Energy Transfer, Wesco, MRC Global, Camping World, Leslie's, FLY break; Kronos softens

By Sara Rosenberg

New York, Nov. 15 - Energy Transfer Equity LP, Wesco Distribution Inc., MRC Global Inc. (McJunkin Red Man Corp.), Camping World Inc., Leslie's Poolmart Inc. and FLY Leasing Ltd. freed up for trading on Friday, and Kronos Inc.'s first- and second-lien term loans weakened with add-on news.

Switching to the primary, Bass Pro Group LLC trimmed the Libor floor on its add-on term loan, tightened the original issue discount talk and extended the soft call protection. It also added a repricing of its existing term debt to match the add-on terms.

Also, Drew Marine increased the size of its first-lien term loan while decreasing its second-lien term loan amount and reduced spreads as well as discounts on the tranches.

Additionally, Borgata (Marina District Finance Co. Inc.) and Landmark Aviation released talk with launch, and CAMP International Holding Co., Confie Seguros, Go Daddy Operating Co. LLC and Sealed Air Corp. emerged with deal plans.

Energy Transfer frees up

Energy Transfer Equity's $1 billion six-year first-lien term loan (Ba2) broke for trading on Friday, with levels quoted at par bid, par ½ offered, according to sources.

Pricing on the loan is Libor plus 250 basis points with a 0.75% Libor floor and it was sold at an original issue discount of 993/4. There is 101 soft call protection for six months.

Recently, the loan was upsized from $900 million and the spread was cut from Libor plus 300 bps.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Goldman Sachs Banks USA are joint global coordinators on the deal and joint lead arrangers with Bank of America Merrill Lynch, Bank of Tokyo-Mitsubishi, Barclays, Mizuho Securities USA Inc., Morgan Stanley Senior Funding Inc., RBC Capital Markets, RBS Securities Inc. and UBS Securities LLC.

Proceeds will be used to help refinance an existing $900 million senior secured term loan due March 2017 and to help fund a tender offer that expires on Nov. 27 for up to $400 million of the company's $1.8 billion 7½% senior notes due 2020.

As part of the refinancing, the company is finalizing a new up to $600 million five-year revolver.

Energy Transfer, a Dallas-based master limited partnership that owns natural gas, natural gas liquids, refined products and crude oil pipelines, expects to close on the deal in the first week of December.

Wesco hits secondary

Another deal to break was Wesco Distribution, with the $674,750,000 U.S. first-lien covenant-light term loan due December 2019 quoted at par bid, par ½ offered, traders said.

Pricing on the term loan is Libor plus 300 bps with a 0.75% Libor floor and it was issued at par. There is 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC is leading the deal that is being used to refinance the existing U.S. term loan that is priced at Libor plus 350 bps with a 1% Libor floor.

The company was also looking to reprice its C$135 million first-lien covenant-light term loan due December 2019 to BA plus 350 bps with a 1% floor from BA plus 400 bps with a 1% floor, but only ended up repricing the U.S. term loan, a source remarked. The Canadian loan repricing was also offered at par with 101 soft call protection for six months.

Wesco is a Pittsburgh-based provider of electrical, industrial and communications MRO and OEM products, construction materials and advanced supply chain management and logistics services.

MRC levels surface

MRC Global's $794 million covenant-light term loan due November 2019 also began trading, with levels quoted at par ½ bid, 101 offered, according to a trader.

Pricing on the loan is Libor plus 400 bps with a step-down to Libor plus 375 bps at total net leverage of 2.5 times. There is a 1% Libor floor and 101 soft call protection for six months, and the debt was issued at par after tightening recently from talk of 99 7/8.

Bank of America Merrill Lynch, Barclays, Goldman Sachs Bank USA and Wells Fargo Securities LLC are leading the deal that is being used to reprice a roughly $640 million term loan from Libor plus 500 bps with a 1.25% Libor floor and repay revolver borrowings

MRC is a Houston-based distributor of pipe, valve, fittings and related products and services to the energy industry.

