NEW YORK, May 23 (Reuters) – JP Morgan outlined price guidance on a $513.35 million collateralized loan obligation (CLO) it is marketing for Carlyle Investment Management, sources told Thomson Reuters LPC.

The CLO, which is called Carlyle Global Market Strategies CLO 2012-2, includes a $323 million Aaa/AAA tranche guided in the 133bp over Libor area on a DM basis; a $55 million AA tranche guided in the 250bp over Libor area on a DM basis; a $37.5 million A tranche guided in the 375bp over Libor area on a DM basis; a $24 million BBB tranche guided in the 575bp over Libor area on a DM basis; a $23 million BB tranche guided in the 775bp over Libor area on a DM basis; and a $50.85 million equity tranche.

A discount-to-margin, or DM, is the margin after taking into account the discount on a CLO tranche.

The Carlyle CLO – the firm’s second this year – is slightly upsized from $512.6 million at launch in April. The CLO’s reinvestment period – the length of time it can actively trade in and out of credits – is four years. Its non-call period is two years and its legal final maturity is 11 years.

Initial feedback on the deal is due May 29, while pricing is expected on June 1.

Carlyle manages roughly $16 billion of CLOs globally. Since August 2010, Carlyle has acquired the rights to manage roughly $5.9 billion in broadly syndicated U.S. CLOs, $1.2 billion in middle market U.S. CLOs and 2.2 billion euros in European CLOs. The firm’s first CLO this year – a $509.88 million deal – priced in March. The AAA notes on that deal printed at 143bp over Libor.

Last year, Carlyle raised a $500 million CLO, in which the AAA tranche printed at 122bp over Libor.

NEW YORK, May 22 (Reuters) – London-based financial software provider Misys Plc has revised the terms of its buyout loan, sources told Thomson Reuters LPC.

The issuer’s first-lien loan now includes a $125 million, five-year revolver, a $945 million term loan and a 100 million euro term loan.

The spread on the U.S. dollar and euro term loan is 600bp over Libor and 625bp over Euribor, respectively. Both loans also feature a 1.25 percent Libor/Euribor floor and will be issued at a discount of 97 cents on the dollar. The loans also have call protection of 102 in year one and 101 in year two, and have a shorter tenor now of 6.5 years.

The corporate family rating is B2/B, while the facility rating is Ba3/B+. The deal has a total leverage covenant.

Recommitments are due at 5 p.m. EST today.

At launch, the loan included a $125 million revolver, a $730 million, seven-year term loan and a 250 million euro, seven-year term loan. Price talk on the U.S. dollar term loan was 500-525bp over Libor, while price talk on the euro term loan was 550-575bp over Euribor. Both loans had a 1.25 percent floor and were originally to be issued at a discount of 99 cents on the dollar.

The loans back Misys’ buyout by Vista Equity Partners, in a deal that values the company at 1.27 billion pounds. Upon completion of the acquisition, Misys will be combined with Turaz, a Vista portfolio company that provides trade and risk management software.

NEW YORK, May 18 (Reuters) – Formula One has priced its $1.3 billion institutional term loan B at 350bp over Libor with a 1 percent Libor floor and a discount of 98 cents on the dollar, sources told Thomson Reuters LPC.

The issuer has also added a 100bp annual ticking fee, which is to be paid from the loan’s allocation date till its closing date or cancellation. Formula One will pay the fee whether or not it lists its initial public offering (IPO). The maximum amount of the payment is capped at around $1.6 million.

If the IPO is not priced by June 30, the term loan commitments will be cancelled. But the loan commitments will be available for another 10 days if the IPO pricing occurs by June 30. Formula One is aiming for a June 14 IPO.

Essentially, the new term loan becomes effective upon the completion of a successful IPO. If the IPO is unsuccessful, Formula’s One’s existing $1.38 billion term loan B from April will stay in place.

As per the terms of the new loan, the existing loan must be repaid in full. “The new facilities are $450 million less than the existing facilities, so this would force at least that much debt reduction,” said a buyside investor committing to the new loan.

