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Published on 2/28/2012 in the Prospect News Bank Loan Daily.

Bank Loan Calendar: $24.9439 billion deals being marketed

March Bank Meetings

ISTAR FINANCIAL INC.: Bank meeting March 1; $900 million of senior secured term loans; Barclays; $500 million first-out four-year term A-1; $400 million second-out five-year term A-2; refinance 2012 unsecured debt maturities; New York-based finance and investment company focused on the commercial real estate industry.

Upcoming Closings

ACCO BRANDS CORP.: $920 million senior secured credit facility (Ba2/BB+/BB+); Barclays, Bank of America and BMO; $250 million five-year revolver talked at Libor plus 300 bps; $300 million five-year term A talked at Libor plus 300 bps; $370 million seven-year term B at Libor plus 325 bps, 1% Libor floor, OID 99, 101 soft call; help fund merger with MeadWestvaco Corp.'s consumer & office products business and refinance existing debt; Lincolnshire, Ill., office supply manufacturer.

ASPEN DENTAL MANAGEMENT INC.: $127.4 million term B (B2/B) due Oct. 6, 2016 talked at Libor plus 525 bps to 550 bps, 1.5% Libor floor, OID 981/2; UBS and GE; fund a dividend; East Syracuse, N.Y., provider of denture and dental care services.

ASSOCIATED ASPHALT: $280 million credit facility (B2/B+); KeyBanc, Nomura and Fifth Third; $90 million five-year revolver; $170 million six-year term B talked at Libor plus 550 bps to 575 bps, 1.5% Libor floor, OID 98; $20 million six-year delayed-draw for six months term B talked at Libor plus 550 bps to 575 bps, 1.5% Libor floor, OID 98; help fund buyout by Goldman Sachs Capital Partners; Roanoke, Va., supplier of liquid asphalt to the paving industry.

ATP OIL & GAS CORP.: $140 million incremental senior secured first-lien term loan at Libor plus 750 bps, 1.5% Libor floor, OID 99; Credit Suisse; general corporate purposes; Houston-based offshore oil and gas development and production company.

BI-LO LLC: $700 million senior secured asset-based revolver talked at Libor plus 200 bps; Citigroup and Deutsche Bank; help fund acquisition of Winn-Dixie Stores Inc.; Greenville, S.C., operator of supermarkets.

BJ'S WHOLESALE CLUB INC.: $1.075 billion first-lien term loan (B1) talked at Libor plus 400 bps to 425 bps, 1.25% Libor floor; Deutsche Bank; repricing existing loan; Westborough, Mass., operator of warehouse clubs.

CAPITAL AUTOMOTIVE: $200 million add-on term B due March 2017 at Libor plus 375 bps, 1.5% Libor floor, OID 99; Barclays; repay some preferred equity; McLean, Va., provider of sale-leaseback capital to the automotive retail industry.

CENTAUR LLC: $240 million credit facility (B2/B+); Credit Suisse and Macquarie; $10 million five-year revolver talked at Libor plus 575 bps; $230 million six-year term loan talked at Libor plus 575 bps, 1.25% Libor floor, OID 98, 101 soft call; refinance existing debt; Indianapolis-based casino operator.

COLONIAL MANAGEMENT: $69 million credit facility; SunTrust; $3 million revolver talked at Libor plus 225 bps; $66 million term loan talked at Libor plus 225 bps; refinance existing debt and general corporate purposes; Florida-based operator of methadone clinics.

COMMSCOPE INC.: $992.5 million term B (Ba3/BB) due Jan. 14, 2018 talked at Libor plus 325 bps, 1% Libor floor, OID 99, 101 soft call; JPMorgan; refinance existing term B; Hickory, N.C., provider of infrastructure services for communication networks.

COMMUNITY HEALTH SYSTEMS INC.: $1.2 billion 4½ year credit facility (Ba3/BB); Credit Suisse, Bank of America, Citigroup, JPMorgan, Wells Fargo, California Bank, RBC and SunTrust; $700 million revolver talked at Libor plus 250 bps, 50 bps unused fee; $500 million term A talked at Libor plus 250 bps; pay down non-extended loans; Nashville, Tenn., operator of hospitals.

