Graham Packaging changes surface; KKR Real Estate, Aldevron, Blue Yonder release price talk

By Sara Rosenberg

New York, July 27 – In the primary market on Monday, Graham Packaging Co. Inc. increased the size of its first-lien term loan, lowered the spread and tightened the original issue discount as a result of strong demand from investors.

Additionally, KKR Real Estate Finance Trust Inc. (KREF Holdings X LLC), Aldevron LLC and Blue Yonder disclosed price talk on their term loans with launch.

Furthermore, Orion Advisor Solutions (GT Polaris Inc.) joined this week’s primary calendar and Alight Solutions announced plans for a loan lender call.

Graham Packaging revised

Graham Packaging raised its seven-year covenant-lite first-lien term loan to $1.475 billion from $1.41 billion, cut pricing to Libor plus 375 basis points from Libor plus 400 bps and adjusted the original issue discount to 99.25 from talk in the range of 98 to 98.5, a market source said.

As before, the term loan has a 0.75% Libor floor and 101 soft call protection for six months.

The company’s now $1.575 billion of credit facilities (B1/B) also include a $100 million revolver.

Recommitments are due at 10 a.m. ET on Tuesday, the source added.

Credit Suisse Securities (USA) LLC and HSBC Securities (USA) Inc. are leading the deal that will be used with $510 million of senior notes to repay existing debt at parent company Reynolds Group Holdings Ltd., including a roughly €236 million term loan, a portion of a roughly $700 million term loan, about $750 million of senior secured floating rate notes due 2021 and a $380 million securitization facility. The extra funds raised through the term loan upsizing will be used to pay off more debt at Reynolds.

Graham Packaging is a designer, manufacturer and seller of food, beverage, household and automotive containers.

KKR Real Estate launches

KKR Real Estate held a lender call at 2 p.m. ET to launch a $300 million seven-year senior secured term loan B (Ba2/BB-) talked at Libor plus 475 bps with a 1% Libor floor, an original issue discount of 96 to 97 and 101 soft call protection for one year, according to a market source.

Commitments are due at 5 p.m. ET on Aug. 4, the source said.

J.P. Morgan Securities LLC and KKR Capital Markets are leading the deal, with others expected to join that list.

The new loan will be used to refinance existing debt, to fund acquisitions and for general corporate purposes.

KKR Real Estate is a New York-based real estate finance company.

Aldevron shops add-on

Aldevron launched in the morning a $50 million covenant-lite add-on first-lien term loan B (B1/B) due Oct. 11, 2026 with original issue discount talk of 99 to 99.5, a market source remarked.

Like the existing term loan B, the add-on term loan is priced at Libor plus 425 basis points with a 1% Libor floor.

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

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to pay down revolver borrowings, and to pay related fees, expenses and original issue discount.

EQT Partners AB and TA Associates are the sponsors.

Aldevron is a Fargo, N.D.-based supplier of nucleic acids, proteins and antibodies.

Blue Yonder guidance

Blue Yonder launched a $620 million 5.5-year term loan B talked at Libor plus 300 bps to 325 bps with a 1% Libor floor and an original issue discount of 99.5, according to a market source.

J.P. Morgan Securities LLC is leading the deal that will be used to repay term loan borrowings.

Blue Yonder, formerly JDA Software Group, is a Scottsdale, Ariz.-based software and consultancy company.

Orion readies deal

Orion Advisor set a lender call for 9 a.m. ET on Tuesday to launch a $700 million seven-year covenant-lite first-lien term loan (B2/B) that is talked with 101 soft call protection for six months, according to a market source.

Commitments are due at 5 p.m. ET on Aug. 6, the source said.

The company’s $1.06 billion of credit facilities also include an $80 million revolver (B2/B) and a $280 million privately-placed second-lien term loan.

Credit Suisse Securities (USA) LLC, UBS Investment Bank, BMO Capital Markets, Citizens, Evolution and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to help fund the acquisitions of Orion and Brinker Capital by Genstar Capital and Orion’s existing financial partner, TA Associates.

Orion is a provider of a tech-enabled fiduciary framework. Brinker is an investment management company.

Alight sets call

Alight Solutions surfaced with plans to hold a call at 11:30 a.m. ET on Tuesday for loan lenders, a market source remarhed.

BofA Securities Inc. is leading the deal.

Alight is a Lincolnshire, Ill.-based provider of integrated, cloud-based human capital solutions.

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