SPX Flow, Imprivata, Belfor price talk surfaces; Restaurant Technologies readies deal

By Sara Rosenberg

New York, March 8 – In the primary market on Tuesday, SPX Flow Inc., Imprivata and Belfor Holdings Inc. disclosed price talk with launch, and Restaurant Technologies Inc. joined this week’s new issue calendar.

SPX proposed terms

SPX Flow held its lender call on Tuesday morning and announced talk on its $1.54 billion seven-year covenant-lite first-lien term loan B at SOFR plus 450 bps with a 0.5% floor, an original issue discount of 98 to 98.5 and 101 soft call protection for six months, according to a market source.

The company’s $1.74 billion of senior secured credit facilities (B2/B-) also include a $200 million five-year revolver.

Commitments are due at noon ET on March 17, the source added.

Citigroup Global Markets Inc., BofA Securities Inc., RBC Capital Markets LLC, Truist Securities Inc., BNP Paribas Securities Corp., Deutsche Bank Securities Inc. and UBS Investment Bank are leading the deal that will be used with $570 million of senior notes and $1.878 billion of equity to fund the buyout of the company by Lone Star Funds for $86.50 per share, to refinance some existing debt and to pay related fees and expenses. The transaction is valued at $3.8 billion, including the assumption of debt.

Closing is expected late in the first quarter or early in the second quarter, subject to regulatory approvals, SPX shareholder approval and other customary conditions.

SPX is a Charlotte, N.C.-based provider of process solutions for the nutrition, health and industrial markets.

Imprivata guidance

Imprivata came out with talk of SOFR plus 400 bps with a 0.5% floor, an original issue discount of 98.5 and 101 soft call protection for six months on its non-fungible $383 million incremental first-lien term loan B (//BB-) due December 2027 that launched with a call in the morning, a market source remarked.

Commitments are due on March 15, the source continued.

The company is also getting a $300 million privately placed second-lien term loan.

Goldman Sachs Bank USA, Golub, UBS Investment Bank and Mizuho are leading the deal that will be used to help fund the acquisition of SecureLink.

Thoma Bravo is the sponsor.

With this transaction, pricing on the company’s existing $739 million first-lien term loan will step-up to Libor plus 375 bps, the source added.

Imprivata is a Lexington, Mass.-based digital identity solutions provider in health care. SecureLink is a provider of critical access management solutions.

Belfor sets talk

Belfor Holdings launched on its morning call its fungible $250 million add-on first-lien term loan B due April 2026 with original issue discount talk of 99.026, according to a market source.

Pricing on the add-on term loan is Libor plus 400 bps with a 25 bps step-down at 3.5x total net leverage and a 0% Libor floor.

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

JPMorgan Chase Bank is leading the deal that will be used to fund a distribution to shareholders.

Belfor is a Birmingham, Mich.-based disaster recovery and property restoration company.

Restaurant on deck

Restaurant Technologies set a lender call for 10:30 a.m. ET on Wednesday to launch its previously announced $910 million of senior secured credit facilities, a market source said.

The facilities consist of a $100 million revolver and an $810 million green first-lien term loan B.

Morgan Stanley Senior Funding Inc. is the left lead on the deal that will be used to help fund the buyout of the company by ECP from Goldman Sachs Asset Management and pay related fees and expenses.

In connection with this transaction, an additional investment is being made in the company by Enlightened Hospitality Investments.

Restaurant Technologies is a provider of cooking-oil management and back-of-house hood and exhaust cleaning solutions.

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