E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 5/17/2011 in the Prospect News Bank Loan Daily.

Bank Loan Calendar: $59.3098 billion deals being marketed

MAY BANK MEETINGS

BARBRI: Bank meeting May 18; new credit facility; GE Capital Markets; buyout financing; provider of bar review courses and law student support.

CUMULUS MEDIA INC.: Expected May/June business; $2.415 billion senior secured credit facility (Ba3); J.P. Morgan, UBS and Macquarie; $375 million revolver; $2.04 billion term loan; help fund acquisition of Citadel Broadcasting Corp. and refinance debt; Atlanta-based radio broadcaster.

DRAKE BEAM MORIN: Bank meeting May 19; $115 million credit facility; SunTrust; $10 million five-year revolver talked at Libor plus 500 bps; $105 million six-year term loan talked at Libor plus 500 bps, 1.5% Libor floor, OID 99; refinance existing debt, fund a dividend and general corporate purposes; New York-based provider of strategic human resources services.

EIG GLOBAL ENERGY PARTNERS: Bank meeting expected May 16 week; $100 million secured term loan facility due in 2016; Goldman Sachs; invest in funds managed by the company and continue expansion of global platform; Washington, D.C.-based institutional investor to the energy sector.

ENDO PHARMACEUTICALS: Term B bank meeting expected May/June business (revolver and term A launched May 5); $2.9 billion senior secured credit facility; Morgan Stanley and Bank of America; $500 million five-year revolver talked at Libor plus 250 bps, 50 bps unused fee; $1.5 billion five-year term A talked at Libor plus 250 bps; $900 million seven-year term B expected at Libor plus 325 bps, 1% Libor floor, 101 soft call for six months; help fund acquisition of American Medical Systems; Chadds Ford, Pa., specialty health care company.

FMG RESOURCES PTY LTD.: Bank meeting May 23; $1 billion six-year senior unsecured term loan (B1/B); J.P. Morgan, Bank of America, Credit Suisse, Deutsche Bank and RBS; expansion capital expenditures; Australian-based iron ore mining company.

HAWAIIAN TELCOM HOLDCO INC.: Expected May/June business; $300 million term loan; refinance and extend existing term loan; Honolulu, Hawaii, provider of integrated communications services.

RURAL/METRO CORP.: Expected May/June business; $415 million senior secured credit facility; Credit Suisse, Citigroup and Jefferies; $315 million seven-year term loan; $100 million five-year revolver; help fund buyout by Warburg Pincus; Scottsdale, Ariz., provider of emergency and non-emergency ambulance services and private fire protection services.

SRA INTERNATIONAL INC.: Expected May/June business; $975 million senior secured credit facility; Citigroup, Bank of America and Goldman Sachs; $100 million revolver expected at Libor plus 325 bps; $875 million term loan expected at Libor plus 325 bps, 1.25% Libor floor; help fund buyout by Providence Equity Partners; Fairfax, Va., provider of technology and strategic consulting services to government organizations and commercial clients.

U.S. SILICA: Bank meeting May 18; $260 million six-year term loan; BNP Paribas; repay mezzanine debt and fund a distribution to holdco; Berkeley Springs, W.Va., producer of ground and unground silica sand, kaolin clay, aplite and related industrial minerals.

WALTER INVESTMENT MANAGEMENT CORP.: Bank meeting May 19; $810 million senior secured credit facility; Credit Suisse, RBS and Bank of America; $45 million five-year revolver talked at Libor plus 525 bps, 1.5% Libor floor, OID 99; $500 million five-year first-lien term loan talked at Libor plus 525 bps, 1.5% Libor floor, OID 99, 101 soft call; $265 million 51/2-year second-lien term loan talked at Libor plus 900 bps, 1.5% Libor floor, OID 99, call protection 103, 102, 101; help fund acquisition of GTCS Holdings LLC; Tampa, Fla.-based asset manager, mortgage servicer and mortgage portfolio owner.

JUNE BANK MEETINGS

AMC NETWORKS INC. (RAINBOW MEDIA HOLDINGS LLC): Term loan B launch expected June, pro rata in market; $2.175 billion senior secured credit facility; $675 million term B; $500 million revolver; $1 billion term A; refinance existing debt in connection with spin-off from Cablevision Systems Corp.; holder of portfolio of programming assets.

UPCOMING CLOSINGS

AES CORP.: $1.05 billion seven-year covenant-light term B (Ba1) talked at Libor plus 325 bps to 350 bps, 1% Libor floor, OID 991/2, 101 soft call; Bank of America, J.P. Morgan and Morgan Stanley; help fund acquisition of DPL Inc.; Arlington, Va., generator and distributor of electricity.

ALLEN SYSTEMS GROUP INC.: $115 million term loan add-on (Ba2/BB-) talked at Libor plus 475 bps, 1.75% Libor floor, OID 991/2; Bank of America and KeyBanc; help fund acquisition of visionapp AG; Naples, Fla., enterprise software provider.

