Mirion, Buckeye, Core & Main, GIP Pilot, Garrett Motion, Heartland, TransNetwork break

By Sara Rosenberg

New York, May 17 – Mirion Technologies Inc. firmed the spread on its first-lien term loan at the low end of talk, and Buckeye Partners LP revised the issue price on its term loan for net new money commitments, and then these deals freed to trade on Friday.

Also, before breaking for trading, Core & Main Inc., GIP Pilot Acquisition Partners LP and Garrett Motion Inc. all finalized pricing on their term loans at the low end of guidance, and deals from Heartland Dental LLC and TransNetwork LLC made their way into the secondary market as well.

In more happenings, Savage Enterprises LLC and Sotera Health Holdings LLC released price talk with launch, and Omnia Partners LLC, Gulfeagle Supply (Gulfside Supply Inc.), Ryan LLC, GIP III Stetson, kdc/one Development Corp Inc., TelevisaUnivision (Univision Communications), US LBM (LBM Acquisition LLC). Cirque Du Soleil, ZoomInfo LLC joined the near-term primary calendar.

Mirion finalizes, frees

Mirion Technologies firmed pricing on its $694.6 million senior secured covenant-lite first-lien term loan due October 2028 (B1/B+) at SOFR plus 225 basis points, the low end of the SOFR plus 225 bps to 250 bps talk, according to a market source.

The term loan still has a 0.5% floor, a par issue price, 101 soft call protection for six months and no CSA.

On Friday, the term loan broke for trading with levels quoted at par 1/8 bid, par ˝ offered, another source added.

Citigroup Global Markets Inc. is the left lead on the deal that will be used to reprice an existing term loan due October 2028 down from SOFR+ARRC CSA plus 275 bps with a 0.5% floor.

Closing is expected during the week of May 20.

Mirion is an Atlanta-based provider of radiation safety technologies.

Buckeye tweaked, trades

Buckeye Partners finalized the issue price on its $997.5 million term loan due 2030 at par, compared to initial talk at launch of an original issue discount of 99.75 for net new money and a par issue price for rollover money, a market source said.

Pricing on the term loan remained at SOFR plus 200 bps with a 0% floor, and the debt still has 101 soft call protection for six months.

During the session, the term loan made its way into the secondary market, with levels quoted at par 1/8 bid, par 3/8 offered, another source added.

MUFG is leading the deal that will be used to reprice an existing term loan due 2030 down from SOFR plus 250 bps with a 0% floor.

Buckeye, backed by IFM investors, is a Houston-based owner and operator of integrated midstream assets.

Core & Main breaks

Core & Main firmed pricing on its $1.459 billion term loan B due 2028 at SOFR plus 200 bps, the low end of the SOFR plus 200 bps to 225 bps talk, according to a market source.

The term loan still has a 0% floor, no CSA and a par issue price.

On Friday, the term loan freed to trade, with levels quoted at par 1/8 bid, par ˝ offered, another source added.

JPMorgan Chase Bank is leading the deal that will be used to reprice an existing term loan down from SOFR+10 bps CSA plus 250 bps with a 0% floor.

Core & Main is a St. Louis-based distributor of water, wastewater, storm drainage and fire protection products, and related services.

GIP Pilot firmed, frees

GIP Pilot set pricing on its $1.097 billion term loan at SOFR plus 250 bps, the low end of the SOFR plus 250 bps to 275 bps talk, a market source remarked.

The term loan still has a 0% floor, a par issue price and 101 soft call protection for six months.

During market hours, the term loan began trading, with levels quoted at par 1/8 bid, par ˝ offered, another source added.

JPMorgan Chase Bank is the left lead on the deal that will be used to reprice an existing term loan down from SOFR plus 300 bps with a 0% floor.

GIP Pilot is a Global Infrastructure Partners backed holding company that owns a 40% non-operating interest in Columbia Pipelines Holding Co. LLC, a natural gas pipeline and gas storage system.

Garrett finalized, trades

Garrett Motion set the spread on its $697 million term loan due April 2028 (Ba1/BB) at SOFR plus 275 bps, the low end of the SOFR plus 275 bps to 300 bps talk, a market source said.

As before, the term loan has a 0.5% floor, a par issue price and 101 soft call protection for six months.

On Friday, the term loan made its way into the secondary market, with levels quoted at par 1/8 bid, par 5/8 offered, another source added.

JPMorgan Chase Bank is leading the deal that will be used to reprice an existing term loan down from SOFR plus 325 bps.

Garrett is a Rolle, Switzerland-based provider of passenger vehicle, commercial vehicle, aftermarket replacement and performance enhancement solutions.

Heartland hits secondary

Heartland Dental’s $2,029,800,000 first-lien term loan due April 30, 2028 broke for trading, with levels quoted at par 1/8 bid, par ˝ offered, according to a market source.

