Astoria Energy, RailWorks deal changes surface; Nuvei moves up commitment deadline

By Sara Rosenberg

New York, Dec. 3 – In the primary market on Thursday, Astoria Energy LLC finalized the spread on its first-lien term loan B at the low end of guidance and tightened the original issue discount.

Also, RailWorks LLC modified the issue price on its term loan B, and Nuvei Corp. accelerated the commitment deadline for its add-on first-lien term loan.

In other news, Service King Collision Repair Centers, RxBenefits Inc. (RXB Holdings Inc.), Pregis (Pregis Topco LLC), MeridianLink Inc., Wheel Pros Inc. and Power Corp. of America released price talk with launch.

Furthermore, Weld North Education, Unified Women’s Healthcare LP and MI Windows and Doors Inc. joined the near-term new issue calendar.

Astoria updated

Astoria Energy set pricing on its $800 million seven-year senior secured first-lien term loan B (Ba3/BB-) at Libor plus 350 basis points, the low end of the Libor plus 350 bps to 375 bps talk, and changed the original issue discount to 99.5 from 99, according to a market source.

The term loan still has a 1% Libor floor and 101 soft call protection for six months.

Recommitments were due at 4 p.m. ET on Thursday, the source added.

Barclays, Morgan Stanley Senior Funding Inc. and Natixis are leading the deal that will be used to refinance the company’s existing credit facilities, for general corporate purposes and to pay a distribution to Astoria Project Partners LLC and its owners to reimburse expenditures of the sponsors to acquire their indirect 54.9451% ownership interest in Astoria Project Partners II.

Astoria Energy is an owner of electric power generation facilities in New York.

RailWorks revised

RailWorks adjusted the original issue discount on its $230 million seven-year term loan B to 98.5 from 98, a market source said.

As before, the term loan is priced at Libor plus 550 bps with a 1% Libor floor and has 101 soft call protection for six months.

The company’s $280 million of credit facilities (B1/B) also include a $50 million five-year revolver.

Allocations are expected on Tuesday, the source added.

BMO Capital Markets, Citizens Bank and PNC Capital Markets are leading the deal that will be used to finance a small tuck-in acquisition, refinance existing debt and fund a dividend.

RailWorks, a Wind Point Partners portfolio company, is a New York-based provider of engineering and construction services for track and transit systems.

Nuvei accelerated

Nuvei moved up the commitment deadline for its fungible $90 million add-on first-lien term loan to 4 p.m. ET on Thursday from noon ET on Dec. 11, according to a market source.

Original issue discount talk on the add-on term loan is 99.25 to 99.5.

Pricing on the add-on term loan is Libor plus 400 bps with a 0.75% Libor floor.

BMO Capital Markets is leading the deal that will be used to fund an acquisition.

Nuvei is a Montreal-based payment technology company.

Service King talk

Also in the primary market, Service King Collision Repair Centers held its call on Thursday and announced price talk on its $700 million five-year term loan B at Libor plus 700 bps with a 0.75% Libor floor and an original issue discount of 98.5, according to a market source.

The term loan is non-callable for one year, then at 102 in year two and 101 in year three.

Commitments are due at 2:30 p.m. ET on Dec. 15, the source added.

BofA Securities Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC are leading the deal that will be used to refinance existing debt.

Service King is a Richardson, Tex.-based operator of a chain of automobile body repair centers.

RxBenefits guidance

RxBenefits launched on its morning call its $300 million seven-year first-lien term loan at talk of Libor plus 525 bps to 550 bps with a 0.75% Libor floor, an original issue discount of 98 and 101 soft call protection for six months, a market source remarked.

Commitments are due at noon ET on Dec. 17, the source added.

The company is also getting a $120 million privately placed second-lien term loan.

Barclays, Deutsche Bank Securities Inc. and Goldman Sachs Bank USA are leading the deal that will be used to fund a recapitalization of the company by Advent International and Great Hill Partners.

RxBenefits is a Birmingham, Ala.-based pharmacy benefits optimizer for the employee benefit industry.

Pregis holds call

Pregis emerged in the morning with plans to hold a lender call at 3 p.m. ET to launch a non-fungible $232.5 million incremental covenant-lite first-lien term loan (B2/B-) due July 2026 talked at Libor plus 450 bps with a 0.75% Libor floor, an original issue discount of 98.5 to 99 and 101 soft call protection for six months, according to a market source.