ALLIANCE DATA SYSTEMS CORP.: $1.5 billion five-year credit facility; SunTrust; $750 million term A talked at Libor plus 225 bps; $750 million revolver talked at Libor plus 225 bps; refinance debt; Dallas-based provider of loyalty and marketing services.

API TECHNOLOGIES CORP.: $220 million credit facility (B2/BB-); Morgan Stanley; $20 million three-year revolver, talked at Libor plus 450 bps to 475 bps, 50 bps unused fee, 1.25% Libor floor, OID 99 to 991/2; $200 million seven-year term B talked at Libor plus 450 bps to 475 bps, 1.25% Libor floor, OID 99 to 991/2, 101 soft call; help fund acquisition of Spectrum Control Inc.; Ronkonkoma, N.Y., provider of secure communications, electronic components and subsystems, and contract manufacturing services to the defense and aerospace industries.

ASURION: $3.57 billion credit facility; Bank of America, Barclays, Credit Suisse, Morgan Stanley, Goldman Sachs and Deutsche Bank; $100 million five-year revolver; $2.48 billion seven-year first-lien term B talked at Libor plus 400 bps, 1.5% Libor floor, OID 99 to 991/2, 101 soft call; $990 million eight-year second-lien term loan talked at Libor plus 750 bps to 775 bps, 1.5% Libor floor, OID 99 to 991/2, non-call one, 103, 101; refinance existing debt; Nashville, Tenn., provider of technology protection services.

BAKERCORP: $435 million credit facility (Ba3/B); Deutsche Bank and Morgan Stanley; $390 million seven-year covenant-light term B at Libor plus 375 bps, step-down to Libor plus 350 bps at net senior secured leverage of 2.75x, 1.25% Libor floor, OID 991/2, 101 soft call; $45 million revolver; help fund buyout by Permira funds; Seal Beach, Calif., provider of equipment rental services for liquid and solid containment applications.

BCBG MAX AZRIA GROUP: $230 million term loan (B2/B-) talked at Libor plus 875 bps, no Libor floor, OID 96, call protection 102, 101; Goldman Sachs, Bank of America, UBS and Guggenheim; refinance existing debt; Vernon, Calif., designer, retailer and distributor of women's apparel and accessories.

BUTLER ANIMAL SUPPLY LLC: $366 million credit facility (B1/BB-); J.P. Morgan; $50 million revolver talked at Libor plus 300 bps; $75 million term A talked at Libor plus 300 bps; $241 million term B talked at Libor plus 325 bps, 1.5% Libor floor, OID 99¾ to par; refinance existing bank debt; Dublin, Ohio, companion animal health distribution company.

CELLULAR ONE: $180 million senior secured credit facility (B2/B); Barclays; $5 million five-year revolver; $175 million seven-year term B at Libor plus 700 bps, 1.5% Libor floor, OID 99, call protection 102, 101; refinance existing debt, redeem preferred equity and fund a dividend; Wayne, Pa., provider of wireless phone services.

CHG HEALTHCARE SERVICES: $217 million first-lien term loan talked at Libor plus 400 bps, 1.5% Libor floor, OID 99 7/8, 101 soft call; Barclays, Bank of America and Goldman Sachs; repricing; Salt Lake City-based health care staffing provider.

CHRYSLER GROUP LLC: $4 billion senior secured credit facility (Ba2/B+); Morgan Stanley (left lead on term loan), Citigroup (left lead on revolver), Goldman Sachs and Bank of America; $2.5 billion six-year term B talked at Libor plus 475 bps, 1.25% to 1.5% Libor floor, OID 99, non-call one, 102, 101; $1.5 billion five-year revolver; help repay loans from the U.S. Department of the Treasury and the Canadian federal and Ontario governments; Auburn Hills, Mich., producer of vehicles and products.

CITCO GROUP OF COS.: Expected close June 6; $490 million seven-year term loan at Libor plus 425 bps, 1.25% Libor floor, OID 991/2; UBS and Deutsche Bank; refinance existing debt; provider of financial services.

DELPHI CORP.: $2.4 billion credit facility (Baa3/BBB-); J.P. Morgan; $950 million six-year term B at Libor plus 250 bps, 1% Libor floor, OID 993/4, 101 soft call for six months; $258 million five-year term A at Libor plus 275 bps; $1.192 billion five-year revolver at Libor plus 275 bps; help fund stock repurchases; Troy, Mich., automotive electronics manufacturer.

DUNKIN' BRANDS GROUP INC.: $100 million term loan (B) due Nov. 23, 2017 at Libor plus 300 bps, 1.25% Libor floor, par; Barclays; help repay notes; Canton, Mass., parent company of Dunkin' Donuts, a coffee and baked goods restaurant chain, and Baskin-Robbins, an ice cream specialty store chain.

EMERGENCY MEDICAL SERVICES CORP.: $1.79 billion credit facility; Deutsche Bank, Barclays, Bank of America, Morgan Stanley, RBC, UBS, Natixis and Citigroup; $350 million ABL revolver at Libor plus 250 bps; $1.44 billion term B (B1/B+) at Libor plus 375 bps, 1.5% Libor floor, OID 991/2, 101 soft call; help fund buyout by Clayton, Dubilier & Rice LLC; Greenwood Village, Colo.-based provider of emergency medical services.

