Viewpoint, Global Tel*Link, Hayward Industries break; Arterra Wines Canada updates pricing

By Sara Rosenberg

New York, July 18 – Viewpoint Inc. trimmed pricing on its first-lien term loan, Global Tel*Link Corp. Inc. adjusted the issue price on its incremental first-lien term loan, and Hayward Industries Inc. tightened spread and original issue discount on its first-lien term loan, and then all of these deals freed up for trading on Tuesday.

In other loan news, Arterra Wines Canada Inc. reduced spreads on its U.S. and Canadian term loans, and American Rock Salt Co. LLC, CPI International Inc., Zebra Technologies Corp., Eyemart Express LLC, Jefferies Finance LLC, Logix Communications, OB Hospitalist Group and Formula 1 (Delta Topco Ltd.) released price talk with launch.

Furthermore, Cision came out with timing on the launch of its term loan, and Culligan Holding Inc., StandardAero Aviation Holdings Inc., J.D. Power and MedRisk LLC emerged with new deal plans.

Viewpoint flexes

Viewpoint lowered pricing on its $210 million seven-year covenant-light first-lien term loan (B1/B) to Libor plus 425 basis points from Libor plus 450 bps and left the 1% Libor floor, original issue discount of 99.5 and 101 soft call protection for six months intact, according to a market source.

Recommitments were due at noon ET on Tuesday, the source said.

The company’s $335 million of credit facilities also include a $30 million revolver (B1/B) and a $95 million eight-year covenant-light second-lien term loan (Caa1/CCC) priced at Libor plus 825 bps with a 1% Libor floor and an original issue discount of 99. The second-lien loan has call protection of 102 in year one and 101 in year two.

Last week, the second-lien term loan was changed to a privately placed deal from on offer for syndication and the spread finalized at the tight end of initial talk of Libor plus 825 bps to 850 bps.

Viewpoint starts trading

After terms finalized, Viewpoint’s credit facilities made their way into the secondary market, with the first-lien term loan quoted at par bid, par ½ offered and the second-lien term loan quoted at 99½ bid, par offered, another source added.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to refinance existing debt and for acquisition financing.

Viewpoint is a Portland, Ore.-based provider of construction-specific software solutions to the construction and capital project industries.

Global Tel tweaked, trades

Global Tel*Link modified the issue price on its fungible $165 million incremental first-lien term loan (B2/B) due May 2020 to par from 99.75, a market source remarked.

As before, the incremental loan is priced at Libor plus 400 bps with a 1.25% Libor floor and has 101 soft call protection for six months.

Recommitments were due at noon ET on Tuesday and then the debt broke for trading in the afternoon, with levels quoted at par ¼ bid, par ½ offered, another source added.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to fund a tuck-in acquisition.

In connection with the incremental loan, pricing on the company’s existing term loan is increasing to Libor plus 400 bps with a 1.25% Libor floor from Libor plus 375 bps with a 1.25% Libor floor.

Global Tel*Link is a Reston, Va.-based provider of technology solutions to the corrections industry.

Hayward revised, breaks

Hayward Industries cut the spread on its $850 million seven-year covenant-light first-lien term loan B (B3) to Libor plus 350 bps from talk of Libor plus 375 bps to 400 bps and moved the original issue discount to 99.75 from 99.5, a market source said.

The first-lien term loan still has a 0% Libor floor and 101 soft call protection for six months.

Commitments were due at noon ET on Tuesday and by late day the first-lien term loan began trading with levels seen at par ¼ bid, par 5/8 offered, a trader added.

Bank of America Merrill Lynch, Jefferies LLC, Morgan Stanley Senior Funding Inc. and Nomura are leading the deal that will be used to help fund the buyout of the company by a partnership led by CCMP Capital Advisors LP and MSD Partners LP and including the Alberta Investment Management Corp.

The company is also getting a $285 million privately placed second-lien term loan (Caa2).

Closing is expected in the third quarter, subject to customary conditions.

Hayward is an Elizabeth, N.J.-based manufacturer of residential and commercial pool equipment.

Arterra trims pricing

In more happenings, Arterra Wines Canada reduced pricing on its $258.7 million senior secured covenant-light term loan B-1 (Ba3/BB-) due Dec. 16, 2023 to Libor plus 275 bps from talk of Libor plus 300 bps to 325 bps, according to a market source.

Additionally, pricing on the company’s C$65.67 million senior secured covenant-light term loan B-2 (Ba3/BB-) due Dec. 16, 2023 was cut to BA plus 300 bps from BA plus 350 bps, the source said.