Commitments to the new term loan are due today at 4:00 p.m. Goldman Sachs and RBS lead the loan.

Yesterday, Formula One was believed to have received an anchor order of $200 million from an institutional account at 350bp over Libor with a 1 percent Libor floor and a discount of 98 cents on the dollar, buyside sources told Thomson Reuters LPC. The loan also has 101 soft call protection.

NEW YORK, May 17 (Reuters) – Formula One’s new refinancing loan has drawn an anchor order of $200 million from an institutional account at 350bp over Libor with a 1 percent Libor floor and a discount of 98 cents on the dollar, buyside sources told Thomson Reuters LPC. The loan also has 101 soft call protection.

Meanwhile, investors are asking Formula One to pay them the 101 call protection on the existing loan in exchange for rolling into the new loan. Formula One is trying to get around paying the call premium, saying that it does not apply to repricings in connection with an initial public offering (IPO), according to several investors looking at the deal.

Standard & Poor’s has placed Formula One’s B+ corporate credit rating on CreditWatch positive.

Formula One has been shopping a $1.3 billion term loan B due June 2018 to institutional loan investors a mere three weeks after clearing a $1.38 billion term loan B due April 2017 through the market.

Initial price guidance on the new $1.3 billion term loan B was floated at 325-350bp over Libor with a 1 percent Libor floor and a discount of 99 cents on the dollar.

The term loan B, along with a $50 million revolving line of credit and a $450 million term loan A which is to be sold mainly to bank lenders, will refinance Formula One’s existing debt in conjunction with the company’s upcoming IPO.

The new loan will continue to have covenants governing leverage and interest coverage. Pro forma for the new loan, net leverage would drop to around three times from 4.5 times in April, sources said.

By Jennifer Ablan and Smita Madhur

(Reuters) – Chesapeake Energy Corp increased a planned loan even as its credit rating deteriorated on Tuesday, adding pressure on the natural gas producer to deliver crucial asset sales.

The company, which has sought to soothe investors angered by recent disclosures about its CEO’s potential conflicts of interest, hiked a planned $3 billion bridge loan to $4 billion amid strong demand for the junk-rated debt it needs to cover a cash shortfall brought on by the weakest natural gas prices in a decade.

Shares in Chesapeake slumped more than 5 percent to their lowest level in more than three years on Tuesday, hurt by news that Standard & Poor’s had cut the company’s credit rating another notch into non-investment, or junk, status to ‘BB-’.

Still, debt investors appeared to snap up the chance to buy into the company’s newest high-yield debt offering, with commitments for the loan offered by Goldman Sachs and Jefferies Group believed to have reached about $12 billion, more than three times the planned increase.

“If you are investing in Chesapeake right now, you are investing because you think the assets are worth more than the market value of the outstanding debt and equity of the company,” said Dan Fuss, vice chairman and portfolio manager at Loomis Sayles, which owns Chesapeake debt and holds $172 billion in assets under management.

“These are now asset plays, not a quarter-by-quarter earnings play.”

NEW YORK, May 11 (Reuters) – Arch Coal upsized its term loan B by $400 million and added a pricing step-down to the facility, source told Thomson Reuters LPC.

The now $1.4 billion credit is priced at 450bp over Libor with a 1.25 percent Libor floor. The original issue discount firmed at 99 after being talked in the 98.5-99 range.

Pricing will be subject to a grid 12 months after the facility closes, which will take pricing down to 425bp over Libor when total gross leverage declines to 4 times.

The upsize to the institutional loan came at the expense of the revolver, which was downsized by $400 million to $600 million.

As reported, the six-year term loan will have 102 call protection in year one and 101 call protection in year two. Up to $500 million in asset sales will be allowed to repay the term loan B at par within 12 months from closing. Arch Coal has a B1 corporate family rating and a Ba2 facility rating. Commitments were due May 10.

As previously reported, Bank of America Merrill Lynch launched the deal May 3. Recommitments to the deal are due at 3 p.m. today.

