The loans were previously priced at 425bp
over Libor and 400bp over Euribor,
respectively.
The issuer is rated B2/B+, while the loan is
rated B2/BB-.
Aerial imagery provider EAGLEVIEW TECHNOLOGY
CORPûlNALISEDûTERMSûATûTHEûTIGHTûENDûOFû
guidance on the repricing of its US$334.1m
covenant-lite term loan due in July 2022.
The loan will now be priced at 350bp over
,IBORûWITHûAûûmOORûAFTERûCIRCULATINGûATû
BP
BPû4HEûLOANûWASûPRICEDûATûBPû
over Libor.
The transaction refreshes soft call
protection of 101 for six months.
Morgan Stanley led with Nomura.
The borrower and the debt are rated B3/B.
TACALA SETS PRICE TALKTaco Bell franchisee TACALA is in the market
WITHûAûlRSTûANDûSECOND
LIENûLOANûPACKAGEû
backing a dividend recapitalisation.
KKR Capital Markets leads with Wells Fargo.
The transaction comprises a US$335m
lRST
LIENûTERMûLOANûANDû53MûSECOND
lien term loan.
4HEûlRST
LIENûISûGUIDEDûATûBPûOVERû,IBORû
WITHûAûûmOORûANDûû/)$û,ENDERSûAREû
offered six months of soft call protection at
101.
4HEûSECOND
LIENûISûGUIDEDûATûBPûOVERû
,IBORûWITHûAûûmOORûANDûû/)$û)TûINCLUDESû
hard call protection at 102/101.
0ROCEEDSûWILLûRElNANCEûEXISTINGûDEBTûANDû
be used to fund a dividend to shareholders
INCLUDINGûPRIVATEûEQUITYûlRMû!LTAMONTû
Capital Partners, which acquired Tacala in
2012.
Tacala is the largest franchisee of Taco
"ELLûRESTAURANTSûINûTHEû53 ûWITHûOVERûû
locations in the southern US.
SNAPAV has launched a repricing of its
53MûlRST
LIENûTERMûLOANûDUEû!UGUSTû
2024.
UBS is sole lead on the transaction, which
ISûAIMINGûTOûLOWERûPRICINGûTOûBPûOVERû
,IBORûWITHûAûûmOORû4HEûLOANûISûOFFEREDûATû
par and has 101 soft call protection for six
months.
)Nû!UGUSTû û3NAP!6ûSEALEDûAû
US$315m loan backing the company’s sale
to Hellman & Friedman. The company
tightened pricing during syndication.
4HEûlNANCINGûINCLUDEDûAû53M ûlVE
year revolving credit facility and a
53M ûSEVEN
YEARûlRST
LIENûTERMûLOAN
&INALûPRICINGûONûTHEûlRST
LIENûTERMûLOANû
decreased to 525bp over Libor with a 1%
,IBORûmOORûFROMûBPûOVERû,IBORû4HEûLOANû
sold at a 99.5 OID.
#ORPORATEûFAMILYûANDûlRST
LIENûTERMûLOANû
ratings are B2/B.
SnapAV, which sells proprietary-branded
audio/video, security, networking, and
automation products, announced the sale in
*UNEû
Higher education provider LAUREATE
EDUCATION is looking to cut pricing on its
US$1.2bn term loan due in April 2024.
Citigroup is leading with Credit Suisse,
Barclays, Macquarie, JP Morgan, BMO, Goldman
Sachs, KKR and Morgan Stanley.
'UIDANCEûISûBP
BPûOVERû,IBORûWITHû
AûûmOORû4HEûTRANSACTIONûISûEXPECTEDûTOûBEû
issued at par.
The loan is currently priced at 450bp over
Libor.DEXKO SEALS REPRICING, ADD-ONAuto parts manufacturer DEXKO GLOBAL has
completed its term loan add-on and
repricing of existing debt.
The US$569m term loan repricing and
US$90m add-on priced at 350bp over Libor,
WITHûAûûmOORûATûPARûONûBOTHûTRANCHES ûAFTERû
THEûISSUERûINITIALLYûmOATEDûAûDISCOUNTûOFû
ûONûTHEûNEWûMONEY
The €110m incremental term loan B pays
BPûOVERû%URIBOR ûTHEûTIGHTûENDûOFûBP
BPûGUIDANCE ûATûPARûWITHûAûûmOORûõMû
of the add-on is funded, while €90m is a
delayed draw portion.
