due in June 2022 backing its acquisition of
peer US HealthWorks Holding Co. JP Morgan
leads.
The incremental is guided in line with the
existing tranche at 300bp over Libor with a
ûmOORû)TûISûOFFEREDûATûûWITHûSIXûMONTHSû
of soft call protection at 101.
4HEûTRANSACTIONûINCLUDESûAû53MûlVE
year second-lien term loan.
Concentra is also increasing its existing
REVOLVINGûCREDITûFACILITYûTOû53MûFROMû
US$50m.
4HEûlNANCINGûREQUIRESûANûAMENDMENTûTOû
the outstanding TLB, for which consenting
lenders will receive a 12.5bp fee.
2ATINGSûAREû" "ûCORPORATEûANDûlRST
LIENû
and Caa1/B– second-lien.
#ONCENTRA ûAûJOINTûVENTUREûBETWEENû
publicly traded Select Medical Holdings
#ORPûANDûPRIVATEûEQUITYûlRMû7ELSH û#ARSON û
Anderson & Stowe, is purchasing US
(EALTH7ORKSûFORû53Mû53û(EALTH7ORKSû
parent Dignity Health Holdings Co will
receive a 20% stake in the combined
company valued at US$238m, with the
remainder of the purchase price in cash.
AMERICAN SEAFOODS GROUP has launched a
repricing of its US$582.5m Term Loan B due
in August 2023. JP Morgan leads.
'UIDANCEûHASûCIRCULATEDûINûTHEûBPn
BPûOVERû,IBORûRANGEûWITHûAûûmOORûANDûAû
par issue price.
Lenders are offered six months of soft call
protection at 101.
The loan, originally US$600m, was placed
INû!UGUSTûTOûRElNANCEûEXISTINGûDEBTûANDû
CURRENTLYûPAYSûBPûOVERû,IBORûWITHûAûû
mOOR
Existing ratings are B2/B corporate and
B1/BB– facility.
The company is backed by private equity
lRMû"REGALû0ARTNERS
NCI READIES US$415m TERM LOANNCI BUILDING SYSTEMS will launch on Monday a
US$415m covenant-lite term loan, led by
Credit Suisse. Proceeds from the new loan –
which will have 101 soft call protection for
SIXûMONTHSûnûWILLûBEûUSEDûTOûRElNANCEû
existing debt. Corporate family ratings are
Ba3/BB, while facility ratings are Ba3/BB+.
NCI Building Systems makes and markets
metal products for the non-residential
construction industry in North America.
2EALûESTATEûlRMûREALOGY HOLDINGS has
launched a US$1.08bn Term Loan B to
RElNANCEûEXISTINGûCREDITûFACILITIES ûLEDûBYûJP
Morgan. Price talk on the seven-year loan has
CIRCULATEDûATûBPûOVERû,IBORûWITHûAûû
mOORûANDû
ûOFFERINGûPRICE
The loan will feature six months of soft
call protection at 101.
4HEûPROPOSEDûlNANCINGûINCLUDESûAû
53BNûlVE
YEARûREVOLVINGûCREDITûFACILITYû
ANDûAû53MûlVE
YEARû4ERMû,OANû! û
according to S&P. Existing ratings are Ba3/
BB– corporate and Ba1/BB+ facility.
Online printing company DIGITAL ROOM is in
THEûMARKETûWITHûAû53MûlRST
LIENûANDû
second-lien loan package backing its
leveraged buyout by HIG Capital.
BNP Paribas LEADSûTHEûlNANCING ûWHICHû
COMPRISESûAû53MûlVE
YEARûREVOLVINGû
CREDITûFACILITY ûAû53MûSIX
YEARûlRST
LIENû
TERMûLOANûANDûAû53MûSEVEN
YEARûSECOND
lien term loan, which has been pre-placed.
4HEûlRST
LIENûTRANCHEûISûSTRUCTUREDûWITHû
six months of soft call protection at 101. The
loans will include a net leverage covenant.
Product development company
GLOBALLOGIC has launched a repricing of its
53Mû4ERMû,OANû"ûDUEûINû*UNEû
JP Morgan leads the deal, which is aiming
TOûLOWERûPRICINGûTOûBP
BPûOVERû,IBORû
WITHûAûûmOORûANDûPARûOFFERINGûPRICEû3OFTû
call protection at 101 will be reset for six
months.
The loan currently pays 450bp over Libor
WITHûAûûmOORû%XISTINGûRATINGSûAREû"" û
corporate and B1/B+ facility.
