DigitalGlobe, Information Resources, MediaOcean, Cheddar’s break; ContextMedia revised

By Sara Rosenberg

New York, Dec. 20 – DigitalGlobe Inc.’s credit facility freed up for trading on Tuesday, with the term loan B quoted above its original issue discount, and Information Resources Inc. and MediaOcean LLC hit the secondary market as well.

Also, Cheddar’s Casual Café Inc. broke for trading after a complete restructuring of its transaction that resulted in the removal of a term loan B and the addition of a term loan A and second-lien term loan.

In more happenings, ContextMedia Health LLC widened spread as well as original issue discount on its term loan B and sweetened the call protection, Minimax Viking set the original issue discount on its U.S. term loan B at the tight end of guidance and modified the issue price on its euro term loan B, and Las Vegas Sands LLC moved up the commitment deadline on its term loan B.

DigitalGlobe tops OID

DigitalGlobe’ credit facility emerged in the secondary market on Tuesday, with the $1,275,000,000 seven-year term loan B seen at 100½ bid, 101¼ offered, according to a trader.

Pricing on the term loan B is Libor plus 275 basis points with a step-down to Libor plus 250 bps when total leverage is 2.75 times and a 0.75% Libor floor. The loan was issued at an original issue discount of 99.75 and has 101 soft call protection for six months.

Last week, pricing on the term loan B was reduced from Libor plus 300 bps, the step-down was added and the discount was tightened from 99.5.

The company’s $1,475,000,000 credit facility (Ba3/BB+) also includes a $200 million revolver.

Barclays is the lead left bookrunner on the deal that will be used to pay down revolver borrowings, to refinance a term loan B due 2020 and 5¼% notes due 2021 and to pay related fees and expenses.

DigitalGlobe is a Westminster, Colo.-based provider of Earth imaging and geospatial solutions.

Information Resources breaks

Information Resources’ credit facility began trading too, with the $925 million seven-year covenant-light first-lien term loan B (Ba3/B-) quoted at 100½ bid, 101 offered and the $325 million eight-year covenant-light second-lien term loan (Caa1/CCC) quoted at 99 bid, par offered, a trader said.

Pricing on the first-lien term loan is Libor plus 425 bps with a 1% Libor floor, and it was sold at an original issue discount of 99.5. The debt has 101 soft call protection for six months.

The second-lien term loan is priced at Libor plus 825 bps with a 1% Libor floor and was issued at a discount of 98.5. This tranche has hard call protection of 102 in year one and 101 in year two.

On Monday, the first-lien term loan was upsized from $900 million as the second-lien term loan was downsized from $350 million. Also, pricing on the first-lien term loan firmed at the low end of the Libor plus 425 bps to 450 bps talk and the discount was revised from 99.

Information getting revolver

Along with the first- and second-lien term loans, Information Resources’ new $1.33 billion senior secured credit facility includes an $80 million five-year revolver (Ba3/B-).

Morgan Stanley Senior Funding Inc., Jefferies Finance LLC and Nomura America Securities LLC are leading the deal that will be used to refinance existing credit facilities, distribute a dividend to the equity holders and pay related fees and expenses.

Closing is expected on Jan. 4.

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

MediaOcean hits secondary

MediaOcean’s repriced $282.5 million first-lien term loan freed to trade on Tuesday as well, with levels quoted at par bid, 101 offered, a market source said.

The loan, which allocated late Monday, is priced at Libor plus 425 bps with a 1% Libor floor, and was issued at par. The debt has 101 soft call protection for six months.

During syndication, the spread on the loan finalized 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.

Cheddar’s revised

Cheddar’s Casual Cafe modified its senior secured credit facility to eliminate a proposed $335 million seven-year first-lien term loan B and replace it with a $230 million five-year first-lien term loan A (B1/BB-) and a $105 million six-year second-lien term loan (Caa2/CCC+), according to a market source.

The $370 million senior secured credit facility still includes a $35 million five-year revolver (B1/BB-).

The revolver and term loan A are priced at Libor plus 350 bps with no Libor floor, subject to a leverage-based grid, and the second-lien term loan is priced at Libor plus 975 bps with a 1% Libor floor and an original issue discount of 95, and includes 101 hard call protection, the source said.

Talk on the revolver at launch had been Libor plus 450 bps, and talk on the eliminated term loan B had been Libor plus 500 bps with a 1% Libor floor, a discount of 98.5 to 99 and 101 soft call protection for six months.