EMI MUSIC PUBLISHING: $1.225 billion senior secured credit facility (Ba3/BB-); UBS; $75 million five-year revolver at Libor plus 475 bps, 75 bps unused fee, 1.25% Libor floor; $1.15 billion six-year term B at Libor plus 425 bps, 1.25% Libor floor, OID 99, 101 soft call; help fund purchase of EMI Music Publishing by Sony Corp. of America, the Estate of Michael Jackson, Mubadala Development Co. PJSC, Jynwel Capital Ltd., GSO Capital Partners LP and David Geffen from Citigroup Inc.; New York-based owner and administrator of copyrights by artists.

ENERGY TRANSFER EQUITY LP: Expected close week of March 19; $2.25 billion five-year senior secured term B (Ba2/BB-) talked at Libor plus 350 bps, 1% Libor floor, OID 981/2, 101 soft call; Credit Suisse, Wells Fargo, BNP Paribas, RBS and SunTrust; help fund acquisition of Southern Union Co.; Dallas-based energy-related services company.

EVERYWARE: $225 million credit facility; Barclays leading term B, Wells Fargo leading revolver; $150 million six-year term B (B3/B) talked at Libor plus 700 bps, 1.5% Libor floor, OID 98, 101 soft call; $75 million five-year ABL revolver; refinance existing debt and pay dividend in connection with the formation of the company through merger of Oneida Ltd. and Anchor Hocking Co.; tabletop brand, and manufacturer and marketer of foodservice and retail glassware.

FREESCALE SEMICONDUCTOR INC.: $500 million senior secured seven-year incremental term B (B1/B/B-) at Libor plus 475 bps, 1.25% Libor floor, OID 99, 101 soft call; JPMorgan and Citigroup; refinance notes; Austin, Texas, designer and manufacturer of embedded semiconductors.

FREIF NORTH AMERICAN POWER I: $243 million credit facility (Ba3/BB-); Deutsche Bank, Barclays, Citigroup and Macquarie; $210 million seven-year term loan talked at Libor plus 450 bps, 1.5% Libor floor, OID 98, 101 call protection; $33 million seven-year letter of credit facility talked at Libor plus 450 bps, OID 98; help fund acquisition by First Reserve Corp. and CalPERS of a diversified portfolio of U.S. contracted natural gas fired power generation plants from Arclight Capital.

GO DADDY OPERATING CO. LLC: $748 million senior secured term loan talked at Libor plus 425 bps, 1.25% Libor floor, 101 soft call; Barclays, Deutsche Bank and RBC; refinance/reprice existing term loan; Scottsdale, Ariz., provider of web hosting and domain names.

GRAPHIC PACKAGING INTERNATIONAL INC.: $2 billion credit facility (Ba2/BBB); Bank of America, SunTrust, Citigroup, Goldman Sachs and JPMorgan; $800 million revolver talked at Libor plus 225 bps; $800 million term A talked at Libor plus 225 bps; $400 million term B (not launched yet); refinance existing debt; Marietta, Ga., provider of packaging services.

GREAT ATLANTIC & PACIFIC TEA CO. INC.: $645 million five-year exit facility; JPMorgan and Credit Suisse; $375 million ABL revolver; $270 million term loan (B3) at Libor plus 900 bps, 2% Libor floor, OID 96, non-call two, 1021/2; repay DIP and for general corporate purposes; Montvale, N.J., operator of supermarkets.

HAWAIIAN TELCOM: $300 million five-year first-lien term B (B1) at Libor plus 575 bps, 1.25% Libor floor, OID 981/2, 102, 101 soft call; Credit Suisse; refinance an existing term loan; Honolulu, Hawaii, provider of integrated communications services.

HYLAND SOFTWARE: $80 million incremental first-lien term loan (B2/B+) talked at Libor plus 475 bps, 1.25% Libor floor, OID 99; Credit Suisse; fund a dividend; Westlake, Ohio, enterprise content management software vendor.

LATSHAW DRILLING & EXPLORATION: $100 million ABL revolver at Libor plus 275 bps; SunTrust; refinance existing debt and for general corporate purposes; Tulsa, Okla., driller of oil and natural gas wells.

