Savage, Eastman, BakeMark, PetVet, System One, Wheel Pros, Mariner, Radiology, Vistage break

By Sara Rosenberg

New York, Aug. 12 – Savage Enterprises LLC firmed pricing on its first-lien term loan B at the low end of talk and eliminated the step-down, Eastman Tire Additives (Flexsys Inc.) widened the spread and issue price on its term loan B, and BakeMark USA LLC (Balrog Acquisition Inc.) trimmed pricing on its first-lien term loan and set the original issue discount at the tight end of guidance, and then these deals broke for trading on Thursday.

Also, prior to freeing up, PetVet Care Centers LLC modified the issue price on its incremental first-lien term loan B-3, System One Holdings LLC set the spread on its term loan at the high end of talk but tightened the issue price, Wheel Pros Inc. changed the original issue discount on its incremental first-lien term loan, and Mariner Wealth Advisors finalized pricing on its term loans at the low end of talk.

Additionally, Radiology Partners Inc. finalized the original issue discount on its incremental first-lien term loan at the tight side of guidance and then began trading, and Vistage International Inc.’s add-on term loan made its way into the secondary market as well.

In more happenings, Veritas Technologies upsized its U.S. and euro add-on term loan, outlined tranche sizes and updated original issue discounts, and Greatbatch Ltd. (Integer), HighTower Holding LLC and Alight Solutions released price talk with launch.

Savage tweaked, trades

Savage Enterprises set the spread on its $1 billion seven-year covenant-lite first-lien term loan B (B1/BB-) at Libor plus 325 basis points, the low end of the Libor plus 325 bps to 350 bps talk, removed the 25 bps step-down at 3.25x first-lien net leverage, removed the asset sale sweep step-downs and extended the MFN sunset to 18 months, according to a market source.

The term loan still has a 0.5% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

On Thursday, the term loan B broke for trading, with levels quoted at 99¾ bid, par ¼ offered, a trader added.

Morgan Stanley Senior Funding Inc., Citigroup Global Markets Inc. and Goldman Sachs Bank USA are leading the deal that will be used to refinance existing debt.

Closing is expected on Sept. 17.

Savage Enterprises is a Salt Lake City-based supply chain provider.

Eastman widens, frees

Eastman Tire lifted pricing on its $475 million seven-year term loan B (B2/B) to Libor plus 525 bps from talk in the range of Libor plus 475 bps to 500 bps and modified the original issue discount to 98 from 99, a market source said.

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

During the session, the term loan B made its way into the secondary market, with levels quoted at 98 bid, 98¾ offered, a trader added.

RBC Capital Markets, Goldman Sachs Bank USA, Macquarie Capital (USA) Inc. and Mizuho Bank are leading the deal that will be used to help fund the buyout of the company by One Rock Capital Partners LLC from Eastman Chemical Co.

Closing is expected in the second half of this year, subject to regulatory approvals and customary conditions.

Eastman Tire is a supplier of tire additives.

BakeMark flexes, breaks

BakeMark cut pricing on its $435 million seven-year first-lien term loan (B3/B-) to Libor plus 400 bps from Libor plus 425 bps and firmed the original issue discount at 99.5, the tight end of the 99 to 99.5 talk, according to a market source.

As before, the term loan has a 0.5% Libor floor and 101 soft call protection for six months.

Recommitments were due at 11 a.m. ET on Thursday and the term loan started trading later in the day, with levels quoted at 99 5/8 bid, par 1/8 offered, another source added.

The company’s $680 million of credit facilities also include a $100 million ABL revolver and a $145 million privately placed second-lien term loan.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., BMO Capital Markets, Ares, CBAM and Blue Owl are leading the deal that will be used to help fund the buyout of the company by Clearlake Capital Group LP from Pamplona Capital Management.

BakeMark is a Pico Rivera, Calif.-based manufacturer and distributor of bakery ingredients, products and supplies.

PetVet tightens, trades

PetVet changed the original issue discount on its fungible $275 million incremental first-lien term loan B-3 (B2/B) due February 2025 to 99.5 from 99.265, a market source remarked.

The incremental term loan is priced at Libor plus 350 bps with a 0.75% Libor floor, in line with the existing term loan B-3.

Previously in syndication, the incremental term loan was upsized from $250 million.

Recommitments were due at 10 a.m. ET on Thursday and the term loan broke for trading later in the day, with levels quoted at 99¾ bid, par ¼ offered, another source added.

Jefferies LLC and KKR Capital Markets are leading the deal that will be used to fund the company’s acquisition pipeline and, due to the recent upsizing, to add cash to the balance sheet for future acquisitions and general corporate purposes.

Pro forma for the transaction, the term loan B-3 totals about $944 million.

PetVet is a Westport, Conn.-based operator of general practice and specialty veterinary hospitals for companion animals.

System One revised, frees

System One firmed pricing on its $320 million term loan due March 2028 at Libor plus 400 bps, the high end of the Libor plus 375 bps to 400 bps talk, and changed the issue price to par from 99.75, according to a market source.

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

In the afternoon, the term loan began trading, with levels quoted at par bid, par ½ offered, another source added.

Truist Securities is leading the deal that will be used to reprice an existing term loan down from Libor plus 450 bps with a 0.75% Libor floor.

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

Wheel Pros modified, breaks

Wheel Pros adjusted the original issue discount on its fungible $175 million incremental first-lien term loan due May 2028 to 99.75 from 99.5, a market source said.

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

Recommitments were due at 1:30 p.m. ET on Thursday and the incremental term loan broke in the afternoon, with levels quoted at par bid, par ¼ offered, another source added.

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

Wheel Pros is a Denver-based designer, manufacturer and distributor of proprietary branded aftermarket vehicle enhancements for light trucks, SUVs, passenger cars and ATVs/UTVs.

