Clarivate, Foundation, NGL, IntraFi, Herschend, Univar, Traverse, Mavis and more break

By Sara Rosenberg

New York, Jan. 25 – Clarivate plc set the spread on its term loan B at the low end of talk, removed a ratings-based step-down and changed the original issue discount, Foundation Building Materials revised the issue price on its term loan B-2, and NGL Energy Operating LLC modified for a second time the original issue discount on its term loan B, and then these deals freed to trade on Thursday.

Also, before breaking for trading, IntraFi Network LLC (Nexus Buyer LLC) increased the size of its incremental first-lien term loan B, Herschend Family Entertainment firmed pricing on its term loan B at the low end of talk, Univar Solutions Inc. finalized the issue price on its U.S. and euro add-on term loans at the tight end of revised guidance, and Traverse Midstream Partners LLC set the issue price on its term loan B at the tight side of talk.

Other deals to surface in the secondary market during the session included Mavis Tire Express Services TopCo Corp., WellSky (Project Ruby Ultimate Parent Corp.), Team Services Group LLC and Sabre Industries (Tiger Acquisition LLC).

In other news, Tacala Cos. trimmed the spread on its first-lien term loan and updated the original issue discount, and American Builders & Contractors Supply Co. Inc. (ABC Supply Co. Inc.) changed the issue price on its term loan B.

Furthermore, Adient revised the original issue discount on its term loan B-2, Vistage Worldwide Inc. lowered pricing on its add-on first-lien term loan, firmed the original issue discount at the tight end of guidance, and added a repricing of its existing first-lien term loan to the mix, and Banijay and ImageFirst Holdings LLC released price talk with launch.

Clarivate tweaked, frees

Clarivate firmed pricing on its $2.15 billion seven-year senior secured covenant-lite term loan B (B1/BB-/BB+) at SOFR plus 275 basis points, the low end of the SOFR plus 275 bps to 300 bps talk, removed the 25 bps step-down at corporate ratings of B1/B+ with stable outlooks, and adjusted the original issue discount to 99.75 from 99.5, according to a market source.

As before, the term loan has a 0% floor and 101 soft call protection for six months.

Recommitments were due at noon ET on Thursday and the term loan B began trading later in the day, with levels quoted at 99 7/8 bid, par 1/8 offered, another source added.

Citigroup Global Markets Inc. and Goldman Sachs Bank USA are leading the deal. BofA Securities Inc. is the administrative agent.

The new debt, which is expected to close on Jan. 31, will be used to combine and extend the maturity of the company’s existing term loan Bs due 2026.

Clarivate is a London-based data and analytics company focused on scientific and academic research and patent intelligence.

Foundation tightened, trades

Foundation Building Materials revised the original issue discount on its $1 billion seven-year term loan B-2 (B2/B) to 99 from 98.5, a market source said.

Pricing on term loan B-2 remained at SOFR plus 400 bps with a 0% floor, and the debt still has 101 soft call protection for six months.

Recommitments were due at 1 p.m. ET on Thursday and the term loan broke late in the day, with levels quoted at 99¼ bid, par offered, a trader added.

RBC Capital Markets, Goldman Sachs Bank USA, Deutsche Bank Securities Inc., BofA Securities Inc., US Bank, Truist Securities, TD Securities (USA) LLC, KeyBanc Capital Markets and UBS Investment Bank are leading the deal that will be used to partially pay down a HoldCo seller note and to fund a shareholder dividend.

American Securities is the sponsor.

Foundation Building is a Santa Ana, Calif.-based specialty distributor of wallboard, metal framing and suspended ceiling systems.

NGL modified, hits secondary

NGL Energy changed the original issue discount on its $700 million seven-year senior secured term loan B (B2/B+/BB-) to 99.25 from revised talk of 99 and initial talk of 98, a market source remarked.

Pricing on the term loan remained at SOFR plus 450 bps with a step-down to SOFR plus 425 bps at 4x first-lien net leverage and a 0% floor, and the debt still has 101 soft call protection for six months.

Previously in syndication, the pricing step-down was added to the term loan.