Pricing on the term loan is SOFR plus 450 bps with a 0.75% floor, and it was issued at par. The debt has 101 soft call protection for six months.

Of the total term loan amount, $310 million is a fungible incremental piece that will be used to refinance existing debt, and $1,719,800,000 is a repricing of the company’s existing first-lien term loan due April 30, 2028 down from SOFR plus 500 bps with a 0.75% floor.

During syndication, the incremental piece was upsized from $100 million and the issue price for new money was tightened from 99.75.

Jefferies LLC, KKR Capital Markets, BMO Capital Markets, TD Securities (USA) LLC, Credit Agricole, Mizuho, MUFG, SMBC and Macquarie Capital (USA) Inc. are leading the deal.

Heartland Dental is an Effingham, Ill.-based dental support organization.

TransNetwork breaks

TransNetwork’s $80 million add-on term loan B due Dec. 30, 2030 (B2/B) freed up too, with levels quoted at par ˝ bid, 101 offered, a market source remarked.

Pricing on the add-on term loan is SOFR plus 550 bps with a 0.5% floor, in line with existing term loan B pricing, and the debt was issued at par.

During syndication, the term loan was upsized from $40 million and the issue price was revised from 99.75.

Truist Securities is leading the deal that will be used to fund an acquisition and, due to the recent upsizing, to pay a dividend.

TransNetwork is a Houston-based payment processor serving the U.S. to Latin America cross-border payment corridor.

Savage holds calls

Back in the primary market, Savage Enterprises emerged in the morning with plans to hold a lender call at 10:30 a.m. ET on Friday to launch a $1,241,187,000 senior secured covenant-lite first-lien term loan B due Sept. 18, 2028 talked at SOFR plus 300 bps with 0 bps CSA, a 0.5% floor, a par issue price and 101 soft call protection for six months, according to a market source.

Commitments are due at 2 p.m. ET on Thursday, the source added.

Morgan Stanley Senior Funding Inc. is the left lead on the deal that will be used to reprice an existing term loan B down from SOFR+ARRC CSA plus 325 bps with a 0.5% floor.

Savage Enterprises is a Salt Lake City-based supply chain provider.

Sotera guidance

Sotera Health held its lender call in the morning and announced talk on its $1.509 billion seven-year term loan B (B1/BB-) at SOFR plus 325 bps to 350 bps with a 25 bps step-down at 0.5x closing date leverage, a 0% floor and an original issue discount of 99.5, a market source said.

The term loan has 101 soft call protection for six months.

Commitments are due at 10 a.m. ET on Thursday.

JPMorgan Chase Bank is the left lead on the deal that will be used with $750 million of other secured debt to refinance roughly $2.3 billion of existing term loans due 2026.

Sotera is a Broadview Heights, Ohio-based provider of mission-critical end-to-end sterilization solutions and lab testing and advisory services for the health care industry.

Omnia readies deal

Omnia Partners set a lender call for 2:30 p.m. ET on Monday to launch a $2.12 billion first-lien term loan, according to a market source.

Commitments are due at noon ET on Thursday, the source added.

Of the total term loan amount, $320 million is a fungible incremental piece and $1.8 billion is a repricing of an existing term loan from SOFR plus 375 bps with a 0% floor.

The incremental portion of the term loan will be used with a privately placed $240 million second-lien term loan and new common equity to fund an equity recapitalization.

Barclays, JPMorgan Chase Bank, Fifth Third, Citizens Bank, UBS Investment Bank, Jefferies LLC and Golub Capital are leading the deal.

Omnia, owned by TA Associates and Leonard Green & Partners, is a Franklin, Tenn.-based non-health care group purchasing organization.

Gulfeagle on deck

Gulfeagle Supply will hold a lender call at 11 a.m. ET on Monday to launch a $650 million seven-year covenant-lite term loan B (B2/B), a market source remarked.

The term loan has 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on May 30, the source added.

Wells Fargo Securities LLC is the left lead on the deal that will be used to fund the acquisition of Elite Roofing Supply Inc., a Phoenix-based roofing distributor.

Closing is expected in June, subject to regulatory approvals and customary conditions.

Gulfeagle is a Tampa, Fla.-based distributor of roofing supplies and building products.

Ryan joins calendar

Ryan scheduled a lender call for 11 a.m. ET on Monday to launch a $1.09 billion first-lien term loan due Nov. 14, 2030, according to a market source.

The term loan has 101 soft call protection for six months.

Consents and commitments are due at noon ET on Thursday, the source added.

Of the total term loan amount, $140 million is a fungible incremental piece, and $950 million is a repricing of an existing term loan due Nov. 14, 2030 from SOFR plus 450 basis points with a 0.5% floor.