EXOPACK HOLDINGS CORP.: $475 million credit facility; Bank of America and Goldman Sachs; $75 million five-year ABL revolver; $400 million six-year covenant-light term loan (B1/B) talked at Libor plus 450 bps, 1.5% Libor floor, OID 991/2, 101 soft call; refinance debt and fund a distribution to stockholders; Spartanburg, S.C., full-service paper and plastic flexible packaging products manufacturer.

FIFTH THIRD PROCESSING SOLUTIONS LLC: $1.771 billion of first-lien term loans; Goldman Sachs, J.P. Morgan and Fifth Third; $1.621 billion term loan B-1 due November 2016 at Libor plus 325 bps, 1.25% Libor floor, par, 101 soft call; $150 million term loan B-2 due November 2017 at Libor plus 350 bps, 1.5% Libor floor, par, 101 soft call; reprice existing first-lien loan and repay second-lien loan; Cincinnati-based provider of payment transaction processing and acceptance services.

FTD: $315 million credit facility; Wells Fargo; $50 million revolver; $265 million term loan talked at Libor plus 325 bps to 350 bps, 1.25% Libor floor, OID 991/2, 101 soft call; refinance existing debt; Downers Grove, Ill., floral company.

GEO SPECIALTY CHEMICALS INC.: $100 million to $120 million term loan; Goldman Sachs; refinance existing debt and fund a potential acquisition; Lafayette, Ind., producer of specialty chemicals.

GIBSON ENERGY ULC: $950 million senior secured credit facility; J.P. Morgan, Citigroup and UBS; $700 million seven-year term loan talked at Libor plus 350 bps to 375 bps, 1.25% Libor floor, OID 99, 101 soft call; $250 million five-year revolver; refinance existing debt and for general corporate purposes; Calgary, Alberta-based midstream energy company, a crude oil transporter and a retail propane distributor.

GREEN VALLEY RANCH RESORTS SPA CASINO: $310 million credit facility; Jefferies and Goldman Sachs; $215 million five-year first-lien term loan (B2) talked at Libor plus 475 bps, 1.5% Libor floor, OID 99, 101 soft call; $85 million six-year second-lien term loan (Caa2) talked at Libor plus 850 bps, 1.5% floor, OID 98, non-call two, 101; $10 million revolver (B2); help finance the purchase of Green Valley Ranch Resorts by Station Casinos; Henderson, Nev., gaming and lodging company.

GTA TELEGUAM: $146.5 million credit facility; BNP Paribas; $10 million revolver; $107.5 million first-lien term loan at Libor plus 400, 1.5% Libor floor, OID 991/2; $29 million second-lien term loan at Libor plus 800 bps, 1.75% Libor floor, OID 99, call protection 102, 101; help fund buyout by Advantage Partners from Shamrock Capital Advisors; Tamuning, Guam, provider of communications services.

GUNDLE/SLT ENVIRONMENTAL INC.: Up to $210 million credit facility; Jefferies and GE Capital; $40 million to $45 million revolver (B3/B-) talked at Libor plus 525 bps to 550 bps, 1.5% Libor floor, OID 99; $125 million first-lien term loan (B3/B-) talked at Libor plus 525 bps to 550 bps, 1.5% Libor floor, OID 99, 101 soft call; $40 million second-lien term loan (Caa1/CCC+) talked at Libor plus 875 bps to 900 bps, 1.5% Libor floor, OID 98, call protection 102, 101; refinance existing ABL credit facility debt and notes; Houston-based manufacturer and marketer of geosynthetic lining products and services.

HELM FINANCIAL CORP.: $170 million credit facility; Credit Suisse and Guggenheim; $50 million five-year revolver; $120 million term loan talked at Libor plus 550 bps, 1.25% Libor floor, OID 99; refinance existing debt; San Francisco-based rail equipment lessor.

INFOGROUP INC.: $460 million credit facility (B1/B+); Bank of America; $50 million five-year revolver; $410 million seven-year term B talked at Libor plus 375 bps, 1.25% Libor floor, OID 99 to 991/2; refinance existing debt and fund a dividend; Omaha, Neb., provider of data-driven and interactive resources for targeted sales, marketing and research services.

JBS USA: $400 million seven-year term loan B (Ba3/BB/BB) talked at Libor plus 325 bps area, 1.25% Libor floor, OID 991/2, 101 soft call for six months; J.P. Morgan; refinance existing debt; Greeley, Colo., animal protein processor.

KAR AUCTION SERVICES INC.: $1.95 billion senior secured credit facility (Ba3/BB-); J.P. Morgan, Goldman Sachs, Barclays and Deutsche Bank; $1.7 billion term B at Libor plus 375 bps, step-down to Libor plus 350 bps at less than 2.75x secured leverage, 1.25% Libor floor, OID 991/2, 101 soft call; $250 million revolver; refinance existing bank debt and notes; Carmel, Ind., provider of wholesale used vehicle auctions.

