Brickman, Patriot Coal, One Call, NPC break; Walter Investment, Alexander tweak deadlines

By Sara Rosenberg

New York, Dec. 11 - Brickman Group's credit facility made its way into the secondary market on Wednesday, with both the first- and second-lien term loans seen above their original issue discount prices, and Patriot Coal Corp., One Call Care Management and NPC International Inc. freed up too.

Over in the primary, Walter Investment Management Corp. and Alexander Mann Solutions (Violin Newco Ltd.) accelerated the commitment deadlines on their credit facilities, Spectrum Brands Holdings Inc. reduced its U.S. term loan size while increasing its euro loan amount and adjusting the floor and discount, and Sheridan Holdings Inc. upsized its second-lien loan, cut pricing and modified call premiums.

Also, Answers Corp. raised coupons on its first- and second-lien loans and shortened maturities, Sesac firmed the spread on its first-lien term loan at the low end of guidance, Remington Outdoor Co. modified the original issue discount on its add-on debt, and Manitowoc Co. Inc. reduced pricing, revised the offer price and extended the call protection on its B loan.

Furthermore, TransUnion Corp. finalized the offer price on its incremental term loan at the low end of guidance, Endo Health Solutions Inc. lifted its term loan B size and decreased pricing, Pelican Products Inc. reverse flexed pricing on its term loan, Crown Holdings Inc. upsized its facility, and GCA Services Group Inc., Air Medical Group Holdings Inc., Allison Transmission Holdings Inc. and Alcatel-Lucent USA Inc. came to market with new deals.

Brickman frees up

Brickman's credit facility broke for trading on Wednesday, with the $735 million seven-year first-lien term loan B (B1/B) quoted by one trader at par ½ bid, 101 offered and by a second trader at par 7/8 bid, 101¼ offered, and the $235 million eight-year second-lien term loan (Caa1/CCC+) quoted by the first trader at 101¾ bid, 102¼ offered and by the second trader at 102¼ bid, 103 offered, according to a market source.

Pricing on the first-lien term loan is Libor plus 300 basis points with a step-down to Libor plus 275 bps at 4 times first-lien leverage. There is a 1% Libor floor and 101 soft call protection for six months, and the debt was issued at an original issue discount of 991/2.

The second-lien loan is priced at Libor plus 650 bps with a 1% Libor floor and was sold at a discount of 991/2. This tranche has hard call protection of 102 in year one and 101 in year two.

Earlier in the week, pricing on the first-lien term loan B firmed at the low end of the Libor plus 300 bps to 325 bps talk and the step-down was added, and pricing on the second-lien term loan finalized at the tight end of the Libor plus 650 bps to 675 bps talk and the discount was revised from 99.

Brickman getting revolver

In addition to the term loans, Brickman's $1.08 billion senior secured credit facility includes a $110 million five-year revolver (B1/B) priced at Libor plus 300 bps with no Libor floor, after also firming recently at the low end of the Libor plus 300 bps to 325 bps talk.

Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, RBC Capital Markets, Mizuho Bank, KKR Capital Markets LLC, Macquarie Capital (USA) Inc., Sumitomo Mitsui and UBS Securities LLC are leading the deal.

Proceeds will be used to help fund the $1.6 billion buyout of the company by KKR from Leonard Green & Partners LP and other shareholders, which is expected close on Dec. 18, subject to customary conditions.

Brickman is a Rockville, Md.-based provider of landscape maintenance and snow removal services.

Patriot Coal tops OID

Patriot Coal's $250 million first-lien second-out term loan (B3) began trading too, with levels quoted at par bid, 101 offered, a trader said.

Pricing on the loan is Libor plus 800 bps with a 1% Libor floor and it was sold at a discount of 98. The debt has hard call protection of 102 in year one and 101 in year two.

During syndication, pricing on the loan was increased from talk of Libor plus 725 bps to 775 bps and the discount widened from 99.

