Regal, Platform dip in trading; Save-A-Lot, Drive DeVilbiss, Packers, Anchor Glass set talk

By Sara Rosenberg

New York, Nov. 14 – In the secondary market on Monday, term loans from Regal Cinemas Corp. and Platform Specialty Products Corp. (MacDermid Inc.) weakened as both companies emerged with plans for repricing transactions.

And, over in the primary market, Save-A-Lot, Drive DeVilbiss Healthcare and Packers Holdings LLC released price talk with launch, and Anchor Glass Container Corp. disclosed guidance on its first- and second-lien term loans ahead of its bank meeting.

Also, Montreign Operating Co. LLC, Cable & Wireless Communications, nThrive Inc., Priority Payment Systems (Priority Holdings LLC), Hyperion Insurance Group and Four Seasons Hotels and Resorts joined this week’s primary calendar, and timing surfaced on Intermedia.net Inc.’s credit facility.

Regal Cinemas softens

Regal Cinemas’ term loan fell to 100 1/8 bid, 100 3/8 offered from 100 3/8 bid, 100 5/8 offered after it was revealed that the company would hold a lender call at 1 p.m. ET on Monday to launch a repricing of its $956 million covenant-light first-lien term loan (Ba1/BB) due April 2022, a trader remarked.

The repricing is talked at Libor plus 250 basis points with a 0.75% Libor floor, a par issue price and 101 soft call protection for six months, another source said.

Commitments are due at 5 p.m. ET on Wednesday.

Credit Suisse Securities (USA) LLC is leading the deal that will reprice the existing term loan down from Libor plus 275 bps with a 0.75% Libor floor.

Regal Cinemas is a subsidiary of Regal Entertainment Group, a Knoxville, Tenn.-based motion picture exhibitor.

Platform slides

Platform Specialty Products’ term loan B-3 retreated to 100¼ bid, 100¾ offered from 100½ bid, 101 offered following word that the company will reprice/refinance the existing $1,033,000,000 term B-3 tranche and an existing €297 million term loan C-2, a source said.

The company is scheduled to hold a lender call at 9:30 a.m. ET on Tuesday to launch an $895 million term loan B-5 due June 7, 2020 and a €425 million term loan C-4 due June 7, 2020 for the refinancing/repricing.

The new term loans have 101 soft call protection for six months, the source continued.

Commitments are due on Thursday.

Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc., Barclays and Credit Agricole are the bookrunners on the deal, with Credit Suisse left lead on the U.S. loan and HSBC left lead on the euro loan. Barclays is the administrative agent.

Platform is a West Palm Beach, Fla.-based producer of high-technology specialty chemicals and a provider of technical services.

BWIC announced

Also in trading, a $240.8 million Bid Wanted In Competition surfaced, with bids due at 1 p.m. ET on Tuesday, according to a trader.

Some of the issuers in the portfolio are AerCap, Calpine Corp., Epicor, Filtration Group Corp., Informatica Corp., Numericable US LLC, Ortho-Clinical Diagnostics Inc., Royalty Pharma, SeaWorld Parks & Entertainment Inc., Tribune Co. and Western Digital Corp.

There are about 28 issuers in the BWIC, the trader added.

Save-A-Lot guidance

Over in the primary market, Save-A-Lot hosted its bank meeting on Monday, launching its $740 million seven-year senior secured covenant-light term loan B (B2/B) at talk of Libor plus 575 bps to 600 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, a market source said.

Commitments are due at 5 p.m. ET on Nov. 29, the source added.

The company’s $990 million credit facility also includes a $250 million five-year ABL revolver.

Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Barclays, Deutsche Bank Securities Inc. and BMO Capital Markets are leading the deal that will be used to help fund the buyout of the company by Onex Corp. from Supervalu Inc. for $1,365,000,000 in cash, subject to customary closing adjustments.

Secured and total leverage is around 3.5 times.

Closing is expected during the week of Dec. 5, subject to regulatory approvals and other customary conditions.

Save-A-Lot is a hard-discount grocery retailer.

Drive DeVilbiss launches

Drive DeVilbiss Healthcare hosted a lender meeting on Monday to launch a $417 million seven-year first-lien term loan (Caa1) and a $162 million eight-year second-lien term loan (Caa3), a market source remarked.

Talk on the first-lien term loan is Libor plus 550 bps with a 1% Libor floor, an original issue discount of 97.5 and 101 soft call protection for one year, and talk on the second-lien term loan is Libor plus 925 bps with a 1% Libor floor, a discount of 97 and call protection of 102 in year one and 101 in year two, the source continued.

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

Proceeds will help fund the purchase of a significant interest in the company by Clayton, Dubilier & Rice.

Closing is expected in the fourth quarter.

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

Packers reveals talk

Packers Holdings held its lender call, launching its $398,787,500 senior secured covenant-light term loan B (B2) due Dec. 2, 2021 at talk of Libor plus 375 bps with a 25-bps step-down at 3.75 times net first-lien leverage, a 1% Libor floor and 101 soft call protection for six months, according to a market source.

Of the total term loan amount, $50 million is incremental debt that is offered at an original issue discount of 99.5 and the remainder is existing term loan debt that is currently priced at Libor plus 375 bps but will see the addition of the 25-bps step-down, the source said.

Existing lenders are being offered a 25-bps amendment fee.

Consents/commitments are due at noon ET on Friday, the source added.

Proceeds from the incremental loan will be used to fund a distribution to shareholders.

Morgan Stanley Senior Funding Inc. is leading the deal.

