provider of aircraft engine maintenance, repair and overhaul services.

SS&C discloses guidance

SS&C Technologies came out with price talk on its $2.48 billion of term loans as the debt was launched to lenders with a bank meeting on Tuesday, according to a market source.

The $40 million five-year term loan A-1 for SS&C European Holdings SaRL and the $160 million five-year term loan A-2 for SS&C Technologies Holdings Europe SaRL are talked at Libor plus 275 bps with no floor and an original issue discount of 99.75, and the $1.82 billion seven-year covenant-light term loan B-1 for SS&C Technologies Inc. and the $460 million seven-year covenant-light term loan B-2 for SS&C Technologies Holdings Europe SaRL are talked at Libor plus 325 bps with a 0.75% Libor floor and a discount of 99.5, the source said.

Included in the term loan B’s is 101 soft call protection for six months.

The term loan A’s are being sold as a strip and the term loan B’s are being sold as a strip.

The company’s $2.63 billion senior secured credit facility (Ba3/BB) also provides for a $150 million five-year revolver.

SS&C lead banks

Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc. and Barclays are the leading SS&C’s credit facility.

Commitments are due at noon ET on June 30.

Proceeds will be used with the sale of common stock and $500 million of senior notes to fund the acquisition of Advent Software Inc. and to refinance existing debt at both companies.

Advent is being bought for about $2.7 billion in cash, equating to $44.25 per share plus the assumption of debt.

SS&C is a Windsor, Conn.-based provider of financial services software and software-enabled services. Advent is a San Francisco-based provider of software and services for the investment management industry.

Dayton sets talk

Dayton Superior held its bank meeting at 2:30 p.m. ET in New York, and a few hours before the event began, price talk on its $185 million seven-year first-lien term loan emerged at Libor plus 475 bps to 500 bps with a 1% Libor floor and an original issue discount of 99, a market source said.

As previously reported, the term loan has 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on July 8.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to refinance an existing $160 million term loan and to partially pay down ABL borrowings.

Dayton Superior is a Miamisburg, Ohio-based supplier to the non-residential concrete construction industry.

CGG floats proposed pricing

CGG Holding disclosed talk of Libor plus 650 bps with a 1% Libor floor and an original issue discount of 98.5 on its $350 million six-year senior secured term loan that will launch with a bank meeting at 10 a.m. ET in New York on Wednesday, according to a market source.

As previously reported, the loan has 101 soft call protection for one year.

Commitments are due on July 10.

Credit Suisse Securities (USA) LLC, BNP Paribas Securities Corp. and RBC Capital Markets are leading the deal that will be used to repay revolver borrowings and for general corporate purposes.

CGG is a Paris-based manufacturer of seismic equipment and a provider of geoscience services.

Swift Energy joins calendar

Swift Energy set a bank meeting for 11 a.m. ET on Wednesday to launch a $640 million five-year first-lien term loan (B+), according to a market source.

J.P. Morgan Securities LLC is leading the deal that will be used to repay all revolver borrowings, which was $263 million at May 31, and for general corporate purposes, including capital expenditures.

Closing is expected in mid-July, subject to syndication, negotiation, execution and delivery of definitive loan documentation, and other customary conditions.

Swift Energy is a Houston-based developer, explorer, acquirer and operator of oil and gas properties, with a focus on oil and natural gas reserves onshore in Texas and Louisiana and in the inland waters of Louisiana.

ION wraps at talk

In other news, ION Trading Technologies Sarl completed syndication of its $250 million add-on first-lien term loan due 2021 at talk of Libor plus 325 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.

The spread and the floor on the add-on term loan match the company’s existing $150 million first-lien term loan.

Allocations are targeted to go out on Wednesday, the source said.

UBS AG is leading the deal that will be used to refinance second-lien term loan borrowings.

ION Trading is a software provider of trading, treasury and workflow solutions.

Spectrum Brands closes

Spectrum Brands Inc. completed its credit facility (BB/BB+) that includes a $500 million revolver, a $1.45 billion seven-year covenant-light term loan, a C$75 million seven-year covenant-light term loan and a €300 million seven-year covenant-light term loan, according to an 8-K filed with the Securities and Exchange Commission.

Pricing on the U.S. term loan is Libor plus 300 bps with a 25 bps step-down at 2 times net first-lien leverage and a 0.75% Libor floor. The debt was issued at a discount of 99.75.

The Canadian term loan is priced at BA plus 350 bps with a 0.75% floor and was sold at an original issue discount of 99.

And, the euro term loan is priced at Euribor plus 275 bps with a 0.75% floor and was issued at a discount of 99.75.

All of the term loans have 101 soft call protection for six months.

Spectrum repays debt

Proceeds from Spectrum Brands’ new credit were used to refinance an existing $400 million ABL revolver, about $1.58 billion in term loans and $300 million of 6.75% notes due 2020.

During syndication, the spread on the U.S. term loan finalized at the wide end of the Libor plus 275 bps to 300 bps talk, the step-down was added, and the discount was modified from 99.5, pricing on the Canadian term loan firmed at the low end of the BA plus 350 bps to 375 bps talk, and pricing on the euro term loan was set at the low end of the Euribor plus 275 bps to 300 bps and the discount was tightened from 99.5.

Deutsche Bank Securities Inc. and Credit Suisse Securities (USA) LLC led the deal.

Spectrum Brands is a Middleton, Wis.-based diversified consumer products company.

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