Proceeds from the term loan B will be used to tender for Arch Western Resources’ $450 million in 6.75 percent senior notes due 2013, repay funded borrowings under the company’s revolving credit facility and for general corporate purposes. Arch Coal is one of the world’s largest coal producers with operations in all major U.S. coal basins.

NEW YORK, May 11 (Reuters) – Formula One launched its $1.8 billion loan, which will refinance its existing debt in conjunction with the company’s upcoming initial public offering (IPO), sources told Thomson Reuters LPC.

The loan includes a $50 million revolving line of credit, a $450 million term loan A, which is to be sold mainly to bank lenders, and a $1.3 billion term loan B due June 2018, which is to be sold to institutional accounts.

Price guidance on the term loan B is 325-350bp over Libor with a 1 percent Libor floor and a discount of 99 cents on the dollar. Formula One is floating these terms based on an expected upgrade of its corporate family ratings by one notch to Ba2/BB-. The issuer will repay its existing loan at par. The new loan will continue to have covenants governing leverage and interest coverage. Pro forma for the new loan, net leverage would drop to around three times from 4.5 times in April, sources said.

As previously reported, the refinancing is contingent on a successful IPO of the company. Formula One is expected to complete its IPO by around June 14.

Last month, Formula One sold to institutional loan investors in the U.S. and Europe a $1.38 billion term loan B due April 2017. That loan was priced at 450bp over Libor with a 1.25 percent Libor floor. It was offered to investors at 99 cents on the dollar. The rest of the credit was filled out by a $70 million revolving line of credit due 2017 and an $817 million term loan C due 2018. The term loan C is said to have been sold to “friends and family” of Formula One sponsor CVC Capital . Formula One proposed to use the funds from the overall $2.267 billion credit as follows: $1.784 billion to repay existing bank debt due 2012-14, $1.06 billion to issue a dividend, $46 million to put cash on the balance sheet and another $46 million in estimated fees and expenses.

As part of the dividend recap, the refinancing allowed Formula One’s shareholders, including majority owner CVC Capital, to transfer around $1 billion of cash to holding company Delta Topco for a range of purposes, including dividends and acquisitions.

CVC Capital bought Formula One in April 2006, backed by $2.1 billion of debt. In 2007, the debt was recapitalized with $2.92 billion of debt consisting of an $800 million term loan A at 200bp over Libor, a $1.4 billion term loan B at 237.5bp over Libor, a $70 million revolving credit at 200bp over Libor and a $650 million second-lien loan at 350bp over Libor.

NEW YORK, May 9 (Reuters) – Attachmate has sweetened the terms on its $1.5 billion recap loan, sources told Thomson Reuters LPC. The issuer has increased the rate, shortened the tenor and tightened the call language on the first- and second-lien term loans it has been shopping to institutional loan investors.

Attachmate’s $1.1 billion first-lien term loan will now mature in 5.5 years, down from six years. It is priced at 575bp over Libor with a 1.5 percent Libor floor and a discount of 98 cents on the dollar. This loan now has 102 and 101 soft call protection in years one and two, respectively. It amortizes at 7.5 percent, 7.5 percent, 7.5 percent, 7.5 percent, 10 percent and 60 percent.

At launch, the first-lien term loan was guided at 525bp over Libor with a 1.5 percent Libor floor and a discount of 99 cents on the dollar. It also had 101 soft call protection in year one. Also, at launch, the first-lien term loan had amortization of 5 percent, 5 percent, 7.5 percent, 7.5 percent, 10 percent and 10 percent.

The $400 million second-lien term loan now expires in 6.5 years, down from seven years at launch. It is priced at 950bp over Libor with a 1.5 percent Libor floor and a discount of 97 cents on the dollar. The loan is now non-callable for the first two years and callable at 102 and 101 in years three and four, respectively.

At launch, the second-lien term loan was guided at 900bp over Libor with a 1.5 percent Libor floor and a discount of 98 cents on the dollar. It was non-callable in the first year and callable at 103, 102 and 101 in years two, three and four, respectively. Following the changes, commitments to the deal are due today at 5 p.m. Proceeds are to refinance debt and issue a dividend.