Recommitments were due at 2:30 p.m. ET on Thursday and the term loan B started trading late in the day, with levels quoted at 99½ bid, 99 7/8 offered, another source added.

TD Securities (USA) LLC, JPMorgan Chase Bank, Barclays, RBC Capital Markets, Wells Fargo Securities LLC, BofA Securities Inc., MUFG and Texas Capital Bank are leading the loan that will be used with $900 million of five-year senior secured notes and $1.3 billion of eight-year senior secured notes to refinance existing debt, for general corporate purposes and to pay related fees and expenses.

NGL is a Tulsa, Okla.-based midstream energy company.

IntraFi upsized, breaks

IntraFi Network raised its fungible incremental covenant-lite first-lien term loan B due Dec. 13, 2028 to $300 million from $200 million, and left pricing at SOFR plus 450 bps with a 0% floor and an original issue discount of 98, according to a market source.

The incremental term loan still has 101 soft call protection through June 2024.

In the afternoon, the incremental term loan freed to trade, with levels quoted at 98 bid, 98½ offered, a trader added.

Morgan Stanley Senior Funding Inc., Nomura, RBC Capital Markets and UBS Investment Bank are leading the deal that will be used to fund a shareholder distribution.

Closing is expected during the week of Jan. 29.

Pro forma for the transaction, the term loan B will total $800 million.

IntraFi is an Arlington, Va.-based financial technology solutions provider offering deposit placement and funding services to financial institutions.

Herschend finalized, frees

Herschend Family Entertainment firmed pricing on its $464 million term loan B due August 2028 at SOFR plus 300 bps, the low end of the SOFR plus 300 bps to 325 bps talk, a market source said.

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

During the session, the term loan B broke for trading, with levels quoted at par bid, par 3/8 offered, another source added.

Goldman Sachs Bank USA is the left lead on the deal that will be used to reprice an existing term loan B down from SOFR+ARRC CSA plus 375 bps with a 0.5% floor.

Herschend is a Peachtree Corners, Ga.-based themed-entertainment company that operates theme parks, tourist attractions and resorts.

Univar updated, trades

Univar Solutions firmed the issue price on its fungible $360 million add-on term loan due August 2030 and on its fungible $140 million equivalent euro add-on term loan due August 2030 at par, the tight end of revised talk of 99.75 to par and tighter than initial talk in the range of 99 to 99.5, according to a market source.

Pricing on the add-on term loans is SOFR/Euribor plus 450 bps with a 0% floor, in line with existing U.S. and euro term loan pricing.

Earlier in syndication, the U.S. add-on term loan was upsized from $325 million and euro add-on term loan was upsized from $125 million equivalent.

The U.S. term loan began trading on Thursday, with levels quoted at par bid, par ¼ offered, another source added.

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

Univar is a Downers Grover, Ill.-based specialty chemical and ingredient distributor.

Traverse firmed, frees

Traverse Midstream Partners finalized the issue price on its $1.245 billion term loan B due February 2028 at par, the tight end of the 99.75 to par talk, a market source remarked.

Pricing on the term loan remained at SOFR plus 350 bps with a 0.5% floor, and the debt still has 101 soft call protection for six months.

The term loan began trading during the session, with levels quoted at par bid, another source added.

JPMorgan Chase Bank is leading the deal that will be used to reprice an existing term loan B down from SOFR+10 bps CSA plus 375 bps with a 0.5% floor.

Traverse was formed in June 2014 by the Energy & Minerals Group to build a portfolio of non-operated midstream assets, and is an equity owner of Rover Pipeline and Ohio River System midstream assets.

Mavis starts trading

Mavis Tire Express’ roughly $2.301 billion first-lien term loan due May 4, 2028 broke as well, with levels quoted at 99¾ bid, par ¼ offered, according to a market source.

Pricing on the term loan is SOFR plus 375 bps with a 0.75% floor and it was issued at par. The debt has 101 soft call protection for six months and no CSA.

During syndication, pricing on the term loan was increased from SOFR plus 350 bps.

Jefferies LLC is leading the deal that will be used to reprice an existing first-lien term loan down from SOFR+CSA plus 400 bps with a 0.75% floor. CSA on the existing loan is 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Mavis is a Millwood, N.Y.-based tire and service retailer.