Camping World tops OID

Camping World's $525 million term loan B (B2/B+) emerged in the secondary as well, with levels quoted at 99½ bid, par ½ offered, a trader remarked.

Pricing on the loan is Libor plus 475 bps, after firming at the high end of the Libor plus 450 bps to 475 bps talk. There is a 1% Libor floor and 101 soft call protection for six months, and it was sold at an original issue discount of 99.

Goldman Sachs Bank USA and Barclays are leading the deal that is being used to refinance existing debt.

Camping World is a supplier of RV parts, supplies and accessories.

Leslie's Poolmart breaks

Leslie's Poolmart's $610.5 million term loan began trading too, with levels seen at par ¼ bid, par ¾ offered, according to a trader.

Pricing on the loan is Libor plus 325 bps with a 1% Libor floor and it was issued at par. The debt includes 101 soft call protection for six months.

Bank of America Merrill Lynch is leading the deal that is being used to reprice an existing term loan from Libor plus 400 bps with a 1.25% Libor floor.

Leslie's Poolmart is a Phoenix-based retailer of swimming pool supplies and related products.

FLY bid above par

FLY Leasing's fungible $105 million add-on term loan (BBB-) surfaced in the secondary, with levels seen at par ½ bid, 101 offered, according to a trader.

Pricing on the add-on is Libor plus 350 bps with a 1% Libor floor and it was sold at an original issue discount of 993/4. There is 101 soft call protection for one year.

RBC Capital Markets is leading the deal that will be used to fund seven aircraft.

FLY Leasing is a Dublin-based aircraft lessor.

Kronos slides

Also in trading, Kronos' first- and second-lien term loans were lower as the company launched with a call at 1 p.m. ET $300 million in fungible add-on covenant-light loans, according to a market source.

The first-lien term loan was quoted at par bid, par ¾ offered, down on the bid side from par ¼ bid, par ¾ offered, and the second-lien term loan was quoted at 101 bid, 102 offered, down from 103 bid, 104 offered, the source said.

The new debt that the company is marketing includes a $205 million add-on first-lien term loan due October 2019 talked at Libor plus 350 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, and a $95 million add-on second-lien term loan due April 2020 talked at Libor plus 850 bps with a 1.25% Libor floor, a discount of 99 and call protection of 103 through October 2015, then 102 for a year and 101 for the following year, another source remarked.

Credit Suisse Securities (USA) LLC is leading the deal that will fund a dividend to shareholders.

Kronos, a Chelmsford, Mass.-based provider of workforce management software, is also seeking an amendment to its existing credit facility to permit the new debt and dividend distribution.

Commitments are due on Nov. 22, a source added.

Southern Graphics

Southern Graphics Inc.'s $397 million first-lien covenant-light term loan due October 2019 was quoted at par ¼ bid, par ¾ offered on Friday, after breaking at that same level during the previous session, according to a trader.

Pricing on the loan is Libor plus 325 bps with a step-down to Libor plus 300 bps at 2.8 times first-lien leverage. There is a 1% Libor floor and 101 soft call protection for six months, and the debt was issued at par.

During syndication, pricing firmed at the tight end of the Libor plus 325 bps to 350 bps talk and the step-down was added.

Credit Suisse Securities (USA) LLC is leading the deal that is being used to refinance an existing term loan priced at Libor plus 375 bps with a 1.25% Libor floor.

Southern Graphics is a Louisville, Ky.-based provider of design-to-print graphics services to the consumer products packaging industry.

Bass Pro revises deal

Over in the primary, Bass Pro Group trimmed the Libor floor on its $250 million add-on term loan to 0.75% from 1%, changed original issue discount talk to 99¾ to 99 7/8 from the 99¼ area and extended the 101 soft call protection to one year from six months, according to sources.

Furthermore, the company added a repricing proposal for its roughly $877 million term loan to lower the Libor floor to 0.75% from 1%. This debt is also offered at a discount of 99¾ to 99 7/8 and saw its 101 soft call protection pushed out to one year from six months, too, sources said.