In February, Attachmate pulled from market a $300 million add-on first-lien term loan and a $100 million add-on second-lien term loan it was marketing. Proceeds from the loans were to be used to fund a dividend. The company was also trying to get past the finish line an amendment, which would have allowed for the add-on loans to be issued. According to sources, investors did not react favorably to the amendment as structured, and the company did not want to make changes since it believed that the financing proposal was fair.

The first-lien add-on, which was to mature on April 27, 2017, was guided at 575bp over Libor with a 1.5 percent Libor floor and a discount of 98 cents on the dollar. The second-lien add-on, which was to mature on Oct. 27, 2017, was talked at 900bp with a 1.5 percent Libor floor and a discount of 98 cents on the dollar. The call language on the two add-on loans was to be the same as that on the company’s existing loans. Attachmate’s existing first-lien and second-lien lenders that voted for an amendment to allow for the add-ons were to receive a 25bp fee and a 50bp fee, respectively.

NEW YORK, May 9 (Reuters) – RBS has priced a $308.25 million collateralized loan obligation (CLO) for Crescent Capital Group LP after upsizing the deal slightly from $306 million at launch in April, sources told Thomson Reuters LPC.

The CLO, which is called Atlas Senior Loan Fund, includes a $191 million Aaa/AAA tranche priced at a coupon of 132bp over Libor; a $25 million AA tranche priced at a coupon of 250bp over Libor; a $15 million A tranche priced at a coupon of 350bp over Libor; a $10 million A tranche priced at 5.149 percent; a $15 million BBB tranche priced at a coupon of 450bp over Libor; a $16.25 million BB- tranche priced at a coupon of 625bp over Libor; a $7 million B tranche priced at a coupon of 750bp over Libor; and a $29 million equity tranche.

The CLO’s reinvestment period – the length of time it can actively trade in and out of credits – is four years. The non-call period is two years. The CLO’s maturity date is on Aug. 15, 2024.

CLOs – which package leveraged loans into different slices of risk and sell them to investors as bonds with varying yields - are still a substantial buyer base for corporate loans post the credit crisis. Sources estimate, however, that CLOs now make up around 40-50 percent of the demand for loans, down from 70-75 percent at the height of the market.

CLOs make money based on the difference between the liabilities spreads that they pay to their investors and the spreads they earn on the underlying loan assets. Since the resurgence of the CLO market in 2011, liabilities spreads on all parts of CLOs’ capital stacks have been trending lower, although they are still wide compared to liabilities spreads on the vintage CLOs from the bull market of 2006.

In 2011, $13.24 billion in CLOs were printed in the U.S., according to Thomson Reuters LPC data. So far this year, $12.3 billion in CLOs have priced.

NEW YORK, May 9 (Reuters) – Harbor Freight has revised the terms on its dividend recap loan, sources told been Thomson Reuters LPC. The issuer has downsized its $1 billion senior secured term loan to $750 million. It also has shortened the tenor on the facility to 5.5 years from seven years.

The rate on the loan has bumped up to 425bp over Libor with a 1.25 percent Libor floor and a discount of 99 cents on the dollar. At launch, the loan was guided at 400bp over Libor with a 1.25 percent Libor floor a discount of 99 cents on the dollar.

The loan will have 101 soft call protection for one year and continues to be covenant-lite. As a result of the changes, pro forma total leverage has declined to three times from 3.7 times at launch. Recommitments are due at 5 p.m. today.

As previously reported, the term loan is led by Credit Suisse. The company is also raising an asset-based revolving line of credit via Wells Fargo. Proceeds are to refinance existing debt and pay a dividend.

In December 2010, Harbor Freight, which is a discount tool store, raised a $650 million term loan B at 500bp over Libor with a 1.5 percent Libor floor. That loan was sold to institutional investors at 99 cents on the dollar and came with call protection of 102 and 101 in the first and second years, respectively.