WellSky tops OID

WellSky’s $640 million incremental first-lien term loan B due March 10, 2028 made its way into the secondary market, with levels quoted at 99¾ bid, par ¼ offered, a market source said.

Pricing on the term loan is SOFR plus 350 bps with a 0% floor and it was sold at an original issue discount of 99.5. The debt has 101 soft call protection for six months.

During syndication, the term loan was upsized from $405 million and pricing finalized at the low end of the SOFR plus 350 bps to 375 bps talk.

BofA Securities Inc., Goldman Sachs Bank USA, Deutsche Bank Securities Inc., BMO Capital Markets, RBC Capital Markets, TPG and Nomura are leading the deal that will be used to refinance the company’s existing term loan due 2028 priced at SOFR plus 575 bps, and the funds from the recent upsizing will be used to repay the company’s existing term loan B due 2028 priced at SOFR plus 475 bps and to pay associated fees and expenses.

WellSky is an Overland Park, Kan.-based provider of enterprise software to health care providers and human services organizations.

Team Services breaks

Team Services Group’s fungible $150 million incremental first-lien term loan B due December 2027 also freed up, with levels quoted at 99½ bid, par ¼ offered, according to a market source.

Pricing on the incremental term loan is SOFR+CSA plus 500 bps with a 1% floor, in line with existing term loan pricing, and the new debt was sold at an original issue discount of 99.5. CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

During syndication, the discount on the term loan was revised from the 99 area.

UBS Investment Bank is leading the deal that will be used with existing cash to fund acquisitions committed to close or under letters of intent.

Pro forma for the transaction, the first-lien term loan will total about $533.8 million.

Alpine Investors is the sponsor.

Team Services is a San Diego-based provider of personal home care solutions, with a focus on allowing clients to choose their own caregivers.

Sabre hits secondary

Sabre Industries’ fungible $85 million incremental first-lien term loan due June 1, 2028 began trading too, with levels quoted at 99 1/8 bid, 99½ offered, a market source remarked.

Pricing on the incremental term loan is SOFR+10 bps CSA plus 325 bps with a 0.5% floor, in line with existing term loan pricing, and the new debt was sold at an original issue discount of 99.1.

During syndication, the incremental term loan was upsized from $50 million.

Jefferies LLC, Goldman Sachs Bank USA, Blackstone and Wells Fargo Securities LLC are leading the deal that will be used to refinance a portion of the company’s existing second-lien term loan.

Pro forma for the transaction, the first-lien term loan will total $940 million.

Sabre is an Alvarado, Tex.-based provider of highly engineered structures and services for customers in the U.S. utility and telecom markets.

Tacala flexed

In more happenings, Tacala cut pricing on its $725 million first-lien term loan (B3/B-) to SOFR plus 400 bps from SOFR plus 425 bps and moved the original issue discount to 99.75 from talk in the range of 99 to 99.5, according to a market source.

The term loan still has a 0.75% floor and 101 soft call protection for six months.

Commitments continued to be due at 5 p.m. ET on Thursday, the source added.

KKR Capital Markets is leading the deal that will be used to refinance the company’s existing first- and second-lien loans.

Tacala is a Vestavia Hills, Ala.-based franchise operator of Taco Bell restaurants.

ABC OID changed

American Builders & Contractors moved the original issue discount on its $1.415 billion seven-year term loan B (Ba2) to 99.875 from talk in the range of 99.5 to 99.75, a market source remarked.

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.

Recommitments were due at 5 p.m. ET on Thursday, the source added.

BofA Securities Inc. and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to refinance the company’s existing term loans.

American Builders is a distributor of building products.

Adient tweaked

Adient revised the original issue discount on its $635 million seven-year term loan B-2 to 99.75 from 99.5, a market source said.

As before, the term loan is priced at SOFR plus 275 bps with a 0% floor, and has 101 soft call protection for six months.

Recommitments were due at 5 p.m. ET on Thursday, the source added.

