Electronics For Imaging, Circa free up; Culligan updated; post-holiday calendar builds

By Sara Rosenberg

New York, July 2 – Electronics For Imaging Inc. firmed the original issue discount on its first-and second-lien term loans at the wide side of talk and extended the call protection on the first-lien tranche, and Circa Resort & Casino (18 Fremont Street Acquisition LLC) sweetened the call protection on its first-lien term loan, and then both of these deals began trading on Tuesday.

Also, Culligan Holding Inc. (AI Aqua Merger Sub Inc.) set the spread and original issue discount on its add-on term loan B at the tight end of guidance.

Furthermore, Advisor Group Inc. and Loparex International Holding BV came out with timing for the launch of their credit facilities, and Pregis LLC, Press Ganey Associates Inc. (Emerald TopCo Inc.) and Insurity Inc. joined the near-term primary calendar.

Electronics firms terms

Electronics For Imaging finalized the original issue discount on its $875 million seven-year first-lien term loan (B2/B-) at 95, the wide end of revised talk of 95 to 96 and wide of initial talk of 99, and extended the 101 soft call protection to one year from six months, according to a market source.

Additionally, the company firmed the discount on its $225 million eight-year second-lien term loan (Caa2/CCC+) at 95, the wide end of revised talk of 95 to 96 and wide of initial talk of 98, the source said.

The first-lien term loan is priced at Libor plus 500 basis points with a 0% Libor floor and the second-lien term loan is priced at Libor plus 900 bps with a 0% Libor floor.

Previously in syndication, the spread on the first-lien term loan was set the high end of the Libor plus 475 bps to 500 bps talk and pricing on the second-lien term loan firmed at the high end of the Libor plus 875 bps to 900 bps talk.

The second-lien term loan still has call protection of 102 in year one and 101 in year two.

Along with the term loans, the company’s $1.2 billion of credit facilities include a $100 million revolver (B2/B-).

Electronics hits secondary

After terms finalized, Electronics For Imaging’s bank debt began trading on Tuesday, with the first-lien term loan quoted at 95 1/8 bid, 95 5/8 offered and the second-lien term loan quoted at 95 bid, 96 offered, a trader added.

RBC Capital Markets, KKR Capital Markets LLC, Deutsche Bank Securities Inc., Barclays, Credit Suisse Securities (USA) LLC, Macquarie Capital (USA) Inc., BNP Paribas Securities Corp. and Societe Generale are leading the deal, with RBC left on the first-lien loan and KKR left on the second-lien loan.

The credit facilities will be used with up to $690 million of equity to fund the buyout of the company by Siris Capital Group LLC for $37.00 per share in cash. The transaction is valued at about $1.7 billion.

Closing is expected by the third quarter, subject to shareholder approval, regulatory approvals and other customary conditions.

Electronics For Imaging is a Fremont, Calif.-based technology company focused on the transformation to digital imaging from analog.

Circa tweaked, trades

Circa Resort & Casino changed the call protection on its $450 million six-year first-lien term loan (B-) to non-callable for two years, then at 103 in year three and 102 in year four, from non-callable for 1.5 years, then at 102 for a year and 101 for a year, according to a market source.

The term loan is still priced at Libor plus 800 bps with a 1.5% Libor floor and an original issue discount of 98.

Earlier in syndication, the term loan was downsized from $550 million and the Libor floor was increased from 0%.

On Tuesday, the term loan broke for trading and levels were quoted at 98˝ bid, 99˝ offered, the source added.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to fund the construction of the Circa Resort in Las Vegas.

Additional equity will be used for the transaction as a result of the recent term loan downsizing.

Culligan finalized

In more happenings, Culligan firmed pricing on its $70 million covenant-lite add-on term loan B (B2/B) due Dec. 13, 2023 at Libor plus 425 bps, the low end of the Libor plus 425 bps to 450 bps talk, and finalized the original issue discount at 98, the tight end of the 97.5 to 98 guidance, a market source remarked.

