American Trailer, Ivanti, Liftoff, AmWINS break; Enterprise Development, BMC revised

By Sara Rosenberg

New York, Feb. 17 – American Trailer Works trimmed pricing on its first-lien term loan B, added a step-down and tightened the issue price, and Ivanti Software Inc. increased the size of its add-on first-lien term loan B, lowered the spread and adjusted the original issue discount, and then both of these deals freed up for trading on Wednesday.

Also, before making their way into the secondary market, Liftoff Mobile Inc. upsized its term loan B, reduced pricing and updated the original issue discount, and AmWINS Group Inc. set the spread on its term loan B at the narrow end of talk.

In other news, Enterprise Development Authority lowered pricing on its term loan B, added a step-down and revised the issue price, and BMC Software (Boxer Parent Co. Inc.) moved some funds between its U.S. and euro term loans and firmed spreads on the debt at the low end of guidance.

Furthermore, Horizon Therapeutics USA Inc., TierPoint LLC, 84 Lumber Co., Xplornet Communications Inc., Tegra118 Wealth Solutions Inc., Sedgwick Claims Management Services Inc., DiversiTech Holdings Inc., Zayo Group Holdings Inc., Anthology and Alacrity Solutions Group LLC announced price talk with launch.

Additionally, S&S Holdings LLC, PLZ Aeroscience Corp., Kodiak Building Partners, Science Applications International Corp. and Storable Inc. (EQT Box Merger Sub Inc.) joined this week’s primary calendar.

American Trailer reworked, trades

American Trailer Works cut pricing on its $750 million seven-year first-lien term loan B (B3/B) to Libor plus 375 basis points from talk in the range of Libor plus 450 bps to 475 bps, added a 25 bps permanent step-down at or below 3.6x net total leverage and modified 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.

Recommitments were due at 12:30 p.m. ET on Wednesday and the term loan made its way into the secondary market in the afternoon, with levels quoted at par bid, par ¾ offered, another source added.

Goldman Sachs Bank USA, Barclays and Truist are leading the deal that will be used to refinance existing senior secured notes, add cash to the balance sheet and pay related fees and expenses.

Bain Capital is the sponsor.

American Trailer Works is Richardson, Tex.-based manufacturer and distributor of professional grade trailers, consumer grade trailers, truck equipment and retail parts.

Ivanti revised, frees up

Ivanti Software lifted its non-fungible covenant-lite add-on first-lien term loan B due Dec. 1, 2027 to $465 million from $440 million, trimmed pricing to Libor plus 400 bps from talk in the range of Libor plus 425 bps to 450 bps and changed the original issue discount to 99.75 from talk in the range of 99 to 99.5, a market source remarked.

The term loan still has a 0.75% Libor floor and 101 soft call protection for six months.

Recommitments were due at noon ET on Wednesday and the term loan B began trading late in the day, with levels quoted at par bid, par ½ offered, a trader added.

Morgan Stanley Senior Funding Inc., UBS Investment Bank, BMO Capital Markets and Antares Capital are leading the deal that will be used to fund the acquisition of Cherwell Software, a provider of enterprise service management solutions, to pay related fees and expenses and, due to the upsizing, for general corporate purposes.

Closing is expected in the first half of March.

Ivanti is a South Jordan, Utah-based company that automates IT and security operations.

Liftoff tweaked, breaks

Liftoff Mobile increased its seven-year covenant-lite first-lien term loan B to $350 million from $300 million, lowered price talk to a range of Libor plus 350 bps to 375 bps from a range of Libor plus 425 bps to 450 bps, before firming at Libor plus 350 bps, and changed original issue discount talk to a range of 99.5 to 99.75 from a range of 99 to 99.5, before finalizing at 99.5, according to a market source.

The term loan still has a 0.75% Libor floor and 101 soft call protection for six months.

The company’s now $400 million of senior secured credit facilities also include a $50 million five-year revolver.

Late in the day, the term loan freed up, with levels quoted at 99 7/8 bid, par 3/8 offered, a trader added.

Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC, Barclays, Nomura and Blackstone are leading the deal that will be used to fund the majority investment in Liftoff by Blackstone, to pay fees and expenses related to the transaction and, due to the upsizing, for general corporate purposes.

Closing is expected during the week of March 8.

Liftoff is a Redwood City, Calif.-based performance-based mobile app marketing optimization platform.

AmWINS updated, trades

AmWINS Group finalized pricing on its $1.995 billion seven-year term loan B (Ba3/B+) at Libor plus 225 bps, the low end of the Libor plus 225 bps to 250 bps talk, a market source said.

The term loan still has a 25 bps step-down at an upgrade to Ba3/BB- corporate family ratings, a 0.75% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months.

During the session, the term loan broke for trading, with levels quoted at par 1/8 bid, par 5/8 offered, another source added.

Goldman Sachs Bank USA, Barclays, J.P. Morgan Securities LLC, Wells Fargo Securities LLC and Morgan Stanley Senior Funds Inc. are leading the deal that will be used to refinance an existing term loan B and pay related fees and expenses.

AmWINS is a Charlotte, N.C.-based specialty insurance broker.

Enterprise changes emerge

Enterprise Development Authority lowered pricing on its $475 million seven-year covenant-lite term loan B (B3/B/BB) to Libor plus 425 bps from Libor plus 450 bps, added a step-down to Libor plus 400 bps at B2/B/B+ corporate family ratings with stable outlooks and moved the original issue discount to 99.5 from 99, according to a market source.

The 0.75% Libor floor and 101 soft call protection for six months were unchanged.

Recommitments are due at noon ET on Thursday and allocations are expected on Friday, the source added.

Wells Fargo Securities LLC is leading the deal that will be used to refinance existing debt.

During the week of Feb. 22, the company plans to issue an irrevocable call notice for its senior notes.

The term loan B is expected to be funded into escrow and settle the redemption of the senior notes in late March. There is a ticking fee of 100% of the spread beginning April 1.

Enterprise Development Authority is an unincorporated governmental instrumentality of the Estom Yumeka Maidu Tribe of the Enterprise Rancheria and was formed to own, develop, construct, and operate all gaming and related businesses of the Tribe.

BMC restructured

BMC Software scaled back its U.S. covenant-lite term loan (B2/B-) due October 2025 to $2.884 billion from $3.234 billion and set pricing at Libor plus 375 bps, the low end of the Libor plus 375 bps to 400 bps talk, a market source remarked.

Additionally, the company upsized its euro covenant-lite term loan (B2/B-) due October 2025 to €1.2 billion from €911 million and firmed the spread at Euribor plus 400 bps, the low end of the Euribor plus 400 bps to 425 bps talk, the source continued.

Both term loans still have a 0% floor, a par issue price and 101 soft call protection for six months.

Allocations are expected on Thursday, the source added.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to reprice an existing U.S. term loan down from Libor plus 425 bps with a 0% Libor floor and an existing euro term loan down from Euribor plus 475 bps with a 0% floor.

BMC is a Houston-based provider of software solutions that enable businesses to monitor, manage, automate and secure mission-critical IT workloads.

Horizon launches

Also in the primary market, Horizon Therapeutics held its call on Wednesday and announced talk on its $1.3 billion seven-year senior secured covenant-lite term loan B (Ba1/BBB-) at Libor plus 200 bps to 225 bps with a 25 bps step-down at 2x total net leverage with cash netting capped at $50 million, a 0.5% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, a market source said.

Commitments are due at 5 p.m. ET on Feb. 25, the source added.

Citigroup Global Markets Inc., Morgan Stanley Senior Funding Inc. and J.P. Morgan Securities LLC are leading the deal that will be used with balance sheet cash to fund the acquisition of Viela Bio Inc. for $53.00 per share in cash, which represents a fully diluted equity value of $3.05 billion, or around $2.67 billion net of Viela Bio’s cash and cash equivalents.

Closing is expected in mid-March.

Horizon is a Dublin-based researcher and developer of medicines that address critical needs for people impacted by rare and rheumatic diseases. Viela Bio is a Gaithersburg, Md.-based biotechnology company.