Ticking fees on the delayed draw portion
AREûSETûATûNOTHINGûFORûTHEûlRSTûûDAYS ûû
of the margin for days 31-60, and 100% of
margin thereafter.
An existing €349m term loan will pay in
line with the add-on.
Proceeds from the add-on back
acquisitions.
Credit Suisse, Goldman Sachs, Barclays and
Deutsche Bank arranged the deal.
DexKo originally priced the euros at
BPûWITHûAûûmOORûANDûTHEûDOLLARSûATû
BPûWITHûAûûmOORûINû*ULYûûTOûSUPPORTû
ITSûBUYOUTûBYûPRIVATEûEQUITYûlRMû+03
Business software provider INFORMATICA
CORPûlNALISEDûAûREPRICINGûDEALûTHATûALSOû
shifted a portion of its US$1.9bn loan to
euros from dollars.
Bank of America Merrill Lynch led with
Goldman Sachs. The deal was issued at par.
The company cut pricing on the dollars to
325bp over Libor with a stepdown to 300bp
if the corporate rating reaches B2/B. At the
same time it cut the loan to US$1.42bn from
US$1.66bn.
Informatica set pricing on its euro
tranche at 350bp over Euribor with a
stepdown to 325bp if the corporate rating is
increased. It was increased to €442.6m from
€242.6m.
"OTHûTRANCHESûHAVEûûmOORSû4HEû
transaction includes six months of soft call
protection at 101.
Bank of America arranged the company’s
debt in June 2015 to back its buyout. The
euro tranche totalled €250m at that time.The loans will continue to mature in August
2022.
The dollar-denominated loan originally
priced at 350bp over Libor while the euro
tranche priced at 350bp over Euribor.
The issuer is rated B3/B- and the debt is
rated B2/B.PROMETRIC WRAPS BUYOUT LOANEducational services provider PROMETRIC has
WRAPPEDûUPû53MûOFûlRST
LIENûLOANSû
supporting its buyout by Hong Kong-based
Baring Private Equity Asia.
Barclays led alongside Deutsche Bank and
Nomura.
The covenant-lite debt comprises a
53MûSEVEN
YEARûTERMûLOANûANDûAû
53MûlVE
YEARûREVOLVERû0ROMETRICûISû
privately placing a US$205m second-lien
term loan.
Pricing on the term loan was cut to 300bp
over Libor from initial guidance of 350bp.
4HEûûmOORûANDûûDISCOUNTûWEREû
unchanged. The transaction includes six
months of soft call protection at 101.
Incremental capacity was changed to the
greater of US$120m and 100% of Ebitda,
compared with the greater of US$90m and
ûOFû%BITDAûPREVIOUSLY
The MFN provision is now 50bp with an
18-month sunset, versus 50bp with a six-
month sunset originally. Additionally, the
53Mû-&.ûCARVE
OUTûANDûMATURITYû
exception was removed.
Addbacks to Ebitda for pro forma cost
savings are now capped at 25%, compared to
no cap previously.
4HEûBORROWERûISûRATEDû""û4HEûlRST
LIENû
loans are rated B1/B.
Customs broker LIVINGSTON INTERNATIONAL
has wrapped up an amendment that
extends the maturities of its revolving credit
FACILITYûANDûMULTI
CURRENCYûlRST
LIENûTERMû
loans.
Royal Bank of Canada led the transaction.
#ONSENTINGûLENDERSûRECEIVEDûAûBPû
amendment fee.
4HEûMATURITYûOFûTHEû#Mû53M û
revolver has been extended by one year to
January 2020.
The maturities of the US$239m TLB and
C$62m TLB have been pushed out by 11
months to March 2020.
Compensation included a 150bp pricing
INCREASEûONûTHEûTERMûLOANSûTOûBPûOVERû
Libor on the dollar tranche and to 650bp
over Bankers’ Acceptances Rate on the
Canadian dollar tranche.
Certain debt baskets in the credit
agreement were tightened, while minor
changes to covenant levels were also made.
The company’s capital structure contains
a US$115m second-lien term loan due in
April 2020.