KINDRED HEALTHCARE INC.: $1.35 billion senior secured credit facility; J.P. Morgan, Morgan Stanley and Citigroup; $650 million five-year asset-based revolver at Libor plus 250 bps; $700 million seven-year term B (Ba3/B+) at Libor plus 375 bps, 1.5% Libor floor, OID 99, 101 soft call; help fund acquisition of RehabCare Group Inc.; Louisville, Ky., health care services company.

LABELCORP: $275 million credit facility; Bank of America and Deutsche Bank; $25 million five-year revolver (Ba3/B+); $150 million six-year first-lien term B (Ba3/B+) talked at Libor plus 450 bps to 475 bps, 1.5% Libor floor, OID 99, 101 soft call; $100 million 61/2-year second-lien term loan (Caa1/CCC+) talked at Libor plus 850 bps, 1.5% to 1.75% Libor floor, OID 981/2, call protection 103, 102, 101; refinance existing debt; Omaha, Neb., provider of labeling technologies to consumer goods, wine & spirits, pharmaceutical and food & beverage companies.

LANDRY'S GOLDEN NUGGET ATLANTIC CITY: $65 million senior secured credit facility; Jefferies; $10 million 41/2-year first-out revolver talked at Libor plus 850 bps, 1.5% Libor floor, OID 96; $55 million five-year last-out term loan talked at Libor plus 850 bps, 1.5% Libor floor, OID 96, non-call till July 1, 2012, then 106 for six months, 102 for and year, 101 for a year; help fund purchase, renovation and rebranding of the Trump Marina Hotel and Casino in Atlantic City by Tilman J. Fertitta; Atlantic City, N.J., hotel and casino.

LEGENDARY PICTURES: $700 million credit facility; J.P. Morgan; $500 million revolver; $200 million six-year term B talked at Libor plus 450 bps, 1.5% Libor floor, OID 99; refinance existing debt; Burbank, Calif., film production company.

LUMEN: $113.3 million senior secured credit facility; Bank of Ireland and Madison Capital; $10 million revolver talked at Libor plus 500 bps, 1.5% Libor floor, OID 981/2; $103.3 million term loan talked at Libor plus 500 bps, 1.5% Libor floor, OID 981/2; dividend recapitalization of Harbour Group owned companies, Watchfire and SloanLED; provider of LED lighting.

METALDYNE LLC: $375 million six-year term B (B1/B+) at Libor plus 400 bps, 1.25% Libor floor, par, 101 soft call; Deutsche Bank; refinance existing debt, general corporate purposes and potential shareholder actions; Plymouth, Mich., designer and supplier of metal-formed components and assemblies for engine and transmission applications.

MOBILITIE INVESTMENTS II LLC: $415 million credit facility (B2/BB-); TD Securities and GE Capital; $25 million five-year revolver talked at Libor plus 350 bps; $150 million five-year delayed-draw for 24 months term loan talked at Libor plus 350 bps, 125 bps ticking fee, dropping to 75 bps once usage is over 50%; $240 million six-year term B talked at Libor plus 375 bps to 400 bps, 1.25% to 1.5% Libor floor, OID 991/2; refinance existing debt, and delayed-draw loan for capital expenditures; Newport Beach, Calif., owner and constructor of communication towers.

MONEYGRAM INTERNATIONAL INC.: $540 million senior secured credit facility (Ba1/BB-); Bank of America, J.P. Morgan, Citigroup, Deutsche Bank and Wells Fargo; $150 million five-year revolver at Libor plus 325 bps, 50 bps unused fee; $390 million six-year term loan at Libor plus 325 bps, 1.25% Libor floor, OID 993/4, 101 soft call; help fund recapitalization; Dallas-based payment services company.

ONELINK COMMUNICATIONS: $520 million credit facility; Citigroup (left lead on first-lien), J.P. Morgan (left lead on second-lien), Credit Suisse and Morgan Stanley; $25 million five-year revolver (B2/B+); $345 million six-year first-lien term loan (B2/B+) at Libor plus 450 bps, 1.5% Libor floor, OID 99, 101 soft call; $150 million seven-year second-lien term loan (Caa2/CCC+) talked at Libor plus 650 bps to 700 bps, 1.5% Libor floor, OID 99, call protection 102, 101; refinance existing debt and fund a dividend; provider of cable services in the San Juan area in Puerto Rico.

OWENS-ILLINOIS GROUP INC.: $2 billion credit facility (Baa2/NA/BBB-); Deutsche Bank, Bank of America, J.P. Morgan, Citigroup, Scotia Capital and BNP Paribas; $900 million multi-currency revolver talked at Libor plus 175 bps, 37.5 bps commitment fee; $1.1 billion term A ($600 million, €200 million, C$120 million, A$180 million) talked at Libor plus 175 bps; refinance debt; Perrysburg, Ohio, glass container maker.

PAETEC HOLDING CORP.: $225 million senior secured credit facility (Ba3/B); Bank of America; $125 million five-year revolver; $100 million seven-year term B at Libor plus 350 bps, 1.5% Libor floor, OID 993/4, 101 soft call; fund acquisition of XETA Technologies Inc. and repay revolver debt; Fairport, N.Y., provider of business communications.