As before, both term loans have a 1% floor, a par issue price and 101 soft call protection for six months.

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

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to reprice an existing U.S. term loan down from Libor plus 375 bps with a 1% Libor floor and to reprice an existing Canadian term loan.

Arterra, formerly known as Constellation Brands Canada, is a Mississauga, Ont.-based producer and distributor of wine brands.

American Rock sets talk

American Rock Salt had its bank meeting on Tuesday and released talk on its $510 million seven-year term loan B at Libor plus 375 bps to 400 bps with a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, a market source said.

The company’s $570 million of credit facilities (B3/B) also include a $60 million five-year revolver.

Commitments are due on Aug. 1, the source added.

Citizens Bank and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to refinance existing debt and to fund a small dividend.

American Rock Salt is a Mount Morris, N.Y.-based salt mine operator.

CPI holds meeting

CPI International disclosed price talk on its $450 million seven-year first-lien term loan (B) and $120 million eight-year second-lien term loan (CCC+) in connection with its bank meeting during the session, according to a market source.

Talk on the first-lien term loan is Libor plus 350 bps to 375 bps with a 1% Libor floor and an original issue discount of 99.5, and talk on the second-lien term loan is Libor plus 750 bps to 775 bps with a 1% Libor floor and a discount of 99, the source said.

As reported earlier, the first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

The company’s $605 million of credit facilities also include a $35 million five-year revolver (B).

Commitments are due on July 25, the source added.

UBS Investment Bank is leading the deal that will be used to help fund the buyout of the company by Odyssey Investment Partners from Veritas Capital.

CPI is a Palo Alto, Calif.-based provider of microwave, radio frequency, power and control solutions for critical defense, communications, medical, scientific and other applications.

Zebra discloses terms

Zebra Technologies launched with a call its $1,413,000,000 senior secured covenant-light term loan B (BB) due Oct. 27, 2021 at talk of Libor plus 200 bps to 225 bps with a 0.75% Libor floor, a par issue price and 101 soft call protection for six months, a market source said.

Consents/commitments are due at 11 a.m. ET on Friday, the source added.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to reprice an existing term loan B due 2021 from Libor plus 250 bps with a 0.75% Libor floor.

Zebra is a Lincolnshire, Ill.-based provider of marking and printing technologies.

Eyemart launches

Eyemart Express held its bank meeting, launching its $355 million seven-year covenant-light first-lien term loan (B1/B) at talk of Libor plus 325 bps with a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, a market source remarked.

Commitments are due at noon ET on July 31.

Barclays and Wells Fargo Securities LLC are leading the deal that will be used to refinance existing debt, fund a distribution to shareholders and pay related fees and expenses.

Eyemart is a Farmers Branch, Texas-based optical retailer.

Jefferies reveals guidance

Jefferies Finance came out with talk of Libor plus 300 bps with a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months on its $250 million seven-year senior secured term loan (NA/B+/BB) , according to a market source.

Commitments for the term loan are due on July 27, the source said.

The term loan is being marketed at the same time as a $400 million seven-year senior notes offering. A roadshow for the bonds began on Monday and a bank meeting for the term loan took place on Tuesday with the New York group lunch.

Jefferies LLC, Citigroup Global Markets Inc. and HSBC Securities (USA) Inc. are leading the debt that will be used to repay an existing term loan and for general corporate purposes.

Jefferies is a New York-based commercial finance company.

Logix comes to market

Logix Communications held its bank meeting, launching its $250 million covenant-light term loan B at talk of Libor plus 550 bps to 600 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, a market source said.

The company’s $270 million of credit facilities (B2/B) also include a $20 million revolver.

Commitments are due on Aug. 1, the source added.

SunTrust Robinson Humphrey Inc., Credit Suisse Securities (USA) LLC and Brightwood are leading the deal that will be used to help fund the acquisition of Alpheus Communications from the Gores Group and Scott Widham.

Closing is expected in the fourth quarter, subject to customary regulatory approvals.

Logix is a Houston-based fiber-optic bandwidth infrastructure services provider. Alpheus is a Houston-based provider of metro-regional fiber, data center and managed network solutions.

OB Hospitalist releases talk

OB Hospitalist Group revealed talk of Libor plus 425 bps to 450 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months on its $200 million seven-year covenant-light term loan that launched with a bank meeting on Tuesday, according to a market source.

The company’s $220 million of credit facilities also include a $20 million five-year revolver.

