Summit Materials accelerated; BMC, Vistra, Brookfield, Titan, OneDigital, others set talk

By Sara Rosenberg

New York, Nov. 28 – In the leveraged loan primary market on Tuesday, Summit Materials LLC moved up the commitment deadline for its incremental first-lien term loan B by one day.

Also, BMC Software, Vistra Operations Co. LLC, Brookfield NGPL (BIP PipeCo Holdings LLC), Titan Acquisition, OneDigital and Cloudera Inc. disclosed price talk on their term loan transactions in connection with their lender calls.

In addition, Davis-Standard LLC (DS Parent Inc.), Innio Group and Flexera Software LLC joined this week’s new issue calendar.

Summit Materials accelerated the commitment deadline for its $500 million five-year incremental senior secured covenant-lite first-lien term loan B to 5 p.m. ET on Wednesday from 5 p.m. ET on Thursday, a market source said.

Talk on the term loan is SOFR plus 275 basis points to 300 bps with a 0% floor, an original issue discount of 99.5 and 101 soft call protection for six months.

The term loan has a ticking fee of half the margin from days 46 to 75 and the full margin thereafter.

Morgan Stanley Senior Funding Inc., Goldmans Sachs Bank USA, RBC Capital Markets, Barclays and Capital One are the bookrunners on the deal. BofA is the administrative agent.

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