Mariner finalized, trades

Mariner Wealth Advisors firmed pricing on its $350 million seven-year covenant-lite term loan and $50 million delayed-draw covenant-lite term loan at Libor plus 325 bps, the low end of the Libor plus 325 bps to 350 bps talk, according to a market source.

As before, the term loan debt (B1/B) has a 0.5% Libor floor, an original issue discount of 99 and 101 soft call-protection for six months.

Delayed-draw term loan ticking fees are half the margin from days 46 to 90 and the full margin thereafter.

Previously in syndication, the funded term loan was upsized from $300 million, the delayed-draw term loan was downsized from $100 million and the delayed-draw period was shortened to 12 months from 24 months.

Late in the day, the term loan debt hit the secondary market, with levels quoted at 99¼ bid, par ¼ offered, a trader added.

The company’s $500 million of credit facilities also include a $100 million revolver.

BMO Capital Markets, RBC Capital Markets and UBS Investment Bank are leading the deal that will be used by the investment adviser to refinance existing debt and for acquisition financing.

Radiology updated, breaks

Radiology Partners set the original issue discount on its fungible $300 million incremental first-lien term loan due July 9, 2025 at 99.27, the tight end of the 98.5 to 99.27 talk, a market source remarked.

Pricing on the incremental term loan is Libor plus 425 bps with a 0% Libor floor, in line with existing term loan pricing, and all of the debt is getting 101 soft call protection for six months.

The incremental term loan began trading in the afternoon, with levels quoted at 99¼ bid, 99¾ offered, another source added.

Barclays is the left lead on the deal that will be used to finance three near-term acquisitions under letters of intent, with an aggregate purchase price of about $362 million, which are expected to close this month.

Pro forma for the transaction, the first-lien term loan will total $1.64 billion.

Radiology Partners is an El Segundo, Calif.-based radiology physician practice management company.

Vistage hits secondary

Vistage International’s fungible $90 million add-on term loan also freed to trade, with levels quoted at 99¾ bid, par ¼ offered, a market source remarked.

Pricing on the add-on term loan is Libor plus 400 bps with a 1% Libor floor, in line with existing term loan pricing, and the new debt was sold at an original issue discount of 99.5. The add-on and the existing term loan are getting 101 soft call protection for six months.

Macquarie Capital (USA) Inc. is leading the deal that will be used to repay revolver borrowings and to fund a dividend.

Vistage is a San Diego-based for-profit membership organization of CEOs.

Veritas reworked

Veritas Technologies raised its fungible U.S. and euro add-on term loan due September 2025 to roughly $615 million equivalent from $450 million equivalent, and set the tranche sizes at $380 million and €200 million, according to a market source.

Additionally, the original issue discount on the U.S. add-on term loan finalized at 99.5, the tight end of the 99.25 to 99.5 talk, and the discount on the euro add-on term loan was revised to 99.75 from talk in the range of 99.25 to 99.5, the source said.

Pricing on the U.S. add-on term loan is Libor plus 500 bps with a 1% Libor floor and pricing on the euro add-on term loan is Euribor plus 475 bps with a 1% floor, in line with existing pricing.

Recommitments for the U.S add-on term loan were due at 5 p.m. ET on Thursday and recommitments for the euro add-on term loan are due at 5 a.m. ET on Friday, with allocations expected on Friday, the source added.

BofA Securities Inc. is leading the deal that will be used to fully redeem the company’s unsecured bonds.

Veritas is a Santa Clara, Calif.-based provider of data protection and availability.

Greatbatch guidance

Greatbatch announced price talk on its $350 million seven-year senior secured covenant-lite term loan B (Ba3/BB-) at Libor plus 250 bps to 275 bps with a 0.5% Libor floor and an original issue discount of 99 to 99.5 in connection with its lender call on Thursday afternoon, according to a market source.

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

Commitments are due at noon ET on Aug. 19.

Wells Fargo Securities LLC, BofA Securities Inc., Fifth Third, KeyBanc Capital Markets, Citigroup Global Markets Inc. and Santander are leading the deal that will be used to refinance existing debt.

Greatbatch is a Plano, Tex.-based medical device company.

HighTower holds call

HighTower held a lender call at 11 a.m. ET on Thursday, launching a fungible $115 million add-on term loan with original issue discount talk of 99 to 99.25, a market source said.

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

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

JPMorgan Chase Bank is leading the deal that will be used for general corporate purposes and acquisition activity.

HighTower is a Chicago-based registered investment adviser that owns and provides a suite of mission critical services to independent advisory practices.

Alight seeks add-on

Alight Solutions hosted a lender call at 11 a.m. ET to launch a fungible $450 million add-on term loan B due 2026 talked with an original issue discount of 99.25 to 99.5, according to a market source.

Like the existing term loan, the add-on term loan is priced at Libor plus 325 bps with a 0.5% Libor floor.

Commitments are due on Wednesday, the source added.

BofA Securities Inc. is the left lead on the deal that will be used to fund the acquisition of Aon Retiree Health Exchange and add cash to the balance sheet.

Alight is a Lincolnshire, Ill.-based provider of integrated, cloud-based human capital solutions.

Cooke tweaks timing

In other news, Cooke Inc. extended the commitment deadline for its $480 million seven-year term loan B (Ba3/B+) to noon ET on Monday from 5 p.m. ET on Thursday to coincide with pricing of its $580 million senior notes offering, a market source remarked.

Talk on the term loan is Libor plus 325 bps to 350 bps with a 0.5% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months.

BofA Securities Inc. and DNB are the leads on the deal.

Proceeds will be used to refinance existing debt.

Cooke is a New Brunswick-based seafood producer.

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