Altice, Highline, SFR break; Horizon Pharma, BWAY update deals; Hargray, RGIS move deadlines

By Sara Rosenberg

New York, March 22 – Altice Financing increased the size of its U.S. term loan B while firming the spread at the low end of talk, canceled plans for a euro term loan B and then freed up for trading on Wednesday, and Highline Aftermarket hit the secondary market too.

Also, SFR Group SA finalized pricing on its U.S. and euro term loans at the tight side of guidance, and then the U.S. loan began trading with the debt bid in line with its original issue discount.

In addition, Horizon Pharma Inc. upsized its term loan B and set pricing at the low end of talk, and BWAY Holding Co. set pricing on its term loan at the tight end of talk.

Furthermore, Hargray Communications Group Inc. and RGIS Services LLC accelerated the commitment deadlines on their credit facilities, and CCC Information Services Inc., PPC Industries Inc. and Sterigenics-Nordion Holdings LLC disclosed price talk with launch.

Altice reworked, trades

Altice Financing raised its U.S. term loan B (B1/BB-) due 2025 to $910 million from $425 million and set pricing at Libor plus 275 basis points, the low end of the Libor plus 275 bps to 300 bps talk, according to a market source.

As before, the U.S. term loan B has a 0% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months.

With the U.S. term loan B upsizing, the company dropped plans for a €446 million term loan B due 2025 that was talked at Euribor plus 300 bps to 325 bps with a 0% floor, a par issue price and 101 soft call protection for six months, the source said.

Recommitments were due at noon ET on Wednesday, and then the U.S. term loan broke for trading in the afternoon, with levels quoted at par bid, par ¼ offered, another source added.

Credit Suisse, BNP Paribas, Deutsche Bank and JPMorgan are leading the deal that will be used to refinance $425 million of senior notes due 2020 and a €446 million term loan B.

Altice is a Luxembourg-based cable and telecom company.

Highline starts trading

Highline Aftermarket’s credit facility freed up, with the $257 million seven-year term loan quoted at par ¾ bid, 101¼ offered, according to a trader.

The term loan is priced at 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.

On Friday, the term loan was upsized from $252 million, pricing was reduced from talk of Libor plus 475 bps to 500 bps, and the discount for new money was tightened from 99.

The company’s $297 million credit facility also includes a $40 million five-year revolver.

BNP Paribas Securities Corp. is leading the deal that will be used with $65 million of mezzanine debt, downsized from $70 million with the term loan upsizing, to fund the acquisition of Service Champ and refinance existing debt.

Memphis-based Highline Aftermarket, a Sterling Group portfolio company, is a manufacturer and distributor of packaged automotive chemicals, lubricants and parts.

SFR updated, breaks

SFR Group set pricing on its $1.42 billion 8.25-year term loan B at Libor plus 275 bps, the low end of the Libor plus 275 bps to 300 bps talk, and on its €1,145,000,000 8.25-year term loan B at Euribor plus 300 bps, the low end of the Euribor plus 300 bps to 325 bps talk, according to a market source.

As before, the U.S. term loan has a 0% Libor floor and an original issue discount of 99.75, and the euro term loan still a 0% floor and a par issue price. The debt includes 101 soft call protection for six months.

With terms finalized, the U.S. loan broke for trading, and levels were seen at 99¾ bid, par 1/8 offered, the source said.

JPMorgan, BNP Paribas, Deutsche Bank, Credit Suisse, Credit Agricole, HSBC, ING, Natixis, Societe Generale and UBS are leading the U.S. loan. BNP Paribas, Deutsche Bank, Credit Suisse and JPMorgan are the global coordinators on the euro loan, and bookrunners include Credit Agricole, HSBC, ING, Natixis, Societe Generale and UBS.

Proceeds will be used to refinance existing term loan B debt due in April 2023 and July 2023.

SFR is a France-based provider of television, internet, telephone, video on demand and mobile services.

Horizon Pharma tweaked

In more happenings, Horizon Pharma upsized its seven-year senior secured covenant-light term loan B to $850 million from $769 million and firmed the spread at Libor plus 375 bps, the low end of the Libor plus 375 bps to 400 bps talk, a market source remarked.

The term loan still has a 1% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months.

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

Allocations are expected on Thursday, and closing is targeted for March 29.

Citigroup Global Markets Inc., Bank of America Merrill Lynch and J.P. Morgan Securities LLC are leading the deal that will be used to refinance existing debt, and, due to the term loan upsizing, to add cash to the balance sheet.

Horizon Pharma is a Dublin-based biopharmaceutical company.

BWAY firms spread

BWAY Holding finalized pricing on its $1.5 billion term loan (B2/B-) at Libor plus 325 bps, the low end of the Libor plus 325 bps to 350 bps talk, and left the 0% Libor floor, original issue discount of 99.5 and 101 soft call protection for six months unchanged, a market source remarked.

Bank of America Merrill Lynch, Goldman Sachs Bank USA, BMO Capital Markets Corp. and Citigroup Global Markets Inc. are leading the deal that will be used with $1.48 billion in senior secured notes and $1.2 billion in senior unsecured notes to fund the acquisition by BWAY’s parent company, Stone Canyon Industries LLC, of Mauser Group NV for $2.3 billion from Clayton, Dubilier & Rice.