POTTERS INDUSTRIES INC.: $302.5 million credit facility; J.P. Morgan; $40 million five-year revolver (Ba3/B); $150 million six-year first-lien term loan (Ba3/B) at Libor plus 450 bps, 1.5% Libor floor, OID 99, 101 soft call; $112.5 million 61/2-year second-lien term loan (Caa1/CCC+) at Libor plus 850 bps, 1.75% Libor floor, OID 981/2, call protection 104, 103, 102, 101; in connection with spin-off from PQ Corp. to repay some of PQ's bank debt; Malvern, Pa., producer of engineered glass materials.

PRE-PAID LEGAL SERVICES INC.: $430 million senior secured credit facility (B1/B+); Macquarie Capital, RBC, KeyBanc and Bank of Ireland; $30 million five-year revolver talked at Libor plus 450 bps to 500 bps, 1.5% Libor floor, OID 981/2; $400 million six-year term B talked at Libor plus 450 bps to 500 bps, 1.5% Libor floor, OID 981/2; help fund buyout by MidOcean Partners; Ada, Okla., provider of legal service benefits through a network of independent law firms.

QUINTILES TRANSNATIONAL CORP.: $2.225 billion senior secured credit facility (B1/BB-); J.P. Morgan, Barclays, Morgan Stanley, Citigroup and Wells Fargo; $225 million revolver due in 2016 talked at Libor plus 275 bps, 50 bps unused fee; $2 billion term B due in 2018 talked at Libor plus 375 bps, 1.25% Libor floor, OID 99 to 991/2, 101 soft call; refinance existing debt; Durham, N.C., biopharmaceutical services company.

RAYCOM MEDIA INC.: $700 million credit facility; Wells Fargo and GE Capital; $200 million five-year revolver talked at Libor plus 275 bps; $300 million five-year term A talked at Libor plus 275 bps; $200 million six-year term B talked at Libor plus 325 bps, 1.25% Libor floor, OID 99; refinance existing debt; Montgomery, Ala., broadcaster and owner and operator of television stations.

REDFLEX HOLDINGS LTD.: $215 million credit facility (Ba3/B); Macquarie; $20 million revolver at Libor plus 550 bps, 1.5% Libor floor, OID 981/2; $175 million term B at Libor plus 550 bps, 1.5% Libor floor, OID 981/2, 101 soft call; $20 million delayed-draw term loan for capital expenditures at Libor plus 550 bps, 1.5% Libor floor, OID 981/2; also $75 million second-lien term loan that has been placed already; help fund buyout by the Carlyle Group and Macquarie Group Ltd.; South Melbourne, Australia, manufacturer and operator of highway safety equipment.

RENTECH ENERGY MIDWEST CORP.: $170 million six-year term loan talked at Libor plus 650 bps, 1.5% Libor floor, OID 98, call protection 102, 101; Credit Suisse; refinance existing bank debt and fund a dividend; East Dubuque, Ill., manufacturer and seller of nitrogen fertilizer products.

REVLON CONSUMER PRODUCTS CORP.: Expected close May 19; $800 million 61/2-year term loan (Ba3) at Libor plus 350 bps, 1.25% Libor floor, OID 991/2, 101 soft call; Citigroup, J.P. Morgan, Bank of America, Credit Suisse, Wells Fargo and Natixis; refinance existing term loan; New York-based cosmetics, hair color, beauty tools, fragrances, skincare, anti-perspirants/deodorants and beauty care products company.

ROCK-TENN CO.: $3.7 billion senior credit facility; Wells Fargo, SunTrust, Rabobank, Bank of America and J.P. Morgan; $1.475 billion five-year revolver at Libor plus 200 bps; $1.475 billion five-year term A at Libor plus 200 bps; $750 million seven-year term B at Libor plus 275 bps, 0.75% Libor floor, par; help fund acquisition of Smurfit-Stone Container Corp. and refinance debt; Norcross, Ga., manufacturer of paperboard, containerboard and consumer and corrugated packaging.

SECURUS TECHNOLOGIES: $365 million credit facility; BNP Paribas and GE Capital; $35 million revolver (B1/B+); $233 million first-lien term B (B1/B+) talked at Libor plus 425 bps, 1.5% Libor floor, OID 99; $97 million second-lien term loan (Caa1/CCC+) talked at Libor plus 825 bps, 1.75% Libor floor, OID 98, call protection 103, 102, 101; help fund buyout by Castle Harlan from H.I.G. Capital; Dallas-based provider of specialized telecommunications products and services for the corrections communications marketplace.

SELECT MEDICAL CORP.: $1.15 billion credit facility (B1); J.P. Morgan, Goldman Sachs, Bank of America, Morgan Stanley, Wells Fargo and RBC; $850 million term B at Libor plus 375 bps, 1.75% Libor floor, OID 99, 101 soft call for two years; $300 million revolver at Libor plus 375 bps, 50 bps unused fee; refinance debt, including notes; Mechanicsburg, Pa., operator of specialty hospitals and outpatient rehabilitation clinics.

