Scientific Games brings $3.78 billion in big refi, US LBM sets talk

By Paul A. Harris

Portland, Ore., Jan. 24 – In Wednesday's leveraged loan market Scientific Games Corp. was scheduled to launch $3,775,000,000 of term loan debt on a conference call.

And US LBM Holdings, LLC released talk of Libor plus 375 basis points to 400 bps for a repricing of its $848 million first-lien term loan due August 2022 (B3/B).

In the secondary market technical forces continue to push prices amid a relentless demand for loan paper, a trader said.

Retail cash flow were positive for the most recent day reported, the trader added.

Dedicated bank loan funds saw $130 million of inflows on Tuesday. Of that amount, $106 million flowed into the bank loan ETFs.

Scientific Games $3.78 billion refi

Scientific Games was scheduled to launch $3,775,000,000 of term loan debt on a Wednesday conference call with lenders.

Pricing is Libor basis points plus 275 to 300bps, a 0% Libor floor, at par for existing lenders and 99.75 for new lenders. There are six months of soft call protection at 101.

Commitments are due Jan. 31.

BofA Merrill Lynch is leading the deal.

The Las Vegas-based gaming and technology company has undertaken a massive debt refinancing that will include $1.4 billion of its 7% senior secured notes due 2022 and $185 million of borrowings under its revolver.

Those are portions of $8.5 billion of aggregate debt, according to a loan trader.

The refinancing will also include $300 million of new senior notes and a to be announced amount of senior secured notes, the company said in a Wednesday press release.

US LBM talk 375bps-400 bps

US LBM Holdings released talk of Libor plus 375 basis points to 400 bps for a repricing of its $848 million first-lien term loan due August 2022 (B3/B) that will launch with a lender call at 11 a.m. ET on Thursday.

The repriced loan has a 1% Libor floor and will be offered at par.

Currently the loan carries an interest rate of Libor plus 450 bps.

Credit Suisse and Barclays are bookrunners for the repricing.

Commitments are due by Feb. 1.

Vizient allocates

The Vizient Inc. $400 million term loan B allocated Wednesday.

The Barclays deal came at Libor plus 275 basis points with a 1% Libor floor and an original issue discount of 99.75.

Proceeds will be used to reprice an existing term loan B from Libor plus 350 bps with a 1% Libor floor in tandem with a paydown occurring from a concurrent pro-rata deal.

Vizient is an Irving, Texas-based network of not-for-profit health care organizations.

MyEyeDr. sets talk

MyEyeDr. set price talk for its $600 million of new term loans with the launch of its $675 million credit facility.

The $440 million seven-year senior secured first-lien term loan is talked at Libor plus 325 basis points with a 1% Libor floor and an original issue discount of 99.5.

Talk for the $160 million eight-year senior secured second-lien term loan is Libor plus 725 bps with a 1% floor for Libor and an original issue discount of 99.

Goldman Sachs is left lead arranger, and RBC Capital Markets, Credit Suisse, Barclays, Jefferies and Golub Capital are also lead arrangers.

Commitments are due by Feb. 2.

Proceeds will be used to refinance debt.

MedRisk trims pricing

MedRisk LLC trimmed pricing on its $445 million seven-year first-lien term loan and $200 million eight-year second-lien term loan.

The first-lien loan (B2/B) is now priced at Libor plus 300 basis points with an original issue discount of 99.75 and a 0% Libor floor, tighter than talk of Libor plus 325 bps to 350 bps and an original issue discount of 99.5.

For the second-lien loan (Caa2/CCC+), pricing is Libor plus 675 bps with an original issue discount of 99.5 and a 0% Libor floor, reduced from talk of Libor plus 725 bps to 750 bps and a discount of 99.

Changes to orders were due by 2 p.m. ET on Wednesday.

Jefferies LLC, Antares Capital, Barclays and Nomura are the lead arrangers on the deal.

Proceeds will be used to help fund the buyout of the company by the Carlyle Group from TA Associates.

Weld North talk 375bps-400 bps

Weld North Education LLC set price talk for its $300 million seven-year term loan B at Libor plus 375 basis points to 400 bps.

The loan (B2) has a 0% Libor floor and is being offered at 99.5.

Weld North launched the term loan B along with a $55 million revolver at a bank meeting on Wednesday.

RBC Capital Markets and Macquarie Capital (USA) Inc. are the joint lead arrangers on the deal.

Commitments are due by 12 p.m. ET on Feb. 7.

Proceeds will be used to help fund the acquisition by Silver Lake Partners of a majority stake in the company from KKR.

New paper from Janus

Janus International Group, LLC set a Friday bank meeting for a $620 million credit facility, according to a market source.

The deal includes a $50 million ABL revolver, a $440 seven-year first-lien term loan with six months of soft call protection at 101, and a $130 million eight-year second-lien term loan with hard calls at 102 after year one, and 101 after year two.

UBS Investment Bank is the bookrunner.

Proceeds will be used to fund the LBO of the Temple, Ga.-based manufacturer by Clearlake Capital Group, LP.

Janus supplies roll up and swing doors, hallway systems and re-locatable storage units for the self-storage industry.

Consolidated Container repricing

Consolidated Container Co. LLC will launch a repricing of its $603.5 million term loan B due May 22, 2024 with a lender call at 11 a.m. ET on Thursday.

The bookrunners for the repricing are Barclays, Citigroup, Credit Suisse, Morgan Stanley and Macquarie with Barclays on the left. Barclays is the administrative agent.

NCI, Marketo moved up

NCI Building Systems, Inc. moved up timing on its $415 million covenant light first-lien term loan (Ba3/BB+).

Commitments are due Thursday. The previous deadline was Feb. 2.

The deal is talked at Libor plus 225 bps to 250 bps with a 0% Libor floor, at 99.50

Credit Suisse is the lead bank.

And Marketo Inc. move up timing on its $465 million of senior secured credit facilities (B3/B-).

Commitments are also due on Thursday. The previous deadline was Feb. 1.

The deal includes a $35 million five-year revolver talked at a 375 bps to 400 bps spread to Libor with a 0% Libor floor.

A $430 million seven-year term loan B is talked at a 375 bps to 400 bps spread to Libor with a 0% Libor floor at 99.5.

Morgan Stanley Senior Funding Inc., Citigroup Global Markets Inc., Golub Capital, Jefferies LLC, Macquarie Capital (USA) Inc., Bank of America Merrill Lynch and Nomura Securities are the leads on the deal.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.