LegalShield, Installed Building revise deadlines; DiversiTech, Plaskolite, Baldwin set talk

By Sara Rosenberg

New York, Dec. 6 – In the primary market on Monday, LegalShield and Installed Building Products Inc. accelerated the commitment deadlines for their term loan transactions.

Also, DiversiTech, Plaskolite LLC and Baldwin Risk Partners LLC released price talk in connection with their lender calls.

Furthermore, ConvergeOne Holdings Inc., Sevita, RealPage Inc., BBB Industries LLC, MetroNet, Ensono Holdings LLC and Tosca Services LLC joined this week’s primary calendar.

LegalShield tweaks timing

LegalShield accelerated the commitment deadline for its $950 million seven-year first-lien term loan (B1/B-) and $300 million eight-year second-lien term loan (Caa1/CCC) to 3 p.m. ET on Tuesday from noon ET on Thursday, according to a market source.

Talk on the first-lien term loan is Libor plus 375 basis points to 400 bps with a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, and talk on the second-lien term loan is Libor plus 700 bps to 725 bps with a 0.5% Libor floor, a discount of 99 and hard call protection of 102 in year one and 101 in year two.

The company’s $1.325 billion of credit facilities also include a $75 million revolver.

RBC Capital Markets, Stone Point Capital Markets, Goldman Sachs Bank USA, KKR Capital Markets, Truist and Capital One are leading the deal that will be used for a recapitalization.

Stone Point Capital, Further Global Capital Management and MidOcean Partners are the sponsors.

LegalShield is an Ada, Okla.-based provider of legal and identity theft protection plans.

Installed Building accelerated

Installed Building Products moved up the commitment deadline for its $500 million seven-year term loan B (Ba2/BB+) to 5 p.m. ET on Wednesday from noon ET on Dec. 14, a market source remarked.

Talk on the term loan is Libor plus 225 bps to 250 bps with a 0.5% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

RBC Capital Markets is the left lead on the deal that will be used to refinance an existing $200 million term loan B due April 2025 as well as for acquisitions, other growth initiatives and general corporate purposes.

Closing is expected this month.

Installed Building Products is a Columbus, Ohio-based installer of insulation and complementary building products.

DiversiTech guidance

DiversiTech held its lender call on Monday afternoon and announced price talk on its $725 million seven-year first-lien term loan B (B2/B-), $150 million delayed-draw first-lien term loan (B2/B-) and $240 million eight-year second-lien term loan (Caa2/CCC), according to a market source.

Talk on the first-lien term loan debt is Libor plus 375 bps to 400 bps with step-downs, a 0.5% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months, and talk on the second-lien term loan is Libor plus 650 bps to 675 bps with step-downs, a 0.5% Libor floor, a discount of 99 and hard call protection of 101 for one year, the source said.

The company’s $1.215 billion of senior secured credit facilities also include a $100 million revolver (B2/B-).

Commitments are due at 5 p.m. ET on Dec. 16, the source added.

DiversiTech lead banks

RBC Capital Markets, UBS Investment Bank, Barclays, Societe Generale, Citizens Bank, Natixis and Santander are leading DiversiTech’s credit facilities.

The new debt will be used with $1.32 billion of equity to fund the buyout of the company by Partners Group from Permira in a transaction with an enterprise value of $2.2 billion. Permira and management will remain minority investors in the company.

DiversiTech is an Atlanta-based manufacturer of products and components for the heating, ventilation, air conditioning and refrigeration industry.

Plaskolite talk

Plaskolite came out with talk of Libor plus 425 bps with a 0.75% Libor floor, an original issue discount of 99.03 and 101 soft call protection for six months on its fungible $125 million incremental first-lien term loan (B2/B) due Dec. 14, 2025 that launched with a call in the afternoon, a market source said.

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

With this transaction, pricing on the company’s existing term loan is being increased to Libor plus 425 bps from Libor plus 400 bps

Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc. and ING are leading the deal, which will be used to fund the acquisition of Plazit-Polygal and pay fees, expenses and original issue discount.

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

Pritzker Private Capital is the sponsor.

Plaskolite is a Columbus, Ohio-based manufacturer of acrylic, polycarbonate and other plastic sheets. Plazit-Polygal is a Kibbutz Gazit, Israel-based manufacturer of acrylic and polycarbonate solid and multiwall sheet products.