MOHEGAN TRIBAL GAMING AUTHORITY: $700 million credit facility; Wells Fargo, Bank of America and Credit Suisse; $225 million last-out, first-loss term loan (B3) at Libor plus 750 bps, 1.5% Libor floor, OID 98, non-call two; $200 million revolver due March 31, 2015; $275 million term A due March 31, 2015; refinance existing debt; Uncasville, Conn., operator of gaming and entertainment enterprises.

NORANDA ALUMINUM HOLDING CORP.: $575 million credit facility; Bank of America, Citigroup, UBS, Barclays, Credit Suisse and Goldman; $325 million seven-year term loan (Ba2) at Libor plus 450 bps, 1.25% Libor floor, OID 991/4, 101 soft call; $250 million five-year ABL revolver at Libor plus 175 bps; refinance existing debt and fund a dividend; Franklin, Tenn., producer of value-added primary aluminum products and rolled aluminum coils.

NXP SEMICONDUCTORS: Expected close on or by March 19; $475 million seven-year incremental term B (B2/B+) talked at Libor plus 400 bps, 1.25% Libor floor, OID 981/2, non-call one, 101; Morgan Stanley and Bank of America; refinance senior notes; Eindhoven, Netherlands, provider of mixed-signal products and semiconductor components.

RAILAMERICA INC.: $585 million seven-year senior secured term loan (B1/BB+) at Libor plus 300 bps, 1% Libor floor, OID 991/2, 101 soft call; Morgan Stanley, Citigroup, Deutsche Bank and BMO; help fund notes tender offer; Jacksonville, Fla., owner and operator of short-line and regional freight railroads.

RCN: $125 million add-on term loan B due August 2016 talked at Libor plus 450 bps, 2% Libor floor, OID 99; SunTrust, GE Capital and TD Securities; fund a dividend; Herndon, Va., broadband services provider.

REXNORD LLC: $1.13 billion credit facility (Ba3/BB-); Credit Suisse, Deutsche Bank, Bank of America, Barclays, Goldman Sachs, BMO and Sumitomo; $180 million five-year revolver talked at Libor plus 425 bps, 1% Libor floor, OID 99; $950 million six-year first-lien term loan talked at Libor plus 425 bps, 1% Libor floor, OID 99, 101 soft call; refinance existing term loan and revolver debt; Milwaukee-based industrial company.

SEMTECH CORP.: $350 million of five-year term loans (Ba2); Jefferies; $100 million term A at Libor plus 300 bps, step-down to Libor plus 275 bps at 1.5x gross leverage, OID 991/2; $250 million term B talked at Libor plus 325 bps to 350 bps, 1.25% Libor floor, OID 99; help fund acquisition of Gennum Corp.; Camarillo, Calif., supplier of analog and mixed-signal semiconductors.

SLEEPY'S INTERMEDIATE LLC: $170 million seven-year first-lien term loan talked at Libor plus 600 bps, 1.25% Libor floor, OID 98, 101 soft call; Credit Suisse; refinance existing debt and pay a dividend; specialty mattress retailer.

SWIFT TRANSPORTATION CO.: $1.274 billion credit facility; Bank of America, Morgan Stanley and Wells Fargo; $400 million revolver due Sept. 21, 2016; $200 million term B-1 (BB) due Dec. 21, 2016 talked at Libor plus 375 bps to 400 bps, OID 993/4, 101 soft call; $674 million term B-2 (BB) due Dec. 15, 2017 talked at Libor plus 375 bps to 400 bps, 1.25% Libor floor, OID 993/4, 101 soft call; reprice and extend the maturities of existing senior secured credit facility; Phoenix-based transportation services company and truckload carrier.

TI GROUP AUTOMOTIVE LLC: $550 million six-year term B talked at Libor plus 550 bps, 1.25% Libor floor, OID 97, 101 soft call; JPMorgan; refinance existing term loan and fund a dividend; Auburn Hills, Mich., automotive supplier focused on fluid storage, transfer and delivery technology.

