Buyers Edge, Utz, Savage, SUSE, Advantage, Flexera, Anticimex break; Rocket accelerated

By Sara Rosenberg

New York, April 12 – Buyers Edge Platform increased the size of its term loan B, trimmed the spread and finalized the issue price at the tight side of guidance, Utz Quality Foods LLC set pricing on its term loan B at the high end of talk, and Savage Enterprises LLC modified the original issue discount on its incremental first-lien term loan B, and then these deals freed to trade on Friday.

Also, before breaking for trading, SUSE (Marcel BidCo) firmed the spread on its euro term loan at the low end of talk, and Advantage Sales & Marketing Inc. finalized the spread on its term loan B at the high side of guidance.

Other deals to make their way into the secondary market on Friday included Flexera Software LLC and Anticimex Inc.

In more happenings, Rocket Software Inc. accelerated the commitment deadline for its U.S. and euro term loan B, and TRC Cos. LLC (Energize Holdco) joined the near-term primary calendar.

Buyers reworked, frees

Buyers Edge Platform raised its seven-year term loan B (B1/B) to $560 million from $550 million, cut pricing to SOFR plus 375 basis points from SOFR plus 400 bps and set the original issue discount at 99.5, the tight end of the 99 to 99.5 talk, according to a market source.

The term loan still has a 0% floor and 101 soft call protection for six months.

On Friday, the term loan broke for trading, with levels quoted at par bid, par ½ offered, another source added.

JPMorgan Chase Bank, BofA Securities Inc., Truist Securities, Wells Fargo Securities LLC and GA Credit are leading the deal that will be used to refinance existing debt, fund a distribution and add cash to the balance sheet.

Buyers Edge is a Waltham, Mass.-based provider of procurement, supply chain management and software services to foodservice operators.

Utz updated, breaks

Utz Quality Foods firmed pricing on its $630 million term loan B due Jan. 20, 2028 at SOFR plus 275 bps, the high end of the SOFR plus 250 bps to 275 bps talk, a market source remarked.

The term loan still has a 0% floor, a par issue price, 101 soft call protection for six months and no CSA.

During the session, the term loan made its way into the secondary market, with levels quoted at par bid, par 3/8 offered, another source added.

BofA Securities Inc. is leading the deal that will be used to reprice an existing $630 million term loan B down from SOFR+CSA plus 300 bps with a 0% floor. Current CSA is a ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Utz is a Hanover, Pa.-based manufacturer of branded salty snacks.

Savage tightened, trades

Savage Enterprises adjusted the original issue discount on its fungible $275 million incremental senior secured covenant-lite first-lien term loan B due September 2028 (B1/BB-/BB-) to 99.75 from 99.5, according to a market source.

Pricing on the incremental term loan is SOFR+CSA plus 325 bps with a 0.5% floor. CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Recommitments were due at noon ET on Friday and the incremental term loan freed up in the afternoon, with levels quoted at par ¼ bid, par ¾ offered, a trader added.

Morgan Stanley Senior Funding Inc., Citigroup Global Markets Inc. and Wells Fargo Securities LLC are leading the deal that will be used to fund the acquisition of Texon.

Closing is expected on May 1.

Pro forma for the transaction, the term loan B will total $1.241 billion.

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

SUSE finalized, frees

SUSE set pricing on its €550 million term loan B due November 2030 at Euribor plus 400 bps, the low end of the Euribor plus 400 bps to 425 bps talk, and left the 0% floor and par issue price intact, a market source said.

The company is also getting a roughly $673 million term loan B due November 2030 that priced in line with talk at SOFR plus 400 bps with a 0.5% floor and a par issue price.

Both term loans (B2/B+) still have 101 soft call protection for six months.

On Friday, the term loans broke for trading, with the U.S. loan quoted at par bid, par ½ offered, another source added.

JPMorgan Chase Bank is the sole physical bookrunner on the deal. BofA Securities Inc., Deutsche Bank Securities Inc., Goldman Sachs, HSBC Securities and Jefferies LLC are passive bookrunners. JPMorgan is the administrative agent.

The loans will be used to reprice an existing U.S. term loan down from SOFR plus 450 bps with a 0.5% floor and an existing euro term loan down from Euribor plus 450 bps with a 0% floor.

SUSE is a Nuremberg, Germany-based provider of open-source infrastructure software.