TierPoint price guidance

TierPoint launched on its afternoon call its $676 million term loan (B3) due May 2026 at talk of Libor plus 375 bps with a 0.5% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, according to a market source.

Consents are due at noon ET on Feb. 26.

RBC Capital Markets is leading the deal that will be used to amend, extend and reprice an existing term loan due May 2024 priced at Libor plus 375 bps with a 1% Libor floor.

TierPoint is a St. Louis-based provider of hybrid IT solutions.

84 Lumber sets talk

84 Lumber came out with price talk of Libor plus 350 bps with a 0.75% Libor floor and an original issue discount of 99.75 on its fungible $300 million covenant-lite add-on term loan B (B2/BB-) due Nov. 13, 2026 and repricing/refinancing of its existing roughly $307 million covenant-lite term loan B (B2/BB-) due Nov. 13, 2026 that launched with a call in the morning, a market source said.

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

Commitments are due at noon ET on Feb. 25.

Wells Fargo Securities LLC and PNC Capital Markets are leading the deal.

The add-on loan will be used to repay existing ABL borrowings, fund a $50 million dividend, and pay transaction-related fees and expenses, and the repricing will take the existing term loan down from Libor plus 425 bps with a 1% Libor floor.

84 Lumber is an Eighty Four, Pa.-based supplier of building materials, manufactured components and services for single and multi-family residences and commercial buildings.

Xplornet details surface

Shortly before Xplornet’s morning lender call began, it was revealed that the company would approach lenders with a C$20 million U.S. dollar equivalent fungible incremental first-lien term loan due June 10, 2027 and a repricing of its existing $989 million first-lien term loan due June 10, 2027, according to a market source.

Talk on the term loan debt is Libor plus 375 bps to 400 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, the source said.

Commitments are due at noon ET on Friday.

Credit Suisse Securities (USA) LLC and Barclays are leading the deal.

The incremental term loan will be used for general corporate purposes and the repricing will take the existing term loan down from Libor plus 475 bps with a 0% Libor floor.

Xplornet is a Woodstock, New Brunswick-based broadband service provider in Canada.

Tegra118 proposed terms

Tegra118 Wealth Solutions held its call in the afternoon, launching a $353 million senior secured covenant-lite first-lien term loan (B2/B) due February 2027 at talk of Libor plus 400 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, a market source remarked.

Existing lender consents are due at 5 p.m. ET on Feb. 24 and new lender commitments are due at noon ET on Feb. 25, the source added.

Citigroup Global Markets Inc. is leading the deal that will be used to reprice an existing term loan down from Libor plus 475 bps with a 0% Libor floor.

Closing is expected in early March.

Tegra118, formerly known as Fiserv Investment Solutions, is a Warren, N.J.-based provider of financial services.

Sedgwick repricing

Sedgwick Claims Management launched a $1.084 billion term loan B-2 talked at Libor plus 350 bps with a 0% Libor floor, an original issue discount of 99.875 and 101 soft call protection for six months, a market source said.

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

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

Sedgwick is a Memphis, Tenn.-based provider of technology-enabled risk, benefits and integrated business solutions.

DiversiTech launches

DiversiTech launched on its afternoon call its fungible $125 million add-on first-lien term loan (B2) and extension of its existing $362 million term loan at talk of Libor plus 325 bps with a 1% Libor floor and 101 soft call protection for six months, according to a market source.

The add-on term loan is talked with an original issue discount of 99, the source added.

Commitments are due at noon ET on Tuesday.

RBC Capital Markets is leading the deal.

The add-on term loan will be used to fund two acquisitions and the extension will push out the maturity on the existing term loan by six months and increase existing pricing from Libor plus 300 bps.

DiversiTech is an Atlanta-based manufacturer of components and products related to the heating, ventilating, air conditioning and refrigeration industry.

Zayo comes to market

Zayo Group launched in the morning without a call a fungible $205 million incremental covenant-lite first-lien term loan (B1/B) due March 2027 with original issue discount talk of 99.75, a market source remarked.

Like the existing term loan, the incremental term loan is priced at Libor plus 300 bps with a 0% Libor floor.

