Dun & Bradstreet breaks; System One moves deadline; flurry of deals launch and set launches

By Sara Rosenberg

New York, Jan. 25 – Dun & Bradstreet Holdings Inc.’s term loan B made its way into the secondary market on Monday, with levels quoted above par.

Meanwhile, in the primary market, System One Holdings LLC accelerated the commitment deadline for its credit facilities.

Also, price talk emerged with launch on deals for TricorBraun Holdings Inc., NielsenIQ, Foundation Building Materials Inc., Asurion LLC, ZoomInfo Technologies Inc., Parexel International Corp., Aldevron LLC, Altium Packaging LLC, PDC Wellness & Personal Care Co. (Parfums Holding Co. Inc.), Klockner Pentaplast, Grab Holdings Inc., USI Inc., ProQuest LLC, Aspen Dental Management, Cox Media Group, Buckeye Partners LP, Rough Country, Jefferies Finance LLC, Big Ass Fans LLC, Sotheby’s, symplr Software Inc. and MHS Holdings Inc.

Furthermore, Navitas Midstream Midland Basin LLC, athenahealth Inc., Acrisure LLC, Pathway Vet Alliance LLC, Rackspace Technology Global Inc., Zelis Holdings LP, IntraFi Network LLC (Nexus Buyer LLC), Time Manufacturing Co., Janus International Group and AccentCare Inc. joined this week’s primary calendar.

Dun & Bradstreet frees up

Dun & Bradstreet’s $2.811 billion term loan B freed to trade on Monday, with levels quoted at par 3/8 bid, par 5/8 offered, according to a market source.

Pricing on the term loan is Libor plus 325 basis points with a 0% Libor floor and it was issued at par. The debt has 101 soft call protection for six months.

BofA Securities Inc. is leading the deal that will be used to reprice an existing term loan B down from Libor plus 375 bps with a 0% Libor floor.

Dun & Bradstreet is a Short Hills, N.J.-based provider of business decisioning data and analytics.

System One accelerated

Moving to the primary market, System One moved up the commitment deadline for its $325 million of credit facilities (B2/B-) to 5 p.m. ET on Tuesday from Thursday, a market source remarked.

The facilities consist of a $45 million revolver, and a $280 million seven-year covenant-lite term loan B talked at Libor plus 475 bps with a 0.75% Libor floor, an original issue discount of 98.5 and 101 soft call protection for six months.

Truist Securities is the left lead on the deal that will be used to help fund the buyout of the company by Oaktree Capital Management LP.

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

System One is a Pittsburgh-based provider of specialized workforce solutions and integrated services.

TricorBraun guidance

TricorBraun held a call on Monday afternoon and announced price talk on its $1.234 billion seven-year covenant-lite first-lien term loan (B2/B-) at Libor plus 350 bps to 375 bps with a 0.75% Libor floor and an original issue discount of 99.5, according to a market source.

Of the total term loan amount, $1.034 billion will be funded and $200 million is delayed-draw.

The term loan has 101 soft call protection for six months, and the delayed-draw term loan ticking fees are half the margin from days 61 to 120 and the full margin thereafter, the source continued.

Commitments are due at 5 p.m. ET on Feb. 3.

The company’s $1.374 billion of credit facilities also include a $140 million ABL revolver.

Credit Suisse Securities (USA) LLC, Antares Capital, Nomura and UBS Investment Bank are leading the deal that will be used with $376 million of privately placed second-lien notes to help fund the buyout of the company by Ares Management Corp. and the Ontario Teachers’ Pension Plan Board.

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

TricorBraun is a St. Louis-based provider of packaging products.

NielsenIQ price talk

NielsenIQ launched on its call its $950 million term loan and $650 million equivalent euro term loan with talk of Libor/Euribor plus 450 bps to 475 bps with an original issue discount of 99 and 101 soft call protection for six months, a market source remarked.

The U.S. term loan has a 0.5% Libor floor and the euro term loan has a 0% floor.

The company’s $1.95 billion equivalent of secured credit facilities (B1/B/BB) also include a $350 million revolver.

Commitments are due on Feb. 4, the source added.

BofA Securities Inc., UBS Investment Bank, Barclays, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., RBC Capital Markets, MUFG, Wells Fargo Securities LLC, Fifth Third, BMO Capital Markets, BNP Paribas Securities Corp., Capital One, Mizuho, SMBC and TD Securities are leading the deal, with BofA the left lead on the U.S. loan and UBS the left lead on the euro loan.

