Four Seasons, ClubCorp, Truck Hero, Regal, Mister Car break; Post, CHG, BayMark update deals

By Sara Rosenberg

New York, May 16 – Four Seasons Hotels and Resorts and ClubCorp Club Operations Inc. accelerated the commitment deadlines on their term loans and then broke for trading on Tuesday, and Truck Hero Inc., Regal Cinemas Corp. and Mister Car Wash freed up as well.

Also, Post Holdings Inc. upsized its term loan B, reduced the spread and tightened the original issue discount, and CHG Healthcare Services Inc. firmed pricing on its term loan repricing transaction at the wide side of guidance.

Furthermore, BayMark Health Services Inc. finalized pricing on its credit facilities at the high end of talk, and Hyperion Insurance Group Ltd. increased the size of its add-on euro term loan to reduce the size of its U.S. term loan that is in the process of being repriced.

In addition, SiteOne Landscape Supply Inc. moved up the commitment deadline on its term loan, and Cable & Wireless Communications plc and Tibco Software Inc. released price talk with launch.

And, Fortress Investment Group, Imagine! Print Solutions LLC and CommScope Inc. joined this week’s new issue calendar, and Rough Country nailed down timing on the launch of its first-lien credit facilities.

Four Seasons accelerated, breaks

Four Seasons moved up the commitment deadline for new lender commitments on its $897,750,000 senior secured covenant-light first-lien term loan due Nov. 30, 2023 to noon ET on Tuesday from 5 p.m. ET, according to a market source.

Then, in the afternoon, the loan emerged in the secondary market and levels were quoted at par ¾ bid, 101¼ offered, another source added.

Pricing on the term loan is Libor plus 250 basis points with a 0.75% Libor floor, and it was issued at par. The loan has 101 soft call protection for six months.

Citigroup Global Markets Inc. is leading the deal that will be used to reprice an existing term loan down from Libor plus 300 bps with a 0.75% Libor floor.

Closing is expected on May 31.

Four Seasons is a Toronto-based luxury hotels company.

ClubCorp ups deadline, trades

ClubCorp accelerated the commitment deadline for new lender commitments for its $651 million senior secured covenant-light term loan (Ba3/BB-) due Dec. 15, 2022 to noon ET on Tuesday from 5 p.m. ET, and then by mid-afternoon the debt began trading, with levels quoted at par ¼ bid, par ¾ offered, market sources said.

The term loan is priced at Libor plus 275 bps with a 1% Libor floor and was issued at par. The debt includes 101 soft call protection for six months.

Citigroup Global Markets Inc. is leading the deal that will reprice an existing term loan down from Libor plus 300 bps with a 1% Libor floor.

Closing is expected on May 23.

ClubCorp is a Dallas-based owner and operator of private golf and country clubs and business, sports and alumni clubs.

Truck Hero hits secondary

Truck Hero’s credit facilities freed to trade as well, with the $675 million seven-year covenant-light first-lien term loan (B1/B) quoted at 99¼ bid, 99¾ offered and the $250 million eight-year covenant-light second-lien term loan (Caa1/CCC+) quoted at 99 bid, par offered, a market source remarked.

The first-lien term loan is priced at Libor plus 400 bps with a 1% Libor floor, and it was sold at an original issue discount of 99. The debt has 101 soft call protection for six months.

Pricing on the second-lien term loan is Libor plus 825 bps with a 1% Libor floor, and it was issued at a discount of 98.5. This tranche has hard call protection of 103 in year one, 102 in year two and 101 in year three.

During syndication, the spread on the first-lien term loan firmed at the high end of the Libor plus 375 bps to 400 bps talk. Also, pricing on the second-lien term loan was set at the high end of the Libor plus 800 bps to 825 bps talk and the call protection was revised from 102 in year one and 101 in year two.

Truck Hero revolver

In addition to the first- and second-lien term loans, Truck Hero’s $1,025,000,000 in senior secured credit facilities include a $100 million five-year revolver (B1/B).

Jefferies Finance LLC, Antares Capital, Golub, SunTrust Robinson Humphrey Inc., Natixis and Citizens Bank are leading the deal that will be used to help fund the buyout of the company by CCMP Capital Advisors LLC.

Closing is expected this quarter, subject to customary conditions.

Truck Hero is an Ann Arbor, Mich.-based provider of truck bed covers and other truck and Jeep accessories.

Regal tops par

Regal Cinemas’ $150 million incremental first-lien term loan (Ba1/BB) due April 2022 and repricing of its existing $954 million covenant-light first-lien term loan (Ba1/BB) due April 2022 broke for trading too, with levels on the debt quoted at par ¼ bid, par ½ offered, according to a market source.