BofA Securities Inc. is the left lead on the deal that will be used to refinance an existing term loan B-1 due April 8, 2028 and to pay related fees, expenses and premiums.

Adient is a Plymouth, Mich.-based manufacturer of automotive seating.

Vistage reworked

Vistage Worldwide trimmed pricing on its fungible $125 million add-on first-lien term loan due July 2029 to SOFR plus 475 bps from SOFR+CSA plus 525 bps and firmed the original issue discount at 99.5, the tight end of the 99.25 to 99.5 talk, according to a market source.

Furthermore, the company added a repricing of its existing $493.75 million first-lien term loan to SOFR plus 475 bps from SOFR+CSA plus 525 bps, so the incremental term loan remained fungible, and extended the 101 soft call protection on the first-lien term loan debt to one year from six months, the source said.

CSA on the existing loan was 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

The first-lien term loan debt still has a 0.75% floor.

Allocations went out on Thursday afternoon, the source added.

Golub Capital and Macquarie Capital (USA) Inc. are leading the deal.

The incremental term loan will be used to refinance a second-lien term loan.

Vistage is a San Diego-based member-based advisory company for executives of small- and medium-sized businesses.

Banijay holds call

Banijay emerged in the morning with plans to hold a lender call at 11 a.m. ET on Thursday to launch a $555.8 million covenant-lite term loan B due March 2028 and a €555 million covenant-lite term loan B due March 2028, according to a market source.

Talk on the U.S. term loan is SOFR plus 325 bps with a 0% floor and an original issue discount of 99.75 to par, and talk on the euro term loan is Euribor plus 400 bps with a 0% floor and a discount of 99.75 to par, the source said. Both loans (B1/B+/BB-) have 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on Tuesday for the U.S. term loan and at noon ET on Tuesday for the euro term loan, the source added.

BNP Paribas Securities Corp. is the left lead/sole physical bookrunner on the deal. Credit Agricole, Deutsche Bank Securities Inc., Natixis and Societe Generale are passive bookrunners. U.S. Bank is the agent.

The term loans will be used to reprice an existing U.S. term loan due March 2028 down from SOFR plus 375 bps and an existing euro term loan due March 2028 down from Euribor plus 450 bps.

Banijay is a Paris-based independent content production company. Banijay Group US Holding Inc. is the U.S. borrower and Banijay Entertainment SAS is the euro borrower.

ImageFirst details emerge

ImageFirst launched during the session a $382.9 million term loan, which includes a $20 million delayed-draw tranche, at talk of SOFR plus 425 bps with a 0.75% floor, a par issue price for rollover commitments, an original issue discount of 99.75 for new money orders and 101 soft call protection for six months, a market source remarked.

Commitments are due on Feb. 2, the source added.

Antares Capital is leading the deal that will be used to refinance existing term loans due April 2028, including an existing $20 million delayed-draw term loan that is available for general corporate purposes or acquisitions.

ImageFirst is a King of Prussia, Pa.-based provider of outsourced laundry and textile rental services, with a focus on outpatient and specialty health care.

Mitratech allocated

Mitratech allocated its fungible $60 million incremental first-lien term loan-1 that priced with an original issue discount of 99.5, according to a market source.

Pricing on the term loan-1 is SOFR+CSA plus 375 bps with a 0.75% floor. CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

During syndication, the incremental term loan was upsized from $50 million and the discount was tightened from 99.03.

Golub Capital is the left lead on the deal that will be used to repay revolver borrowings and to add cash to the balance sheet for general corporate purposes.

Ontario Teachers’ Pension Plan is the majority owner of Mitratech, and Hg Capital is a minority owner.

Mitratech is an Austin, Tex.-based technology partner for corporate legal, risk, compliance and HR professionals.

BMC wraps

BMC Software allocated its fungible $375 million add-on first-lien term loan (B2), which was sold in line with initial talk at a par issue price, a market source said.

Pricing on the add-on term loan is SOFR plus 425 bps with a 0% floor.

KKR Capital Markets is the left lead on the deal. Goldman Sachs is the administrative agent.

Proceeds will be used with cash on hand to refinance an existing second-lien term loan.

BMC is a Houston-based provider of IT software solutions.

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