NielsenIQ being acquired

Proceeds from NielsenIQ’s credit facilities will be used with up to $989 million of equity to fund its buyout by Advent International and James Peck, former chief executive officer of TransUnion, from Nielsen Holdings plc for $2.7 billion, and Nielsen will also receive warrants in the new company exercisable in certain circumstances.

Closing is expected in the second quarter, subject to approval by Nielsen shareholders, regulatory approvals, consultation with the works council and other customary conditions.

NielsenIQ is a Chicago-based provider of actionable information to consumer packaged goods manufacturers and retailers.

Foundation proposed terms

Foundation Building Materials launched on its afternoon call its $1.26 billion seven-year covenant-lite first-lien term loan (B2/B) at talk of Libor plus 350 bps to 375 bps with a 0.5% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months.

Commitments are due at noon ET on Feb. 4.

Credit Suisse Securities (USA) LLC, BofA Securities Inc., Deutsche Bank Securities Inc. and Truist are leading the deal that will be used with equity to fund the buyout of the company by American Securities LLC for $19.25 per share in an all-cash transaction valued at $1.37 billion, including outstanding debt, and the acquisition of Beacon’s interior construction products business for $850 million.

Closing is expected this quarter, subject to customary conditions and receipt of regulatory clearances.

Foundation Building is a Santa Ana, Calif.-based distributor of specialty building products, including wallboard, suspended ceiling systems, metal framing and other products.

Asurion launches

Asurion held a lender call at noon ET to launch a $1.25 billion 6.5-year first-lien term loan B-9 (B+) talked at Libor plus 325 bps with a 0% Libor floor and an original issue discount of 99, and a $1.89 billion seven-year second-lien term loan B-3 (B) talked at Libor plus 600 bps with a 0% Libor floor and a discount of 99 to 99.5, a market source said.

The term loan B-9 has 101 soft call protection for six months and the term loan B-3 has hard call protection of 102 in year one and 101 in year two.

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

BofA Securities Inc., Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA, Barclays, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are leading the deal that will be used to refinance an existing second-lien term loan due 2025.

Asurion is a Nashville-based provider of technology protection services.

ZoomInfo hits market

ZoomInfo held a lender call at 1 p.m. ET to launch a $456,350,000 covenant-lite term loan B (BB-) due February 2026 talked at Libor plus 325 bps with a 0% Libor floor, a par issue price 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, J.P. Morgan Securities LLC, BofA Securities Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, Wells Fargo Securities LLC and Deutsche Bank Securities Inc. are leading the deal that will be used to reprice an existing term loan B, which is being paid down from $756,350,000 with proceeds from a $300 million senior unsecured notes offering.

Last year, the company priced its existing term loan B at Libor plus 400 bps with a step-down to Libor plus 375 bps following a qualified initial public offering and a 0% Libor floor.

ZoomInfo is a Vancouver, Wash.-based provider of sales and marketing data.

Parexel guidance

Parexel held a lender call at 3 p.m. ET to launch a $2.3 billion term loan B (B2/B-) talked at Libor plus 275 bps to 300 bps with a 0% Libor floor and an original issue discount of 99 to 99.5, a market source said.

Commitments are due at 1 p.m. ET on Feb. 1, the source added.

BofA Securities Inc. is leading the deal that will be used to help refinance an existing term loan due 2024 and 6.375% notes due 2025.

Parexel is a Durham, N.C.-based biopharmaceutical services company.

Aldevron sets talk

Aldevron released talk of Libor plus 350 bps to 375 bps with a 1% Libor floor, a par issue price and 101 soft call protection for six months on its $40 million add-on covenant-lite term loan B due October 2026 and repricing of its existing $833,948,747 covenant-lite term loan B due October 2026 in connection with its afternoon call, a market source remarked.

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

Morgan Stanley Senior Funding Inc. is the left lead on the deal.

The add-on term loan will be used to repay some second-lien term loan borrowings and pay fees and expenses related to the transaction, and the repricing will take the existing term loan down from Libor plus 425 bps with a 1% Libor floor.

EQT Partners AB and TA Associates are the sponsors.

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

Altium details emerge

Altium Packaging held its call in the morning, launching a $1.05 billion seven-year covenant-lite secured term loan (B+) talked at Libor plus 300 bps with a 0.5% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months, according to a market source.

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

Citigroup Global Markets Inc. is the left lead on the deal. Barclays is the administrative agent.

The new debt will be used to refinance the company’s existing 2024 and 2026 term loans and to pay a dividend to Loews Corp.