SEMGROUP CORP.: $650 million credit facility (B1); RBS, Barclays, BNP and Citigroup; $350 million five-year revolver talked at Libor plus 325 bps, 50 bps unused fee; $100 million five-year term A talked at Libor plus 325 bps; $200 million seven-year term B talked at Libor plus 375 bps to 400 bps, 1.25% Libor floor, OID 991/2, 101 soft call; refinance existing debt; Tulsa, Okla., midstream service company.

SMART & FINAL INC.: $525 million credit facility; Credit Suisse and Deutsche Bank leading term loans, Bank of America leading revolver; $325 million seven-year covenant-light first-lien term loan (B3/B-) talked at Libor plus 500 bps, 1.25% Libor floor, OID 99, 101 soft call; $75 million 71/2-year covenant-light second-lien term loan (Caa2/CCC) talked at Libor plus 875 bps, 1.25% floor, OID 981/2, call protection 103, 102, 101; $125 million ABL revolver (Ba2/B+); refinance existing debt and pay a dividend; Commerce, Calif., operator of food and restaurant supplies stores.

SPANSION INC.: $250 million term loan (BB+) talked at Libor plus 350 bps to 375 bps, 1.25% Libor floor, 101 soft call; Morgan Stanley; repricing; Sunnyvale, Calif., semiconductor device company.

SPRINGS WINDOW FASHIONS LLC: $475 million credit facility; J.P. Morgan; $50 million five-year revolver (B1/B); $300 million six-year first-lien term loan (B1/B) talked at Libor plus 400 bps to 425 bps, 1.5% Libor floor, OID 99, 101 soft call; $125 million seven-year second-lien term loan (Caa1/CCC+) talked at Libor plus 775 bps to 800 bps, 1.5% to 1.75% floor, OID 981/2, call protection 103, 102, 101; refinance existing debt and fund a dividend; manufacturer of blinds, shades and drapery hardware.

SRAM INTERNATIONAL CORP.: $840 million credit facility; J.P. Morgan; $50 million five-year revolver (Ba2/B+); $575 million seven-year first-lien term loan (Ba2/B+) talked at Libor plus 400 bps, 1.25% Libor floor, OID 991/2; $215 million 71/2-year second-lien term loan (B3/B-) talked at Libor plus 750 bps, 1.5% Libor floor, OID 98; repay bank debt and acquire class A units of SRAM Holdings LLC held by Trilantic and its co-investors; Chicago-based designer, manufacturer and marketer of bicycle components.

STAR WEST GENERATION LLC: $750 million senior secured credit facility (Ba3/B+); Barclays, RBC and Citigroup; $650 million seven-year term B at Libor plus 450 bps, 1.5% Libor floor, OID 991/2, call protection 102, 101; $100 million five-year revolver; help fund Highstar Capital's acquisition of the Arlington Valley and Griffith power generation plants located in Arizona from LS Power.

SYMPHONYIRI GROUP INC.: $450 million credit facility (B1/B+); Bank of America, Jefferies and BMO; $50 million five-year revolver talked at Libor plus 375 bps to 400 bps; $400 million 61/2-year covenant-light term loan B talked at Libor plus 375 bps to 400 bps, 1.25% Libor floor, OID 991/2, 101 soft call; help fund buyout by New Mountain Capital LLC and management; Chicago-based provider of sales and marketing data and analytic services for customers in the consumer packaged goods and consumer health industries.

TARGUS GROUP INTERNATIONAL INC.: $245 million credit facility; Goldman Sachs and Bank of America;$60 million ABL revolver; $185 million five-year term loan (B2/B) at Libor plus 950 bps, 1.5% Libor floor, OID 98, non-call one, 102, 101; refinance existing bank debt; Anaheim, Calif., maker of mobile accessories.

TERRA-GEN FINANCE CO. LLC: $360 million senior secured credit facility (Ba3/BB/BB-); Goldman Sachs and Credit Suisse; $60 million five-year revolver talked at Libor plus 400 bps, 1.25% Libor floor, OID 991/2; $300 million six-year term B talked at Libor plus 400 bps, 1.25% Libor floor, OID 991/2, 101 soft call; refinance existing debt, pay a dividend and fund a debt service reserve; New York-based renewable energy provider.

TOYS 'R' US INC.: $400 million seven-year term B-2 (BB-) talked at Libor plus 325 bps to 350 bps, 1.25% to 1.5% Libor floor, OID 991/2, 101 soft call; Bank of America, J.P. Morgan, Goldman Sachs, Wells Fargo, Credit Suisse, Citigroup and Deutsche Bank; refinance existing debt; Wayne, N.J.-based toy retailer.

TWIN RIVER MANAGEMENT GROUP INC.: $285 million senior secured credit facility (B1/BB); Credit Suisse and Deutsche Bank; $25 million five-year revolver; $260 million 61/2-year term loan talked at Libor plus 400 bps, 1.25% Libor floor, OID 99, 101 soft call; refinance existing debt; owner and operator of the Twin River casino located near Providence, R.I.

