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Published on 7/28/2009 in the Prospect News Bank Loan Daily.

Bank Loan Calendar: $2.2275 billion deals being marketed

JULY

SUGARHOUSE CASINO: $180 million loan; Credit Suisse, Jefferies & Co.; to fund construction of the SugarHouse Casino owned by HSP Gaming, LP on the Delaware River in Philadelphia; price talk Libor plus 900 bps, to be priced with a to-be-determined original issue discount and a 3% Libor floor; bank meeting Thursday afternoon.

WYNNEWOOD REFINING CO.: $150 million term loan; Deutsche Bank; guidance is area of Libor plus 600 bps at OID of 90, with a 3% Libor floor; also $150 million asset-based revolver; to refinance debt and for general corporate purposes; Wynnewood, Okla.-based company is a wholly owned subsidiary of Gary-Williams Energy Corp.; timing to be determined.

UPCOMING CLOSINGS

AMERICAN DENTAL PARTNERS, INC.: $120 million credit facility; KeyBanc Capital Markets; Wakefield, Mass.-based provider of dental facilities, support staff and business services to dental group practices.

CHESTER DOWNS: $230 million Libor plus 900 bps seven-year term loan, with 3% Libor floor (B3/B); Citigroup, Bank of America, JPMorgan and Jefferies, with Citi left lead; refinance existing debt and purchase partnership interests; operator of a racetrack casino in Chester, Pa.; price talk 14% area, with OID to be determined.

GRANDE COMMUNICATIONS: $128 million credit facility; Societe Generale and SunTrust; $25 million five-year revolver at Libor plus 675 bps, 3% Libor floor, OID 97; $103 million six-year term loan at Libor plus 675 bps, 3% Libor floor, OID 97; help fund buyout by ABRY Partners; San Marcos, Texas, provider of high-speed internet, local and long-distance telephone and digital cable services.

MSC SOFTWARE CORP.: $80 million credit facility; $65 million term loan and $15 million revolver; Wells Fargo, Foothill Capital Corp., CapitalSource, Inc.; to fund buyout of the company by Symphony Management Group and Elliott Associates; guidance Libor plus 650 bps; Santa Ana, Calif.-based developer and marketer of simulation software.

NTELOS HOLDINGS CORP.: $670 million credit facility (BB): $635 million six-year first-lien term loan, price guidance Libor plus 375 bps with a 2% Libor floor, OID talked at 99 (previously 98.5), and $35 million revolver; JP Morgan; to refinance and extend the maturity of its outstanding $603 million first lien term loan due August 2011 and for general corporate purposes; integrated communications provider with headquarters in Waynesboro, Va.

PRIMARY ENERGY RECYCLING CORP.: $152.5 million senior secured term loan (BB) talked at Libor plus 850 bps, 2.5% Libor floor, OID 97; Credit Suisse; repay $135 million term loan due on Aug. 24; Oak Brook, Ill., owner and operator of recycled energy projects and a pulverized coal facility.

SPECTRUM BRANDS INC.: $242 million three-year senior secured asset-based revolving exit facility; GE Capital; $197 million revolver at Libor plus 400 bps, 2.5% Libor floor; $45 million first-in, last-out supplemental revolver at and Libor plus 1,450 bps, 3% Libor floor; Atlanta-based consumer products company and supplier of batteries, lawn and garden products, pet supplies, shaving and grooming products, household insect control products, personal care products and portable lighting.

TERRA-GEN POWER LLC: $275 million credit facility (Ba3); Citigroup; $250 million term loan talked at Libor plus 550 bps area, 2.5% Libor floor, OID 96 to 98 context; $25 million working capital revolver; refinance existing debt; New York-based renewable energy company.

ON THE HORIZON

ABRAXAS PETROLEUM CORP.: $300 million senior secured revolver expected at Libor plus 250 bps to 350 bps; Société Générale; repay existing bank debt in connection with its merger with Abraxas Energy Partners LP; San Antonio, Texas, crude oil and natural gas exploration and production company.

AMERICAN CAMPUS COMMUNITIES INC.: $200 million three-year senior secured revolver; KeyBank; replace existing revolver; Austin, Texas, real estate investment trust focused on student housing properties.

NEWGASCO: New credit facility; help create new company from merger of Quest Resource Corp., Quest Energy Partners LP and Quest Midstream Partners LP; Oklahoma City-based energy company.

TRIDENT RESOURCES CORP.: New revolver; in connection with common stock IPO to repay existing debt; Calgary, Alta., natural gas production company.


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