Closing is expected during the week of Feb. 1.

Altium is an Atlanta-based rigid plastic packaging manufacturer.

PDC floats OID

PDC Wellness came out with original issue discount talk of 99.5 to 99.75 on its fungible $183 million incremental covenant-lite first-lien term loan due June 2024 that launched with a call in the afternoon, a market source said.

Like the existing first-lien term loan, the incremental term loan is priced at Libor plus 400 bps with a step-up to Libor plus 425 bps above 5.85x total net leverage and a 0% Libor floor.

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

Nomura is leading the deal that will be used to repay an existing second-lien term loan and pay fees and expenses.

PDC is a Stamford, Conn.-based beauty and personal care products company.

Klockner refinancing

Klockner Pentaplast held a call at 10 a.m. ET to launch a €1.175 billion equivalent U.S. and euro term loan talked at Libor/Euribor plus 475 bps to 500 bps with an original issue discount of 98.5 and 101 soft call protection for six months, according to a market source.

The U.S. term loan tranche has a 0.5% Libor floor and the euro tranche has a 0% floor, the source said.

Commitments are due at 5 p.m. ET on Feb. 4.

J.P. Morgan Securities LLC and Credit Suisse are leading the deal that will be used to refinance the company’s existing capital structure.

Klockner Pentaplast is a Montabaur, Germany-based manufacturer of rigid plastic film solutions.

Grab shops add-on

Grab Holdings approached investors with a $250 million add-on term loan talked with an original issue discount of 99, a market source remarked.

Pricing on the add-on term loan matches existing term loan pricing at Libor plus 450 bps with a 1% Libor floor.

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

J.P. Morgan Securities LLC is leading the deal that will be used for general corporate purposes.

Grab is a Singapore-based ride hailing company and a provider of food delivery, digital payments and other financial services via a mobile app.

USI proposed terms

USI held a lender call at noon ET to launch a $694 million term loan talked at Libor plus 325 bps with a 0% Libor floor and a par issue price, according to a market source.

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

BofA Securities Inc. and KKR Capital Markets are leading the deal that will be used to merge a $545 million term loan due December 2026 priced at Libor plus 400 bps with a 0% Libor floor and a $150 million term loan due December 2026 priced at Libor plus 400 bps with a 0.5% Libor floor into one tranche and reprice the debt.

USI is a Valhalla, N.Y.-based insurance brokerage and consulting firm.

ProQuest holds call

ProQuest surfaced early in the day with plans to hold a lender call at 2 p.m. ET to launch a $1.03 billion first-lien term loan B (B2/B) due October 2026 talked at Libor plus 325 bps with a 25 bps step-down when first-lien net leverage is 3x, a 0% Libor 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.

Goldman Sachs Bank USA is the left lead on the deal that will be used to reprice an existing term loan B due 2026 down from Libor plus 350 bps with a 0% Libor floor.

Cambridge Information Group is the sponsor.

ProQuest is an Ann Arbor, Mich.-based provider of digital content and software-as-a-service solutions primarily for the academic community.

Aspen comes to market

Aspen Dental Management launched a $1.2 billion term loan B-2 talked at Libor plus 325 bps with a 0.5% Libor floor, a par issue price and 101 soft call protection for six months, according to a market source.

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

RBC Capital Markets, J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, BMO Capital Markets and KKR Capital Markets are leading the deal that will be used to reprice an existing term loan B-2, which priced last year at Libor plus 400 bps with step-downs of 25 bps at half a turn inside closing date leverage, 25 bps at a full turn inside closing date leverage and 25 bps upon an initial public offering, and a 0.75% Libor floor.

Existing lenders will be repaid at 101 due to the current call protection.

Aspen Dental is an East Syracuse, N.Y.-based dental support organization.

Cox Media launches

Cox Media launched in the morning without a lender call a $2.2 billion term loan B due December 2026 talked at Libor plus 375 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, a market source remarked.

Commitments are due at the end of the day on Tuesday, the source added.

RBC Capital Markets is leading the deal that will be used to combine an existing $2.01 billion term loan B and an existing $150 million term loan B-1 into one tranche and reprice the debt down from Libor plus 425 bps with a 0% Libor floor.

Cox Media is an Atlanta-based broadcasting, publishing, direct marketing and digital media company.

Buckeye repricing

Buckeye Partners announced in the morning plans to hold a lender call at 11 a.m. ET to launch a $2.233 billion covenant-lite first-lien term loan (Ba1/BBB-/BB+) due November 2026 talked at Libor plus 225 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, according to a market source.