ULTERRA DRILLING TECHNOLOGIES: $97.5 million five-year credit facility (Caa1/B-); Jefferies; $15 million revolver talked at Libor plus 750 bps, 2% Libor floor, OID 98; $82.5 million term loan talked at Libor plus 750 bps, 2% Libor floor, OID 98, call protection 102, 101; refinance existing debt and for general corporate purposes; Fort Worth, Texas, oilfield service manufacturer of PDC drill bits and stick-slip reduction tools.

UNIVITA HEALTH: $220 million senior secured credit facility (B2); Barclays and Jefferies; $20 million five-year revolver talked at Libor plus 450 bps to 475 bps, 1.5% Libor floor, OID 99; $200 million six-year term loan talked at Libor plus 450 bps to 475 bps, 1.5% Libor floor, OID 99, 101 soft call; repay credit facility and mezzanine debt; Scottsdale, Ariz., provider of home-based care.

VALITAS HEALTH SERVICES INC.: $360 million senior secured credit facility (Ba3/B); Barclays and Bank of America; $285 million six-year term B at Libor plus 450 bps, step-down to Libor plus 425 bps at 3.75x leverage, 1.25% Libor floor, OID 991/2, 101 soft call; $75 million five-year revolver at Libor plus 450 bps, 1.25% Libor floor; help fund acquisition of America Service Group Inc.; Brentwood, Tenn., provider of health care services to the incarcerated population.

VIRTUAL RADIOLOGIC: $296 million credit facility; GE Capital; $40 million revolver talked at Libor plus 500 bps, 1.5% Libor floor, OID 99; $256 million term loan talked at Libor plus 500 bps, 1.5% Libor floor, OID 99; dividend recapitalization; Eden Prairie, Minn., radiology practice and developer of radiologist workflow technology.

WALL STREET SYSTEMS: $350 million credit facility; Credit Suisse; $25 million five-year revolver (Ba3/B) talked at Libor plus 400 bps, 1.5% Libor floor; $200 million six-year first-lien term loan (Ba3/B) talked at Libor plus 400 bps, 1.5% Libor floor, OID 991/2; $125 million seven-year second-lien term loan (Caa1/B-) talked at Libor plus 750 bps, 1.5% Libor floor, OID 99, call protection 102, 101; help fund acquisition by ION Investment Group from Warburg Pincus; New York-based provider of treasury management, central banking and FX trade processing services.

XERIUM TECHNOLOGIES INC.: $285 million credit facility (Ba2/BB-); Citigroup and Jefferies; $40 million revolver talked at Libor plus 425 bps to 450 bps, 1.5% Libor floor, OID 991/2; $120 million term loan talked at Libor plus 425 bps to 450 bps, 1.5% Libor floor, OID 991/2, 101 soft call; €87 million term loan talked at Euribor plus 450 bps to 475 bps, 1.5% floor, OID 991/2, 101 soft call; refinance existing debt; Raleigh, N.C., manufacturer of industrial textiles and rolls used primarily in the paper production process.

YRC WORLDWIDE INC.: $400 million three-year asset-based revolver priced at Libor plus 300 bps to 375 bps, commitment fee 37.5 bps to 62.5 bps, based on monthly average excess availability; Morgan Stanley; increase liquidity and refinance an asset-backed securitization facility; Overland Park, Kan., transportation service provider.

ON THE HORIZON

ALKERMES INC.: $450 million term loan; Morgan Stanley and HSBC; help fund merger with Elan Drug Technologies to create Dublin, Ireland-based Alkermes plc; Waltham, Mass., biotechnology company.

ALPHA NATURAL RESOURCES INC.: $1.6 billion five-year senior secured credit facility; Citigroup and Morgan Stanley; $1 billion revolver expected at Libor plus 250 bps, 50 bps unused fee; $600 million term A expected at Libor plus 250 bps; help fund acquisition of Massey Energy Co. and refinance debt at both companies; Abingdon, Va., coal company.

ANIMAL HEALTH INTERNATIONAL INC.: $250 million senior secured credit facility; U.S. Bank; help fund acquisition by Lextron Inc.; Westlake, Texas, seller and distributor of animal health products, supplies, services and technology.

ARCH COAL INC.: $1.5 billion revolver; in connection with acquisition of International Coal Group Inc.; St. Louis-based coal producer.

CAPSUGEL: $1.07 billion credit facility; UBS, Barclays, Deutsche Bank, KKR Capital Markets and Mizuho; $150 million revolver; $920 million term B; help fund buyout by Kohlberg Kravis Roberts & Co LP from Pfizer Inc.; Peapack, N.J.-based manufacturer of hard capsules and drug-delivery systems.

CARROLS RESTAURANT GROUP INC.: New senior secured credit facility; term loans; refinancing in connection with separation by Carrols Restaurant Group Inc. of Hispanic brands from Burger King business; Syracuse, N.Y.-based operator of restaurant brands in the quick-casual and quick-service segments.

CHEFS' WAREHOUSE INC.: New senior secured credit facility; term loan; revolver; in connection with IPO; Ridgefield, Conn., distributor of specialty food products.