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

Credit Suisse Securities (USA) LLC, Barclays, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc., UBS Investment Bank and Wells Fargo Securities LLC are leading the deal that will be used to repay revolver borrowings and to fund a dividend.

Pregis is a Deerfield, Ill.-based supplier of packaging systems, consumables and surface protection films.

MeridianLink launches

MeridianLink launched on Thursday its fungible $100 million incremental first-lien term loan at talk of Libor plus 400 bps with a step-down to Libor plus 375 bps when net first-lien leverage is 3x, a 1% Libor floor and an original issue discount of 99.03, according to a market source.

As part of this transaction, pricing on the company’s existing roughly $407 million first-lien term loan will be increased to Libor plus 400 bps from Libor plus 375 bps, and a step-down will be added to Libor plus 375 bps when net first-lien leverage is 3x.

All of the first-lien term loan debt is getting 101 soft call protection for six months, the source said.

Commitments are due on Dec. 15.

Antares Capital and Golub Capital are leading the incremental term loan that will be used with balance sheet cash to fund two acquisitions and pay related fees and expenses, and for general corporate purposes.

MeridianLink, a Thoma Bravo, LLC portfolio company, is a Costa Mesa, Calif.-based provider of SaaS-based solutions to financial institutions that simplify loan decisioning, deposit and loan originations and workflow challenges.

Wheel Pros proposed OID

Wheel Pros came out with original issue discount talk of 97.5 on its fungible $130 million incremental first-lien term loan that launched with a call during the session, a market source remarked.

Like the existing $685 million first-lien term loan, the incremental term loan is priced at Libor plus 525 bps with a 1% Libor floor.

Commitments are due on Dec. 11, the source added.

Antares Capital is leading the deal, which will be used to finance an acquisition.

Wheel Pros, a Clearlake Capital portfolio company, is a Denver-based distributor of proprietary branded wheels and performance tires.

Power Corp. shops loan

Power Corp. of America held a call on Thursday to launch a $100 million first-lien term loan talked at Libor plus 550 bps with a 1% Libor floor, an original issue discount of 98 and 101 soft call protection for one year, according to a market source.

The company is also getting a $25 million revolver.

Commitments are due on Dec. 17, the source added.

Citizens Bank and SMBC are leading the deal that will be used to help fund the buyout of Power Corp.’s parent company Goldfield Corp. by First Reserve for $7 per share in cash, or about $194 million, including net debt.

Closing is expected by January, subject to customary conditions, a minimum shares tender condition and expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Power Corp. is a Port Orange, Fla.-based company that constructs and maintains energy infrastructure systems.

Weld readies deal

Weld North Education will hold a lender call at 11 a.m. ET on Friday to launch a $412 million incremental first-lien term loan and a partial amendment and extension of the existing $538 million first-lien term loan due 2025, according to a market source.

The company/sponsor is open to rolling up to about $250 million of the existing 2025 term loan, the source said.

RBC Capital Markets is the left lead on the deal.

The incremental term loan will be used for a shareholder distribution, to fund an acquisition and for general corporate purposes.

Weld North Education, a portfolio company of Silver Lake Partners, is an education technology company focused on digital curriculum for grades K-12.

Unified Women’s on deck

Unified Women’s Healthcare scheduled a lender call for 10 a.m. ET on Friday to launch a $420 million senior secured first-lien term loan B (B-), a market source said.

The company is also getting a $140 million privately placed second-lien term loan, the source added.

Barclays, Credit Suisse Securities (USA) LLC, BofA Securities Inc., RBC Capital Markets, Deutsche Bank Securities Inc. and Antares Capital are leading the deal that will be used to help fund the buyout of the company by Altas Partners and Ares Management Corp.

Closing is expected this month, subject to customary conditions and regulatory approvals.

Unified Women’s Healthcare is a Boca Raton, Fla.-based practice management platform in women’s healthcare.

MI Windows joins calendar

MI Windows and Doors set a lender call for 10 a.m. ET on Tuesday to launch a $750 million term loan B, according to a market source.

RBC Capital Markets is the left lead on the deal that will be used to refinance an existing roughly $665 million term loan B priced at Libor plus 550 bps with a 1% Libor floor and to fund an acquisition.

MI Windows is a Gratz, Pa.-based manufacturer of vinyl, aluminum, and fiberglass windows and patio doors.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.