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

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to reprice an existing term loan down from Libor plus 275 bps with a 0% Libor floor.

Buckeye is a Houston-based owner and operator of integrated midstream assets.

Rough Country incremental

Rough Country launched without a call an $85 million incremental term loan talked with an original issue discount of 99.5 to par, a market source said.

Pricing on the incremental term loan is Libor plus 375 bps with a 1% Libor floor, in line with existing term loan pricing.

Commitments are due on Thursday and allocations are expected on that day as well, the source added.

Golub Capital is leading the deal that will be used to fund a dividend.

Rough Country is a Dyersburg, Tenn.-based supplier of aftermarket suspension lift kits and components to the off-road SUV and light truck enthusiast market.

Jefferies launches

Jefferies Finance held a lender call in the afternoon to launch a $1,087,900,000 senior secured term loan due June 3, 2026 talked at Libor plus 300 bps with a 25 bps ratio-based step-down, a 0% Libor floor and 101 soft call protection until Sept. 30, according to a market source.

Jefferies LLC, Citigroup Global Markets Inc. and HSBC Securities (USA) Inc. are leading the deal that will be used to reprice an existing $738.8 million term loan, and reprice and amend an existing $349.1 million incremental term loan to become coterminous and fungible with the term loan due June 2026.

Lenders in the $349.1 million incremental term loan will be offered a 50 bps consent fee to reprice and shorten the tenor to June 2026, but the existing spread will remain until March 31.

Commitments and consents are due at 4 p.m. ET on Friday, the source added.

Jefferies Finance is a New York-based leveraged loan arranger and investor with over $12 billion of managed capital equally owned by Jefferies Group LLC and Massachusetts Mutual Life Insurance Co.

Big Ass holds call

Big Ass Fans emerged in the morning with plans to hold a lender call at 2 p.m. ET to launch a fungible $30 million incremental covenant-lite first-lien term loan (B2/B-) due May 2024 talked with an original issue discount of 99.5, a market source said.

Pricing on the incremental term loan is Libor plus 375 bps with a 1% Libor floor, in line with the existing first-lien term loan.

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

Credit Suisse Securities (USA) LLC is leading the deal that will be used to fund a shareholder distribution.

Big Ass Fans is a Lexington, Ky.-based producer of high volume, low speed and connected fans.

Sotheby’s repricing

Sotheby’s held a call at 3 p.m. ET to launch a $461 million term loan B talked at Libor plus 475 bps to 500 bps with a 0.75% Libor floor, a par issue price 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.

BNP Paribas Securities Corp. is the left lead on the deal that will be used to reprice an existing term loan down from Libor plus 550 bps with a 1% Libor floor.

Sotheby’s is a New York-based auction house.

symplr seeks incremental

symplr Software held a lender call at 2 p.m. ET to launch a fungible $65 million incremental covenant-lite first-lien term loan (B2/B) due December 2027 talked with a par issue price, a market source remarked.

Pricing on the incremental term loan is Libor plus 450 bps with a 0.75% Libor floor, in line with existing term loan pricing.

The incremental term loan has 101 soft call protection until June 2021.

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

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used with a $15 million privately placed second-lien term loan to fund the acquisition of Phynd Technologies.

symplr, a portfolio company of Clearlake Capital Group LP and SkyKnight Capital, is a Houston-based health care governance, risk management and compliance software-as-a-service platform.

MHS price talk

MHS Holdings announced par issue price talk on its fungible $140 million add-on term loan B-2 with its afternoon call, a market source said.

Pricing on the add-on term loan matches pricing on the company’s existing $145 million term loan B-2 at Libor plus 625 bps with a 1% Libor floor.

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

RBC Capital Markets is the left lead on the deal that will be used to fund an acquisition.

Thomas H. Lee Partners LP is the sponsor.

MHS is a Mt. Washington, Ky.-based material handling systems integration and automation provider.

Navitas readies deal

Navitas Midstream set a lender call for 10:30 a.m. ET on Tuesday to launch a fungible $265 million incremental senior secured term loan B (B3/B/B+) due December 2024, according to a market source.

Jefferies LLC is leading the deal that will be used to repay the company’s $37 million term loan C, finance the construction of the next 200 MMcf/d cryogenic natural gas processing plant and retire a portion of the series D equity units.

