Weber-Stephen, Russell tweak deals; TruGreen, Angus, Greystone, Highline, E2open set talk

By Sara Rosenberg

New York, Oct. 20 – In the primary market on Tuesday, Weber-Stephen Products LLC increased the size of its term loan B, firmed the spread at the low end of guidance and tightened the original issue discount.

Also, Russell Investment Management LLC reduced the size of its extended first-lien term loan and finalized pricing at the narrow side of talk.

In more happenings, TruGreen LP, Angus Chemical Co., Greystone Select Financial LLC, Highline Aftermarket Acquisition LLC, E2open, Hayward Industries Inc. and Imperva Inc. released price talk with launch.

Additionally, Academy Ltd. (Academy Sports & Outdoors), Park Place Technologies LLC and Amentum Holdings LLC surfaced with new deal plans.

Weber-Stephen revised

Weber-Stephen Products lifted its seven-year term loan B to $1.25 billion from $1.2 billion, set pricing at Libor plus 325 basis points, the low end of the Libor plus 325 bps to 350 bps talk, and changed the original issue discount to 99.5 from 99, according to a market source.

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

The company’s now $1.55 billion of credit facilities (B) also include a $300 million five-year revolver.

BofA Securities Inc., BMO Capital Markets, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc., UBS Investment Bank and Wells Fargo Securities LLC are leading the deal that will be used to refinance existing debt and add liquidity.

Weber-Stephen is a manufacturer of charcoal, gas and electric grills and accessories.

Russell updated

Russell Investment Management trimmed its extended senior secured first-lien term loan due May 30, 2025 to roughly $880 million from $996 million and set pricing at Libor plus 300 bps, the low end of the Libor plus 300 bps to 325 bps talk, a market source said.

The term loan still has a 1% Libor floor, an original issue discount/extension fee of 99.5/50 bps and 101 soft call protection for six months.

Allocations went out on Tuesday, the source added.

Barclays is leading the deal, which will be used to amend and extend by two years the maturity of an existing term loan due 2023 that is priced at Libor plus 275 bps with a 1% Libor floor.

Russell is a Seattle-based asset manager.

TruGreen comes to market

TruGreen held its call on Tuesday and disclosed price talk on its $1.15 billion seven-year first-lien term loan (B1/B) and its $275 million eight-year second-lien term loan (Caa1/CCC+), a market source remarked.

Talk on the first-lien term loan is Libor plus 400 bps with a 0.75% Libor floor and an original issue discount of 99, and talk on the second-lien term loan is Libor plus 850 bps to 875 bps with a 0.75% Libor floor and a discount of 98, the source added.

The first-lien term loan has 101 soft call protection for six months, and the second-lien term loan is non-callable for one year, then at 102 in year two and 101 in year three.

Commitments are due at noon ET on Oct. 29.

J.P. Morgan Securities LLC is the left lead on the $1.425 billion of term loans that will be used to refinance existing bank debt and to fund a dividend.

TruGreen is a Memphis, Tenn.-based provider of lawn care, tree and shrub, and mosquito services.

Angus Chemical launches

Angus Chemical released price talk on its $860 million equivalent U.S. and euro seven-year first-lien term loan B (B-/BB) and its $345 million eight-year second-lien term loan (CCC/B-) in connection with its morning lender, according to a market source.

The U.S. first-lien term loan is talked at Libor plus 400 bps with a 0.75% Libor floor and an original issue discount of 99, the euro first-lien term loan is talked at Euribor plus 425 bps with a 0% floor and a discount of 98.5 to 99, and the second-lien term loan is talked at Libor plus 800 bps to 825 bps with a 0.75% Libor floor and a discount of 98 to 98.5, the source said.

Included in the first-lien term loan debt is 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

It is expected that the first-lien term loan debt will include a minimum $300 million tranche and a minimum €300 million tranche.

Angus lead banks

J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA, BNP Paribas Securities Corp. and Jefferies LLC are leading Angus Chemical’s $1.205 billion equivalent of term loans.

Commitments are due at 10 a.m. ET on Oct. 28, the source added.

The new debt will be used to help fund the acquisition of a 50% ownership stake in the company by Ardian from Golden Gate Capital at a total enterprise value of about $2.25 billion. Golden Gate will retain a 50% stake in Angus.

Closing is expected by the end of the year.

Angus Chemical is a Buffalo Grove, Ill.-based specialty and fine chemical company.

Greystone guidance

Greystone Select Financial held its call in the afternoon, launching its $400 million seven-year term loan B at talk of Libor plus 400 bps to 425 bps with a 0.75% Libor floor and an original issue discount of 99, a market source said.

The term loan has 101 soft call protection for one year.

Commitments are due at noon ET on Oct. 29.

