MJH Life, Precisely break; White Cap, Dodge Construction, WHP, Ankura, Conterra set talk

By Sara Rosenberg

New York, Jan. 25 – MJH Life Sciences set the spread on its term loan B at the low end of revised guidance, and Precisely increased the size of its add-on first-lien term loan and updated issue prices on its first- and second-lien debt, and then these deals freed to trade on Tuesday.

In more happenings, White Cap Supply Holdings LLC, Dodge Construction Network (Dodge Data & Analytics LLC), WHP Global (WH Borrower LLC), Ankura Consulting Group LLC and Conterra Ultra Broadband released price talk with launch.

Also, Scientific Games Lottery, Caldic BV, symplr Software Inc., Rinchem Co. Inc. and Spruce Power Holdings LLC joined this week’s primary calendar.

MJH updated

MJH Life Sciences firmed pricing on its $650 million seven-year term loan B at SOFR+CSA plus 350 basis points, the low end of revised talk of SOFR+CSA plus 350 bps to 375 bps and down from initial talk of SOFR+CSA plus 400 bps to 425 bps, according to a market source.

As before, the term loan has a 0.5% floor, an initial public offering-based pricing step-down, CSA of 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, an original issue discount of 99.5 and 101 soft call protection for six months.

Previously in syndication, the discount on the term loan finalized at the tight end of the 99 to 99.5 talk, leverage-based pricing step-downs were removed, and some changes were made to documentation.

The company’s $725 million of credit facilities (B2/B-) also include a $75 million revolver.

MJH hits secondary

On Tuesday, MJH Life Sciences’ term loan B broke for trading, with levels quoted at 99¾ bid, par ¼ offered, another source added.

BofA Securities Inc. and PNC Bank are leading the deal.

The credit facilities will be used to help fund the acquisition of a majority interest in the company by BDT Capital Partners LLC. The Hennessy Family, who founded the company, will continue to hold a significant minority ownership position.

MJH Life Sciences is a Cranbury, N.J.-based medical media company.

Precisely tweaked, trades

Precisely raised its fungible add-on first-lien term loan due April 2028 to $275 million from $200 million and set the original issue discount at 99.75, the tight end of the 99.5 to 99.75 talk, a market source said.

In addition, the company changed the issue price on its fungible $30 million add-on second-lien term loan due April 2029 to 100.25 from talk in the range of 99.75 to par, the source continued.

The add-on first-lien term loan is priced at Libor plus 400 bps with a 0.75% Libor floor and has 101 soft call protection until April, and the add-on second-lien term loan is priced at Libor plus 725 bps with a 0.75% Libor floor and has 102 hard call protection until April and then 101 for a year.

During the session, the bank debt freed to trade, with the add-on first-lien term loan quoted at 99 7/8 bid, par ¼ offered and the add-on second-lien term loan quoted at par ¼ bid, par ¾ offered, another source added.

JPMorgan Chase Bank, Barclays and Golub Capital are leading the deal for the provider of data integrity software. Barclays is the agent on the second-lien loan.

The loans will be used to fund the acquisition of PlaceIQ, a New York-based data and technology provider, to repay revolver borrowings and, as a result of the upsizing, to add cash to the balance sheet.

White Cap talk

White Cap Supply Holdings held its lender call on Tuesday afternoon and announced price talk on its $2.312 billion covenant-lite term loan B due October 2027 at SOFR plus 350 bps with a 0.5% floor and a par issue price, according to a market source.

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

Commitments are due at noon ET on Feb. 1.

Deutsche Bank Securities Inc., RBC Capital Markets, Regions Bank, Wells Fargo Securities LLC, US Bank, BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and Mizuho are leading the deal that will be used to reprice an existing term loan B from Libor plus 400 bps with a 0.5% Libor floor.

White Cap is a distributor of a diverse mix of concrete accessories and specialty construction and safety products.

Dodge guidance

Dodge Construction Network disclosed price talk on its $455 million seven-year covenant-lite first-lien term loan (B2/B-) and $130 million eight-year covenant-lite second-lien term loan (Caa2/CCC) in connection with its morning call, a market source remarked.

Talk on the first-lien term loan is SOFR+10 bps CSA plus 450 bps to 475 bps with a 0.5% floor and an original issue discount of 99, and talk on the second-lien term loan is SOFR+10 bps CSA plus 800 bps to 825 bps with a 0.5% floor and a discount of 98.5, the source added.

The first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

Commitments are due at 5 p.m. ET on Feb. 8.

Dodge lead banks

Deutsche Bank Securities Inc., UBS Investment Bank, Wells Fargo Securities LLC, BMO Capital Markets and RBC Capital Markets are the bookrunners on Dodge Construction’s first-lien term loan, with Deutsche the left lead. UBS and Deutsche are the bookrunners on the second-lien term loan, with UBS the left lead.

The term loans will be used to help fund a recapitalization in connection with a significant new equity investment from Clearlake Capital Group LP.

Upon closing, Clearlake will be an equal partner with the company’s existing investor, Symphony Technology Group.

Dodge Construction is a Hamilton, N.J.-based data platform supporting the commercial construction industry.

WHP proposed terms

WHP Global came out with talk of SOFR plus 550 bps with a 0.5% floor, an original issue discount of 98 to 99 and 101 soft call protection for one year on its $450 million five-year senior secured covenant-lite term loan B (B2/B-) that launched with a call in the morning, according to a market source.

Commitments are due at 5 p.m. ET on Feb. 8, the source added.

Morgan Stanley Senior Funding Inc., Deutsche Bank Securities Inc. and Credit Suisse Securities (USA) LLC are leading the deal, which will be used to refinance existing debt, add cash to the balance sheet, fund a distribution to shareholders and pay related fees and expenses.

