LanguageLine breaks; KIK first-lien bid dips with buyout; Hamilton Lane amends issue price

By Sara Rosenberg

New York, July 1 – LanguageLine Solutions’ (Language Line LLC) credit facility hit the secondary market on Wednesday, and KIK Custom Products Inc.’s first-lien term loan was bid a little lower following news of an upcoming change to the company’s ownership.

Meanwhile, in the primary market, Hamilton Lane Advisors LLC tightened the original issue discount on its term loan, and Chelsea Petroleum Products I LLC joined next week’s primary calendar.

Chelsea Petroleum set a bank meeting for 10 a.m. ET in New York on Tuesday to launch a $1,125,000,000 senior secured credit facility, according to a market source.

Included in the facility is a $700 million ABL revolver and a $425 million term loan B, the source said.

In other news, the buyout of Protection 1 (Apollo Security Services Borrower LLC) by Apollo Global Management LLC and combination with ASG Security, which was also purchased by Apollo, has been completed, a news release said.

For the transaction, Protection 1 got a new $1.45 billion credit facility that includes a $95 million revolver (B1/B), a $1,095,000,000 six-year first-lien covenant-light term loan (B1/B) and a $260 million seven-year second-lien covenant-light term loan (Caa1/CCC+).

Univar Inc. closed on its $2.05 billion seven-year covenant-light term loan and €250 million seven-year covenant-light term loan, according to a news release.

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