Cushman & Wakefield, Intrado, GFL Environmental price talk disclosed with calls

By Sara Rosenberg

New York, Jan. 17 – In the primary market on Tuesday, Cushman & Wakefield released price talk on its amended and extended term loan B in connection with its lender call, and Intrado came to market with a term loan B to help fund its buyout.

Also, GFL Environmental Inc. approached lenders with an amend and extend first-lien term loan transaction, and WhiteWater Whistler Holdings LLC joined this week’s new issue calendar.

Cushman proposed terms

Cushman & Wakefield held its lender call at 1 p.m. ET on Tuesday, after moving the call time from 11 a.m. ET, and announced talk on its up to $2.6 billion, minimum $1 billion, term loan B (BB) due January 2030 at SOFR+10 basis points CSA plus 375 bps with a 0.5% floor and an original issue discount of 97.5 to 98, according to a market source.

Commitments are due at 5 p.m. ET on Monday and allocations are expected on Jan. 24.

JPMorgan Chase Bank is leading the deal, which will be used to amend and extend a minimum of $1 billion of the company’s existing $2.6 billion term loan B due August 2025 that is priced at Libor plus 275 bps with a 0% floor.

Cushman & Wakefield is a Chicago-based commercial real estate services company.

Intrado launches

Intrado held a lender call at 4 p.m. ET to launch an $825 million seven-year term loan B talked at SOFR plus 425 bps with a 0.5% floor, an original issue discount of 97 and 101 soft call protection for six months, a market source said.

The company’s $925 million of credit facilities also include a $100 million five-year revolver that is expected to be undrawn at close.

Commitments are due at noon ET on Jan. 24, the source added.

RBC Capital Markets is the left lead on the deal that will be used to help fund the acquisition of Intrado Corp.’s Safety Business, which will continue to be called Intrado going forward, by Stonepeak Partners for $2.4 billion.

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

Intrado is a provider of critical public emergency telecommunications services.

GFL holds call

GFL Environmental held a lender call at noon ET, launching a roughly $1.287 billion senior secured first-lien term loan due May 31, 2027 at talk of SOFR+10 bps CSA plus 300 bps to 325 bps with a 0.5% floor, an original issue discount of 98.5 to 99.5 and 101 soft call protection for six months, a market source remarked.

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

Barclays is leading the deal that will be used to amend and extend a roughly $1.287 billion senior secured first-lien term loan due May 2025 that is priced at Libor plus 300 bps with a 0.5% floor.

GFL is a Vaughan, Ont.-based environmental services company.

WhiteWater on deck

WhiteWater Whistler set a lender call for 10 a.m. ET on Wednesday to launch a $500 million seven-year senior secured term loan B (Ba2), according to a market source.

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

Barclays, Blackstone, Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, Macquarie Capital (USA) Inc. and MUFG are leading the deal that will be used to fund I Squared Capital’s acquisition of a 62.5% controlling equity stake in Whistler Pipeline LLC.

Whistler is an owner-operated Gulf Coast natural gas pipeline with direct connection to LNG demand and includes the Whistler Pipeline system, a 70% interest in ADCC Pipeline LLC and a 50% interest in Waha Gas Storage LLC.

Fund flows

In other news, actively managed loan fund flows on Friday were negative $4 million and loan ETFs were positive $87 million, market sources said.

Outflows for loan funds in early 2023 total $573 million, sources added.

Loan indices rise

IHS Markit’s iBoxx loan indices were stronger on Friday, with the Leveraged Loan indexes (MiLLi) closing out the day up 0.07% and the Liquid Leveraged Loan indices (LLLi) closing out the day up 0.06%.

Month to date, the MiLLi is up 1.63% and the LLLi is up 1.91%.

Average secondary market bids in the U.S. on Friday were 92.32, down 0.01% from the previous day and up 0.47% year to date.

According to the IHS Markit data, some of the top advancers on Friday were 8th Avenue Food’s October 2018 covenant-lite term loan at 84.75, up from 83.50, Dell Software’s (Quest/One Identity) February 2022 covenant-lite term loan at 84.42, up from 83.34, and Radiology Partners’ July 2018 covenant-lite term loan at 86.13, up from 85.04.

Some top decliners on Friday were Canopy Growth’s March 2021 term loan at 78.50, down from 81.40, City Brewing’s April 2021 covenant-lite term loan at 42.04, down from 42.88, and Allen Media’s August 2021 covenant-lite term loan at 80.17, down from 81.25.

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