Alterra breaks; U.S. Silica revised; GGP, Alliant, Jo-Ann, USIC, HydroChemPSC set talk

By Sara Rosenberg

New York, April 23 – Alterra Mountain Co. (Intrawest Resorts Holdings Inc.) firmed pricing on its term loan B at the high end of guidance and then the debt surfaced in the secondary market on Monday with levels quoted above its issue price.

In more happenings, U.S. Silica Holdings Inc. raised the spread on its term loan B, and GGP Inc., Alliant Holdings Intermediate LLC, Jo-Ann Stores LLC, USIC Holdings Inc., NES Global Talent Finance US LLC and HydroChemPSC revealed price talk with launch.

Also, BI-LO LLC, Plastipak Holdings Inc., Foundation Building Materials Holdings Co. LLC, Lumos Networks, AlixPartners LLP and CityMD (WP CityMD Bidco LLC) joined this week’s primary calendar.

Alterra finalized, trades

Alterra Mountain set pricing on its $1.56 billion covenant-light term loan B due July 2024 at Libor plus 300 basis points, the wide end of the Libor plus 275 bps to 300 bps talk, according to a market source.

The term loan still has a 0% Libor floor, a par issue price and 101 soft call protection for six months.

After terms finalized, the loan broke for trading and levels were seen at 100 3/8 bid, 100¾ offered, the source said.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to reprice an existing term loan down from Libor plus 325 bps with a 1% Libor floor.

Alterra is a Denver-based mountain resort and adventure company.

U.S. Silica flexes

U.S. Silica lifted pricing on its $1.28 billion seven-year term loan B to Libor plus 400 bps from talk in the range of Libor plus 350 bps to 375 bps and left the 1% Libor floor, original issue discount of 99.5 and 101 soft call protection for six months unchanged, according to a market source.

The company’s $1.38 billion of credit facilities (B1/B+) also include a $100 million revolver.

Commitments were due at 5 p.m. ET on Monday, the source said.

BNP Paribas Securities Corp. and Barclays are leading the deal that will be used to fund the acquisition of EP Minerals LLC from Golden Gate Capital for $750 million in cash and to refinance existing debt.

Pro forma net leverage is 2.4 times.

Closing is expected in the second quarter.

U.S. Silica is a Frederick, Md.-based producer of commercial silica used in the oil and gas industry and in a wide range of industrial applications. EP Minerals is a Reno, Nev.-based producer of engineered materials derived from industrial minerals.

GGP reveals guidance

GGP hosted its lender presentation on Monday and announced talk on its $2 billion seven-year covenant-light term loan B at Libor plus 225 bps to 250 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, according to a market source.

The company’s $7 billion of senior secured credit facilities (Ba3) also include a $1.5 billion revolver, a $1.5 billion term loan A-1 and a $2 billion term loan A-2.

Commitments are due on May 4, the source said.

Morgan Stanley Senior Funding Inc., Wells Fargo Securities LLC, Deutsche Bank Securities Inc., RBC Capital Markets, Bank of America Merrill Lynch, Barclays, HSBC Securities (USA) Inc., Sumitomo Mitsui Banking Corp. and TD Securities LLC are leading the deal. Wells Fargo is the agent.

The debt will be used to fund Brookfield Property Partners LP’s acquisition of all outstanding shares of GGP for either $23.50 in cash per share or either one Brookfield Property unit or one share of a new Brookfield Property U.S. REIT security, subject to proration based on aggregate cash consideration of $9.25 billion.

Closing is expected early next quarter, subject to GGP shareholder approval and customary conditions.

GGP is a Chicago-based owner, manager, leaser and redeveloper of high-quality retail properties. Brookfield Property is a commercial real estate company.

Alliant floats terms

Alliant Holdings launched on its call its $310 million seven-year covenant-light incremental term loan B and extended $1,776,217,951 seven-year covenant-light term loan B at talk of Libor plus 300 bps with a 25 bps step-down at 4.25 times consolidated secured debt ratio, a 0% Libor floor and 101 soft call protection for six months, a market source said.

The incremental term loan is talked with an original issue discount of 99.75 to par and the extended term loan is talked with a discount of 99.875 to par, the source added.

The company’s $2,286,217,951 of senior secured credit facilities also include an extended $200 million revolver.

Commitments/consents are due at noon ET on Friday.

Morgan Stanley Senior Funding, Capital One, Fifth Third, Jefferies LLC, KKR Capital Markets, Macquarie Capital (USA) Inc., Bank of America Merrill Lynch, Nomura, RBC Capital Markets and SunTrust Robinson Humphrey Inc. are leading the deal.

The incremental loan will be used to fund pending acquisitions.

Alliant is a Newport Beach, Calif.-based specialty insurance brokerage firm.

Jo-Ann discloses talk

Jo-Ann Stores came out with talk of Libor plus 900 bps to 925 bps with a 1% Libor floor, an original issue discount of 98.5 and call protection of 102 in year one and 101 in year two on its $225 million six-year covenant-light second-lien term loan (Caa1/CCC+) that launched with a lender call in the morning, according to a market source.

Commitments are due at noon ET on May 1, the source said.

