Equiniti, Signature, WireCo, Resonetics break; UST, Mission Veterinary updates emerge

By Sara Rosenberg

New York, Oct. 29 – Equiniti/AST sets tranche sizes for its U.S. and British pound term loans, updated pricing and removed step-downs, and Signature Aviation plc (Brown Group Holding LLC) firmed the issue price on its add-on term loan B within talk, and then these deals freed to trade on Friday.

Also, before breaking for trading, WireCo WorldGroup Inc. made some documentation changes to its first-lien term loan B, and Resonetics LLC tightened the original issue discount on its incremental first-lien term loan.

In more happenings, UST Global Inc. firmed the spread on its first-lien term loan (B1/BB-) at the high end of talk and extended the call protection, and Mission Veterinary Partners set the issue price on its incremental first-lien term loan at the wide end of guidance.

Furthermore, Ineos Group Holdings, Monotype Imaging Holdings Inc., Howden, EFS Cogen Holdings I LLC (Linden) and AMG Advanced Metallurgical Group NV emerged with new deal plans.

Equiniti/AST tweaked

Equiniti/AST set the breakdown of its roughly $900 million equivalent U.S dollar and British pound seven-year term loan B (B1/B+), with the U.S. tranche sized at $630 million and the British pound tranche sized at £200 million, according to a market source.

Pricing on the U.S. term loan finalized at Libor plus 450 basis points, the low end of the Libor plus 450 bps to 475 bps talk, pricing on the British pound term loan firmed at Sonia plus 575 bps, the high end of the Sonia plus 550 bps to 575 bps talk, and the two 25 bps step-downs at 0.5x and 1x inside opening net first-lien leverage were removed from both term loans, the source said.

As before, the U.S. term loan has a 0.5% Libor floor, the British pound term loan has a 0.75% floor, and both loans have an original issue discount of 99 and 101 soft call protection for six months.

Ticking fees on the term loans are half the margin from days 46 to 90 and the full margin thereafter.

Equiniti/AST hits secondary

Recommitments for Equiniti/AST’s bank debt were due at 10 a.m. ET on Friday, and the U.S. term loan freed up later in the day, with levels quoted at 99¾ bid, par ½ offered, another source added.

Goldman Sachs, BofA Securities Inc., Deutsche Bank Securities Inc. and Lloyds are leading the deal that will be used with $350 million of senior notes to support the combination of Equiniti and AST.

Siris is the sponsor.

Equiniti is a provider of mission-critical shareholder, pension, remediation and credit technology. AST is a provider of mission-critical shareholder technology.

Signature finalizes, frees

Signature Aviation firmed the original issue discount on its fungible $330 million add-on term loan B due June 7, 2028 at 99.625, within the 99.5 to 99.75 guidance, a market source remarked.

Pricing on the add-on term loan is Libor plus 275 bps with a step-down to Libor plus 250 bps and a 0.5% Libor floor, in line with pricing on the company’s existing $1.579 billion term loan B.

Recommitments were due at 2 p.m. ET on Friday and the add-on term loan broke for trading later in the date, with levels quoted at 99¾ bid, par offered, a trader added.

RBC Capital Markets, Barclays, HSBC Securities (USA) Inc., MUFG, Santander, SMBC, Truist, JPMorgan Chase Bank and Blackstone Capital Markets are leading the deal that will be used to fund the acquisition of Vail Valley Jet Center LLC.

Signature Aviation, a company owned by Blackstone, Global Infrastructure Partners and Cascade Investment, is a London-based aviation services company.

WireCo revised, trades

WireCo made some changes to documentation for its $540 million seven-year first-lien term loan B (B2/B), including setting MFN at 50 bps with no carve-outs and eliminating asset-sale step-downs, according to a market source.

Pricing on the term loan remained at Libor plus 425 bps with a 0.5% Libor floor and an original issue discount of 99, and the debt still has 101 soft call protection for six months.

During the session, the term loan B made its way into the secondary market, with levels quoted at 99¼ bid, 99¾ offered, another source added.

JPMorgan Chase Bank, BofA Securities Inc. and Jefferies LLC are leading the deal that will be used to refinance a $424 million first-lien term loan B due 2023 and a $115 million second-lien term loan due 2024, and to pay related fees and expenses.

WireCo is a Prairie Village, Kan.-based manufacturer and distributor of wires and synthetic ropes.

Resonetics tightens, breaks

Resonetics modified the original issue discount on its fungible $130 million incremental covenant-lite first-lien term loan due April 2028 to 99.75 from 99.5, a market source said.

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

Recommitments were due at 11 a.m. ET on Friday and the term loan began trading in the afternoon, with levels quoted at par bid, par ¼ offered, another source added.

Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, BMO Capital Markets and Antares Capital are leading the deal that will be used for acquisition financing.