Cheddar’s frees up

With final terms in place, Cheddar’s credit facility made its way into the secondary market, with the term loan A quoted at 99 bid, 99½ offered and the second-lien term loan quoted at 96 bid, 97 offered, a trader added.

Morgan Stanley Senior Funding Inc. and Societe Generale are leading the deal that will be used to fund the acquisition of Greer Restaurant Operation Entities, the company’s largest franchisee, and to refinance existing debt.

Closing is expected on Jan. 4.

Cheddar’s is a casual dining operator focusing on made-from-scratch food.

OWIC announced

Also in trading, a $138.9 million Offers Wanted In Competition surfaced, with offers due at noon ET on Wednesday, a trader remarked.

Some of the names in the portfolio include Albertson’s LLC, Cengage Learning Acquisitions Inc., Dell International LLC, First Data Corp., HCA Inc., NXP Semiconductor LLC, Rite Aid Corp., Scientific Games Corp., Texas Competitive Electric Holdings LLC, Univar Inc. and Ziggo BV.

There are about 142 issuers in the OWIC, the trader added.

ContextMedia reworked

Back in the primary market, ContextMedia raised pricing on its $325 million five-year term loan B to Libor plus 650 bps from talk of Libor plus 550 bps to 575 bps, moved the original issue discount to 90 from talk of 98.5 to 99 and extended the 101 soft call protection to one year from six months, a source said.

Additionally, the first-lien leverage covenant was changed to 6 times with step-downs from 6.5 times.

The term loan still has a 1% Libor floor.

The company’s $375 million credit facility (B2/B) also includes a $50 million revolver.

Commitments are due at 5 p.m. ET on Wednesday, the source added.

J.P. Morgan Securities LLC, Goldman Sachs Bank USA and Citizens Bank are leading the deal that will fund the acquisition of AccentHealth LLC from M/C Partners, Ridgemont Equity Partners and senior management.

Closing is expected by year-end, subject to customary conditions.

ContextMedia is a health care decision platform. AccentHealth is a New York and Tampa, Fla.-based provider of best-in-class patient education at the point of care.

Minimax tweaks deal

Minimax Viking finalized the original issue discount on its €327 million-equivalent U.S. term loan B at 99.75, the tight end of the 99.5 to 99.75 talk, and left pricing at Libor plus 275 bps with a 0.75% Libor floor, according to a market source.

Also, the issue price on the company’s €304 million term loan B was changed to par from talk of 99.5 to 99.75, the source said. Pricing on this tranche remained at Euribor plus 300 bps with no floor.

The debt still has 101 soft call protection for six months.

Deutsche Bank Securities Inc. is the left bookrunner on the deal that will be used to amend and extend by three years to August 2023 the company’s existing term loan B’s.

Minimax Viking is a fire protection company with headquarters in Bad Oldesloe in Schleswig-Holstein, Germany.

Las Vegas Sands accelerated

Las Vegas Sands revised the commitment deadline on its roughly $2.19 billion term loan B to noon ET on Wednesday from 5 p.m. ET on Wednesday, a market source said.

The loan is talked at Libor plus 225 bps with no Libor floor and a par issue price.

Scotiabank is the bookrunner and administrative agent on the deal, and an arranger with Bank of America Merrill Lynch, Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Fifth Third Bank and Goldman Sachs Bank USA.

Proceeds will be used to reprice an existing term loan B down from Libor plus 250 bps with a 0.75% Libor floor.

Las Vegas Sands is a Las Vegas-based developer and operator of integrated resorts.

WirePath allocates

In other news, WirePath Home Systems LLC’s $205 million credit facility allocated on Tuesday, according to a market source.

The facility consists of a $25 million five-year revolver and a $180 million six-year term loan priced at Libor plus 500 bps with a 1% Libor floor and an original issue discount of 99. The term loan has 101 soft call protection for six months.

Antares Capital and Citizens Bank are leading the deal that will be used for a dividend recapitalization.

Closing is scheduled for Wednesday.

WirePath is a Charlotte, N.C.-based developer and distributor of diversified home AV products to custom integrators in the audio/video, security and IT markets.

Six Flags closes

Six Flags Entertainment Corp. completed its $545 million term loan B priced at Libor plus 225 bps with no Libor floor, a news release said. The loan was issued at par and includes 101 soft call protection for six months.

Wells Fargo Securities LLC led the deal that was 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.

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