CPG, Brook + Whittle disclose price talk; Five Star, Paradigm, Mariner Wealth on deck

By Sara Rosenberg

New York, April 18 – In the primary market on Monday, CPG International LLC (AZEK) and Brook + Whittle (BW Holding Inc.) approached lenders with new loan transactions and released price talk.

Also, Five Star Holding, Paradigm (Outcomes Group Holdings Inc.) and Mariner Wealth Advisors joined this week’s new issue calendar.

CPG comes to market

CPG International held a lender call at 2 p.m. ET on Monday, launching a $575 million seven-year term loan B (B1/BB-) at talk of SOFR+10 basis points CSA plus 250 bps to 275 bps with a 0.5% floor, an original issue discount of 98.5 to 99 and 101 soft call protection for six months, according to a market source.

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

BofA Securities Inc., JPMorgan Chase Bank, Barclays, Jefferies LLC and TD Securities (USA) LLC are leading the deal that will be used to refinance an existing term loan and for general corporate purposes.

CPG is a designer and manufacturer of low-maintenance products focused on the outdoor living market.

Brook holds call

Brook + Whittle emerged in the morning with plans to hold a lender call at 2 p.m. ET on Monday to launch fungible $126 million incremental first-lien term loan due December 2028 talked at SOFR+CSA plus 400 bps with a 0.5% floor, an original issue discount of 97.5 to 98 and 101 soft call protection for six months, a market source said.

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 Thursday, the source added.

The company is also getting a $57 million privately placed incremental second-lien term loan.

Credit Suisse Securities (USA) LLC, Wells Fargo Securities LLC, Jefferies LLC and BMO Capital Markets are leading the deal that will be used to fund the acquisition of Cenveo Worldwide Ltd.’s custom labels business and an acquisition under a letter of intent.

In connection with this transaction, pricing on the company’s existing first-lien term loan will migrate to SOFR+CSA plus 400 bps with a 0.5% floor from Libor plus 400 bps with a 0.5% floor.

Brook + Whittle is a Guilford, Conn.-based manufacturer of pressure sensitive labels, shrink sleeves, flexible packaging and heat transfer labels.

Five Star on deck

Five Star set a lender call for 11 a.m. ET on Tuesday to launch a $630 million first-lien term loan, according to a market source.

The company is also getting a $250 million privately placed second-lien term loan.

Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc., Neuberger Berman, Credit Suisse Securities (USA) LLC and KKR Capital Markets are leading the deal that will be used to help fund the buyout of the company by the Jordan Co. and pay related fees and expenses.

Closing is expected in May.

Five Star is a Houston-based integrated flexible packaging company.

Paradigm joins calendar

Paradigm will hold a lender call at 1 p.m. ET on Tuesday to launch $170 million of term loans, split between a non-fungible $110 million incremental first-lien term loan due October 2025 and a non-fungible $60 million incremental second-lien term loan due October 2026, a market source remarked.

The incremental first-lien term loan has 101 soft call protection for six months, and the incremental 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 April 26, the source added.

Credit Suisse Securities (USA) LLC and Truist are leading the deal that will be used to repay revolver borrowings and fund a distribution to shareholders.

With this transaction, the revolver maturity is being extended to April 2025 from October 2023.

Paradigm is a Walnut Creek, Calif.-based provider of complex and catastrophic case management to the workers’ compensation industry.

Mariner readies deal

Mariner Wealth Advisors scheduled a lender call for 3:30 p.m. ET on Tuesday to launch $175 million of term loans, according to a market source.

The debt consists of a $125 million term loan and a $50 million delayed-draw term loan, the source said.

BMO Capital Markets, RBC Capital Markets and UBS Investment Bank are leading the deal that will be used to fund near-term acquisitions.

Mariner Wealth Advisors is an investment adviser.

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