The incremental loan and repriced loan are priced at Libor plus 200 bps with a 0% Libor floor and were issued at par. The debt has 101 soft call protection for six months.

On Monday, the issue price on the incremental loan was revised from 99.75, and the Libor floor on all of the debt was lowered from 0.75%.

Credit Suisse Securities (USA) LLC is leading the deal.

Proceeds from the incremental term loan will be used for general corporate purposes, and the repricing will take the existing term loan down from Libor plus 250 bps with a 0.75% Libor floor.

Regal Cinemas is a subsidiary of Regal Entertainment Group, a Knoxville, Tenn.-based motion picture exhibitor.

Mister Car frees up

Mister Car Wash’s $40 million incremental term loan and repriced $434 million term loan also hit the secondary market, with levels seen at par ¼ bid, par ¾ offered, a market source said.

Pricing on the term loan debt is Libor plus 375 bps with a 25 bps step-down at 4 times first-lien leverage and a 1% Libor floor, and it was issued at par. There is 101 soft call protection for six months.

On Monday, the issue price on the incremental loan was modified from 99.75.

Jefferies LLC is leading the deal.

Proceeds from the incremental loan will be used for general corporate purposes and to pay down revolver borrowings, and the repricing will take the existing term loan down from Libor plus 425 bps with a 25 bps step-down and a 1% Libor floor.

Mister Car Wash is a Tucson, Ariz.-based car wash company.

Post reworks loan

Back in the primary market, Post Holdings increased its seven-year first-lien term loan B (Ba2/BB-) to $2.2 billion from $2 billion, cut the spread to Libor plus 225 bps from Libor plus 250 bps and moved the original issue discount to 99.75 from 99.5, according to a market source.

As before, the term loan B has a 0% Libor floor and 101 soft call protection for six months.

Commitments continued to be due at 5 p.m. ET on Tuesday, the source said.

Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch, Barclays, Nomura, Rabobank, J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc., UBS Investment Bank, SunTrust Robinson Humphrey Inc., BMO Capital Markets, RBC Capital Markets, Goldman Sachs Bank USA, Co-Bank, PNC and HSBC Securities (USA) Inc. are leading the loan.

Post, a St. Louis-based cereal, food and nutrition company, will used the new debt to help fund the £1.4 billion acquisition of Weetabix Ltd. from Bright Food Group and Baring Private Equity Asia and to fund tender offers for $800 million of 7¾% senior notes due 2024 and $400 million of 8% senior notes due 2025.

CHG sets spread

CHG Healthcare Services finalized pricing on its $1.12 billion term loan at Libor plus 325 bps, the high end of the Libor plus 300 bps to 325 bps talk, according to a market source.

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

Signatures continue to be due on Wednesday, the source said.

Jefferies Finance LLC is leading the deal that will be used to reprice an existing term loan down from Libor plus 375 bps with a 1% Libor floor.

CHG is a Salt Lake City-based health care staffing firm.

BayMark firms terms

BayMark Health Services set the spread on its $20 million five-year revolver, $133 million six-year term loan B and $60 million delayed-draw six-year term loan at Libor plus 475 bps, the high end of the Libor plus 450 bps to 475 bps talk, a market source said.

The revolver has no floor, the term loans have a 1% Libor floor and 101 soft call protection for six months, and all of the tranches have an original issue discount of 99.

Capital One is leading the $213 million in credit facilities that will be used to refinance existing debt and for working capital, and the delayed-draw term loan will be used for acquisition financing.

Allocations went out on Tuesday, the source added.

BayMark, a Webster Capital portfolio company, is a Lewisville, Texas-based behavioral health provider specializing in opioid treatment services.

Hyperion revised

Hyperion Insurance Group raised its add-on euro senior secured first-lien term loan B due April 29, 2022 to €150 million from €100 million, with the extra funds to be used to pay down an existing U.S. senior secured first-lien term loan B due April 29, 2022 to about $800 million from $854,390,863 in connection with a repricing from Libor plus 450 bps with a 1% Libor floor, a market source remarked.

Also, pricing on the add-on euro loan was cut to Euribor plus 400 bps from talk of Euribor plus 425 bps to 450 bps and the issue priced finalized at par, the tight end of the 99.75 to par talk, the source continued.

As before, the U.S. loan repricing is talked at Libor plus 400 bps with a 1% Libor floor and a par issue price, the euro loan has a 0% floor, and both loans have 101 soft call protection for six months.

Morgan Stanley Senior Funding Inc. and Lloyds are leading the deal.

In addition to the U.S. loan paydown, the add-on euro term loan will be used to repay outstanding revolver borrowings, to fund near-term acquisitions and for general corporate purposes.

Consents are due at 10 a.m. UK time on Wednesday, the source added.

Hyperion is a London-based insurance intermediary group.