Advantage firmed, breaks

Advantage Sales & Marketing set pricing on its $1.146 billion term loan B due Oct. 28, 2027 (BB-) at SOFR+CSA plus 425 bps, the high end of the SOFR+CSA plus 400 bps to 425 bps talk, a market source remarked.

As before, the term loan has a 0.75% floor, ARRC CSA of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate, a par issue price and 101 soft call protection for six months.

On Friday, the term loan B freed to trade, with levels quoted at par bid, par ¼ offered, another source added.

BofA Securities Inc. is the left lead on the deal that will be used to reprice the company’s existing $1.146 billion term loan B due Oct. 28, 2027 down from SOFR+ARRC CSA plus 450 bps with a 0.75% floor.

Advantage Sales is an Irvine, Calif.-based provider of outsourced sales and marketing services to consumer goods manufacturers and retailers.

Flexera hits secondary

Flexera Software’s fungible $210 million incremental first-lien term loan due March 2028 (B2/B-) broke as well, with levels quoted at par 1/8 bid, par ½ offered, according to a market source.

Pricing on the term loan is SOFR+CSA plus 375 bps with a 0.75% floor, in line with existing term loan pricing, and the incremental debt was issued at par. CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

During syndication, the issue price on the incremental term loan was tightened from talk in the range of 99.5 to 99.75.

Jefferies LLC, Barclays, UBS Investment Bank, Goldman Sachs Bank USA and Mizuho are leading the deal that will be used with cash from the balance sheet to pay down an existing second-lien term loan.

Pro forma for the transaction, the first-lien term loan will total about $1,959,500,000.

Flexera is an Itasca, Ill.-based SaaS and Software Asset Management and Software Monetization provider.

Anticimex frees

Anticimex’s $367 million covenant-lite term loan B-7 due November 2028 (B2/B) began trading too, with levels quoted at par 1/8 bid, par ½ offered, a market source said.

Pricing on the term loan B-7 is SOFR plus 350 bps with a 0.5% floor and it was issued at par. The debt has 101 soft call protection for six months.

Deutsche Bank Securities Inc. is the sole physical bookrunner on the deal. BNP Paribas Securities Corp., Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc., Nordea and SEB are joint bookrunners. DNB is the Nordic bookrunner. Global Loan Agency Services Ltd. is the agent.

Proceeds will be used to reprice an existing $367 million term loan B-4.

The term loan B-7 will be consolidated at closing into the company’s recently priced $402 million covenant-lite term loan B-6 due November 2028, which is being used to repay revolver borrowings, for general corporate purposes and to reprice an existing $197 million term loan B-5.

Anticimex is a Stockholm-based preventive pest control company.

Rocket accelerated

Rocket Software moved up the commitment deadline for its $1 billion equivalent U.S. and euro term loan B due November 2028 (B3/B-/BB-) to noon ET on Tuesday from noon ET on Wednesday, a market source remarked.

Talk on the U.S. term loan is SOFR plus 475 bps with a 0.5% floor and an original issue discount of 98.5, and talk on the euro term loan is Euribor plus 475 bps with a 0% floor and a discount of 98.63. Both term loans have 101 soft call protection for six months. Sizes of the U.S. and euro tranches are still to be determined.

RBC Capital Markets, Barclays, Deutsche Bank Securities Inc., UBS Investment Bank, Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Mizuho Securities USA Inc., SMBC and Goldman Sachs Bank USA are leading the deal that will be used with $1 billion of other secured debt, new cash equity from existing shareholders and balance sheet cash to fund the $2.275 billion acquisition of OpenText’s Application Modernization and Connectivity business.

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

Rocket Software, a portfolio company of Bain Capital, is a Waltham, Mass.-based provider of enterprise infrastructure software.

TRC readies deal

TRC set a lender call for 10 a.m. ET on Monday to launch a fungible $105 million incremental first-lien term loan due December 2028 (B3), according to a market source.

Pricing on the incremental term loan is SOFR+CSA plus 375 bps with a 0.5% floor, in line with existing first-lien term loan pricing, and original issue discount talk is not yet available.

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

UBS Investment Bank is the left lead on the deal that will be used to partially refinance the company’s existing second-lien term loan.

Warburg Pincus is the sponsor.

TRC is a Windsor, Conn.-based tech-enabled consulting firm focused on providing end-to-end engineering, science and technology solutions.

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