As before, the spread on the add-on and the existing term loan is Libor plus 300 bps.

J.P. Morgan Securities LLC is leading the deal.

Proceeds from the add-on will be used for general corporate purposes, which may include a dividend, and growth of the business.

Bass Pro is a Springfield, Mo.-based retailer of outdoor sports and recreation products.

Drew Marine reworked

Drew Marine lifted its first-lien term loan (B1/B+) to $220 million from $205 million, lowered pricing to Libor plus 350 bps from talk of Libor plus 375 bps to 400 bps and moved the original issue discount to 99 7/8 from 991/2, according to a market source. The 1% Libor floor and 101 soft call protection for six months were unchanged.

Meanwhile, the second-lien term loan (Caa1/CCC+) was decreased to $65 million from $80 million, pricing was trimmed to Libor plus 700 bps from talk of Libor plus 750 bps to 775 bps and the discount was revised to 99¾ from 99, the source said. This tranche still has a 1% Libor floor and call protection of 102 in year one and 101 in year two.

The company's $335 million credit facility also includes a $50 million revolver (B1/B+).

BNP Paribas Securities Corp. is leading the deal that will be used to fund the acquisition of Drew Marine and ACR Electronics Inc. by the Jordan Co. from J.F. Lehman.

Drew Marine is a Whippany, N.J.-based provider of technical solutions and services to the marine industry. ACR is a Fort Lauderdale, Fla.-based provider of safety products to the aviation, marine, military and commercial markets.

Borgata reveals guidance

Borgata launched with a call on Friday its $380 million covenant-light term loan B (B2/B+) due Aug. 15, 2018 with talk of Libor plus 575 bps to 600 bps with a 1% Libor floor, an original issue discount of 99 and call protection of 102 in year one and 101 in year two, according to a market source.

Commitments are due on Nov. 25, the source said.

Deutsche Bank Securities Inc., Wells Fargo Securities LLC, Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC and Nomura are leading the deal that will be used to refinance the company's existing 9½% notes due 2015.

Borgata is a destination casino and resort located in Atlantic City.

Landmark discloses talk

Landmark Aviation held its call, launching its $392.6 million senior secured term loan B due October 2019 with talk of Libor plus 375 bps to 400 bps with a 1% Libor floor, an offer price of 99½ to par on the new money and 101 soft call protection for six months, according to a market source.

Of the total term loan B amount, $317.6 million is for a repricing of the existing term B and $75 million is a fungible add-on.

Leads, Morgan Stanley Senior Funding Inc., Barclays and RBC Capital Markets, are asking for commitments/amendment consents by 5 p.m. ET on Thursday, the source added.

Landmark Aviation is a Houston-based provider of FBO, MRO and aircraft charter and management services.

Quintiles leads surface

A full list of leads came out on Quintiles Transnational Corp.'s $2,061,000,000 term loan B-3 due June 2018, with Barclays, Citigroup Global Markets Inc., Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc. and Wells Fargo Securities LLC all to the right of left lead J.P. Morgan Securities LLC, a market source said.

As previously reported, the B-3 loan, which launched with a call in the afternoon, is talked at Libor plus 225 bps to 250 bps with a 1.25% Libor floor, a par offer price and 101 soft call protection for six months.

Proceeds will be used to refinance the company's existing term loan B-1 and B-2 debt.

Quintiles is a Durham, N.C.-based biopharmaceutical services company.

CAMP coming soon

CAMP International scheduled a call for 2 p.m. ET on Monday to launch $220 million in first- and second-lien covenant-light term loan debt, according to a market source.

The debt consists of a $75 million add-on first-lien term loan due May 31, 2019, which will bring the total first-lien term loan size to $327.5 million, and a $145 million second-lien term loan due Nov. 30, 2019, the source said.

Deutsche Bank Securities Inc. is leading the deal that will be used to fund a dividend recapitalization via an amendment/add-on to the existing first-lien term loan and the refinancing/upsize of the existing second-lien term loan, the source added.