BWAY is an Atlanta-based manufacturer of rigid metal and plastic containers. Mauser is an Oosterhout, the Netherlands-based supplier of rigid packaging products and services for industrial use.

Hargray revises deadline

Hargray Communications accelerated the commitment deadline on its $480 million credit facility (B2/B+) to noon ET on Thursday from 5 p.m. ET on Friday, a market source said.

The facility consists of a $30 million revolver and a $450 million seven-year covenant-light term loan B.

Talk on the term loan B is Libor plus 350 bps with a 1% Libor floor, an original issue discount of 99.5, a ticking fee of half the spread from days 31 to 90 and the full spread thereafter, and 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC, SunTrust Robinson Humphrey Inc. and Antares Holdings are leading the deal that will be used to finance the acquisition of the company by Tom Pritzker Family Business Interests, Redwood Capital Investments, Stephens Capital Partners and management.

Closing is expected in the third quarter.

Hargray is a Hilton Head Island, S.C.-based broadband communications and entertainment provider.

RGIS shutting early

RGIS Services moved up the commitment deadline on its $495 million credit facility (B3/CCC+) to 5 p.m. ET on Thursday from 5 p.m. ET on Monday, according to a market source.

The facility consists of a $35 million five-year revolver and a $460 million six-year first-lien term loan talked at Libor plus 800 bps with a 1% Libor floor, an original issue discount of 98.5 and call protection of non-callable for one year, then at 103 in year two and 101 in year three.

Goldman Sachs Bank USA, J.P. Morgan Securities LLC and Natixis are leading the deal that will be used to refinance existing debt.

RGIS is an Auburn Hills, Mich.-based provider of inventory services, data collection, insight, merchandising and optimization solutions.

CCC talk surfaces

CCC Information Services held its bank meeting on Wednesday, and with the event, price talk on its $925 million seven-year covenant-light first-lien term loan (B2/B+) and $375 million eight-year covenant-light second-lien term loan (Caa2/CCC+) was announced, a market source remarked.

Talk on the first-lien term loan is Libor plus 325 bps to 350 bps with a 1% Libor floor and an original issue discount of 99.5, and talk on the second-lien term loan is Libor plus 700 bps to 725 bps with a 1% Libor floor and a discount of 99, the source continued.

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

The company’s $1.4 billion senior secured credit facility also includes a $100 million five-year revolver (B2/B+).

CCC lead banks

Jefferies Finance LLC and Nomura are the bookrunners on CCC Information’s credit facility, with Jefferies left lead on the first-lien debt and Nomura left lead on the second-lien loan.

Commitments are due on March 31, the source added.

The new debt will be used to help fund the buyout of the company by Advent International from Leonard Green Partners and Texas Pacific Group and to refinance existing debt.

Closing on the buyout is expected early in the second quarter.

CCC Information is a Chicago-based provider of mission-critical infrastructure to the automotive insurance and claim industry through its integrated software, data, analytics and workflow management systems.

PPC discloses terms

PPC Industries set price talk on its $360 million seven-year covenant-light first-lien term loan (B2) and $117 million eight-year second-lien term loan (Caa2) with its morning bank meeting, according to a market source.

The first-lien term loan is talked at Libor plus 400 bps with a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, and the second-lien term loan is talked at Libor plus 800 bps with a 1% Libor floor, a discount of 99 and call protection of 102 in year one, the source said.

The company’s $517 million credit facility also includes a $40 million five-year revolver (B2).

Commitments are due on April 4, the source added.

Antares Capital is leading the deal that will be used to help fund the acquisition of Pexco LLC.

PPC, a portfolio company of Kohlberg & Co., is a provider of highly engineered consumable specialty plastics to the medical, food and industrial markets. Pexco is a custom plastic extruder serving the medical and specialty industrial end markets. The combined entity will be based in Alpharetta, Ga.

Sterigenics reveals guidance

Sterigenics-Nordion came out with talk of Libor plus 300 bps with a 1% Libor floor and an original issue discount of 99.75 on its $120 million incremental term loan due March 15, 2022 that launched with a call in the morning, a market source said.

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

Jefferies Finance LLC is leading the deal that will be used to refinance senior secured notes.

Sterigenics is a Deerfield, Ill.-based provider of contract sterilization, gamma technologies and medical isotopes.

Cole-Parmer closes

In other news, the buyout of Cole-Parmer Instrument Co. by Golden Gate Capital from GTCR has been completed, according to a news release.

To help fund the transaction, Cole-Parmer got a new $630 million credit facility that includes a $40 million revolver, a $435 million covenant-light first-lien term loan and a $155 million pre-placed second-lien term loan.

The first-lien term loan is priced at Libor plus 400 bps with a 1% Libor floor and was sold at an original issue discount of 99.5. The debt has 101 soft call protection for six months.

During syndication, the first-lien term loan was upsized from $410 million and the discount was revised from 99, and the second-lien term loan was downsized from $180 million.

Jefferies Finance LLC, Antares Capital, Golub and Angel Island led the deal.

Cole-Parmer is a Vernon Hills, Ill.-based provider of laboratory and industrial fluid handling products, instrumentation, equipment and supplies.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.