COSTAR GROUP INC.: $465 million credit facility; J.P. Morgan; $415 million seven-year term loan expected at Libor plus 350 bps, 1.25% Libor floor; $50 million five-year revolver expected at Libor plus 300 bps; help fund acquisition of LoopNet Inc.; Washington, D.C.-based commercial real estate information company.

DUCOMMUN INC: $230 million senior secured credit facility; UBS and Credit Suisse; $190 million six-year covenant-light term loan expected at Libor plus 325 bps, or Libor plus 350 bps if corporate ratings are less than B1 or B+, 1.25% Libor floor, 101 soft call; $40 million five-year revolver expected at Libor plus 325 bps, or Libor plus 350 bps if corporate ratings are less than B1 or B+, 75 bps unused fee, 1.25% Libor floor; fund acquisition of LaBarge Inc. and refinance existing debt; Carson, Calif., provider of engineering and manufacturing services to the aerospace and defense industry.

GGC SOFTWARE HOLDINGS INC.: $1.115 billion senior secured credit facility; Credit Suisse, Bank of America, Morgan Stanley, RBC and Deutsche Bank; $1.04 billion term loan; $75 million revolver; help fund acquisition of Lawson Software Inc. by Golden Gate Capital and Infor Global Services; St. Paul, Minn., enterprise software developer.

HUSKY INTERNATIONAL LTD.: New credit facility; Goldman Sachs, Morgan Stanley, RBC and TD Securities; help fund buyout by Berkshire Partners LLC and Omers Private Equity Inc. from Onex Corp.; Bolton, Ont., supplier of injection molding equipment and services to the plastics industry.

INC RESEARCH LLC: New debt financing; help fund purchase of Kendle International Inc.; Raleigh, N.C.-based therapeutically focused contract research organization.

INVENTIV HEALTH: New financing; Bank of America, Citigroup and Jefferies; help fund acquisition of PharmaNet Development Group from JLL Partners Inc.; Somerset, N.J., provider of clinical, consulting and commercial services to the health care industry.

KRATOS DEFENSE & SECURITY SOLUTIONS INC.: New debt financing; Jefferies and KeyBank; help fund acquisition of Integral Systems Inc.; San Diego-based specialized national security technology business.

LEVEL 3 FINANCING INC.: $650 million six-year senior secured covenant-light term loan B II expected at Libor plus 400 bps, 1.5% Libor floor, OID 99, 101 soft call; Bank of America and Citigroup; in connection with acquisition of Global Crossing Ltd.; Hamilton, Bermuda, provider of fiber-based communications services.

NORTHERN OFFSHORE LTD.: New credit facility; refinance existing line of credit; Hamilton, Bermuda-based operator of offshore oil and gas production and drilling vessels and provider of rig management services.

NRG ENERGY INC.: $3.9 billion credit facility (Baa3); $2.3 billion revolver; $1.6 billion seven-year term B; refinance existing bank debt; Princeton, N.J., power generation company.

NTELOS WIRELINE ONC INC.: New senior secured credit facility including revolver; fund a working capital cash reserve and make a payment to Ntelos Holdings Corp. in connection with spin-off; Waynesboro, Va., wireline communications business.

SHOPZILLA INC.: New senior secured financing; Wells Fargo; help fund buyout by Symphony Technology Group from Scripps Networks Interactive Inc.; expected close on or around May 31; owner and operator of a portfolio of online consumer shopping properties.

SILGAN HOLDINGS INC.: $4 billion senior secured credit facility (Ba1/BBB-); Bank of America; $800 million five-year revolver expected at Libor plus 250 bps; $900 million six-year term A expected at Libor plus 250 bps; $2.3 billion seven-year term B expected at Libor plus 325 bps, 1% Libor floor, 101 soft call; help fund acquisition of Graham Packaging Co. Inc.; Stamford, Conn., manufacturer of consumer goods packaging products.

SMART MODULAR TECHNOLOGIES INC.: $350 million credit facility; J.P. Morgan and UBS; $300 million first-lien term loan; $50 million first-lien first-out revolver; help fund buyout by Silver Lake Partners and Silver Lake Sumeru; Newark, Calif., manufacturer of memory modules and solid state storage products.

STAFFMARK HOLDINGS INC.: $150 million five-year secured revolver at Libor plus 200 bps to 250 bps; SunTrust and Harris; in connection with IPO; refinance existing facility; Cincinnati-based provider of light industrial, clerical and specialty temporary staffing.

WESTERN DIGITAL CORP.: $2.5 billion senior unsecured credit facility; Bank of America; $500 million revolver; $2 billion five-year term loan; help fund acquisition of Hitachi Global Storage Technologies from Hitachi Ltd., refinance existing bank debt and for general corporate purposes; Irvine, Calif., designer and producer of hard drives and solid state drives.

WPX ENERGY INC.: $1.5 billion five-year senior unsecured credit facility; in connection with IPO; Tulsa, Okla., natural gas and oil exploration and production company.

W.R. GRACE & CO.: $1 billion exit facility, including a $200 million revolver; Goldman Sachs and Deutsche Bank; Columbia, Md., specialty chemicals company.


© 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.