Smyrna Ready Mix, Victra disclose price talk; Tank, Skillsoft, Century Casinos on deck

By Sara Rosenberg

New York, March 14 – In the primary market on Monday, Smyrna Ready Mix Concrete LLC and Victra (LSF9 Atlantis Holdings LLC) released pricing guidance on their loan transactions in connection with their lender calls.

In addition, Tank Holding Corp., Skillsoft Corp. and Century Casinos Inc. all joined this week’s new issue calendar.

Smyrna guidance

Smyrna Ready Mix Concrete held its lender call on Monday morning and announced talk on its $650 million seven-year term loan B (Ba3/B+) at SOFR+CSA plus 400 basis points with a 0.5% floor, an original issue discount of 97.5 to 98 and 101 soft call protection for six months, according to a market source.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, the source said.

Commitments are due at 5 p.m. ET on March 23.

JPMorgan Chase Bank is the left lead on the deal that will be used for acquisitions and general corporate purposes.

Smyrna Ready Mix is a Nashville-based manufacturer and retailer of ready-mixed concrete.

Victra proposed terms

Victra came out with talk of SOFR plus 700 bps to 725 bps with a 0.75% floor, an original issue discount of 98 and 101 soft call protection for one year on its $600 million seven-year term loan B (B2/B/B+) that launched with a call in the afternoon, a market source remarked.

The term loan has a springing maturity to November 2025, three months inside of its 7¾% senior secured notes due February 2026.

Commitments are due at noon ET on March 25, the source added.

Truist is the left lead on the deal, which will be used to fund the acquisition of Go Wireless Holdings Inc.

Victra is a Raleigh, N.C.-based retailer for wireless products and services.

Tank readies deal

Tank Holding will host a lender presentation on Tuesday to launch a $1.685 billion unrated unitranche facility to refinance existing credit facilities and pay a dividend, according to a market source.

The company has requested that interested lenders reach out to their respective Antares Capital or Olympus Partners contacts, the source said.

The company had come to market in early November with a $1.685 billion unrated unitranche facility for the same purposes, but that transaction was pulled in late November as a result of market conditions.

Talk on the pulled unitranche facility was Libor plus 575 bps with a 0.75% Libor floor, an original issue discount of 99, and hard call protection of 102 in year one and 101 in year two.

Tank Holding, backed by Olympus Partners, is a Lincoln, Neb.-based manufacturer of proprietary rotational molded polyethylene and steel storage tanks and containers.

Skillsoft timing emerges

Skillsoft scheduled a lender call for 1 p.m. ET on Tuesday to launch its previously announced fungible $160 million senior secured incremental first-lien term loan due July 16, 2028, a market source said.

Like the existing term loan, the incremental term loan has 102 hard call protection through July 16, 2022, the source added.

Barclays and Citigroup Global Markets Inc. are leading the deal. Citi is the administrative agent.

The new loan will be used with existing balance sheet liquidity to fund the acquisition of Codecademy for about $525 million, split between about 40% cash and around 60% equity, and to pay related fees and expenses.

Pro forma net leverage at closing is expected to be about 4x.

Closing is anticipated in the first half of this year, subject to approval by Skillsoft shareholders, regulatory approvals and other customary conditions.

Skillsoft is a Dublin-based provider of cloud-based learning services. Codecademy is a New York-based online learning platform for technical skills.

Century Casinos on deck

Century Casinos set a lender call or 12:15 p.m. ET on Wednesday to launch its $350 million seven-year term loan B, according to a market source.

The term loan is expected to have 101 hard call protection for one year, the company said in an 8-K filed with the Securities and Exchange Commission on Monday.

The company is also getting a $30 million five-year super priority revolver.

Goldman Sachs Bank USA and BofA Securities Inc. are leading the deal that will be used with balance sheet cash to support the acquisition of 100% of Nugget Sparks LLC and 50% of Smooth Bourbon LLC from Marnell Gaming LLC for $195 million, refinance existing debt and fund development capital expenditures.

Net leverage is expected to be 3.1x.

Closing on the financing is anticipated on April 1.

Century Casinos is a Colorado Springs, Colo.-based casino entertainment company.

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