First Brands, Empire Today free up; Liberty Puerto Rico tweaked; Ingram, MyEyeDr. set talk

By Sara Rosenberg

New York, March 24 – First Brands Group LLC increased the size of its first-lien term loan and then the first-lien tranche as well as the company’s second-lien term loan freed to trade on Wednesday above their original issue discounts.

Also, Empire Today set the spread on its first-lien term loan at the wide end of guidance and finalized the issue price at the tight side of talk before breaking for trading in the afternoon.

In more happenings, Liberty Communications of Puerto Rico LLC lowered pricing on its term loan B and firmed the issue price at the tight end of guidance.

Additionally, Ingram Micro Inc. (Imola Merger Corp.) and MyEyeDr. (MED ParentCo. LP) released price talk on their term loan transactions with launch, and Belfor Holdings Inc., Cetera and Weight Watchers (WW International Inc.) joined this week’s primary calendar.

First Brands upsizes, trades

First Brands raised its six-year senior secured first-lien term loan (B1/B) to $1.483 billion from $1.425 billion, and left pricing at Libor plus 500 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.

The 101 hard call protection for one year on the first-lien term loan was unchanged.

The company is also still getting a $540 million seven-year second-lien term loan (Caa1/CCC+) priced at Libor plus 850 bps with a 1% Libor floor and a discount of 98. This tranche has hard call protection of 103 in year one and 101 in year two.

On Wednesday, the debt made its way into the secondary market, with the first-lien term loan quoted at 99¾ bid, par ¼ offered and the second-lien term loan quoted at 99 bid, par offered, a trader added.

Jefferies LLC is leading the deal that will be used to refinance existing debt.

First Brands is an automotive aftermarket platform offering comprehensive solutions for consumable maintenance and mission-critical repair parts.

Empire updated, breaks

Empire Today firmed pricing on its $425 million first-lien term loan at Libor plus 500 bps, the high end of the Libor plus 475 bps to 500 bps talk, and finalized the original issue discount at 99, the tight end of the 98.5 to 99 talk, a market source remarked.

As before, the term loan has a 0.75% Libor floor and 101 soft call protection for six months.

Previously in syndication, the term loan was upsized from $410 million.

In the afternoon, the term loan began trading, with levels quoted at 99¼ bid, par ¼ offered, another source added.

KKR Capital Markets is the left lead on the deal that will be used to refinance existing debt, fund a dividend and, due to the recent upsizing, finance an acquisition.

Empire Today is a provider of installed home improvements and home furnishings.

Liberty revised

Liberty Communications of Puerto Rico trimmed pricing on its $500 million term loan B (B1/B+/BB) to Libor plus 375 bps from Libor plus 400 bps and set the issue price at par, the tight end of the 99.75 to par talk, a market source said.

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

Commitments continue to be due at noon ET on Thursday, the source added.

JPMorgan Chase Bank, BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Santander and Bank of Nova Scotia are leading the deal. Scotia is the administrative agent.

The new loan will be used with $820 million of senior secured notes to refinance an existing term loan, to fund a dividend and for general corporate purposes.

Liberty Puerto Rico is a Puerto Rico-based telecommunications company.

Ingram holds call

Ingram Micro held a lender call on Wednesday morning, launching a $2 billion seven-year term loan B (//BB) talked at Libor plus 325 bps to 350 bps with a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on March 31, the source added.

JPMorgan Chase Bank, BofA Securities Inc., Morgan Stanley Senior Funding Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Wells Fargo Securities LLC, BMO Capital Markets, MUFG, PNC Bank, Deutsche Bank Securities Inc., Barclays, Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc., Mizuho, RBC Capital Markets, Bank of Nova Scotia, ING, Societe Generale and Stifel are leading the deal.

The loan will be used with $2 billion of senior secured notes, cash on hand and equity to fund the $7.2 billion buyout of the company by Platinum Equity from HNA Technology Co. Ltd. and to refinance existing debt.

Closing is expected by the first half of this year, subject to HNA Technology shareholder and customary regulatory approvals.

Ingram Micro is an Irvine, Calif.-based provider of technology logistics services and solutions.

MyEyeDr. sets talk

MyEyeDr. announced, a few hours before its 2 p.m. ET lender call, original issue discount talk of 99 on its fungible $75 million incremental first-lien term loan due August 2026, a market source remarked.

Pricing on the incremental term loan is Libor plus 425 bps with a 0% Libor floor.

Commitments are due at 3 p.m. ET on Monday.

Jefferies LLC is leading the deal that will be used for general corporate purposes.

MyEyeDr. is an optometry platform. The company is affiliated with Capital Vision Services LP, which provides management services to MyEyeDr. optometrists and its practices with financial, marketing, human resources and account services, along with managed care credentialing and claims processing.

Belfor joins calendar

Belfor set a lender call for Thursday to launch a fungible $130 million add-on first-lien term loan, according to a market source.

Commitments are due at 5 p.m. ET on March 31, the source added.

Pricing on the existing first-lien term loan is Libor plus 400 bps with a 0% Libor floor.

JPMorgan Chase Bank is leading the deal that will be used to fund a distribution to shareholders, repay second-lien borrowings and add cash to the balance sheet.

Belfor is a Birmingham, Mich.-based disaster recovery and property restoration company.

Cetera readies loan

Cetera will hold a lender call at 3 p.m. ET on Thursday to launch a fungible $125 million incremental first-lien term loan, a market source said.

Commitments are due on March 31, the source added.

UBS Investment Bank is the left lead on the deal that will be used with $400 million of unsecured debt to fund the acquisition of certain assets related to the independent financial planning channel of Voya Financial Advisors and to repay an existing second-lien term loan.

Cetera, acquired by Genstar in July 2018, is an El Segundo, Calif.-based financial advice firm.

Weight Watchers on deck

Weight Watchers scheduled a lender call for Thursday to launch a $1 billion seven-year secured term loan B (BB-), according to a market source.

BofA Securities Inc. is the left lead on the deal that will be used with secured notes to refinance about $1.5 billion of long-term debt obligations.

Weight Watchers is a New York-based provider of weight management services.

© 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.