Packers Holdings is a Kieler, Wis.-based contract sanitation service provider.

Anchor terms disclosed

Anchor Glass Container came out with price talk on its $650 million seven-year first-lien term loan and $150 million eight-year second-lien term loan in preparation for its 10 a.m. ET bank meeting in New York on Tuesday, a market source remarked.

Talk on the first-lien term loan is Libor plus 375 bps with a 1% Libor floor and an original issue discount of 99, and talk on the second-lien term loan is Libor plus 825 bps with a 1% Libor floor and a discount of 98.5, the source said.

The first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

The company’s $920 million credit facility also includes a $120 million ABL revolver.

Commitments are due on Dec. 2.

Anchor lead banks

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Morgan Stanley Senior Funding Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and UBS Investment Bank are leading Anchor Glass’ credit facility.

Proceeds will be used to help fund the over $1 billion acquisition of the company by CVC Capital Partners and BA Glass BV from KPS Capital Partners LP.

Closing is expected in the fourth quarter, subject to customary conditions.

Anchor Glass is a Tampa, Fla.-based manufacturer of glass packaging products. BA Glass is a manufacturer of glass bottles in Europe.

Montreign joins calendar

In more primary news, Montreign Operating emerged with plans to hold a bank meeting at 9 a.m. ET in New York on Friday to launch a $375 million six-year first-lien term loan talked at Libor plus 800 bps to 850 bps with a 1% Libor floor and an original issue discount of 98, according to a market source.

The term loan is non-callable for 2.5 years, then at 102 for a year and 101 for a year, the source said.

Commitments are due on Dec. 2.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to fund the development of the Montreign Resort Casino in the Hudson Valley region in New York.

Montreign Operating is a casino operator in the Hudson Valley.

Cable & Wireless on deck

Cable & Wireless Communications scheduled a lender call for 10 a.m. ET on Tuesday to launch a fungible $250 million add-on covenant-light term loan B (Ba3/BB-) due Dec. 31, 2022 talked at Libor plus 475 bps with a 0.75% Libor floor, an original issue discount of 99.5 and 101 soft call protection until May 2017, a source said.

Commitments are due at noon ET on Thursday.

Citigroup Global Markets Inc. and BNP Paribas Securities Corp. are the global coordinators on the deal, and joint bookrunners with Goldman Sachs Bank USA and RBC Capital Markets.

Proceeds will be used to repay revolver drawings and to pay transaction fees and expenses.

On the next roll-over date, which is Dec. 30, the add-on term loan B and the existing $800 million term loan B-1 and B-2 facilities will be consolidated into a single $1.05 billion global tranche, the source added.

Cable & Wireless is a London-based telecommunications company owned by Liberty Global.

nThrive readies loan

nThrive is set to hold a lender call on Tuesday to launch a $105 million add-on first-lien term loan due Oct. 20, 2022 priced at Libor plus 550 bps with a 1% Libor floor, according to a market source, who said original issue discount talk is not yet available.

The loan has 101 soft call protection through April 2017.

Barclays is leading the deal that will be used with incremental equity to fund a tuck-in acquisition and to pay related fees and expenses.

nThrive (formerly known as Precyse Acquisition Corp.) is a patient to payment provider of revenue cycle management technology and services.

Priority Payment coming soon

Priority Payment Systems scheduled a bank meeting for Thursday to launch a $225 million credit facility, split between a $25 million revolver and a $200 million six-year first-lien term loan, a market source remarked.

SunTrust Robinson Humphrey Inc. is leading the deal that will be used with an $80 million holdco subordinated note to fund the buyout by management of some of the ownership interest in the company from Comvest Partners and to refinance existing debt.

Secured leverage is about 4 times, the source added.

Priority Payment is an Alpharetta, Ga.-based credit and debit card payments processing provider to small- and mid-sized brick and mortar and e-commerce merchants.

Hyperion deal surfaces

Hyperion Insurance Group set a lender call for 10 a.m. ET on Tuesday to launch a $100 million incremental senior secured first-lien term loan B, a market source said.

Morgan Stanley Senior Funding Inc., RBC Capital Markets and Lloyds Bank are leading the deal that will be used to pay down the outstanding balance on the company’s revolving credit facility, prefund deferred consideration payments and pay related fees and expenses.

Hyperion is a London-based insurance intermediary group.

Four Seasons plans call

Four Seasons Hotels and Resorts will host a lender call at 10 a.m. ET on Tuesday to launch a new loan to existing and prospective lenders, according to a market source.

Citigroup Global Markets Inc. is leading the deal.

Four Seasons is a Toronto-based luxury hotels company.

Intermedia timing emerges

Intermedia.net will hold a bank meeting on Thursday to launch its $285 million credit facility that was announced weeks ago, according to a market source.

The facility consists of a $25 million five-year revolver (B1/B+), a $190 million seven-year first-lien term loan (B1/B+) and a $70 million eight-year second-lien term loan (Caa1/CCC+).

Talk on the first-lien term loan surfaced at Libor plus 475 bps with a 1% Libor floor and 101 soft call protection for six months, and talk on the second-lien term loan came out at Libor plus 925 bps with a 1% Libor floor and call protection of 102 in year one and 101 in year two, the source said.

SunTrust Robinson Humphrey Inc. and TD Securities (USA) LLC are leading the deal that will be used to help fund the buyout of the company by Madison Dearborn Partners from Oak Hill Capital Partners.

Closing is expected this year, subject to regulatory approvals and other customary conditions.

Intermedia.net is a Mountain View, Calif.-based provider of cloud business applications.

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