Leidos Innovations launches $1.12 billion repricing; Coronado Australia sets talk

By Paul A. Harris

Portland, Ore., March 1 – In Thursday's leveraged loan market Leidos Innovations Corp. launched a repricing of its $1.12 billion senior secured term loan B due Aug. 16, 2023.

And Coronado Australia Holdings Pty. Ltd. set talk for its $700 million seven-year term loan (B1/B+) in two tranches.

Leidos $1.12 billion repricing

Leidos Innovations launched a repricing of its $1.12 billion senior secured term loan B due Aug. 16, 2023 with a lender call on Thursday.

The repriced loan is talked at Libor plus 175 basis points, offered at par.

Soft call protection at 101 will be reset for six months.

Other terms including the maturity, 1% annual amortization, 0% Libor floor, mandatory prepayments and negative covenants are unchanged. There are no financial covenants.

Citigroup, MUFG, BofA Merrill Lynch, JPMorgan, Goldman Sachs, Scotia and Wells Fargo are joint lead arrangers with Citi on the left and acting as administrative agent.

Orders from existing lenders are due by 5 p.m. ET on March 7 and from new lenders by 5 p.m. ET on March 8. Closing is planned for March 15.

Coronado talk Libor plus 625 bps

Coronado Australia Holdings set talk for its $700 million seven-year term loan (B1/B+) in two tranches.

Both parts of the loan are talked at Libor plus 625 basis points with a 1% Libor floor and a 99 offer price.

The loan is divided into a $550 million term loan B and a $150 million term loan C.

Deutsche Bank and Goldman Sachs are bookrunners for the transaction.

Commitments are due by March 15.

Proceeds will be used for the acquisition of the Curragh coal mine in central Queensland, Australia from Wesfarmers Ltd. for A$700 million.

Openlink revises talk on upsized loans

Openlink Financial LLC (Ocean Bidco Inc.) upsized its two-part term loan package (B3/B-) to $530 million equivalent from $520 million equivalent and tightened pricing.

An upsized $348 million seven-year term loan B saw talk cut to Libor plus 500 basis points from 575 bps. The loan retains a 1% Libor floor and an original issue discount of 99.5.

A downsized €150 million seven-year term loan B saw talk cut to Euribor plus 450 bps from 575 bps. The loan retains a 1% floor and a discount of 99.5.

Commitments are due Friday.

UBS Investment Bank is the bookrunner.

Proceeds will be used to help fund the acquisition of the company by ION Investment Group from Hellman & Friedman.

GVC to launch £1.95 billion

GVC Holdings plc is scheduled to hold bank meetings on Monday and Tuesday to launch £1.95 billion-equivalent of credit facilities.

The facilities consist of a £550 million-equivalent multi-currency revolving credit facility and £1.4 billion-equivalent six-year covenant-light first-lien term loan B.

The term loan B will consist of €900 million, £325 million and $400 million tranches.

Deutsche Bank, Credit Suisse, Barclays, Mediobanca, Natwest Markets are bookrunners for the deal with Deutsche on the left for the euro and sterling tranches and Credit Suisse on the left for the dollar tranche. Nomura and Santander are mandated lead arrangers.

Proceeds from the term loan B will be used to finance the cash consideration payable to Ladbrokes Coral Shareholders, refinance existing debt of the Ladbrokes Coral Group and pay some costs and expenses. Proceeds from the revolver will be used for general corporate purposes.

Commitments are due March 15.

Eton to launch Tuesday

Eton, the new name for PricewaterhouseCoopers Public Sector LLP, will launch a $470 million credit facility at a bank meeting scheduled for Tuesday.

The facility includes a $50 million five-year revolver, a $315 million seven-year first-lien term loan and a $105 million eight-year second-lien term loan.

RBC Capital Markets, UBS Securities LLC, Carlyle Global Credit Investment Management LLC and Macquarie Capital (USA) Inc. are joint lead arrangers.

Proceeds will be used to help fund the acquisition of Eton by Veritas Capital.

Qdoba talk Libor plus 650 bps

Qdoba Restaurant Corp. set talk at Libor plus 650 basis points for its $203 million seven-year term loan B (B3 expected/B).

The loan has a 1% Libor floor and is talked at an original issue discount of 98.5.

The loan will not have financial covenants.

Deutsche Bank and HSBC are bookrunners for the transaction with Deutsche on the left.

Commitments are due at 12 p.m. ET on March 14.

Proceeds will be used to help finance the acquisition of Qdoba by funds affiliated with Apollo Global Management, LLC.

Risk Strategies wraps

Risk Strategies Co. completed a $100 million incremental first-lien delayed-draw term loan and a repricing of its existing revolver, term loan and delayed-draw term loan.

The existing first-lien loans were repriced to Libor plus 425 basis points.

The facility is now made up of a $30 million revolver, a $329.4 million first-lien term loan and $135.5 million of first-lien delayed-draw term loans.

Antares and Golub Capital were joint lead arrangers with Antares on the left. In addition, Antares took over as administrative agent from Macquarie.

Risk Strategies also has a $103.9 million second-lien term loan privately placed by Kelso & Co. and a $25 million delayed-draw second-lien term loan, also privately placed by Kelso. The second-lien loans were repriced to Libor plus 800 bps.

Post $2.2 billion repricing allocates

Post Holdings, Inc. allcoated its $2,189,000,000.08 term loan B due May 24, 2024.

The deal priced at Libor plus 200 basis points with a 0% Libor floor, offered at par.

Barclays was left bookrunner with Bank of America Merrill Lynch, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, Morgan Stanley and Wells Fargo also acting as bookrunners. Barclays was additionally administrative agent.

SpecialtyCare to launch refinancing

SpecialtyCare will launch a refinancing with a lender call on Monday.

Antares Capital is leading the transaction.

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