Riverbed, Calpine, Six Flags, Quincy, Progrexion break; number of primary deals see changes

By Sara Rosenberg

New York, Dec. 19 – Riverbed Technology Inc. set pricing on its term loan B at the low end of guidance and then the debt surfaced in the secondary market, and deals from Calpine Corp., Six Flags Entertainment Corp., Quincy Media Inc. and Progrexion began trading too.

Back in the primary market, Information Resources Inc. moved some funds between its first- and second-lien term loans and tightened spread and original issue discount on the first-lien tranche, and Syncsort Inc. lifted pricing on its first- and second-lien term loans and sweetened the call protection on the first-lien piece.

Also, Drive DeVilbiss Healthcare increased its first- and second-lien term loan sizes, widened original issue discount talk on the loans, revised call premiums on the second-lien debt and shortened maturities.

In addition, Sinclair Television Group Inc. finalized pricing on its term loan B at the tight end of talk, modified the issue price and extended the call protection, and Autoparts Holdings (Fram Group Holdings Inc.) reduced the size of its term loan.

Riverbed updated, trades

Riverbed Technology firmed pricing on its $1,585,102,000 senior secured covenant-light term loan B due April 24, 2022 at Libor plus 325 basis points, the tight end of the Libor plus 325 bps to 350 bps talk, according to a market source.

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

Consents/commitments were due 12:30 p.m. ET on Monday, moved up from at 5 p.m. ET on Monday, and then debt began trading, with levels quoted at 100½ bid, 101 offered, a trader added.

Morgan Stanley Senior Funding Inc., Barclays, Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are leading the deal that will be used to reprice an existing term loan down from Libor plus 400 bps with a 1% Libor floor.

Closing is expected on Thursday.

Riverbed is a San Francisco-based application performance infrastructure company.

Calpine extended breaks

Calpine’s extended $1.58 billion first-lien term loan B-5 (Ba2/BB) due January 2024 freed to trade as well, with levels quoted at 100½ bid, 101 offered, a market source said.

Pricing on the extended B-5 loan is Libor plus 275 bps with a 0.75% Libor floor, unchanged from pricing prior to the extension. The extended loan was issued at par and includes 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC is leading the deal that is extending the term loan B-5 from May 2022.

Calpine is a Houston-based generator of electricity from natural gas and geothermal resources.

Six Flags frees up

Six Flags’ $545 million term loan B began trading too, with levels quoted at 100¾ bid, 101½ offered, a trader remarked.

Pricing on the loan is Libor plus 225 bps with no Libor floor, and it was issued at par. The debt has 101 soft call protection for six months.

Wells Fargo Securities LLC is leading the deal that will be used to reprice an existing term loan down from Libor plus 250 bps with a 0.75% Libor floor.

Six Flags is a Grand Prairie, Texas-based regional theme park company.

Quincy hits secondary

Quincy Media’s roughly $237 million term loan B also broke for trading, with levels seen at 100¾ bid, 101½ offered, according to a trader.

The term loan is priced at Libor plus 400 bps with a step-down to Libor plus 375 bps at less than 2.5 times leverage and a 1% Libor floor. The debt was issued at par and includes 101 soft call protection for six months.

Wells Fargo Securities LLC is leading the deal that will reprice an existing term loan B down from Libor plus 450 bps with a 1% Libor floor.

Quincy Media is a Quincy, Ill.-based media company.

Progrexion begins trading

Progrexion’s fungible $100 million add-on first-lien term loan hit the secondary market during the session, with levels quoted at 99¾ bid, 100½ offered, a trader said.

The add-on term loan, which was downsized from $125 million, is priced at Libor plus 525 bps with a 1% Libor floor, and was sold at an original issue discount of 99.5. The new debt, as well as the company’s existing term loan, are getting 101 soft call protection for six months.

Jefferies Finance LLC is leading the deal that will fund a distribution and add cash to the balance sheet.

In connection with the add-on, pricing on the company’s existing first-lien term loan debt is stepping back up according to the existing grid to Libor plus 525 bps with a 1% Libor floor from current pricing of Libor plus 475 bps with a 1% Libor floor.

Total outstanding on the first-lien loan is $355.2 million including the new add-on.

Progrexion is a provider of credit repair services.

Information Resources reworked

Returning to the primary market, Information Resources increased its seven-year covenant-light first-lien term loan B (Ba3/B-) to $925 million from $900 million, set the spread at Libor plus 425 bps, the low end of the Libor plus 425 bps to 450 bps talk, and moved the original issue discount to 99.5 from 99, a market source remarked.

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

With the first-lien term loan upsizing, the eight-year covenant-light second-lien term loan (Caa1/CCC) was scaled back to $325 million from $350 million, the source continued.

As before, pricing on the second-lien term loan is Libor plus 825 bps with a 1% Libor floor and a discount of 98.5, and the tranche has hard call protection of 102 in year one and 101 in year two.

The company’s $1.33 billion senior secured credit facility also includes an $80 million five-year revolver (Ba3/B-).

Information recapitalizing

Information Resources’ new debt will be used to refinance existing credit facilities, distribute a dividend to the equity holders and pay related fees and expenses.

Morgan Stanley Senior Funding Inc., Jefferies Finance LLC and Nomura America Securities LLC are leading the deal.

Commitments are due at 10 a.m. ET on Tuesday, and allocations are expected thereafter, the source added.