Navitas is a The Woodlands, Tex.-based natural gas gathering and processing company.

athenahealth on deck

athenahealth will hold a lender call at 10:30 a.m. ET on Tuesday to launch a fungible $985 million add-on term loan B, a market source remarked.

The add-on term loan B is priced at Libor plus 450 bps with a 0% Libor floor, in line with the existing term loan B, and is talked with an original issue discount of 99 and 101 soft call protection for six months, the source added.

Commitments are due at noon ET on Friday.

J.P. Morgan Securities LLC is the left lead on the deal that will be used to repay a second-lien term loan.

athenahealth is a Watertown, Mass.-based provider of network-enabled services for hospital and ambulatory customers.

Acrisure coming soon

Acrisure scheduled a lender call for noon ET on Tuesday to launch a fungible $700 million add-on term loan, according to a market source.

Pricing on the add-on term loan is Libor plus 350 bps with a 0% Libor floor, in line with the existing term loan, and the add-on is talked with an original issue discount of 99, the source said.

Commitments are due at noon ET on Friday.

J.P. Morgan Securities LLC is leading the deal that will be used to refinance secured notes and for acquisition financing.

Acrisure is a Caledonia, Mich.-based insurance brokerage.

Pathway joins calendar

Pathway Vet Alliance set a lender call for 10 a.m. ET on Tuesday to launch a roughly $1.013 billion first-lien term loan (B2/B) due March 2027 talked at Libor plus 375 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, a market source said.

Commitments/consents are due at 4 p.m. ET on Thursday, the source added.

Jefferies LLC and BofA Securities Inc. are leading the deal that will be used to reprice an existing term loan down from Libor plus 400 bps with a 0% Libor floor.

Pathway is an Austin, Tex.-based veterinary management group that operates a synergistic and integrated service model serving the needs of pet families and veterinarians.

Rackspace sets launch

Rackspace Technology will hold a call at 11 a.m. ET on Tuesday to launch a new loan to current and prospective lenders, according to a market source.

Citigroup Global Markets Inc. is leading the deal.

Rackspace is a Windcrest, Tex.-based end-to-end multicloud technology services company.

Zelis readies repricing

Zelis set a lender call for 11:30 a.m. ET on Tuesday to launch a $1.485 billion first-lien term loan B, a market source remarked.

Morgan Stanley Senior Funding Inc. is the left lead on the deal that will be used to reprice an existing term loan B.

Zelis is a Bedminster, N.J.-based healthcare and financial technology company.

IntraFi on deck

IntraFi Network scheduled a lender call for 11 a.m. ET on Tuesday to launch a fungible $140 million incremental covenant-lite first-lien term loan due November 2026, according to a market source.

Pricing on the incremental term loan is Libor plus 375 bps with a 0% Libor floor, in line with existing term loan pricing.

Original issue discount talk on the incremental term loan is not yet available, the source said.

Nomura is the left lead on the deal that will be used to repay an existing second-lien term loan and pay fees and expenses.

IntraFi, formerly known as Promontory Interfinancial Network LLC, is an Arlington, Va.-based financial technology solutions provider offering deposit placement and funding services to financial institutions.

Time plans call

Time Manufacturing will hold a lender call on Tuesday to launch a non-fungible $135 million incremental term loan, a market source said.

BNP Paribas Securities Corp. is leading the deal that will be used to fund the acquisition of Ruthmann, a manufacturer of aerial work platforms based in Germany.

Closing is expected this quarter, subject to regulatory clearance.

Time Manufacturing is a Waco, Tex.-based manufacturer of vehicle-mounted aerial lifts, digger derricks, bucket trucks and bridge inspection equipment.

Janus joins calendar

Janus International set a lender call for 1 p.m. ET on Tuesday to launch a repricing of its existing term loans, according to a market source.

UBS Investment Bank, KeyBanc Capital Markets and Stifel are leading the deal.

Janus is a Temple, Ga.-based manufacturer of roll-up and swing doors, hallway systems and re-locatable storage units for the self-storage industry.

AccentCare readies deal

AccentCare scheduled a lender call for 3 p.m. ET on Tuesday to launch a $350 million term loan B talked at Libor plus 425 bps to 450 bps with a 25 bps step-down at B2/B ratings, a 0.5% Libor floor and a par issue price, a market source remarked.

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

J.P. Morgan Securities LLC is leading the deal that will be used to reprice an existing term loan down from Libor plus 500 bps with a 0.5% Libor floor.

AccentCare, an Advent International portfolio company, is a Dallas-based provider of post-acute health care.

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