As before, the add-on term loan has a 1% Libor floor and 101 soft call protection for six months.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used with a $20 million equity contribution to repay amounts under the company’s revolver, to fund working capital and to add cash to the balance sheet.

Closing is expected during the week of July 8.

Culligan is a Rosemont, Ill.-based provider of water treatment products and services.

Advisor Group timing

Advisor Group set a bank meeting for 2:30 p.m. ET in New York on July 11 to launch its previously announced $1,475,000,000 of credit facilities (B1), according to a market source.

Previously, timing on the deal was labelled as expected July 8 week business but a specific date had been unavailable.

The facilities consist of a $225 million revolver and a $1.25 billion first-lien term loan.

UBS Investment Bank is the left lead on the debt that will be used to help fund the buyout of 75% of the company by Reverence Capital Partners. Lightyear Capital and PSP Investments are expected to maintain up to a 25% stake in the company.

The company also has a commitment for a $350 million senior unsecured bridge loan for the transaction.

Expected leverage is around 5.5 times.

Closing is targeted for the third quarter, subject to regulatory and other customary approvals.

Advisor Group is a Phoenix-based wealth management platform.

Loparex sets meeting

Loparex will hold a bank meeting at 10 a.m. ET on July 10 to launch its $600 million of senior secured credit facilities, a market source said.

Prior to now, timing on the loan was described as July business with a specific date to be determined.

The facilities consist of a $50 million five-year revolver, a $390 million seven-year first-lien term loan talked with 101 soft call protection for six months, and a $160 million eight-year second-lien term loan talked with hard call protection of 102 in year one and 101 in year two.

Jefferies LLC, Barclays and Nomura are leading the deal that will be used to help fund the buyout of the company by Pamplona Capital Management from Intermediate Capital Group.

Loparex is a manufacturer of silicone release liners for customers in a diverse range of technically demanding end markets, including medical, industrial, tapes, graphics, hygiene, label and composites.

Pregis coming soon

Pregis set a bank meeting for 10 a.m. ET on July 9 to launch $740 million of first-lien credit facilities, according to a market source.

The facilities consist of a $125 million revolver, and a $615 million seven-year covenant-lite first-lien term loan talked with 101 soft call protection for six months, the source said.

The company is also getting a $215 million privately placed second-lien term loan.

Credit Suisse Securities (USA) LLC, Barclays, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc. and UBS Investment Bank are leading the deal that will be used to help fund the buyout of the company by Warburg Pincus from Olympus Partners.

Pregis is a Deerfield, Ill.-based protective packaging materials and automated systems manufacturer.

Press Ganey on deck

Press Ganey scheduled a bank meeting for 10 a.m. ET on July 9 to launch $1.5 billion of credit facilities, a market source remarked.

The facilities consist of a $250 million revolver and a $1.25 billion seven-year first-lien term loan, the source added.

Barclays, Citigroup Global Markets Inc., Goldman Sachs Bank USA, J.P. Morgan Securities LLC, BMO Capital Markets and Deutsche Bank Securities Inc. are leading the deal that will be used to help fund the buyout of the company by Leonard Green & Partners LP and Ares Management Corp.

The buyout will also be funded with $453 million of second-lien notes that were privately placed with Goldman Sachs Merchant Banking Division and GIC.

Closing is expected in the third quarter, subject to customary approvals.

Press Ganey is a South Bend, Ind.-based provider of patient experience measurement and performance improvement solutions to healthcare organizations.

Insurity readies deal

Insurity surfaced with plans to hold a bank meeting on July 9 to launch $410 million of first-lien credit facilities, according to a market source.

The facilities consist of a $40 million five-year revolver, and a $370 million seven-year first-lien term loan that is talked with 101 soft call protection for six months, the source said.

The company is also getting a $160 million privately placed eight-year second-lien term loan.

Jefferies LLC and BofA Securities Inc. are leading the deal, which will be used to help fund the buyout of the company by GI Partners.

Closing is expected in the third quarter.

Insurity is a Hartford, Conn.-based software platform for the property & casualty insurance industry.

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