Cast & Crew updates first-lien loan timeline; Allegiant Travel discloses guidance

By Sara Rosenberg

New York, Jan. 14 – On the new-deal front on Monday, Cast & Crew Entertainment Services accelerated the commitment deadline on its first-lien term loan, and Allegiant Travel Co. released price talk on its term loan B with launch.

Furthermore, StandardAero Aviation Holdings Inc. (Dynasty Acquisition Co. Inc.), Kofax (Project Leopard Holdings) and Fleetpride (Fastlane Parent Co. Inc.) joined this week’s primary calendar.

Cast & Crew accelerated

Cast & Crew moved up the commitment deadline on its $740 million seven-year first-lien term loan (B2/B+) to 5 p.m. ET on Tuesday from Thursday, a market source remarked.

The first-lien term loan is still talked at Libor plus 425 basis points with a 0% Libor floor, an original issue discount of 98 and 101 soft call protection for six months.

The company’s $1,155,000,000 of credit facilities also include a $90 million revolver (B2/B+) and a $325 million privately placed second-lien term loan.

Goldman Sachs Bank USA and RBC Capital Markets are leading the deal that will be used to help fund the buyout of the company by EQT Partners from Silver Lake.

Closing is subject to customary conditions.

Cast & Crew is a Burbank, Calif.-based provider of software and services to the entertainment production industry.

Allegiant sets talk

Allegiant Travel held its bank meeting on Monday morning, launching its $450 million five-year senior secured term loan B (Ba3/BB-) at talk of Libor plus 425 bps with a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on Jan. 24, the source said.

Barclays is leading the deal that will be used to refinance the company’s existing 5.5% senior notes due 2019.

Pro forma gross total leverage is 3.6 times and net total leverage is 2.3 times.

Allegiant is a Las Vegas-based operator of a passenger airline marketed to leisure travelers in small cities.

StandardAero on deck

StandardAero Aviation set a bank meeting for 12:30 p.m. ET in New York on Tuesday to launch $2,595,000,000 of credit facilities, according to a market source.

The facilities consist of a $150 million revolver, a $300 million ABL revolver, and a $2,145,000,000 seven-year covenant-light first-lien term loan that includes a 0% Libor floor and 101 soft call protection for six months, the source said.

Commitments are due at noon ET on Jan. 25.

Credit Suisse Securities (USA) LLC, RBC Capital Markets, Macquarie Capital, Barclays, Jefferies LLC, Nomura Securities, Goldman Sachs Bank USA and Mizuho are leading the deal, which will be used with equity to fund the buyout of the company by the Carlyle Group from Veritas Capital.

Closing is expected this quarter, subject to customary regulatory conditions.

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

Kofax coming soon

Kofax scheduled a bank meeting for 10 a.m. ET in New York on Tuesday to launch a $410 million covenant-light first-lien term loan due July 2023 that has a 0% Libor floor and 101 soft call protection for six months, a market source said.

Commitments are due on Jan. 29, the source added.

Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, Deutsche Bank Securities Inc. and UBS Investment Bank are leading the loan, which will be used to fund the $400 million acquisition of Nuance Document Imaging from Nuance Communications Inc.

Closing is expected by the end of this quarter.

Kofax is an Irvine, Calif.-based provider of software solutions and services across multi-channel capture and financial process automation markets. Nuance Document Imaging is a provider of software that helps organizations optimize their information-based capture and print processes.

Fleetpride timing emerges

Fleetpride surfaced with plans to hold a lender call at 10 a.m. ET on Thursday to launch its previously announced $620 million seven-year first-lien term loan, according to a market source.

The loan had been described as likely January business in the past, with specific timing unavailable.

The company’s $1.07 billion of credit facilities also include a $225 million five-year ABL revolver and a $225 million privately placed eight-year second-lien term loan.

Barclays, RBC Capital Markets, Jefferies LLC, Citigroup Global Markets Inc. and Goldman Sachs Bank USA are leading the deal that will be used to help fund the buyout of the company by American Securities from TPG Capital.

Total leverage will be about 6.3 times on pro forma adjusted Oct. 31 EBITDA of $136 million.

Fleetpride is an Irving, Texas-based distributor of aftermarket heavy-duty truck and trailer parts.

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