Commitments are due on Aug. 1, the source said.

Antares Capital is leading the deal, which will be used to help fund the buyout of the company by Gryphon Investors from Ares Management LP.

OB Hospitalist is a Mauldin, S.C.-based provider of OB/GYN hospitalist services.

Formula 1 floats OID

Formula 1 launched with a call its up to $200 million add-on first-lien term loan with original issue discount talk of 99.75 to 99.875, a market source remarked.

Pricing on the add-on loan is Libor plus 325 bps with a step-down to Libor plus 300 bps if a B2 corporate rating is achieved and a 1% Libor floor, in line with pricing on the company’s existing $3,102,000,000 first-lien term loan.

Commitments are due at noon ET on July 25, the source added.

J.P. Morgan Securities LLC is leading the deal that will be used with cash on hand to repay the balance of the company’s $300 million second-lien facility.

The company also plans to amend its credit agreement to increase revolving facility capacity to up to $500 million.

Formula 1 is a motorsports business that is a subsidiary of Liberty Media Corp.

Cision timing surfaces

Also in the primary market, Cision set a bank meeting for 10 a.m. ET in New York on Thursday to launch its previously announced $1.25 billion U.S. and euro senior secured covenant-light first-lien term loan B due June 2023, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Commitments are due on Aug. 2.

Deutsche Bank Securities Inc. is leading the deal that will be used to refinance an existing first-lien term loan, repay $38 million of revolver borrowings and $76 million of second-lien term loan debt, add $4 million of cash to the balance sheet, and cover fees and expenses.

Total debt to pro forma adjusted EBITDA will be 4.7 times and net debt will be 4.5 times.

Cision is a Chicago-based media intelligence company.

Culligan on deck

Culligan scheduled a lenders’ presentation for 11 a.m. ET on Wednesday to launch a $335 million incremental senior secured term loan B, a market source said.

Morgan Stanley Senior Funding Inc., RBC Capital Markets LLC, BMO Capital Markets Corp. and Citigroup Global Markets Inc. are leading the deal that will be used to fund the acquisition of Zip Industries and to refinance an existing euro term loan B.

The acquisition is expected to close in August.

Culligan is a Rosemont, Ill.-based provider of water treatment products and services. Zip Industries is an Australian supplier of instant drinking water appliances.

StandardAero coming soon

StandardAero Aviation will hold a lender call at 10:30 a.m. ET on Wednesday to launch a $652 million incremental term loan talked at Libor plus 375 bps with a 1% Libor floor and an original issue discount of 99.5, according to a market source.

Spread and floor on the incremental loan matches existing term loan pricing, and both the incremental and the existing term loan will get 101 soft call protection for six months.

The company will also launch an amendment request on the call.

The amendment and add-on term loan would permit the potential acquisition of Vector Aerospace Holdings SAS, an aerospace maintenance, repair and overhaul company, from Airbus SE for which exclusive negotiations are currently underway.

Jefferies LLC is the left lead on the deal.

Consents are due on July 25 and commitments for the incremental loan are due on due July 27, the source added. Existing term loan lenders are being offered 25 bps amendment fee.

StandardAero is a Scottsdale, Ariz.-based provider of aircraft engine maintenance, repair and overhaul services.

J.D. Power readies loans

J.D. Power emerged with plans to hold a lender call at 11 a.m. ET on Wednesday to launch $180 million in incremental term loans, a market source remarked.

The debt consists of a $140 million incremental first-lien term loan due September 2023 talked at Libor plus 425 bps with a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, and a $40 million incremental second-lien term loan due September 2024 talked at Libor plus 850 bps with a 1% Libor floor, a discount of 99 and call protection of 102 in year one and 101 in year two, the source continued.

Commitments are due at 5 p.m. ET on July 26.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to fund an acquisition and a shareholder distribution.

With this transaction, existing lenders are being offered a 12.5 bps consent fee, the source added.

J.D. Power is a Costa Mesa, Calif.-based consumer data and analytics company.

MedRisk joins calendar

MedRisk set a conference call for Thursday to launch new credit facilities, according to a market source.

Antares Capital is leading the deal that will be used to refinance existing credit facilities comprised of a $15 million revolver and a $200 million term loan.

The size of the new loan has not yet been finalized since the company is mulling over using some of its excess cash to pay down a portion of the existing term loan in connection with the refinancing, the source remarked.

MedRisk is a King of Prussia, Pa.-based provider of outpatient physical medicine network services to the U.S. workers’ compensation industry.

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