Hamilton Projects updates emerge; JetBlue, UFC launch; HelpSystems, OneDigital ready deals

By Sara Rosenberg

New York, June 10 – Hamilton Projects Acquiror LLC trimmed the spread on its first-lien term loan B on Wednesday and finalized the original issue discount at the tight end of guidance.

Additionally, JetBlue Airways Corp. and UFC Holdings LLC came to market with new term loans, and HelpSystems (HS Purchaser LLC) and OneDigital joined the new issue calendar with proposed incremental first-lien term loans.

Hamilton tweaks deal

Hamilton Projects cut pricing on its $900 million seven-year first-lien term loan B to Libor plus 475 basis points from Libor plus 500 bps and firmed the original issue discount at 97, the tight end of the 96 to 97 talk, according to a market source.

The term loan still has a 1% Libor floor and 101 soft call protection for one year.

The company’s $1.015 billion of senior secured credit facilities (B1/BB-) also include a $115 million five-year revolver.

Commitments remained due at 5 p.m. ET on Wednesday and allocations are targeted for Thursday, the source continued.

Morgan Stanley Senior Funding Inc., BNP Paribas Securities Corp. and Credit Suisse Securities (USA) LLC are leading the deal that will be used to fund the acquisition of Liberty Energy Center and Patriot Energy Center by Carlyle Power Partners II LP and EIG Management Co. LLC.

Liberty and Patriot are two natural gas-fired combined cycle gas power plants located in the PJM-MAAC capacity zone. The plants have a combined generating capacity of 1,671 MW.

JetBlue holds call

JetBlue surfaced in the morning with plans to hold a lender call at 2 p.m. ET on Wednesday to launch a $500 million four-year first-lien term loan B talked at Libor plus 575 bps to 600 bps with a 1% Libor floor and an original issue discount of 97, a market source remarked.

The term loan is non-callable for one year, with a make-whole at T+50 bps, and then at 102 in year two, the source added.

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

Barclays, BNP Paribas Securities Corp., Goldman Sachs Bank USA and Morgan Stanley Senior Funding Inc. are leading the deal that will be used for general corporate purposes.

JetBlue is a Long Island City, N.Y.-based provider of passenger air transportation services.

UFC shops loan

UFC launched during the session a $150 million incremental first-lien term loan (B2/B) talked at Libor plus 325 bps with a 1% Libor floor, an original issue discount of 96.5 and 101 soft call protection for six months, a market source said.

Commitments are due at the end of the day on Thursday, the source added.

KKR Capital Markets and Goldman Sachs Bank USA are leading the deal that will be used to repay revolver borrowings.

UFC is a Las Vegas-based mixed martial arts organization and pay-per-view event provider.

HelpSystems on deck

HelpSystems set a lender call for Thursday to launch a fungible $130 million incremental first-lien term loan due November 2026, according to a market source.

Like the existing term loan, pricing on the incremental term loan is Libor plus 475 bps with a 1% Libor floor, the source said.

Jefferies LLC is leading the deal that will be used to fund two acquisitions, fund cash to the balance sheet, and pay any related transaction and advisory fees and expenses.

Including the incremental term loan, the company’s term loan will total $915 million.

HelpSystems is an Eden Prairie, Minn.-based provider of IT operations management and monitoring, cybersecurity, and business intelligence software.

OneDigital joins calendar

OneDigital will launch a syndication process at 1 p.m. ET on Thursday for a non-fungible $75 million incremental first-lien term loan, a market source remarked.

Golub Capital is leading the deal that will be used to finance upcoming acquisitions.

Furthermore, the company has privately placed a non-fungible $25 million first-lien delayed-draw term loan with Golub that will be fungible with the new term loan as it is drawn, the source added.

OneDigital, a New Mountain Capital portfolio company, is an Atlanta-based employee benefits insurance broker.

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