Linden Cogeneration, Micron break; Ineos tweaks deal; Lumos Networks revises deadline

By Sara Rosenberg

New York, Oct. 25 – Linden Cogeneration Power Complex (EFS Cogen Holdings I LLC) set the spread on its term loan at the wide end of talk and then freed to trade on Wednesday, and Micron Technology Inc. began trading too.

In more happenings, Ineos set tranche sizes on its U.S. and euro term loans and updated pricing, and Lumos Networks Corp. (MTN Infrastructure TopCo Inc.) accelerated the commitment deadline on its credit facilities.

Additionally, Edelman Financial Center LLC, MDVIP Inc., Accuride Corp. and Sage Automotive Interiors Inc. released price talk with launch, and Radiology Partners, Capital Automotive LP, Sensata Technologies B.V., Nautilus Power LLC, Acrisure LLC and Tecomet emerged with new deal plans.

Linden firms, frees up

Linden Cogeneration Power Complex finalized pricing on its $946,108,254 senior secured first-lien term loan B (Ba3/BB) due June 28, 2023 at Libor plus 325 basis points, the high end of the Libor plus 300 bps to 325 bps talk, according to a market source.

As before, the term loan has a 1% Libor floor, a par issue price and 101 soft call protection for six months.

With terms firmed up, the loan made its way into the secondary market and levels were seen at par ¼ bid, par ¾ offered, a trader added.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to reprice an existing term loan.

Closing is expected on Friday.

Linden Cogeneration is the owner of a natural gas-fired combined-cycle cogeneration project located in Linden, N.J.

Micron hits secondary

Micron Technology’s $740,625,000 senior secured covenant-light term loan B (Baa2/BBB-) due April 26, 2022 began trading too, with levels quoted at par ½ bid, 101 offered on the break and then it moved up to par ¾ bid, 101¼ offered, a trader said.

Pricing on the term loan is Libor plus 200 bps with a 0% Libor floor and it was issued at par. The debt has 101 soft call protection for six months.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to reprice an existing term loan B due 2022 down from Libor plus 250 bps with a 0% Libor floor.

Closing is expected on Thursday.

Micron is a Boise, Idaho-based semiconductor company.

Ineos updated

Back in the primary market, Ineos set the size of its U.S. term loan B (BB+) due March 31, 2024 at $1.66 billion, cut pricing to Libor plus 200 bps from Libor plus 225 bps and firmed the issue price at par, the tight end of the 99.75 to par talk, according to market sources. This tranche still has a 0% Libor floor.

The company also finalized the size of its euro term B (BB+) due March 31, 2024 at €2.06 billion, firmed the floor at 0.5%, the low end of revised talk of 0.5% to 0.75% and down from initial talk of 0.75%, and set the issue price at par, the tight end of the 99.75 to par talk, sources said. This loan remained priced at Euribor plus 200 bps.

Final commitments for the U.S. loan were due at 5 p.m. ET on Wednesday, sources added.

Barclays, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the global coordinators, joint lead arrangers and lead bookrunners on the deal. BMO Capital Markets, Credit Suisse, Deutsche Bank Securities Inc., ING and Lloyds are the joint bookrunners on the deal.

The new term loans will be used with €550 million of notes and cash received from Styrolution to refinance existing secured term loans.

The borrowers are Ineos US Finance LLC and Ineos Finance plc.

Ineos is a Frankfurt-based manufacturer of petrochemicals, specialty chemicals and oil products.

Lumos moves deadline

Lumos Networks accelerated the commitment deadline on its $550 million of senior secured credit facilities (B2) to 5 p.m. ET on Thursday from Friday, a market source said.

The facilities consist of a $65 million five-year revolver talked at Libor plus 325 bps with a 0% Libor floor, and a $485 million seven-year covenant-light first-lien term loan B talked at Libor plus 350 bps to 375 bps with a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Morgan Stanley Senior Funding Inc. and Goldman Sachs Bank USA are leading the deal that will be used to help fund the buyout of the company by EQT Infrastructure for $18.00 per share, resulting in an enterprise value of about $950 million.

Lumos is a Waynesboro, Va.-based fiber-based service provider in the Mid-Atlantic region.

Edelman discloses talk

Edelman Financial Center hosted its lenders’ presentation on Wednesday, launching its $460 million seven-year covenant-light term loan B at talk of Libor plus 450 bps to 475 bps with a 25 bps step-down for an initial public offering, a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, according to a market source.

The company’s $490 million of senior secured credit facilities (B2/B) also include a $30 million five-year revolver.

Commitments are due at 10 a.m. ET on Nov. 3, the source said.