Bank of America Merrill Lynch is leading the deal that will be used with a $58 million draw on the company’s existing $400 million asset-based lending facilities to refinance $274 million HoldCo senior PIK toggle notes.

Jo-Ann Stores is a Hudson, Ohio-based specialty retailer of fabrics and crafts.

USIC comes to market

USIC Holdings had its call in the afternoon, launching its fungible $75 million add-on senior secured first-lien term loan (B) due December 2023 and repricing of its existing $667 million senior secured first-lien term loan (B) due December 2023 at talk of Libor plus 325 bps with a 1% Libor floor and 101 soft call protection for six months, according to a market source.

The add-on term loan is talked with an original issue discount of 99.5 and the repricing is offered at par, the source said.

Commitments are due at noon ET on Friday.

Goldman Sachs Bank USA, Morgan Stanley Senior Funding and Antares Capital are leading the deal.

The add-on term loan will be used for mergers and acquisitions and for general corporate purposes, and the repricing will take the existing term loan down from Libor plus 350 bps with a 1% Libor floor.

USIC is an Indianapolis-based provider of underground utility locating services.

NES holds call

NES Global Talent emerged in the morning with plans to host a lender call at 1 p.m. ET on Monday to launch a $205 million five-year first-lien term loan talked at Libor plus 550 bps with a 1% Libor floor, an original issue discount of 98 and 101 soft call protection for six months, a market source remarked.

Commitments are due on May 8, the source added.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to refinance existing debt and fund acquisitions.

NES is a provider of specialty manpower solutions to the oil and gas, power, chemicals infrastructures and life sciences sectors.

HydroChemPSC launches

HydroChemPSC announced talk of Libor plus 375 bps with a 1% Libor floor, a par issue price and 101 soft call protection for six months on its $459 million first-lien term loan (B2/BB-) due Oct. 5, 2024 that launched with an afternoon call, according to a market source.

Commitments are due at noon ET on Friday, the source said.

Goldman Sachs Bank USA is leading the deal that will be used to reprice an existing term loan down from Libor plus 425 bps with a 1% Libor floor.

HydroChemPSC is an industrial cleaning and specialty maintenance provider.

BI-LO joins calendar

Also in the primary market, BI-LO scheduled a bank meeting for 10 a.m. ET in New York on Wednesday to launch a $525 million six-year term loan B talked at Libor plus 750 bps with a 1% Libor floor, an original issue discount of 99 and 101 hard call protection for two years, a market source said.

The company’s $1,125,000,000 of credit facilities also include a $600 million ABL facility, the source added.

Deutsche Bank Securities, SunTrust Robinson Humphrey Inc., RBC Capital Markets and Bank of America Merrill Lynch are leading the deal that will be used to fund the company’s exit from Chapter 11 and to refinance existing debt.

BI-LO is a Jacksonville, Fla.-based supermarket chain.

Plastipak on deck

Plastipak Holdings plans to hold a lender call at 11 a.m. ET on Tuesday to launch a $646,750,000 covenant-light term loan B due Oct. 14, 2024 talked at Libor plus 250 bps with no floor, a par issue price and 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on Friday, the source said.

Wells Fargo Securities is the left lead on the deal that will be used to reprice an existing term loan down from Libor plus 275 bps with a 1% Libor floor.

Plastipak is a Plymouth, Mich.-based designer, manufacturer and supplier of rigid plastic packaging containers.

Foundation sets meeting

Foundation Building Materials will hold a bank meeting at 10 a.m. ET in New York on Friday to launch a $450 million seven-year term loan B, a market source said.

RBC Capital Markets is the left lead on the deal that will be used to redeem the company’s existing 8.25% senior secured notes due 2021 and pay related expenses.

Foundation Building is a Tustin, Calif.-based building material company.

Lumos coming soon

Lumos Networks scheduled a lender call for 10:30 a.m. ET on Tuesday to launch a $1,025,000,000 senior secured term loan B, a market source remarked.

Morgan Stanley Senior Funding, Goldman Sachs Bank USA and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to reprice an existing term loan B.

Lumos is a Waynesboro, Va.-based fiber-based service provider in the Mid-Atlantic region.

AlixPartners readies loan

AlixPartners set a lender call for 11 a.m. ET on Tuesday to launch a fungible $170 million incremental covenant-light term loan B (B+) due April 2024, according to a market source.

The incremental term loan is priced at Libor plus 275 bps with a 0% Libor floor, which matches existing term loan pricing, the source said, adding that original issue discount talk is not yet available.

Deutsche Bank Securities is the left lead on the deal that will be used for a dividend recapitalization.

AlixPartners is a New York-based performance improvement, corporate turnaround and financial advisory services firm.

CityMD plans call

CityMD will hold a lender call at 2 p.m. ET on Tuesday to launch a $120 million incremental first-lien term loan due June 2024 and a repricing of its existing $224.4 million first-lien term loan due June 2024, a market source said.

The term loan debt is getting 101 soft call protection for six months, the source added.

Commitments are due on May 1.

Credit Suisse Securities, SunTrust Robinson Humphrey Inc. and ING are leading the deal.

The incremental loan will be used to fund a tuck-in acquisition.

CityMD is an urgent care provider in the New York Metro area.

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