Wells Fargo Securities LLC is leading the deal that will be used to repay certain existing corporate term debt, fund future growth in the business and pay transaction-related fees and expenses.

Greystone is a New York-based commercial real estate finance and investment company.

Highline price talk

Highline Aftermarket Acquisition released talk of Libor plus 400 bps to 425 bps with a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months on its $735 million seven-year first-lien term loan (B2/B) that launched with a call on Tuesday, a market source remarked.

Commitments are due at 5 p.m. ET on Oct. 28, the source added.

J.P. Morgan Securities LLC is leading the deal, which will be used to help fund the buyout of the company by Pritzker Private Capital from The Sterling Group and its merger with Warren Distribution Inc., which is being acquired by Pritzker from chairman and chief executive officer Bob Schlott.

Closing is expected by December.

Highline is a Memphis, Tenn.-based distributor of automotive aftermarket products. Warren is an Omaha, Neb.-based manufacturer of private label lubricants and automotive chemicals.

E2open proposed terms

E2open launched on its morning call its $525 million seven-year first-lien term loan B at talk of Libor plus 325 bps to 350 bps with a 25 bps step-down at 0.5x inside closing date first-lien net leverage, a 0.5% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months and a ticking fee of half the margin from days 46 to 90 and the full margin thereafter, the source said.

The company’s $600 million of credit facilities (B) also include a $75 million revolver.

Commitments are due at 5 p.m. ET on Oct. 29, the source added.

Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC and Golub Capital are leading the deal that is being done in connection with the company’s combination with CC Neuberger Principal Holdings I, a special purpose acquisition company formed via a partnership between CC Capital and Neuberger Berman

The new term loan B and up to $1.13 billion of equity will be used to refinance existing net debt, distribute cash to existing shareholders, place cash on the balance sheet for working capital and pay related fees and expenses.

E2open is an Austin, Tex.-based provider of cloud-based, end-to-end supply chain management software.

Hayward holds call

Hayward Industries held a lender call during the session to launch a $150 million incremental first-lien term loan (B3/B) talked at Libor plus 375 bps to 400 bps with a 0.75% Libor floor, an original issue discount of 98 to 98.5 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., Nomura and Jefferies LLC are leading the deal that will be used with cash on hand to fund a dividend.

Hayward is a Berkeley Heights, N.J.-based manufacturer of residential and commercial pool and spa equipment as well as industrial flow control products.

Imperva OID talk

Imperva came out with original issue discount talk in the range of 98.79 to 99 on its fungible $147 million incremental first-lien term loan due Jan. 10, 2026 that launched with a call in the morning, a market source remarked.

Like the existing first-lien term loan, the incremental term loan is priced at Libor plus 400 bps with a 1% Libor floor.

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

Commitments are due on Oct. 29.

Jefferies LLC is leading the deal, which will be used to fund an acquisition.

Imperva is a San Mateo, Calif.-based provider of cyber security solutions to protect databases and applications.

Academy joins calendar

Also in the primary market, Academy set a lender call for 9 a.m. ET on Wednesday to launch a $400 million seven-year covenant-lite first-lien term loan (B2/B), according to a market source.

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

Commitments are due at 5 p.m. ET on Oct. 28.

Credit Suisse Securities (USA) LLC and KKR Capital Markets are leading the deal that will be used to refinance existing debt.

Academy is a Katy, Tex.-based sporting goods, outdoor and lifestyle products retailer.

Park Place on deck

Park Place Technologies scheduled a lender call for 1 p.m. ET on Wednesday to launch an $845 million seven-year covenant-lite first-lien term loan that has 101 soft call protection for six months, a market source said.

Commitments are due at 5 p.m. ET On Oct. 29, the source added.

The company’s $1.155 billion of credit facilities also include an $80 million revolver and a $230 million privately placed second-lien term loan.

Credit Suisse Securities (USA) LLC, Jefferies LLC, Morgan Stanley Senior Funding Inc. and UBS Investment Bank are leading the deal that will be used to fund the acquisition of Curvature and refinance existing debt.

Park Place Technologies is a Cleveland-based third-party maintenance provider for data center storage, server and network hardware for all tier one OEM equipment.

Amentum readies loan

Amentum will hold a lender call on Wednesday morning to launch a fungible $980 million add-on first-lien term loan (B1/B), according to a market source.

J.P. Morgan Securities LLC is the left lead on the deal that will be used to help fund the acquisition of DynCorp International, a McLean, Va.-based provider of aviation and logistics support services.

Closing is expected in the fourth quarter, subject to customary conditions and regulatory approvals.

Amentum is a Germantown, Md.-based technical and engineering services partner supporting critical programs of national significance across defense, security, intelligence, energy, and environment.

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