Morgan Stanley Senior Funding Inc., UBS Investment Bank, BMO Capital Markets Corp. and Deutsche Bank Securities Inc. are leading the deal that will be used to refinance existing debt, to fund a distribution to equity holders and to pay related fees and expenses.

Edelman Financial is an independent financial planning firm.

MDVIP reveals guidance

MDVIP came out with talk of Libor plus 375 bps to 400 bps with a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months on its $215 million seven-year first-lien term loan (B) that launched with a bank meeting during the session, a market source remarked.

Commitments are due on Nov. 8, the source added.

The company’s $335 million of credit facilities also include a $25 million revolver (B) and a $95 million eight-year second-lien term loan that has been pre-placed.

Jefferies LLC, Antares Capital and Societe Generale are leading the deal that will be used to help fund the buyout of the company by Leonard Green & Partners.

MDVIP is a provider of membership-based private health care services.

Accuride releases terms

Accuride held its lender call, launching its fungible $90 million add-on term loan B (B) and a repricing of its existing $273 million term loan B (B) at talk of Libor plus 550 bps with a 1% Libor floor and 101 soft call protection for six months, according to a market source.

The add-on term loan B is talked with an original issue discount of 99.5 to 99.75 and the repricing is offered at par, the source said.

Commitments are due on Nov. 3.

RBC Capital Markets is leading the deal.

The incremental loan will be used to fund an acquisition and the repricing will take the existing term loan down from Libor plus 700 bps with a 1% Libor floor.

Accuride is an Evansville, Ind.-based supplier of components to the commercial vehicle industries.

Sage details emerge

Sage Automotive launched on its call a fungible $85 million incremental first-lien term loan due November 2022 talked at Libor plus 525 bps to 550 bps with a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, a market source said.

UBS Investment Bank is leading the deal that will be used to fund a dividend.

Clearlake Capital Group is the sponsor.

Amendment signatures are due on Nov. 1 and new money orders are due on Nov. 3, the source added.

Existing lenders are being offered a 50 bps amendment fee.

Sage Automotive is a Greenville, S.C.-based supplier of specialty designed, high-performance textiles and premium fabrics to the automotive industry.

Radiology Partners on deck

Also in the primary market, Radiology Partners set a bank meeting for Monday to launch $695 million of credit facilities, according to a market source.

The facilities consist of a $40 million revolver, a $505 million term loan and a $150 million delayed-draw term loan, the source said.

Golub Capital is leading the deal that will be used to fund an acquisition and refinance existing debt.

Radiology Partners is an El Segundo, Calif.-based radiology physician practice management company.

Capital Automotive repricing

Capital Automotive scheduled a lender call for 10:30 a.m. ET on Thursday to launch a $1.1 billion term loan B, a market source said.

Barclays is leading the deal that will be used to reprice an existing term loan.

Cashless roll will be available, the source said.

Capital Automotive is a McLean, Va.-based provider of sale-leaseback capital to the automotive retail industry.

Sensata readies deal

Sensata Technologies will hold a lenders’ call at 3 p.m. ET on Thursday to launch an amendment and repricing of its $927,794,128 senior secured term loan B, a market source remarked.

Morgan Stanley Senior Funding Inc. is leading the deal.

Sensata is a producer of sensors and controls for manufacturers in the automotive, appliance, aircraft, industrial and HVAC markets.

Nautilus coming soon

Nautilus Power scheduled a lenders’ call for 3 p.m. ET on Thursday to launch a repricing of its existing $573,562,500 senior secured first-lien term loan B, according to a market source.

Morgan Stanley Senior Funding Inc. is leading the deal.

Nautilus is a Massachusetts-based wholesale power generation and marketing company.

Acrisure joins calendar

Acrisure set a lender call for Thursday to launch a $325 million add-on first-lien term loan and a repricing of its existing $1,846,000,000 first-lien term loan, according to a market source.

Talk on the term debt is Libor plus 450 bps to 475 bps with a 1% Libor floor and 101 soft call protection for six months, the source said. The add-on term loan is talked with an original issue discount of 99.75.

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

The repricing will take the existing term loan down from Libor plus 500 bps with a 1% Libor floor.

Acrisure is a Caledonia, Mich.-based insurance brokerage.

Tecomet plans call

Tecomet scheduled a call for 11 a.m. ET on Thursday to launch a repricing of its existing first-lien term loan from Libor plus 375 bps with a 1% Libor floor, a market source said.

Jefferies LLC is leading the deal.

At closing earlier this year, the term loan was sized at $540 million.

Tecomet is a Wilmington, Mass.-based provider of high precision manufacturing solutions serving global medical device and aerospace and defense original equipment manufacturers.

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