The incremental portion will be used to fund a distribution to shareholders, pay down revolver borrowings and add cash to the balance sheet.

Jefferies LLC is leading the deal.

Ryan is a Dallas-based tax services and software provider serving blue-chip, global enterprise clients with a best-in-class, founder led management team.

GIP III coming soon

GIP III Stetson set a lender call for 11 a.m. ET on Monday to launch a roughly $641 million term loan due 2028, a market source said.

The term loan has 101 soft call protection for six months, the source added.

MUFG is leading the deal that will be used to reprice an existing term loan from SOFR+10 bps CSA plus 425 bps with a 0% floor.

Stetson Midstream is a Global Infrastructure Partners owned HoldCo with a controlling ownership stake in EnLink, an operator of a midstream business underpinned by a portfolio of assets across Texas, New Mexico, Louisiana and Oklahoma.

kdc/one plans call

kdc/one will hold a lender call at 11 a.m. ET on Monday to launch a $1,072,487,500 first-lien term loan due August 2028 and a roughly €490 million first-lien term loan due August 2028, according to a market source.

Of the total term loan amounts, about $70 million is an incremental piece and about $1,002,487,500 is a repricing of an existing U.S. term loan down from SOFR plus 500 bps with a 0%, and roughly €30 million is an incremental piece and roughly €460 million is a repricing of an existing euro term loan down from Euribor plus 525 bps with a 0% floor. The incremental term loans will be used to pay down revolver borrowings.

Talk on the U.S. debt is SOFR plus 450 bps and talk on the euro debt is Euribor plus 475 bps, with both tranches talked with a 0% floor, an original issue discount of 99.5 for new commitments, a par issue price for rolled commitments and 101 soft call protection for six months, the source said.

Commitments are due at noon ET on Thursday, the source added.

UBS Investment Bank and KKR Capital Markets are leading the arranger group.

kdc/one is a Longueuil, Quebec-based provider of custom formulation, package design and manufacturing solutions for beauty, personal care and home care brands.

TelevisaUnivision on deck

TelevisaUnivision scheduled a lender call for 11 a.m. ET on Monday to launch a $500 million term loan B due January 2029, a market source remarked.

Talk on the term loan is SOFR+CSA plus 350 bps to 375 bps with a 0.5% floor, an original issue discount of 99 and 101 soft call protection for six months, the source added. CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Commitments are due at noon ET on Thursday.

Goldman Sachs Bank USA is the left lead on the deal that will be used with $500 million of other secured debt to partially refinance an existing $1.91 billion first-lien term loan due March 2026.

TelevisaUnivision is a Spanish-language television network.

US LBM joins calendar

US LBM set a lender call for 10 a.m. ET on Monday to launch a $500 million seven-year incremental term loan B (/B-/B), according to a market source.

Commitments are due at noon ET on Thursday, the source added.

Barclays is leading the deal that will be used to refinance ABL drawings and to pay related transaction fees and expenses.

Platinum Equity and Bain Capital are the sponsors.

US LBM is a Buffalo Grove, Ill.-based distributor of specialty building materials.

Cirque repricing

Cirque Du Soleil will hold a lender call at 10:30 a.m. ET on Monday to launch a $544.5 million senior secured covenant-lite first-lien term loan B due March 8, 2030, a market source said.

Talk on the term loan is SOFR plus 375 bps with a 0.5% floor, a par issue price and 101 soft call protection for six months, the source added.

Commitments are due at 5 p.m. ET on Wednesday.

Morgan Stanley Senior Funding Inc. is the left lead on the deal that will be used to reprice an existing term loan B down from SOFR plus 425 bps with a 0.5% floor.

Cirque Du Soleil is a Montreal-based entertainment company that creates acrobatic and artistic performances.

ZoomInfo readies deal

ZoomInfo LLC scheduled a lender call for 12:30 p.m. ET on Monday to launch a $592,522,500 senior secured covenant-lite first-lien term loan B due Feb. 28, 2030, a market source remarked.

Talk on the term loan is SOFR plus 175 bps to 200 bps with a 0% floor, a par issue price and 101 soft call protection for six months, the source added.

Commitments are due at noon ET on Thursday.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to reprice an existing term loan from SOFR plus 225 bps with a 0% floor.

ZoomInfo is a Vancouver, Wash.-based provider of sales and marketing data.

Fund flows

Loan actively managed fund flows on Thursday were positive $18 million and loan ETFs were positive $38 million, according to market sources.

Loan funds reported weekly inflows totaling $815 million, with positive $640 million ETFs. These were the 21st consecutive inflow totaling a cumulative positive $8.4 billion and they included the eighth largest inflows into the ETFs on record.

Inflows for loan funds in 2024 total $9.8 billion, with positive $8.5 billion ETFs, sources added.

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