SiteOne tweaks deadline

SiteOne Landscape Supply accelerated the commitment deadline on its $297 million covenant-light term loan due April 2022 to end of day on Tuesday from 5 p.m. ET on Thursday, a market source said.

Talk on the term loan is Libor plus 350 bps with a 1% Libor floor, a par issue price and 101 soft call protection for six months.

UBS Investment Bank is leading the deal that will be used to reprice an existing term loan down from Libor plus 450 bps with a 1% Libor floor.

SiteOne is a Roswell, Ga.-based distributor of wholesale irrigation, landscape lighting, nursery, hardscapes, maintenance products and supplies for the green industry.

Cable & Wireless guidance

Also in the primary market, Cable & Wireless Communications held its bank meeting on Tuesday morning, launching its $1,125,000,000 covenant-light term loan B due January 2025 at talk of Libor plus 325 bps to 350 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, according to a market source.

Commitments are due on Friday, the source added.

Bank of America Merrill Lynch, Bank of Nova Scotia, BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Goldman Sachs Bank USA are leading the deal that will be used to refinance existing debt.

Cable & Wireless is a London-based telecommunications company owned by Liberty Global.

Tibco reveals talk

Tibco Software came out with price talk of Libor plus 450 bps with a 1% Libor floor and a par issue price on its $150 million add-on term loan that launched with a morning call, a market source remarked.

Commitments were due at 5 p.m. ET on Tuesday, the source added.

KKR Capital Markets and Jefferies Finance LLC are leading the deal that will be used for general corporate purposes.

Tibco is a Palo Alto, Calif.-based infrastructure and business intelligence software company.

Fortress readies deal

Fortress Investment Group set a bank meeting for 2 p.m. ET in New York on Wednesday to launch $1.49 billion in credit facilities, according to a market source.

The facilities consist of a $90 million 4.5-year revolver and a $1.4 billion five-year covenant-light term loan B that includes 101 soft call protection for six months, the source said.

Commitments are due on June 1.

Deutsche Bank Securities Inc. is leading the will be used with $1,775,000,000 in equity from Softbank Group Corp. and cash from Fortress’ balance sheet to fund the acquisition of Fortress by Softbank for about $3.3 billion in cash.

Closing is expected in the second half of this year subject to regulatory approvals and other customary conditions.

Fortress is a New York-based alternative asset management firm.

Imagine! on deck

Imagine! Print Solutions scheduled a bank meeting for 3 p.m. ET in New York on Thursday to launch $485 million in senior secured term loans, a market source remarked.

The debt is split between a $375 million five-year first-lien term loan and a $110 million six-year second-lien term loan, the source added.

RBC Capital Markets LLC and Societe Generale are leading the deal that will be used to refinance an existing term loan B and fund a special dividend.

Oak Hill Capital Management LLC is the sponsor.

Imagine! is a Minneapolis-based provider of printed in-store marketing solutions.

CommScope joins calendar

CommScope surfaced with plans to hold a lender call on Wednesday to launch a repricing of its $1,096,000,000 term loan B from Libor plus 250 bps with a 0.75% Libor floor, a market source said.

Wells Fargo Securities LLC and J.P. Morgan Securities LLC are leading the deal.

CommScope is a Hickory, N.C.-based provider of infrastructure services for communication networks.

Rough Country timing

Rough Country set a bank meeting for May 23 to launch its previously announced $225 million in first-lien credit facilities led by Golub Capital, according to a market source.

The first-lien facilities include a $20 million revolver and a $205 million covenant-light first-lien term loan.

Proceeds will be used with an $85 million privately placed second-lien term loan led by Carlyle Private Credit to help fund the buyout of the company by Gridiron Capital from Audax Private Equity.

Rough Country is a Dyersburg, Tenn.-based supplier of aftermarket suspension lift kits and components to the off road SUV and light truck enthusiast market.

Hargray closes

In other news, the acquisition of Hargray Communications Group Inc. by Tom Pritzker Family Business Interests, Redwood Capital Investments, Stephens Capital Partners and management has been completed, according to a news release.

To help fund the transaction, Hargray got $480 million in credit facilities (B2/B+) that include a $30 million revolver and a $450 million seven-year covenant-light term loan B.

The term loan is priced at Libor plus 300 bps with a 25 bps step-down at 4.75 times secured net leverage and a 1% Libor floor. The debt was sold at an original issue discount of 99.75 and includes 101 soft call protection for six months.

During syndication, pricing on the term loan was reduced from Libor plus 350 bps, the step-down was added and the discount was changed from 99.5.

Credit Suisse Securities (USA) LLC, SunTrust Robinson Humphrey Inc. and Antares Holdings led the deal.

Hargray is a Hilton Head Island, S.C.-based broadband communications and entertainment provider.

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