CAMP is a Ronkonkoma, N.Y.-based provider of maintenance tracking and information services for business aviation.

Confie on deck

Confie Seguros emerged with plans to hold a call at 1 p.m. ET on Tuesday to launch a repricing of its $75 million revolver due 2017 and $330 million first-lien term loan due 2018, according to a market source.

Talk on the term loan is Libor plus 450 bps with a 1.25% Libor floor, a par offer price and 101 soft call protection for six months, versus current pricing of Libor plus 525 bps with a 1.25% Libor floor, the source said.

RBC Capital Markets and GE Capital Markets are leading the deal.

Confie Seguros is a California-based provider of personal insurance.

Go Daddy readies call

Go Daddy set a call for 11 a.m. ET on Monday to launch an $835 million senior secured term loan due Dec. 17, 2018 to reprice its existing term loan from Libor plus 325 bps with a 1% Libor floor, according to a market source.

Barclays, KKR Capital Markets and Deutsche Bank Securities Inc. are leading the deal.

With the news, the company's existing term loan was unchanged in trading at par 3/8 bid, par ¾ offered, the source added.

Go Daddy is a Scottsdale, Ariz.-based provider of web hosting and domain names.

Sealed Air joins calendar

Sealed Air scheduled a conference call for 11 a.m. ET on Monday for all lenders regarding a new loan deal, a market source said.

No further details on the transaction are available, the source added.

Citigroup Global Markets Inc. is the left lead on the deal.

Sealed Air is an Elmwood Park, N.J.-based food safety and security, facility hygiene and product protection company.

Active Network wraps

In other news, the buyout of Active Network Inc. by Vista Equity Partners for $14.50 per share in cash, or about $1.05 billion, has closed, a news release said.

For the transaction, Active Network got a new $580 million credit facility that includes a $45 million five-year revolver (B1/B+), a $342.5 million seven-year covenant-light first-lien term loan (B1/B+) and a $192.5 million eight-year covenant-light second-lien term loan (Caa1/CCC+).

Pricing on the first-lien term loan is Libor plus 450 bps with a 1% Libor floor and it was sold at a discount of 991/2. There is 101 soft call protection for six months.

The second-lien term loan is priced at Libor plus 850 bps with a 1% Libor floor, was sold at 99½ and has call protection of 103 in year one, 102 in year two and 101 in year three.

During syndication, pricing on the first-lien term loan firmed at the low end of the Libor plus 450 bps to 475 bps talk, the second-lien term loan was upsized from $172.5 million and the equity component for the buyout was reduced, and the discounts on both tranches were changed from 99.

Bank of America Merrill Lynch, RBC Capital Markets LLC and BMO Capital Markets Corp. led the deal for the San Diego-based provider of cloud-based activity and participant management services.

WellCare closes

WellCare Health Plans Inc. completed its $300 million five-year senior unsecured revolver, according to a news release.

Pricing on the revolver can range from Libor plus 150 bps to 225 bps and the unused fee can range from 25 bps to 37.5 bps, based on leverage

Proceeds are available for general corporate purposes.

WellCare is a Tampa, Fla.-based provider of managed care services targeted to government-sponsored health care programs, focusing on Medicaid and Medicare.

CACI completed

CACI International Inc. closed on its acquisition of Six3 Systems Inc. from GTCR, a news release said, for which it got a new $1,681,000,000 senior secured credit facility (Ba2/BB+).

The facility consists of an $850 million five-year revolver and a roughly $831 million five-year term loan A, both priced at Libor plus 200 bps. The revolver has a 35 bps undrawn fee.

During syndication, the revolver was upsized from $750 million, the term loan A was upsized from $631 million and plans for a $300 million seven-year term loan B were eliminated.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC, PNC Capital Markets LLC, RBC Capital Markets LLC, SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC led the deal.

CACI is an Arlington, Va.-based provider of professional services and information technology to the federal government. Six3 is a McLean, Va.-based provider of strategic and differentiated services to support the missions of customers in the U.S. national security and defense intelligence communities.

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