Samsonite sets changes, starts trading; Conservice discloses price talk; BRP on deck

By Sara Rosenberg

New York, April 30 – Samsonite increased the size of its incremental first-lien term loan B-2 and firmed pricing at the tight end of guidance before freeing up for trading on Thursday above its original issue discount.

In other news, Conservice Midco LLC came out with price talk on its first-lien term loan in connection with its lender call, and BRP Inc. (Bombardier Recreational Products Inc.) joined this week’s primary calendar.

Samsonite revised, breaks

Samsonite raised its incremental first-lien term loan B-2 (Ba2/BB) due April 25, 2025 to $600 million from $500 million and set the spread at Libor plus 450 basis points, the low end of the Libor plus 450 bps to 475 bps talk, according to a market source.

The term loan B-2 still has a 1% Libor floor, an original issue discount of 97, and call protection of non-callable for one year, then a 101 hard call in year two.

Recommitments were due at 3 p.m. ET on Thursday and the term loan B-2 began trading later in the day, with levels quoted at 97˝ bid, 98˝ offered, a trader added.

Morgan Stanley Senior Funding Inc., HSBC Securities (USA) Inc., BofA Securities, Inc., SunTrust Robinson Humphrey Inc., Barclays, Goldman Sachs Bank USA, J.P. Morgan Securities LLC and MUFG are the leads on the deal that will be used for general corporate purposes. BofA is the administrative agent.

Closing is expected during the week of May 4.

Samsonite is a Hong Kong-based manufacturer of bags and luggage.

Conservice guidance

Conservice held its lender call in the morning and announce price talk on its $475 million seven-year covenant-lite first-lien term loan (B) at Libor plus 425 bps with a 0% Libor floor and an original issue discount of 93, a market source remarked.

The first-lien term loan has 101 soft call protection for one year.

Commitments are due at 5 p.m. ET on May 7.

The company’s $715 million of credit facilities also include a $50 million revolver and a $190 million privately placed second-lien term loan.

Credit Suisse Securities (USA) LLC and Golub are leading the deal that will be used to help fund a significant strategic investment in the company by Advent International, who will join existing investor TA Associates.

Conservice is a Logan, Utah-based provider of utility management software and billing solutions to property owners and managers.

BRP coming soon

BRP set a lender call for 1:30 p.m. ET on Friday to launch a $600 million term loan B-2 due May 24, 2027, according to a market source.

RBC Capital Markets, Citigroup Global Markets Inc., BMO Capital Markets and TD Securities (USA) LLC are leading the deal that will be used for general corporate purposes.

BRP is a Valcourt, Quebec-based designer, manufacturer, distributor and marketer of motorized recreational vehicles and powersports engines.

© 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.