Nielsen, Playa Resorts, Utility One, Cedar Fair update deals, break; CityCenter reworks loan

By Sara Rosenberg

New York, April 7 – Nielsen Finance LLC upsized its term loan B-4, and Playa Resorts Holding BV firmed pricing on its term loan B at the low end of talk while modifying the issue price, and then both of these loans freed up for trading on Friday.

Also, Utility One Source (UOS LLC) increased the size of its term loan B and tightened the spread and original issue discount, and Cedar Fair LP raised the size of its term loan B and revised the issue price, and then these loans made their way into the secondary market as well.

In addition, CityCenter Holdings LLC reduced the spread on its term loan, and Tempo Acquisition LLC released price talk on its term loan B in connection with its bank meeting.

Furthermore, Nomad Foods Ltd., Michael Baker International and StandardAero Aviation Holdings Inc. surfaced with new deal plans.

Nielsen upsizes, trades

Nielsen Finance raised its covenant-light term loan B-4 due Oct. 4, 2023 to $2.25 billion from $1,890,500,000 and left pricing at Libor plus 200 basis points with a 0% Libor floor and a par issue price, a market source said.

The loan still has 101 soft call protection for six months.

With final terms in place, the term loan B-4 made its way into the secondary market on Friday afternoon, and levels were quoted at par 1/8 bid, par ½ offered, another source added.

Citigroup Global Markets Inc. is leading the deal that will be used to reprice an existing term loan B-3 from Libor plus 250 bps with no Libor floor and funds from the upsizing will be used to repay a portion of a term loan A.

Closing is expected on Thursday.

Nielsen Finance is a New York- and Netherlands-based provider of information and insights into what consumers watch and buy.

Playa tweaked, frees up

Playa Resorts finalized pricing on its $530 million seven-year covenant-light term loan B (B2/BB-) at Libor plus 300 bps, the low end of the Libor plus 300 bps to 325 bps talk, tightened the original issue discount to 99.75 from 99.5 and removed the 18-month MFN sunset, a market source remarked.

The term loan still has a 1% Libor floor and 101 soft call protection for six months.

Recommitments were due at 11 a.m. ET and then later in the day the loan broke for trading, with levels quoted at par ¼ bid, par ¾ offered, another source added.

Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Citigroup Global Markets Inc. and Nomura are leading the deal that will be used to refinance an existing term loan and to pay down a portion of the company’s existing senior notes.

Closing is expected during the week of April 24.

Playa Resorts is a Fairfax, Va.-based owner, operator, and developer of all-inclusive resorts.

Utility One revised, breaks

Utility One Source lifted its six-year covenant-light first-lien term loan B to $470 million from $450 million, trimmed pricing to Libor plus 550 bps from Libor plus 625 bps and changed the original issue discount to 99 from 98.5, according to a market source.

As before, the term loan has a 1% Libor floor and call protection of non-callable for one year, then hard call protection of 102 in year two.

The company’s now $570 million in credit facilities also include a $100 million revolver.

Recommitments were due at noon ET on Friday and then the term loan B began trading in the afternoon, with levels quoted at par bid, 101 offered, a trader remarked.

Morgan Stanley Senior Funding Inc., Citigroup Global Markets Inc. and RBC Capital Markets are leading the deal that will refinance existing debt and, due to the upsizing, fund further investments in rental fleet.

Closing is expected in mid-to-late April.

Utility One is a Kansas City, Mo.-based provider of equipment and service solutions to the utility and infrastructure sectors.

Cedar Fair modified, trades

Cedar Fair upsized its term loan B to $750 million from $650 million and moved the issue price to par from 99.75, according to a market source.

The loan is still priced at Libor plus 225 bps with a 0% Libor floor and has 101 soft call protection for six months.

Recommitments were due at noon ET and then the term loan B began trading later in the day, with levels quoted at par 3/8 bid, par 7/8 offered, a trader added.

J.P. Morgan Securities LLC is leading the deal that will be used to refinance existing debt and for general corporate purposes.

Cedar Fair is a Sandusky, Ohio-based regional amusement-resort operator.

CityCenter flexes lower

CityCenter Holdings lowered pricing on its $1.6 billion term loan (BB-) to Libor plus 250 bps from Libor plus 275 bps and eliminated the 18-month MFN sunset, a market source remarked.

As before, the term loan has a 0.75% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Recommitments were due at 4:30 p.m. ET on Friday, the source added.

Bank of America Merrill Lynch is leading the deal that will be used to refinance an existing term loan, to fund a $350 million dividend and to pay related fees and expenses.

The company is also seeking an upsized $125 million revolver.

CityCenter, which is 50% owned by a wholly owned subsidiary of MGM Resorts International and 50% owned by Infinity World Development Corp., is an urban mixed-use development on the Las Vegas Strip.

Tempo details surface

Also in the primary market, Tempo Acquisition held its bank meeting on Friday, at which time lenders were presented with a $2.44 billion term loan B (B1/B) talked at Libor plus 325 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, a market source said.

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

Bank of America Merrill Lynch, Barclays, Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Macquarie Capital (USA) Inc., Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA, RBC Capital Markets and CIBC are leading the deal that will be used with equity to help fund the acquisition of Aon plc’s technology-enabled benefits and human resources platform by Blackstone for cash consideration of up to $4.8 billion, including $4.3 billion at closing and additional consideration of up to $500 million based on future performance.

Closing on the acquisition is expected by the end of the second quarter.

Nomad readies deal

Nomad Foods emerged with plans to hold a bank meeting in London on Monday and a bank meeting at 10 a.m. ET in New York on Tuesday to launch €1.05 billion-equivalent in senior secured credit facilities (B1), according to market sources.

The Feltham, England-based frozen foods company’s facilities consist of an €80 million six-year revolver, a €470 million-equivalent ($510 million) U.S. dollar seven-year covenant-light term loan B and a €500 million seven-year covenant-light term loan B, sources said.

Included in the term loans is 101 soft call protection for six months.

Goldman Sachs and UBS are the global coordinators on the U.S. loan and bookrunners with Credit Suisse and Deutsche Bank. Credit Suisse and Deutsche Bank are the physical bookrunners on the euro loan and bookrunners with Goldman Sachs and UBS. Credit Suisse is the administrative agent.

Commitments are due on April 21, sources added.

Proceeds will be used with €500 million in senior secured notes to refinance existing euro and sterling denominated term loans and floating-rate senior secured notes due 2020, and to pay related fees and expenses.

Michael Baker coming soon

Michael Baker set a bank meeting for Tuesday to launch a $450 million term loan B, a market source said.

Barclays is the left lead on the deal that will be used to refinance an existing $125 million ABL revolver due 2018, fund a tender offer $350 million 8.25% senior secured notes due 2018, repay $8 million PMC subordinated notes due 2018, and repay about $4 million of certain HoldCo debt and preferred equity.

Michael Baker is a Pittsburgh-based provider of engineering, development, intelligence and technology solutions.

StandardAero on deck

StandardAero Aviation scheduled a lender call for 1 p.m. ET on Tuesday to launch a fungible $240 million incremental term loan, a market source remarked.

Jefferies Finance LLC is leading the deal that will be used to fund the acquisition of PAS International Holdings, to repay debt and for general corporate purposes.

StandardAero is a Scottsdale, Ariz.-based provider of aircraft engine maintenance, repair and overhaul services. PAS is a high technology components provider for the aerospace, oil and gas, and industrial gas turbine markets.

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