WHP is a New York-based brand acquisition and development platform that monetizes brands via an asset-lite licensing business model.

Ankura OID talk

Ankura Consulting Group launched on its afternoon call its fungible $75 million incremental covenant-lite first-lien term loan (B-) due March 2028 with original issue discount talk of 99.5, a market source said.

Pricing on the incremental term loan is SOFR+CSA plus 450 bps with a 0.75% floor.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

Commitments are due at 5 p.m. ET on Feb. 2, the source added.

Deutsche Bank Securities Inc. is the left lead on the deal that will be used to fund future acquisitions.

With this transaction, pricing on the company’s existing first-lien term loan is being amended to SOFR+CSA plus 450 bps with a 0.75% floor from Libor plus 450 bps with a 0.75% Libor floor.

Ankura is a specialty consulting platform.

Conterra launches

Conterra Ultra Broadband announced talk on its fungible $55 million incremental term loan B at SOFR+CSA plus 475 bps with a 1% floor and an original issue discount of 99.25 with its lender call, a market source remarked.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

The incremental term loan has 101 soft call protection until June.

Commitments are due on Feb. 1, the source added.

TD Securities (USA) LLC is leading the deal that will be used to repay revolver borrowings, add cash to the balance sheet to fund growth and pay related fees and expenses.

As part of this transaction, pricing on the company’s existing term loan is being switched to SOFR+CSA plus 475 bps with a 1% floor from Libor plus 475 bps with a 1% Libor floor.

Conterra is a provider of bandwidth infrastructure services.

Scientific Games on deck

Scientific Games Lottery set a lender call for 9:30 a.m. ET on Wednesday to launch a $1.77 billion seven-year covenant-lite term loan B and a $750 million equivalent euro seven-year covenant-lite term loan B, according to a market source.

The term loans have 101 soft call protection for six months, the source said.

Commitments are due at 10 a.m. ET on Feb. 4.

Deutsche Bank Securities Inc., Barclays, BNP Paribas Securities Corp., Credit Agricole, Macquarie Capital and RBC Capital Markets are leading the deal that will be used with equity to fund the acquisition of the company by Brookfield Business Partners LP for about $5.8 billion.

Closing is expected in the second quarter, subject to customary conditions, including regulatory approvals.

Scientific Games Lottery is a lottery services and technology company.

Caldic readies deal

Caldic will hold a lender call at 9 a.m. ET on Wednesday to launch a €950 million equivalent U.S. and euro seven-year covenant-lite term loan B, a market source said. The indicative split of the term loan is about 60% euro and about 40% U.S.

The U.S. term loan has a 0.5% SOFR floor, the euro term loan has a 0% floor and both tranches have 101 soft call protection for six months, the source added.

Commitments are due at 5 p.m. ET on Feb. 3.

Goldman Sachs is an active bookrunner on the U.S. loan. Joint active bookrunners on the euro loan are BNP Paribas Securities Corp., RBC Capital Markets and UBS Investment Bank. Passive bookrunners are Credit Suisse, Morgan Stanley Senior Funding Inc., Barclays, Jefferies LLC, ABN Amro, ING and KKR Capital Markets.

The loan will be used to help fund the buyout of the company by Advent International from Goldman Sachs Asset Management, to refinance existing debt and for general corporate purposes.

Closing is expected in the first half of this year, subject to customary conditions and regulatory approvals.

Caldic is a Netherlands-based provider of life sciences and specialty industrial solutions.

symplr joins calendar

symplr Software scheduled a lender call for 10 a.m. ET on Wednesday to launch a fungible $250 million incremental covenant-lite first-lien term loan (B) due December 2027, according to a market source.

Pricing on the incremental first-lien term loan is SOFR+10 bps CSA plus 450 bps with a 0.75% floor, the source said. Original issue discount talk is not yet available.

Commitments are due at noon ET on Feb. 2.

The company is also getting a $90 million privately placed second-lien term loan.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to fund the acquisition of Midas Health Analytics Solutions from Conduent Inc.

Closing is expected this quarter, subject to customary conditions and regulatory approvals.

In connection with this transaction, pricing on the company’s existing first-lien term loan will transition to SOFR+10 bps CSA plus 450 bps with a 0.75% floor from Libor plus 450 bps with a 0.75% Libor floor.

symplr is a Houston-based provider of healthcare governance, risk and compliance software solutions. Midas is a provider of clinical and analytics transformation software solutions.

Rinchem coming soon

Rinchem emerged with plans to hold a lender call at 10 a.m. ET on Thursday to launch $335 million of credit facilities, a market source remarked.

The facilities consist of a $35 million five-year revolver and a $300 million seven-year term loan B, the source added.

RBC Capital Markets, Barclays, Deutsche Bank Securities Inc. and Macquarie Capital (USA) Inc. are leading the deal that will be used to help fund the buyout of the company by Stonepeak.

Closing is expected in the first quarter, subject to regulatory approvals and other customary conditions.

Rinchem is an Albuquerque, N.M.-based specialty warehousing and logistics company.

Spruce plans call

Spruce Power Holdings set a lender call for 2 p.m. ET on Wednesday to launch a $600 million seven-year term loan B (B), according to a market source.

The term loan has 101 soft call protection for six months and a debt service coverage ratio covenant, the source said.

KeyBanc Capital Markets is leading the deal that will be used to refinance existing debt and any remaining proceeds will fund a distribution to HPS Investment Partners.

Spruce Power is a Houston-based owner and operator of distributed generation solar residential assets.

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