Tourneau, Hostway, Lockwood exclusives lead Middle Market Greatest Hits - Debtwire

Tourneau, Hostway, Lockwood exclusives lead Middle Market Greatest Hits

16 October 2017 - 12:00 am

Debtwire Middle Market has been raking in the scoops this fall on esoteric credits in the midcap leveraged finance industry.

 

Front and center on the advisory front was the exclusive that first lien lenders for cloud hosting services provider Hostway engaged Paul Hastings as legal counsel, while Wilmington Trust replaced Societe Generale as the agent. The company faces a December 2018 maturity on its fully drawn USD 15m revolver, while its USD 77.5m term loan comes due in December 2019.

 

Debtwire Middle Market also broke the story on Swiss watchmaker Tourneau weighing a potential restructuring, while soldiering on with a sales process amidst earnings pressure.

 

Oilfield servicer Lockwood International engaged Imperial Capital as a financial advisor in the midst of a forbearance with its secured lender Wells Fargo.

 

Greene’s Energy re-engaged Simmons & Co International to explore strategic alternatives and credit fund Arena Investors acquired a loan collateralized by energy investor Nichols Brothers from Origin Bank at a deep discount.

 

The Debtwire Middle Market team also picked up coverage of Aralez Pharmaceuticals, digging into its work with an investment banker to try and raise capital to support its core Zontivity product and also look for potential acquisitions.

 

The latest Primary Loan Monitor reported on PIK Holdco debt and/or preferred stock starting to seep into midcap leveraged buyouts in order to get the last turn or two of leverage to seal the deal.

 

On the auction block, plastics injection molding systems manufacturer Revere Plastics Systems hired William Blair & Co to run a sales process with the company being marketed off USD 25m in EBITDA. The company generates 80% of its revenue from Whirlpool.

 

Also, L Catterton acquired Uncle Julio’s after we reported exclusively back in May that it was on the auction block.

 

We also reported online lingerie provider Yandy.com engaging Piper Jaffray to refinance its credit facility.

 

For the monthly Middle Market Junction podcast, leading lawyers from DLA Piper and Greenberg Traurig discussed restructurings in the skilled nursing care facility (SNF) industry.

 

In research, we put out our quarterly Private Credit Report on pricing trends in private credit, tear sheets on Summer Infant, a supplier to the bankrupt Toys R Us and Inseego Corporation after 2Q17 earnings came out, as well as the September edition of the Middle Market Energy & Mining Bankruptcy Tracker.

 

In court developments, Boersen Farms secured lenders CHS Capital dismissed a lawsuit against the company after it sold the entire USD 143.5m loan at a deep discount to a buyer.

 

by Jon Berke