SS&C Technologies, GEON Performance, Cornerstone Building, EnergySolutions launch loans

By Sara Rosenberg

New York, April 29 – In the primary market on Monday, SS&C Technologies Inc., GEON Performance Solutions LLC, Cornerstone Building Brands Inc. and EnergySolutions all released price talk on term loan transactions in connection with lender calls.

Furthermore, Presidio Inc. (Fortress Intermediate 3 Inc.) and APi Group Corp. joined this week’s new issue calendar.

SS&C holds call

SS&C Technologies emerged in the morning with plans to hold a lender call at noon ET on Monday to launch a $2.775 billion seven-year senior secured covenant-lite first-lien term loan B-8 (Ba1/BB+) talked at SOFR plus 200 basis points to 225 bps with a 0% floor, an original issue discount of 99.5 to 99.75 and 101 soft call protection for six months, according to a market source.

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

Morgan Stanley Senior Funding Inc., Barclays, UBS Investment Bank, Goldman Sachs Bank USA, Citigroup Global Markets Inc., BofA Securities Inc., JPMorgan Chase Bank, Jefferies LLC, Deutsche Bank Securities Inc., TD Securities (USA) LLC, HSBC Securities (USA) Inc., RBC Capital Markets, BNP Paribas Securities Corp., UMB, MUFG and NatWest are leading the deal that will be used with unsecured debt to refinance the company’s existing term loans B-3, B-4 and B-5 due 2025.

SS&C is a Windsor, Conn.-based provider of services and software for the financial services and health care industries.

GEON comes to market

GEON Performance Solutions surfaced early with plans to hold a lender call at 11 a.m. ET to launch a $648,375,000 term loan B due Aug. 18, 2028 (B2/B+) talked at SOFR plus 425 bps to 450 bps with 0 bps CSA, a 0.75% floor, a par issue price and 101 soft call protection for six months, a market source said.

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

HSBC Securities (USA) Inc. is the left lead on the deal that will be used to reprice an existing term loan down from SOFR+CSA plus 475 bps with a 0.75% floor. Current CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

SK Capital Partners LP is the sponsor.

GEON is a Westlake, Ohio-based provider of plastic compounded solutions.

Cornerstone launches

Cornerstone Building Brands held a lender call at 10:30 a.m. ET, launching a $500 million seven-year covenant-lite term loan B (B2/B) at talk of SOFR plus 475 bps with a 0.5% floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

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

Deutsche Bank Securities Inc. is the left lead on the deal that will be used to repay borrowings under the company’s ABL and cash flow revolver.

Cornerstone is a Cary, N.C.-based manufacturer of exterior building products for the residential and low-rise non-residential construction markets.

EnergySolutions repricing

EnergySolutions launched on a 1:30 p.m. ET lender call a $637 million term loan B due September 2030 (B2/B) talked at SOFR plus 350 bps to 375 bps with a 0.5% floor, a par issue price and 101 soft call protection for six months, a market source remarked.

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

RBC Capital Markets is the left lead on the deal that will be used to reprice an existing term loan B down from SOFR plus 400 bps with a 0.5% floor.

EnergySolutions is a Salt Lake City-based nuclear services company.

Presidio on deck

Presidio set a lender call for 11 a.m. ET on Tuesday to launch a $2.103 billion seven-year first-lien term loan B (B2/B) that is talked at SOFR plus 375 bps to 400 bps with a 25 bps step-down at 5x first-lien net leverage and a 25 bps step-down upon an initial public offering, a 0% floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

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

JPMorgan Chase Bank, Citigroup Global Markets Inc., BNP Paribas Securities Corp., Deutsche Bank Securities Inc., RBC Capital Markets, UBS Investment Bank, Wells Fargo Securities LLC, Goldman Sachs Bank USA, Santander Bank, Credit Agricole, MUFG, Natixis, PNC Bank, SMBC, Regions Bank, Bank of Nova Scotia, Societe Generale, SPCFC, TD Securities (USA) LLC and Truist Securities are leading the deal that will be used with $500 million of other secured debt to fund the buyout of the company by Clayton Dubilier & Rice from BC Partners. BC Partners will retain minority ownership interest in Presidio.

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

Presidio is a New York-based technology services and solutions provider.

APi joins calendar

APi Group scheduled a lender call for 9:30 a.m. ET on Tuesday to launch a $2.257 billion first-lien term loan due Jan. 3, 2029, a market source said.

The term loan is talked with a 0% floor and 101 soft call protection for six months, the source added.

BofA Securities Inc. is leading the deal that will be used to reprice an existing $1.707 billion first-lien term loan, to refinance a $330 million term loan due 2026 and a $100 million revolver draw, and for general corporate purposes, including the acquisition of Elevated Facility Group Services.

Elevated Facility, a provider of contractually based services for elevator and escalator equipment, is being bought from L Squared Capital Partners for about $570 million.

APi is a New Brighton, Minn.-based business services provider of safety, specialty and security services.

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