PCI, Edgewater break; Omnia updated; Aveanna, MRO, Autodata, Eastern Power, Lucid set talk

By Sara Rosenberg

New York, May 15 – PCI Gaming Authority (Wind Creek Hospitality) finalized the spread on its term loan at the low end of guidance and tightened the original issue discount before freeing up for trading, and Edgewater Generation LLC’s incremental term loan emerged in the secondary market as well.

In more happenings, Omnia Partners Inc. made some documentation changes to its add-on first-lien term loan and increased its amendment fee.

Also, Aveanna Healthcare LLC, MRO Holdings Inc., Autodata Group, Eastern Power LLC and Lucid Energy Group II Borrower LLC announced price talk with launch, and Cetera Financial Group surfaced with new deal plans.

PCI revised, trades

PCI Gaming Authority firmed pricing on its $1.3 billion seven-year first-lien term loan at Libor plus 300 basis points, the tight end of the Libor plus 300 bps to 325 bps talk, and modified the original issue discount to 99.5 from 99, according to a market source.

As before, the term loan has a 0% Libor floor and 101 soft call protection for six months.

The company’s $1.4 billion of credit facilities (Ba3/BB+/BBB-) also include a $100 million revolver.

Recommitments were due at noon ET on Wednesday and, later in the day, the term loan broke for trading, with levels quoted at 99¾ bid, par ¼ offered, another source added.

Credit Suisse Securities (USA) LLC, KeyBanc Capital Markets and Capital One are leading the debt that will be used to fund the acquisition of Sands Casino Resort in Bethlehem, Pa., from Las Vegas Sands Corp. for a total enterprise value of $1.3 billion.

Closing is subject to regulatory review and other customary conditions.

PCI Gaming, an authority of the Poarch Band of Creek Indians, is an Atmore, Ala.-based owner and operator of gaming and entertainment facilities.

Edgewater hits secondary

Edgewater Generation’s fungible $250 million incremental first-lien term loan due Dec. 13, 2025 freed to trade too, with levels quoted at 99¾ bid, par 1/8 offered, a market source said.

Pricing on the incremental term loan is Libor plus 375 bps with a 0% Libor floor, in line with existing term loan pricing, and the new debt was sold at an original issue discount of 99.5. The incremental loan, like the existing loan, has 101 soft call protection through June 10. Also, the incremental loan has a ticking fee of half the margin from days 46 to 90 and the full margin thereafter.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used for acquisition financing.

Edgewater is a portfolio of gas-fired merchant power generation assets.

Omnia tweaks deal

Back in the primary market, Omnia removed the change of control portability from its $160 million add-on first-lien term loan (B2/B), according to a market source. The previously proposed change of control portability would have been subject to maximum leverage and minimum equity requirements.

Also, the EBITDA addback for newly signed contracts was capped at 15% of EBITDA, the source said.

Furthermore, the amendment fee being offered to lenders was increased to 25 bps from 15 bps.

As before, the add-on first-lien term loan is priced at Libor plus 375 bps with a 0% Libor floor and an original issue discount of 99, and has 101 soft call protection for six months.

Final commitments are due at noon ET on Thursday, the source added.

Barclays, Jefferies LLC and Fifth Third are leading the deal that will be used with a $46 million pre-placed add-on second-lien term loan (Caa2/CCC+) to fund a distribution to shareholders.

TA Associates is the sponsor.

Omnia is a Franklin, Tenn.-based group purchasing organization.

Aveanna sets talk

Aveanna Healthcare held its lender call on Wednesday morning and, shortly before it began, talk on its $485 million eight-year senior secured second-lien term loan was revealed to be Libor plus 875 bps with a 1% Libor floor and call protection of 102 in year one and 101 in year two, a market source remarked.

Of the total term loan amount, $245 million is incremental debt that will help fund the acquisition of the home health care division of Maxim Healthcare Services, and the remaining $240 million is to extend/reprice an existing $240 million second-lien term loan due 2025 priced at Libor plus 800 bps with a 1% Libor floor.

The incremental piece only is talked with an original issue discount of 97 and an underwriting fee of 1% for an effective original issue discount of 96, and a ticking fee of half the margin from days 46 to 90 and the full margin thereafter, the source added.

Commitments are due at 5 p.m. ET on May 30.

Barclays is the left lead on the deal.

The Maxim acquisition will also be funded with $520 million of incremental first-lien debt.

Closing is subject to regulatory clearances and other customary conditions.

Aveanna Healthcare, a Bain Capital portfolio company, is an Atlanta-based home health care company.

MRO reveals guidance

MRO Holdings came out with talk of Libor plus 475 bps to 500 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months on its $360 million senior secured term loan B (BB-) that launched with a morning bank meeting, according to a market source.

Commitments are due at 5 p.m. ET on May 29, the source said.

RBC Capital Markets and Credit Suisse Securities (USA) LLC are leading the deal, which will be used to refinance existing debt and fund a distribution to shareholders.

Closing is expected on May 31.

Caoba Capital is the sponsor.

MRO Holdings is a provider of maintenance, repair and overhaul services to the airline and freight carrier industries.

Autodata proposed terms

Autodata launched at its afternoon bank meeting its $375 million seven-year first-lien term loan at talk of Libor plus 350 bps to 375 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, a market source remarked.

Commitments are due at noon ET on May 23, the source added.

The company’s $590 million of credit facilities also include a $40 million revolver and a $175 million privately placed eight-year second-lien term loan.

RBC Capital Markets, KKR Capital Markets and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to help fund the buyout of the company by Thoma Bravo LLC from Internet Brands.

Closing is subject to customary conditions.

Autodata is a London, Ont.-based provider of data, technology platforms and services to the automotive industry.

Eastern Power launches

Eastern Power hosted a lender call at 1 p.m. ET to launch a $150 million add-on term loan B (Ba3) due Oct. 2, 2023 talked with an original issue discount of 99.01, a market source said.

The add-on term loan is priced at Libor plus 375 bps with a 1% Libor floor and has 101 soft call protection for six months.

Morgan Stanley Senior Funding Inc. and Credit Suisse Securities (USA) LLC are leading the deal that will be used to fund a distribution to the sponsor and pay related fees and expenses.

The company is also seeking an amendment to its existing credit facility, for which lenders are offered a 25 bps amendment fee.

Commitments and consents are due at noon ET on May 22, the source added.

Eastern Power is an owner of gas-fired electric generating stations.

Lucid holds call

Lucid Energy held a lender call at 2 p.m. ET to launch a non-fungible $100 million term loan B-2 (B/BB-) due Feb. 19, 2025 talked at Libor plus 300 bps with a 1% Libor floor, an original issue discount of 95.25 to 96.25 and 101 soft call protection for six months, according to a market source.

Commitments are due at 5 p.m. ET on May 22, the source said.

Jefferies LLC is leading the deal that will be used for general corporate purposes including the funding of capital expenditures.

Lucid Energy is a Dallas-based natural gas gathering and processing company operating in the Northern Delaware Basin.

Cetera joins calendar

Cetera Financial Group set a lender call for Thursday to launch a $105 million incremental first-lien term loan, a market source remarked.

UBS Investment Bank is leading the deal that will be used to support an acquisition.

Cetera is an El Segundo, Calif.-based network of financial advisers.

© 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.