The company's $576 million five-year credit facility, which is expected to close on Dec. 18, also includes a $125 million asset-based revolver and a $201 million first-lien, first-out letter-of-credit facility.

Barclays and Deutsche Bank Securities Inc. are leading the deal, with Barclays the agent on the term loan and letter-of-credit facility and Deutsche the agent on the revolver.

Senior secured leverage is 1.8 times and total leverage is 1.9 times.

Proceeds will be used to support the company's emergence from Chapter 11.

Patriot Coal is a St. Louis-based miner, producer and seller of thermal coal.

One Call starts trading

One Call Care Management tightened the original issue discount on its fungible $395 million add-on first-lien term loan to 99¼ from 99 and then it hit the secondary market with levels seen at 99 5/8 bid, par 1/8 offered, according to a market source.

The add-on is priced at Libor plus 400 bps with a step-down to Libor plus 375 bps when first-lien senior secured leverage is 4.25 times and a 1% Libor floor, which matches existing term loan pricing.

Bank of America Merrill Lynch, Deutsche Bank Securities Inc., RBC Capital Markets, Morgan Stanley Senior Funding Inc., Jefferies Finance LLC and Guggenheim are leading the deal that will be used to help fund the acquisition of Align Networks, a workers' compensation physical medicine network, from General Atlantic and the Riverside Co.

One Call is a Parsippany, N.J.-based provider of specialized cost containment services to the workers' compensation industry.

NPC above par

NPC International's roughly $368 million term loan due Dec. 28, 2018 broke as well, with levels seen at par ¼ bid, a source said.

Pricing on the loan is Libor plus 300 bps, after firming the other day at the low end of the Libor plus 300 bps to 325 bps talk. There is a 1% Libor floor and 101 soft call protection for six months, and the debt was issued at par.

The company's $478 million senior secured credit facility also includes a $110 million revolver due Dec. 28, 2017 that was upsized recently from $100 million.

Revolver pricing is Libor plus 300 bps with a step-up to Libor plus 325 bps at 4 times leverage and a step-down to Libor plus 275 bps at less than 3 times leverage.

Barclays and Goldman Sachs Bank USA are leading the deal that will be used to amend and restate, and reprice existing revolver and term loan debt. Term loan pricing is coming down from Libor plus 325 bps with a 1.25% Libor floor.

Net senior secured leverage is 2.3 times, net total leverage is 3.6 times and net rent-adjusted leverage is 4.8 times.

NPC, an Overland Park, Kan.-based Pizza Hut franchisee, expects to close on the deal on Friday.

Walter shutting early

Switching to the primary, Walter Investment moved up the commitment deadline on its $1,625,000,000 credit facility (B+) to 5 p.m. ET on Thursday from Monday, according to a market source.

The facility consists of a $125 million five-year revolver talked at Libor plus 375 bps with no floor, and a $1.5 billion seven-year first-lien covenant-light term loan talked at Libor plus 375 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc., Bank of America Merrill Lynch and Barclays are the joint bookrunners on the deal and joint lead arrangers with RBS and UBS Securities LLC.

Proceeds, along with $500 million of senior unsecured notes, will be used to refinance existing bank debt, and for general corporate purposes, including additional investments or acquisitions.

Closing is targeted for Dec. 19.

Pro forma for the transaction, first-lien debt to adjusted EBITDA is 2.3 times, net first-lien debt to adjusted EBITDA is 1.9 times, total debt to adjusted EBITDA is 3.5 times, and net total debt to adjusted EBITDA is 3.1 times.

Walter is a Tampa, Fla.-based asset manager, mortgage servicer and originator.

Alexander moves deadline

Alexander Mann Solutions accelerated the commitment deadline on its $190 million credit facility to 5 p.m. ET on Friday from Monday, a market source said.

The facility consists of a $40 million five-year revolver, and a $150 million six-year first-lien term loan talked at Libor plus 525 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.

Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc. and ING Capital are the leads on the deal that will be used to help fund the buyout of the company by New Mountain Capital LLC.

The transaction is subject to EU Competition Commission approval.

Alexander Mann is a London-based talent acquisition and management business.

Spectrum restructures

Spectrum Brands trimmed its U.S. term loan due September 2019 to $215 million from $250 million and firmed the discount at 99 7/8, the tight end of the 99¾ to 99 7/8 talk, according to a market source. The loan is still priced at Libor plus 275 bps with a 0.75% Libor floor and has 101 soft call protection through March 2014.

Also, the company lifted its euro term loan due September 2019 to €225 million from €200 million, cut the floor to 0.75% from 1% and modified discount talk to 99¾ to 99 7/8 from just 993/4, the source said. Then, by the afternoon, the discount on this tranche firmed at 99 7/8 as well. Pricing remained at Euribor plus 300 bps with and the 101 soft call protection for six months was left intact.

Deutsche Bank Securities Inc. and Credit Suisse Securities (USA) LLC are leading the deal (BB/BB+) that will be used to repay a $513 million U.S. term loan B due December 2019 priced at Libor plus 325 bps with a 1.25% Libor floor.

Closing is expected by Dec. 31.

Spectrum Brands is a Madison, Wis.-based consumer products company.

Sheridan Holdings reworked

Sheridan Holdings raised its second-lien covenant-light term loan (Caa1/CCC+) due December 2021 to $400 million from $365 million, trimmed the spread to Libor plus 725 bps from talk of Libor plus 750 bps to 775 bps and adjusted the call protection to 102 in year one and 101 in year two from 103 in year one, 102 in year two and 101 in year three, according to a market source, who said the 1% Libor floor and original issue discount of 99 were unchanged.

No revisions were made to the company's proposed first-lien debt, which consists of an $85 million tack-on first-lien covenant-light term loan (B1/B) due June 2018 and a $70 million delayed-draw first-lien covenant-light term loan (B1/B) due June 2018, both talked at Libor plus 350 bps with a 1% Libor floor, a discount of 99 and 101 soft call protection for six months. These tranches are being sold as a strip.

There is a ticking fee on the delayed-draw loan of half the spread from Jan. 1 to Feb. 15 and the full spread from Feb. 16 to April 1.

Commitments are due at 5 p.m. ET on Thursday, moved up from Monday, the source added.

Credit Suisse Securities (USA) LLC, Barclays and UBS Securities LLC are leading the now $555 million deal that will be used to pay a dividend, fund an acquisition and refinance existing debt.

Sheridan Holdings is a Sunrise, Fla.-based provider of outsourced health care services.

Answers discloses changes

Answers Corp. increased pricing on its $175 million first-lien term loan B to Libor plus 525 bps from Libor plus 450 bps, revised the maturity to five years from seven years and lifted amortization to 5% per annum from 1%, according to a market source. The 1% Libor floor, original issue discount of 99 and 101 soft call protection for six months were left intact.

Meanwhile, the $100 million second-lien term loan saw talk lifted to Libor plus 925 bps to 950 bps from Libor plus 850 bps and the maturity shortened to 6½ years from 7½ years, the source said. The 1% Libor floor, discount of 98½ and call protection of 102 in year one and 101 in year two were unchanged.

Commitments for the company's $295 million credit facility, which also includes a $20 million revolver, are due on Dec. 18.

SunTrust Robinson Humphrey Inc. and Silicon Valley Bank are leading the deal that will be used to refinance existing debt and fund an acquisition.

Senior leverage is 2.5 times and total leverage is 3.9 times on a last-quarter annualized basis.

Answers is a St. Louis-based wiki-based search engine company for consumers and provides subscription-based SAAS services to enterprise companies and retailers.

Sesac sets spread

Sesac firmed pricing on its $233 million first-lien term loan at Libor plus 400 bps, the tight end of the Libor plus 400 bps to 425 bps talk, and kept the 1% Libor floor, par offer price and 101 soft call protection for six months intact, according to a market source.

