IFR International - 20.10.2018

LOANS LEVERAGED LOANS

#OLDûSTORAGEûWAREHOUSEûANDûLOGISTICSû
company LINEAGE LOGISTICS is seeking to tack
ONû53MûTOûITSûTERMûLOANûDUEûINû&EBRUARYû

4HEûPROCEEDSûWILLûlNANCEûTUCK
INû
acquisitions. Credit Suisse is leading.
A lender call is scheduled for Monday.
The add-on is expected to be priced at a
DISCOUNTûOFûûANDûCARRYûTHEûSAMEûTERMSûASû
THEûEXISTINGûLOANûOFûBPûOVERû,IBORûWITHûAû
ûmOOR
The company lined up the debt in
&EBRUARYûATûAûSIZEûOFû53MûTOûRElNANCE
4HEûISSUERûANDûTHEûDEBTûAREûRATEDû""
APERGYûHASûLAUNCHEDûAûRElNANCINGûOFûITSû
EXISTINGû53MûTERMûLOAN
4HEûDEALûISûGUIDEDûATûBPnBPûWITHûAû
ûmOORûATûPARû3OFTûCALLûPROTECTIONûOFûû
will be reset for six months.
JP Morgan ISûARRANGINGûTHEûlNANCING
The company provides technologies to
help companies drill for and produce oil and
gas.
4HEREûAREûEXISTINGû"A""nûCORPORATEû
FAMILYûRATINGSûANDû"A""ûSECUREDûRATINGS
Gaming company PENINSULA PACIFIC
ENTERTAINMENT increased a term loan to
53MûFROMû53MûANDûCUTûTHEûSPREADû
BYûBPû0ROCEEDSûWILLûBEûUSEDûTOûlNANCEû
development.
Credit Suisse led the six-year term loan,
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ûmOORûANDûAûDISCOUNTûOFûûASûOPPOSEDûTOû
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DISCOUNTûOFû
The deal includes a US$25m delayed-draw
PORTIONûWHICHûWILLûHAVEûAûTICKINGûOFûûOFû
the margin.
The term loan will not be callable for two
years followed by two years of call
PROTECTIONûATûû4HEûDEALûWASûORIGINALLYû
proposed with two years of non-callability
FOLLOWEDûBYûCALLûPROTECTIONûOFû
4HEûCORPORATEûANDûDEBTûRATINGSûAREû""

CONCRETE PUMPING TO LAUNCH
LBO LOAN

CONCRETE PUMPING HOLDINGS is looking for a
53MûTERMûLOANûTOûBACKûITSûBUYOUTûBYû
special purpose acquisition company
)NDUSTREAû!CQUISITIONû#ORP
4HEû30!#ûISûPARTNERINGûWITHûTHEû
COMPANYSûMANAGEMENTûANDûISûBUYINGûAû
MAJORITYûSTAKEûFROMû0ENINSULAû0ACIlC
Credit Suisse is leading with Jefferies and
Stifel. A bank meeting is scheduled for
Monday.
The seven-year term loan will have six
MONTHSûOFûSOFTûCALLûPROTECTIONûATû
UNIVERSAL HEALTH SERVICES is seeking
commitments by Friday for a seven-year
53MûTERMûLOAN
4HEûLOANûALONGûWITHûAûNEWûlVE
YEARûPROû
RATAûFACILITYûWILLûBEûUSEDûTOûRElNANCEû

EXISTINGûPROûRATAûFACILITIESûANDûûSENIORû

SECUREDûNOTESûTHATûMATUREûINû

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BPûOVERû,IBORûFORûTHEûLOANûWITHûAûûmOORû

ANDûAûû/)$û)TûCARRIESûûSOFTûCALLû

protection for six months.

JP Morgan ISûARRANGINGûTHEûlNANCING

4HEREûAREû"A""""ûCORPORATEûRATINGSû

ANDû"A"""n"""nûFACILITYûRATINGS

#LOTHINGûRETAILERûBURLINGTON COAT FACTORY

WAREHOUSE CORP is seeking to reprice a

53MûTERMûLOANûTHATûMATURESûINû

.OVEMBERû

4HEûCOMPANYûISûOFFERINGûTOûPAYûBPn

BPûOVERû,IBORûWITHûAûûmOORûATûPARû3OFTû

CALLûPROTECTIONûOFûûWILLûBEûRESETûFORûSIXû

months.

