Century Casinos accelerates commitment deadline; Help at Home, Houghton ready deals

By Sara Rosenberg

New York, March 22 – In the primary market on Tuesday, Century Casinos Inc. moved up the commitment deadline for its term loan B.

Also, Help at Home (HAH Group Holding Co. LLC) and Houghton Mifflin Harcourt Co. joined this week’s new issue calendar.

Century tweaks timing

Century Casinos changed the commitment deadline for its $350 million seven-year covenant-lite term loan B (B3/B) to 11 a.m. ET on Wednesday from Friday, a market source remarked.

Talk on the term loan is SOFR+CSA plus 575 basis points with a 0.75% floor, an original issue discount of 98 and 101 hard call protection for one year.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

The company is also getting a $30 million five-year super priority revolver (Ba3/BB-).

Goldman Sachs Bank USA and BofA Securities Inc. are leading the deal that will be used with balance sheet cash to support the acquisition of 100% of Nugget Sparks LLC and 50% of Smooth Bourbon LLC from Marnell Gaming LLC for $195 million, refinance existing debt and fund development capital expenditures.

Net leverage is expected to be 3.1x.

Closing on the financing is anticipated on April 1.

Century Casinos is a Colorado Springs, Colo.-based casino entertainment company.

Help at Home on deck

Help at Home set a lender call for 1 p.m. ET on Wednesday to launch a non-fungible $205 million incremental first-lien term loan due Oct. 29, 2027 that is talked at SOFR+CSA plus 500 bps with a 1% floor, according to a market source.

Jefferies LLC, Barclays and UBS Investment Bank are leading the deal, which will be used to fund the acquisition of Edison Home Health Care and Preferred Home Care of New York.

Help at Home is a Chicago-based provider of home care and support to the elderly and people with disabilities in their homes and community-based settings.

Houghton timing emerges

Houghton Mifflin Harcourt scheduled a lender call for 11 a.m. ET on Wednesday to launch its previously announced $1.48 billion seven-year first-lien term loan, a market source said.

The first-lien term loan has 101 soft call protection for six months, the source added.

BofA Securities Inc., JPMorgan Chase Bank, Deutsche Bank Securities Inc., Macquarie Capital (USA) Inc., Citizens Bank, Goldman Sachs Bank USA and Mizuho are leading the first-lien loan.

The company is also getting a $390 million privately placed eight-year second-lien term loan via arrangers JPMorgan, BofA Securities, Deutsche Bank and Macquarie.

And, based on the commitment letter, the company is also expected to get an up to $250 million five-year revolver.

The credit facilities will be used with $1.524 billion of equity to fund the buyout of the company by Veritas Capital for $21 in cash per share, which implies an equity value of about $2.8 billion, and to refinance existing debt.

Closing is expected in the second quarter, subject to regulatory approvals and customary conditions.

Houghton Mifflin is a Boston-based learning technology company.

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