Proceeds will be used to reprice an existing first-lien term loan from Libor plus 475 bps with a 1.25% Libor floor.

Jefferies Finance LLC is leading the deal.

Sesac is a Nashville, Tenn.-based performing rights organization that represents the interests of individual songwriters and publishers of music to ensure they are compensated for the public performance of their copyrighted material.

Remington adjusts discount

Remington Outdoor tightened the original issue discount on its $175 million add-on covenant-light term loan (Ba3) to 99½ from 99, according to a market source.

Pricing on the loan is Libor plus 425 bps with a 1.25% Libor floor and there is 101 soft call protection for one year.

Commitments are due on Thursday.

Bank of America Merrill Lynch is leading the deal that will be used to fund a share repurchase and add cash to the balance sheet.

Remington is a Madison, N.C.-based designer and manufacturer of firearms, ammunition and related products.

Manitowoc revised

Manitowoc cut pricing on its $200 million seven-year term loan (Ba1/BB) to Libor plus 250 bps from talk of Libor plus 275 bps to 300 bps, changed the offer price to par from 99¾ and extended the 101 soft call protection to one year from six months, according to a market source. The 0.75% Libor floor was unchanged.

Recommitments are due at 5 p.m. ET on Thursday, the source remarked.

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

Manitowoc is a Manitowoc, Wis.-based manufacturer and seller of cranes and related products and foodservice equipment.

TransUnion firms offer

TransUnion set the offer price on its $145 million incremental covenant-light term loan due February 2019 at par, the low end of the 99¾ to par talk, a market source remarked.

Pricing on the Deutsche Bank Securities Inc.-led loan is Libor plus 300 bps with a 1.25% Libor floor.

Proceeds will be used to help fund the $154 million acquisition of TLO LLC, a data solutions provider specializing in custom, scalable investigative and risk management tools for due diligence, threat assessment, identity authentication, fraud prevention and debt recovery.

Closing is expected before the end of the year.

TransUnion is a Chicago-based provider of information management and risk management services.

Endo releases modifications

Endo Health upsized its seven-year term loan B to $425 million from $375 million and cut pricing to Libor plus 250 bps from Libor plus 300 bps, while leaving the 0.75% Libor floor, original issue discount of 99½ and 101 soft call protection for six months intact, according to a market source.

Commitments are due at noon ET on Thursday.

Deutsche Bank Securities Inc. and RBC Capital Markets are leading the now $2,275,000,000 senior secured credit facility that also includes a $750 million five-year revolver and a $1.1 billion five-year term loan A, both priced at Libor plus 200 bps.

Proceeds from the credit facility and $700 million of notes will be used to repay some of the company's existing debt and fund the early repurchase of its convertible notes due April 2015, and the extra funds raised from the term loan B upsizing will add cash to the balance sheet, the source added.

The credit facility and notes are being done in connection with Endo's acquisition of Paladin Labs Inc., a Montreal-based specialty pharmaceutical company.

Closing is expected in the first half of 2014, subject to regulatory, shareholder and court approvals, and customary conditions.

Endo is a Malvern, Pa.-based specialty health care company.

Pelican trims pricing

Pelican Products reduced pricing on its roughly $346 million first-lien term loan due June 2018 to Libor plus 500 bps from Libor plus 525 bps, according to a market source.

As before, the term loan has a 1.25% Libor floor, a par offer price and 101 soft call protection for six months.

The company's $376 million credit facility also provides for a $30 million revolver.

Commitments are due at noon ET on Thursday.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to refinance existing bank debt, including a first-lien term loan priced at Libor plus 550 bps with a 1.5% Libor floor.

Pelican Products is a Torrance, Calif.-based designer and manufacturer of advanced lighting systems and virtually indestructible cases.

Crown Holdings upsizes

Crown Holdings increased its euro five-year term loan A to €700 million from €400 million - by lifting the delayed-draw portion to €590 million from €290 million - and its six-year Farm Credit tranche to $362 million from $300 million, according to a market source.