Information Resources is a Chicago-based provider of big data, predictive analytics and forward-looking insights that help companies grow their businesses.

Syncsort revises deal

Syncsort raised pricing on its $280 million six-year first-lien term loan (B2/B+) to Libor plus 525 bps from Libor plus 450 bps and extended the 101 soft call protection to one year from six months, while leaving the 1% Libor floor and original issue discount of 99 intact, according to a market source.

As for the $80 million seven-year second-lien term loan (Caa2/CCC+), pricing was increased to Libor plus 950 bps from Libor plus 900 bps, with the 1% Libor floor, discount of 98.5 and call protection of 102 in year one and 101 in year two unchanged, the source said.

The company’s $395 million credit facility also includes a $35 million revolver (B2/B+).

Recommitments were due at 5 p.m. ET on Monday, the source added.

Credit Suisse Securities (USA) LLC, Antares Capital and SunTrust Robinson Humphrey are leading the dealt that will fund the acquisition of Trillium Software from Harte Hanks Inc. and refinance existing debt.

Closing is subject to regulatory approvals and other customary conditions.

Syncsort, a Clearlake Capital Group portfolio company, is a Woodcliff Lake, N.J.-based provider of enterprise software and data solutions. Trillium is a Burlington, Mass.-based provider of data quality solutions.

Drive DeVilbiss modified

Drive DeVilbiss Healthcare upsized its first-lien term loan to $430 million from $417 million, revised original issue discount talk to 90 to 91 from 97.5 and shortened the maturity to six years from seven years, a source remarked.

Pricing on the first-lien term loan is still Libor plus 550 bps with a 1% Libor floor, and the debt still has 101 soft call protection for one year.

Along with the first-lien changes, the company upsized its second-lien term loan to $167 million from $162 million, widened discount talk to 90 to 91 from 97, sweetened the hard call protection to 103 in year one, 102 in year two and 101 in year three from 102 in year one and 101 in year two, and shortened the maturity to seven years from eight years, the source continued.

Pricing on the second-lien term loan is still Libor plus 925 bps with a 1% Libor floor.

Drive DeVilbiss leads

J.P. Morgan Securities LLC, Barclays, Citigroup Global Markets Inc., Capital One and HSBC Securities (USA) Inc. are leading Drive DeVilbiss’ loans, with JPMorgan the left lead on the first-lien and Barclays the left lead on the second-lien.

Books close at 5 p.m. ET on Tuesday, the source added.

Proceeds will be used to help fund the purchase of a significant interest in the company by Clayton, Dubilier & Rice, and the incremental proceeds raised through the term loan upsizings will be used to pay transaction related fees and expenses.

Closing is expected this quarter.

Drive DeVilbiss is a Port Washington, N.Y.-based manufacturer of medical products.

Sinclair tweaked

Sinclair Television set the spread on its $1.37 billion term loan B due January 2024 (Ba1/BB+) at Libor plus 225 bps, the low end of the Libor plus 225 bps to 250 bps talk, changed the original issue discount to 99.75 from 99.5 and extended the 101 soft call protection to one year from six months, a market source said.

The term loan B still has no Libor floor.

Recommitments were due at 1 p.m. ET on Monday, the source added.

J.P. Morgan Securities LLC is leading the deal that will be used to amend, extend and combine into one tranche existing term loan B debt due April 9, 2020 and July 31, 2021.

In connection with the extension, the company is also seeking to revise certain covenant ratio requirements.

Sinclair is a Hunt Valley, Md.-based television broadcasting company.

Autoparts downsizes

Autoparts Holdings trimmed its five-year first-lien term loan to $215 million from $245 million and is replacing the lost funds with $30 million of equity, according to a market source.

The term loan is still talked at Libor plus 650 bps to 675 bps with a 1% Libor floor, an original issue discount of 98 and 101 soft call protection for one year.

The company’s now $240 million credit facility also includes a $25 million ABL revolver.

Commitments are due at noon ET on Tuesday, the source said.

Credit Suisse Securities (USA) LLC is leading the credit facility that will be used with the equity to refinance existing debt.

Autoparts is a Lake Forest, Ill.-based manufacturer of filtration products and spark plugs for the automotive aftermarket.

MediaOcean allocates

In other news, MediaOcean LLC allocated on Monday afternoon its $282.5 million first-lien term loan, a market source said.

Pricing on the loan is Libor plus 425 bps with a 1% Libor floor, and it was issued at par. The debt has 101 soft call protection for six months.

During syndication, the spread on the loan firmed at the high end of the Libor plus 400 bps to 425 bps talk.

Macquarie Capital (USA) Inc. is leading the deal that is repricing an existing term loan down from Libor plus 475 bps with a 1% Libor floor.

MediaOcean is a New York-based software company for the advertising sector.

West Corp. closes

West Corp. completed the repricing of its $867.8 million term loan B-12 due 2023 and $259.4 million term loan B-14 due 2021, according to a news release.

Pricing on the B-12 loan is Libor plus 250 bps with a 0.75% Libor floor, and pricing on the B-14 loan is Libor plus 250 bps with no Libor floor. Both loans were issued at par and have 101 soft call protection for six months.

Wells Fargo Securities LLC led the deal that was used to reprice the B-12 loan from Libor plus 300 bps with a 0.75% Libor floor and the B-14 loan from Libor plus 275 bps with a 0.75% Libor floor.

West is an Omaha-based technology-driven communication services provider.

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