GlobalLogic provides services such as
product engineering, content engineering,
and system operation and support to
industries including media, business
TECHNOLOGYûANDûlNANCEARBY’S NETS US$1.6bn LOANARBY’S RESTAURANT GROUP has wrapped a
53BNûTERMûLOANûSUPPORTINGûITSû
US$2.9bn acquisition of Buffalo Wild Wings.
Barclays led with Bank of America Merrill
Lynch, Credit Suisse, Morgan Stanley and Wells
Fargo.
The company has also agreed a US$150m
revolving credit facility.
The seven-year term loan priced at 325bp
OVERû,IBOR ûSUBJECTûTOûAûSTEPûDOWNûTOûBPû
WHENûNETûlRST
LIENûLEVERAGEûISûûTIMES û
WITHûAûûmOORû)TûLAUNCHEDûATûBPûOVERû
,IBORûWITHûAûûmOOR
4HEûDISCOUNTûWASûCUTûTOû ûFROMûû
previously.
The six months of soft call protection at
101 and 50bp of MFN protection with a 12-
month sunset were unchanged.
First-lien net leverage at the company
following the deal will be 3.6 times with
total leverage at 4.5 times.
The borrower is rated B2/B, while the
term loan is rated B1/B.
Food packaging provider CROWN HOLDINGS
lowered pricing on its US$2.1bn dual-
currency term loan to back its purchase of
packaging company Signode Industrial
Group Holdings.
Citigroup led with Deutsche Bank, BAML, BNP
Paribas, Mizuho, Scotia, Santander, TD and Wells
Fargo.The transaction comprises a US$1.25bn
TERMûLOANûANDûAûõMûTERMûLOANû"OTHû
mature in seven years and will have six
months of soft call protection. The loans will
amortise at 1% per year.
Pricing on the dollar-denominated
tranche dropped to 200bp over Libor with a
ûmOORûFROMûBPû4HEûCOMPANYûLOWEREDû
pricing on the euros to 250bp over Euribor
WITHûAûûmOORûFROMûBPûWITHûAûûmOOR
The loan was issued at par versus the
INITIALLYûPROPOSEDûGUIDANCEûOFû
The deal has a ticking fee that will pay
lenders half the spread after 45 days and the
FULLûSPREADûAFTERûûDAYS
Crown is buying Signode from private
EQUITYûlRMû4HEû#ARLYLEû'ROUPûINûAû
transaction worth US$3.9bn.
The company has amended its existing
credit facility to relax covenants to permit
lNANCINGûFORûTHEûACQUISITION
The issuer is rated Ba2/BB, while the debt
is rated Baa2/BB+.
Government technology services provider
SAICûlNALISEDûPRICINGûONûITSû53MûTERMû
loan B at the tight end of guidance.
The spread is now set at 200bp over Libor
WITHûAûûmOORûAFTERûBEINGûGUIDEDûATû
200bp-225bp.
Citigroup led with BAML, PNC, SunTrust, US
Bank and Wells Fargo.
The company also plans to reprice its
US$643m term loan A and its US$200m
revolving credit facility.
Citigroup lined up a repricing of SAIC’s
US$400m term loan in August 2016,
allowing the company to cut pricing to
BPûOVERû,IBORûWITHûAûûmOORû!TûTHATû
time, SAIC paid down the loan to that level
from US$532m.WESTINGHOUSE LINES UP BUYOUT LOANSBankrupt nuclear services provider
WESTINGHOUSE ELECTRIC CO’s US$4.6bn
ACQUISITIONûBYû"ROOKlELDû"USINESSû0ARTNERSû
will be backed by a loan package
underwritten by a syndicate including Credit
Suisse, Goldman Sachs, Deutsche Bank, Barclays
and several smaller banks.
Financing for the acquisition is expected
to include roughly US$3bn of long-term
debt, around US$1bn of equity and the
assumption of pensions and environmental
liabilities.
The debt structure will include a loan
WITHûAûlRSTûPRIORITYûCLAIMûANDûAûLOANûWITHûAû
second priority claim. The tranches will be
led by Credit Suisse and Goldman Sachs,
respectively.
7ESTINGHOUSEûlLEDûFORûBANKRUPTCYûINû
March after racking up billions of dollars of
COSTûOVERRUNSûONûlXED
PRICEûCONTRACTSûTOû
build nuclear reactors at two plants in the
southeast US. Costs escalated due to