The company's credit facility also includes a $1.2 billion five-year revolver and an $800 million five-year term loan A.

Pricing on the revolver and U.S. and euro term loan A's is Libor/Euribor plus 175 basis points, and pricing on the FARM loan is Libor plus 200 bps.

Citigroup Global Markets Inc., BNP Paribas Securities Corp., Deutsche Bank Securities Inc., Bank of America Merrill Lynch, RBS Securities Inc., Santander and Wells Fargo Securities LLC are leading the debt (Baa1/BBB-) that will be used to help fund the acquisition of Mivisa Envases SAU for €1.2 billion from Blackstone Group LP, N+1 Mercapital and management.

Allocations are expected to go out on Thursday, and closing is expected in 2014, subject to review by the European Commission and other competition authorities.

Crown is a Philadelphia-based manufacturer of packaging products for consumer marketing companies. Mivisa Envases is a Murcia, Spain-based manufacturer of two- and three-piece food cans and ends.

GCA holds call

In more primary news, GCA Services hosted a call at 10 a.m. ET on Wednesday to launch a $340 million first-lien covenant-light term loan due Nov. 1, 2019 talked at Libor plus 325 bps to 350 bps with a 1% Libor floor and 101 soft call protection for six months, according to a market source.

The loan includes $30 million of tack-on debt offered at an original issue discount of 99½ and $310 million to reprice the existing term loan from Libor plus 400 bps with a 1.25% Libor floor, the source said. The repricing is offered at par.

Proceeds from the tack-on will be used to prepay some of the company's second-lien term loan.

Leads, Credit Suisse Securities (USA) LLC and Morgan Stanley Senior Funding Inc., are asking for commitments by Tuesday, the source added.

GCA Services is a Cleveland-based provider of custodial services.

Air Medical deal emerges

Air Medical surfaced in the morning with plans to hold a call at 2 p.m. ET to launch a $313.1 million term loan B talked at Libor plus 375 bps to 400 bps with a 1% Libor floor and 101 soft call protection for six months, a market source said.

The loan includes $55 million of add-on debt that is offered at 99½ to par and $258.1 million for a repricing that is offered at par, the source continued.

The add-on will be used to repay a portion of the company's 9¼% senior secured notes due in 2018, and the repricing will take the existing term loan B down from Libor plus 525 bps with a 1.25% Libor floor.

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

Barclays, Bank of America Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley Senior Funding Inc. are leading the deal.

Air Medical is a San Antonio, Texas-based provider of community-based air ambulance services.

Allison details revealed

Allison Transmission launched on its call a $500 million add-on senior secured covenant-light term loan B-3 due Aug. 23, 2019 with talk of Libor plus 275 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection until Feb. 26, 2014, according to a market source.

Commitments are due on Tuesday and closing is expected on Dec. 27.

Citigroup Global Markets Inc. is leading the deal that will be used to refinance some term loan debt due in 2017.

The company also plans on getting a $100 million add-on to its revolver and extending the maturity to 2019 from 2016.

Allison Transmission is an Indianapolis-based automatic transmission company.

Alcatel repricing

Alcatel-Lucent. held a call at 12:30 p.m. ET to launch a repricing of its $1,736,874,999 term loan C due Jan. 30, 2019 that is talked at Libor plus 325 bps to 350 bps with a 1% Libor floor, a par offer price and 101 soft call protection for six months, according to a market source.

In addition, there is a ticking fee of half the spread starting on Jan. 6 until the repricing is effective on Feb. 18, the source said.

Commitments are due at 5 p.m. ET on Tuesday.

Morgan Stanley Senior Funding Inc. and Credit Suisse Securities (USA) LLC are leading the deal that will take term loan C pricing down from Libor plus 475 bps with a 1% Libor floor.

Alcatel is a Paris-based telecommunications services and equipment company.

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