Aristocrat, Alterra revise loan transactions; Ziply Fiber, Xperi disclose price talk

By Sara Rosenberg

New York, May 13 – Aristocrat Leisure Ltd. increased the size of its incremental term loan, lowered the spread and tightened the original issue discount on Wednesday morning as the deal has been met with strong demand.

In other primary news, Alterra Mountain Co. modified the spread and issue price on its incremental term loan, and Ziply Fiber (Northwest Fiber) and Xperi Corp. released guidance on their term loans in connection with their lender calls.

Aristocrat reworked

Aristocrat Leisure raised its non-fungible incremental term loan to $500 million from $350 million, trimmed pricing to Libor plus 375 basis points from Libor plus 400 bps and changed the original issue discount to 98 from 97, according to a market source.

As before, the term loan has a 1% Libor floor and 101 soft call protection for one year.

Recommitments were due at 5 p.m. ET on Wednesday, the source added.

UBS Investment Bank is the left lead bank on the deal that will be used for general corporate purposes.

Aristocrat Leisure is a North Ryde, Australia-based provider of gaming solutions.

Alterra flexes

Alterra Mountain cut pricing on its $400 million incremental term loan (B1/B) to Libor plus 450 bps from talk in the range of Libor plus 475 bps to 500 bps, and moved the original issue discount to 98 from 97, a market source said.

The term loan still has a 1% Libor floor.

J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BofA Securities, Inc., Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc., Citigroup Global Markets Inc. and UBS Investment Bank are leading the deal that will be used for general corporate purposes and to add liquidity.

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

Ziply guidance emerges

Ziply Fiber held its call on Wednesday, launching its $790.5 million seven-year term loan B (B2/B) at talk of Libor plus 550 bps with a 0% Libor floor, an original issue discount of 95 and 101 soft call protection for one year, a market source remarked.

Commitments are due at noon ET on May 20, the source added.

BofA Securities, Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Goldman Sachs Bank USA are leading the deal that will be used to help fund the recently completed $1,352,000,000 acquisition of Frontier Communications Corp.’s operations and associated assets in Washington, Oregon, Idaho and Montana by WaveDivision Capital LLC, Searchlight Capital Partners LLC, PSP Investments, British Columbia Investment Management Corp. and Canada Pension Plan Investment Board.

Ziply Fiber is a Kirkland, Wash.-based broadband provider.

Xperi sets talk

Xperi came out with talk of Libor plus 400 bps with a 0% Libor floor and an original issue discount of 96 on its $1.1 billion covenant-lite term loan B (Ba3/BB-) that launched with an afternoon call, according to a market source.

BofA Securities, Inc., RBC Capital Markets and Barclays are leading the deal that will be used to refinance Xperi’s debt and TiVo Corp.’s debt in connection with the merger of the two companies.

Xperi and TiVo have agreed to merge in an all-stock transaction, representing about $3 billion of combined enterprise value.

Closing is expected in early June, subject to approval by the shareholders of each company and other customary conditions.

Xperi is a San Jose, Calif.-based licenser of technologies and intellectual property. TiVo is a San Jose, Calif.-based provider of technology and services for digital video recorders.

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