Resonetics is a MedTech contract manufacturing organization specializing in micro-manufacturing and other highly technical capabilities.

UST sets terms

UST Global finalized pricing on its $400 million seven-year senior secured covenant-lite first-lien term loan (B1/BB-) at Libor plus 375 bps, the high end of the Libor plus 350 bps to 375 bps talk, and extended the 101 soft call protection to one year from six months, a market source remarked.

The term loan still has a 0.5% Libor floor and an original issue discount of 99.5.

Citigroup Global Markets Inc., BofA Securities Inc., JPMorgan Chase Bank and MUFG are leading the deal that will be used to refinance existing debt and for general corporate purposes.

Closing is expected in mid-November.

UST Global is an Aliso Viejo, Calif.-based provider of digital technology and transformation, information technology and services.

Mission Veterinary updated

Mission Veterinary Partners finalized the original issue discount on its fungible $250 million incremental first-lien term loan (B3) at 99, the wide end of the 99 to 99.5 talk, according to a market source.

The incremental first-lien term loan, which allocated on Friday, is priced at Libor plus 400 bps with a 0.75% Libor floor, in line with the existing term loan.

The company is also getting a $225 million privately placed first-lien delayed-draw term loan (B3).

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

Mission Veterinary, formerly known as Midwest Veterinary, is a Novi, Mich.-based network of general practice animal hospitals.

Ineos readies deal

Ineos is set to hold a lender call at 11:30 a.m. ET on Monday to launch a roughly €680 million equivalent U.S. ($790 million) seven-year term loan B and a roughly €400 million seven-year term loan B talked at Libor/Euribor plus 275 bps with a 0.5% floor, an original issue discount of 99.5 and 101 soft call protection for six months, according to a market source.

JPMorgan, Barclays, Citigroup Global Markets Inc. and HSBC are the joint global coordinators and bookrunners on the deal, with JPMorgan the left lead on the U.S. term loan, and Barclays and JPMorgan joint physical leads on the euro term loan. BofA Securities Inc., BNP Paribas Securities Corp., Credit Suisse, Deutsche Bank, Goldman Sachs, ING, Lloyds, NatWest and Santander are mandated lead arrangers. Barclays is the administrative agent.

The loans (BB) will be used by the London-based chemicals company to refinance senior notes due 2024.

The U.S. borrower is Ineos US Finance LLC and the euro borrower is Ineos Finance plc.

Monotype on deck

Monotype Imaging will hold a lender call at 11 a.m. ET on Monday to launch a $488 million term loan B due October 2026 talked at Libor plus 500 bps with a 0.75% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, a market source remarked.

Deutsche Bank Securities Inc. is leading the deal that will be used to reprice an existing term loan B down from Libor plus 550 bps with a 1% Libor floor.

Commitments from existing lenders are due at 5 p.m. ET on Nov. 4 and from new lenders are due at 10 a.m. ET on Nov. 12, the source added.

Monotype is a Woburn, Mass.-based provider of software-enabled font content and IP licensing for enterprise and creative customers.

Howden joins calendar

Howden scheduled a lender call for 11 a.m. ET on Monday to launch a fungible $250 million add-on term loan talked with an original issue discount of 99.125 to 99.375, according to a market source.

Pricing on the add-on term loan is Libor plus 400 bps with a 0% Libor floor, in line with existing term loan pricing.

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

JPMorgan Chase Bank is leading the deal that will be used to fund the acquisition of Compressor Products International, a Houston-based provider of aftermarket components and services to the global reciprocating compressor market, to add cash to the balance sheet and for general corporate purposes.

Howden is a Glasgow, Scotland-based provider of mission critical air and gas handling products and services.

EFS coming soon

EFS Cogen set a lender call for 11:30 a.m. ET on Monday to launch a roughly $963 million senior secured term loan B (Ba3/BB-) due Oct. 1, 2027 talked at Libor plus 325 bps with a 1% Libor floor, a par issue price and 101 soft call protection for six months, a market source said.

Jefferies LLC is leading the deal that will be used to reprice an existing term loan B down from Libor plus 350 bps with a 1% Libor floor.

Commitments/consents are due at noon ET on Nov. 5, the source added.

EFS Cogen is the owner of a 974 MW natural gas-fired combined cycle cogeneration plant located in Linden, N.J.

AMG plans call

AMG Advanced Metallurgical Group will hold a lender call at 10 a.m. ET on Tuesday to launch $550 million of credit facilities, according to a market source.

The facilities consist of a $200 million five-year revolver and a $350 million seven-year term loan B, the source said.

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

Commitments are due at 5 p.m. ET on Nov. 15, the source added.

HSBC Securities (USA) Inc. is the left lead on the deal that will be used to refinance existing credit facilities. Cashless roll is available on the term loan B.

AMG Advanced, which has corporate offices in Amsterdam and Wayne, Pa., is a critical materials company.

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