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

Credit Suisse Securities (USA) LLC and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to refinance unsecured notes.

Zayo is a Boulder, Colo.-based provider of mission-critical bandwidth to companies.

Anthology guidance

Anthology released talk of 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 on its $325 million first-lien term loan that launched with a call in the morning, according to a market source.

Commitments are due at 5 p.m. ET on Tuesday.

UBS Investment Bank is leading the deal, which will be used to reprice an existing term loan down from Libor plus 550 bps with a 1% Libor floor.

Anthology, formerly known as Astra, is a Boca Raton, Fla.-based provider of higher education solutions that support the entire learner lifecycle.

Alacrity floats OID

Alacrity Solutions launched on its afternoon call its fungible $60 million incremental first-lien term loan with original issue discount talk of 99, a market source said.

Pricing on the incremental term loan is Libor plus 400 bps with a 0% Libor floor, which matches existing term loan pricing.

Commitments are due at 5 p.m. ET on Feb. 25.

Antares Capital is leading the deal that will be used to fund a shareholder distribution.

Alacrity, formerly known as Worley Claims Services LLC, is a Fishers, Ind.-based provider of insurance claims management services.

S&S readies deal

S&S Holdings set a lender call for 9:30 a.m. ET on Thursday to launch $800 million of term loans, split between a $600 million seven-year first-lien term loan (B2/B-) and a $200 million eight-year second-lien term loan (Caa1/CCC), according to a market source.

The first-lien term loan has 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.

The company is also getting a $225 million five-year ABL revolver.

Barclays, Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, BMO Capital Markets, BNP Paribas Securities Corp., Citizens, Natixis and Truist are leading the deal that will be used to help fund the buyout of the company by Clayton, Dubilier & Rice.

Closing is expected this quarter.

S&S is a Bolingbrook, Ill.-based distributor of imprintable apparel and accessories.

PLZ joins calendar

PLZ Aeroscience scheduled a lender call for 1 p.m. ET on Thursday to launch a $100 million incremental first-lien term loan due August 2026 and a repricing of its existing $299.3 million term loan due August 2026, a market source remarked.

Talk on the term loan debt is Libor plus 350 bps with a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, the source continued.

Commitments are due at 5 p.m. ET on Feb. 25.

Antares Capital is leading the deal.

The incremental term loan will be used for future acquisitions and general corporate purposes, and the repricing will take the existing $299.3 million term loan down from Libor plus 425 bps with a 1% Libor floor.

The term loan debt will be fungible with the company’s existing $637.5 million covenant-lite term loan B due August 2026, which is currently priced at Libor plus 350 bps with a 0% Libor floor, creating one tranche.

PLZ, a portfolio company of Pritzker Private Capital, is a Downers Grove, Ill.-based producer of specialty aerosol and liquid packaging for various consumer and industrial products.

Kodiak on deck

Kodiak Building Partners will hold a lender call at 11 a.m. ET on Thursday to launch $740 million of credit facilities, according to a market source.

The facilities consist of a $200 million five-year ABL revolver and a $540 million seven-year term loan B, the source said.

Commitments are due at noon ET on March 3.

RBC Capital Markets is the left lead on the deal that will be used to refinance the company’s capital structure and pay a shareholder dividend.

Kodiak Building is a Highlands Ranch, Colo.-based building products distribution platform and provider of fabrication and assembly services.

Science coming soon

Science Applications scheduled a call for 2 p.m. ET on Thursday to launch a loan transaction to current and prospective lenders, a market source said.

Citigroup Global Markets Inc. is leading the deal.

Science Applications is a Reston, Va.-based technology integrator.

Storable plans call

Storable set a lender call for 2 p.m. ET on Thursday to launch a $425 million seven-year senior secured covenant-lite first-lien term loan, 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 March 4.

Credit Suisse Securities (USA) LLC, Antares Capital and Mizuho are leading the deal that will be used to help fund the buyout of the company by EQT Private Equity.

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

Storable is an Austin, Tex.-based provider of software, payments, insurance and marketplace solutions to the self-storage industry.

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