TROPICANA ENTERTAINMENT INC.: $175 million six-year first-lien term B (B2/BB+) at Libor plus 600 bps, 1.5% Libor floor, OID 98, 101 soft call; UBS; refinance existing debt and add cash to balance sheet; Las Vegas-based owner and operator of casino gaming properties.

UNIVERSAL AMERICAN CORP.: $200 million senior secured credit facility; Bank of America; $50 million revolver; $150 million term loan; help fund acquisition of APS Health-care Inc.; Rye Brook, N.Y., provider of health benefits to people with Medicare.

VANTIV LLC: Up to $1.6 billion credit facility (Ba2); JPMorgan, Morgan Stanley, Credit Suisse and Fifth Third; $250 million five-year revolver talked at Libor plus 225 bps, 50 bps unused fee; $1 billion five-year term A talked at Libor plus 225 bps; $250 million to $350 million seven-year term B talked at Libor plus 300 bps, 1% Libor floor, OID 99; refinance existing debt; Cincinnati-based integrated payment processor serving merchants and financial institutions.

WCA WASTE CORP.: $375 million credit facility; Credit Suisse and Macquarie; $100 million five-year revolver talked at Libor plus 500 bps, 1.25% Libor floor, OID 981/2; $275 million six-year term loan talked at Libor plus 500 bps, 1.25% Libor floor, OID 981/2, 101 soft call; refinance debt in connection with buyout by Macquarie Infrastructure Partners II; Houston-based non-hazardous solid-waste services company.

WEIGHT WATCHERS INTERNATIONAL INC.: Up to $1.5 billion term loans; JPMorgan, Credit Suisse, Bank of America and Scotia Capital; $900 million to $1 billion term E due March 2017 talked at Libor plus 225 bps to 250 bps; $500 million to $600 million term F due March 2019 talked at Libor plus 275 bps to 300 bps, 1% Libor floor, OID 99; fund repurchase of common stock and amend and existing loan; New York-based provider of weight-management services.

On The Horizon

ANGIODYNAMICS: $200 million five-year credit facility; JPMorgan; Bank of America, KeyBanc; $150 million term loan expected at Libor plus 250 bps; $50 million revolver; help fund acquisition of Navilyst Medical from Avista Capital Partners; Latham, N.Y., provider of medical devices.

EP ENERGY CORP.: $2 billion reserve-based revolver; JPMorgan, Citigroup, Credit Suisse, Deutsche Bank, BMO, RBC, UBS and Nomura; help fund buyout by Apollo Global Management LLC, Riverstone Holdings LLC, Access Industries Inc. and other investors from El Paso Corp.; Houston-based oil and natural gas exploration and production company.

GLOBEOP FINANCIAL SERVICES: New credit facility; Credit Suisse and UBS; help fund buyout by TPG; London and New York-based provider of business process outsourcing, financial technology services and analytics.

KAYDON CORP.: New credit facility; revolver; term loan; help fund special cash dividend to shareholders; Ann Arbor, Mich.-based designer and manufacturer of custom engineered, performance-critical products, supplying alternative energy, military, industrial, aerospace, medical and electronic equipment and aftermarket customers.

PEP BOYS - MANNY, MOE & JACK: $875 million credit facility; Credit Suisse (left on term loans), Barclays and Wells Fargo (left on revolver); $325 million asset-based revolver; $425 million first-lien term loan; $125 million second-lien term loan; help fund buyout by Gores Group; Philadelphia-based automotive aftermarket chain.

QUICKSILVER PRODUCTION PARTNERS LP: New revolver; in connection with initial public offering of common units; help pay a contribution to Quicksilver; Fort Worth, Texas, owner and acquirer of oil and gas properties.

VENOCO INC.: New bank borrowings; help fund buyout by Timothy M. Marquez, chairman and chief executive officer; Denver-based energy company.

VOXX INTERNATIONAL CORP.: New credit facility; Wells Fargo; revolver; term loan; help fund acquisition of Car Communication Holding GmbH; Hauppauge, N.Y., automotive and consumer electronics and accessories company.

WESTERN DIGITAL CORP.: $3 billion senior unsecured credit facility; Bank of America; $500 million revolver; $2.5 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.

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


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