JP Morgan is arranging the transaction.

%XISTINGûCORPORATEûRATINGSûAREû"A""ûANDû

EXISTINGûSECUREDûRATINGSûAREû"A"""n

XO MANAGEMENT HOLDINGS is seeking

COMMITMENTSûFORûAû53MûlVE

YEARûTERMû

LOANûTOûBACKûTHEûCOMPANYSûACQUISITIONûBYû

Vista Global Holdings.

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AûûmOORûANDûAûû/)$û)TûHASûûSOFTûCALLû

protection for six months.

The company is a provider of business

AVIATIONûmIGHTûSERVICESûWITHûAûmEETûOFûû

aircraft.

JP Morgan ISûARRANGINGûTHEûlNANCING

There are corporate and facility ratings of

""

TA CHEN INTERNATIONAL has scheduled a

LENDERûCALLûONû-ONDAYûFORûAû53MûTERMû

LOANûTOûBACKûTHEûACQUISITIONûOFû!RCONICSû

Texarkana, Texas rolling mill.

JP Morgan ISûARRANGINGûTHEûlNANCING

!RCONICûANDû4Aû#HENûAû53ûSUBSIDIARYûOFû

aluminium and stainless steel distributor Ta

#HENû3TAINLESSû0IPEû#OûANNOUNCEDûTHEû

acquisition earlier this month.

ALLIED UNIVERSAL FIRMS TERMS

3ECURITYûlRMûALLIED UNIVERSALûlRMEDûPRICINGû

ANDûTIGHTENEDûTHEûDISCOUNTûONûAû53Mû

ADD

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4HEûCOMPANYûWILLûUSEûTHEûLOANûTOûlNANCEû

its purchase of rival US Security Associates,

which was announced in July.

Credit Suisse led the deal with Barclays,

Citigroup, Deutsche Bank, Morgan Stanley, HSBC,

Societe Generale, ING, Natixis and PNC.

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The loan has six months of soft call

PROTECTIONûATû

!LLIEDûISûRATEDû""

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RATEDû""

""

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SIZEûOFûTHEûLOANûWASû53BNû4HATûDEALû

INCLUDEDûAû53MûDELAYED

DRAWûPORTION

Allied Universal was created through the

merger of AlliedBarton and Universal

Services of America.

Discount chain GROCERY OUTLET has

COMPLETEDûAû53MûLOANûDEALûBACKINGûAû

dividend recapitalisation.

Morgan Stanley led alongside Bank of

America Merrill Lynch, Deutsche Bank and

Jefferies.

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lRST

LIENûTERMûLOANûAû53MûSECOND

LIENû

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facility. The term loans are being issued on a

covenant-lite basis. The revolver will have a

springing leverage covenant.

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GUIDANCEûATûBPûOVERû,IBORûWITHûAûûmOORû

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BP

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DISCOUNTûOFû

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INCLUDESûHARDûCALLûPROTECTIONûOFû

,EVERAGEûATûTHEûCOMPANYûWILLûJUMPûTOûû

TIMESûFROMûûTIMESûFOLLOWINGûTHEûDEALû

ACCORDINGûTOû-OODYS

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LIENûDEBTû

#AA

S&P issued a B- rating for the company

ANDûTHEûlRST

LIENûLOANûANDûAû###ûRATINGûFORû

the second-lien loan.

Dietary supplement company JUICE PLUS+

HASûWRAPPEDûAû53MûSEVEN

YEARûTERMû

loan backing an investment by private

EQUITYûlRMû!LTAMONTû#APITAL

Credit Suisse led the deal, which was

INCREASEDûFROMû53M

US LEVERAGED LOANS

BOOKRUNNERS: 1/1/2018 TO DATE

Managing No of Total Share

bank or group issues US$(m) (%)

1 JP Morgan 486 108,184.08 10.1

2 BAML 524 106,117.66 9.9

3 Wells Fargo 369 81,769.61 7.7

4 Barclays 268 63,493.85 5.9

5 Credit Suisse 254 55,336.42 5.2

6 Goldman Sachs 254 55,246.93 5.2

7 Deutsche Bank 236 50,325.83 4.7

8 Citigroup 221 46,777.74 4.4

9 RBC 216 40,177.80 3.8

10 Morgan Stanley 172 38,938.68 3.6

Total 1,927 1,067,558.71

Excluding Project Finance.

Source: Refinitiv SDC code: P2