Baldwin Risk launches

Baldwin Risk Partners emerged in the morning with plans to hold a lender call at 3 p.m. ET to launch a fungible $250 million add-on first-lien term loan B due 2027 talked with an original issue discount of 98.8, a market remarked.

Pricing on the add-on term loan is Libor plus 350 bps with a 0.5% Libor floor.

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

JPMorgan Chase Bank is the left lead on the deal that will be used to repay revolver borrowings, to fund certain permitted acquisitions and for general corporate purposes.

Baldwin Risk, a subsidiary of BRP Group Inc., is a Tampa, Fla.-based insurance distribution firm.

ConvergeOne on deck

ConvergeOne will hold a lender call at 10 a.m. ET on Tuesday to launch a fungible $150 million incremental first-lien term loan due January 2026 talked with an original issue discount of 97.75 to 98, according to a market source.

Pricing on the incremental term loan is Libor plus 500 bps with a 0% Libor floor, in line with existing term loan pricing.

Commitments are due at 3 p.m. ET on Friday, the source added.

Deutsche Bank Securities Inc. is leading the deal that will be used to fund current and future acquisitions.

ConvergeOne is an Eagan, Minn.-based IT services provider of collaboration and technology solutions.

Sevita joins calendar

Sevita set a lender call for 2 p.m. ET on Tuesday to launch a $200 million incremental first-lien term loan B, a market source said.

Goldman Sachs Bank USA is the left lead on the deal that will be used to fund the company’s acquisition pipeline.

Sevita, formerly known as the Mentor Network, is a Boston-based provider of home- and community-based health and human services for individuals with intellectual, developmental, physical or behavioral disabilities and other special needs.

RealPage readies deal

RealPage scheduled a lender call for 11 a.m. ET on Tuesday to launch a fungible $260 million incremental covenant-lite first-lien term loan due April 2028, according to a market source.

UBS Investment Bank and Credit Suisse Securities (USA) LLC are leading the deal that will be used to fund the acquisition of HomeWiseDocs, a provider of software solutions to property management companies.

Pricing on the company’s existing first-lien term loan is Libor plus 325 bps with a 0.5% Libor floor.

Thoma Bravo is the sponsor.

RealPage is a Richardson, Tex.-based provider of software and data analytics to the real estate industry.

BBB coming soon

BBB Industries plans to hold a lender call at 1:30 p.m. ET on Tuesday to launch a fungible $100 million incremental first-lien term loan, a market source remarked.

UBS Investment Bank is leading the deal that will be used for acquisitions and general corporate purposes.

Genstar Capital is the sponsor.

BBB Industries is a Daphne, Ala.-based remanufacturer and distributor of non-discretionary and application specific replacement parts to the North American and European automotive aftermarket.

MetroNet plans call

MetroNet scheduled a lender call for 11 a.m. ET on Tuesday to launch a fungible $125 million add-on first-lien term loan B, according to a market source.

Goldman Sachs Bank USA, TD Securities (USA) LLC, Citizens Bank, Fifth Third and KKR Capital Markets are leading the deal.

Oak Hill and KKR Infrastructure are the sponsors.

MetroNet is an Evansville, Ind.-based provider of fiber optic high-speed broadband, video and voice services.

Ensono on deck

Ensono Holdings set a lender call for 3 p.m. ET on Tuesday to launch a fungible $75 million add-on first-lien term loan B, a market source said.

Pricing on the add-on term loan is Libor plus 400 bps with a 0.75% Libor floor, in line with existing term loan pricing.

Original issue discount talk on the add-on term loan is not yet available, the source added.

KKR Capital Markets is the left lead on the deal that will be used for acquisition financing.

Ensono is a Chicago-based hybrid IT services provider.

Tosca joins calendar

Tosca Services will hold a lender call at 10 a.m. ET on Tuesday to launch a fungible $75 million incremental first-lien term loan due August 2027, according to a market source.

Like the existing term loan, the incremental term loan is priced at Libor plus 350 bps with a 0.75% Libor floor.

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

Commitments are due at 5 p.m. ET on Dec. 14, the source added.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to repay ABL borrowings.

Tosca is an Atlanta-based provider of reusable packaging supply chain solutions.

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