RadNet term loan breaks; ECL Entertainment, AmaWaterways revise commitment deadlines

By Sara Rosenberg

New York, April 10 – RadNet Management Inc. increased the size of its term loan B, trimmed the spread and tightened the original issue discount, and then the debt made its way into the secondary market on Wednesday.

In more happenings, ECL Entertainment LLC and AmaWaterways moved up the commitment deadlines for their term loans transactions.

Also, Brock Holdings III LLC released price talk on its first-lien term loan B in connection with its lender call, and Anticimex Inc. approached lenders with a repricing of its term loan B-4.

RadNet reworked, frees

RadNet Management raised its seven-year term loan B to $875 million from $840 million, cut pricing to SOFR plus 250 basis points from SOFR plus 275 bps and changed the original issue discount to 99.25 from 99, according to a market source.

As before, the term loan has a 0% floor and 101 soft call protection for six months.

Recommitments were due at noon ET on Wednesday and the term loan B broke for trading later in the day, with levels quoted at 99 3/8 bid, 99 7/8 offered, another source added.

Barclays is leading the deal that will be used to repay the company’s existing $679 million term loan B, to pay related fees and expenses and to fund cash to the balance sheet for general corporate purposes.

The company also plans on getting a $250 million five-year revolver to replace its existing undrawn $195 million revolver due April 2026.

RadNet is a Los Angeles-based owner and operator of outpatient diagnostic imaging centers.

ECL tweaks timing

ECL Entertainment accelerated the commitment deadline for its $429 million first-lien term loan due August 2030 (B2/B+) to 10 a.m. ET on Thursday from 10 a.m. ET on Friday, a market source said.

Of the total term loan amount, $50 million is a fungible incremental piece and $379 million is a repricing of an existing term loan.

Talk on the term loan is SOFR plus 425 bps with a 0% floor, an original issue discount of 99.5 on the incremental, a par issue price on the repricing and 101 soft call protection for six months.

Santander is leading the deal.

The incremental debt will be used to fund a joint venture investment, and the repricing will take the company’s existing term loan down from SOFR plus 475 bps.

ECL is a multi-property regional gaming company.

AmaWaterways accelerated

AmaWaterways moved up the commitment deadline for its $525 million seven-year term loan B (B2/B) to 5 p.m. ET on Wednesday from 5 p.m. ET on Thursday, a market source remarked.

Talk on the term loan is SOFR plus 375 bps to 400 bps with 25 bps step-downs at 4.5x and 4x first-lien net leverage, a 25 bps step-down upon an initial public offering, a 0% floor, an original issue discount of 99 and 101 soft call protection for six months.

JPMorgan Chase Bank is the left lead on the deal that will be used to help fund the buyout of the company by L Catterton from a consortium of investors led by Certares.

AmaWaterways is a Calabasas, Calif.-based luxury river cruise line.

Brock guidance

Brock held its lender call on Wednesday morning and announced price talk on its $500 million six-year first-lien term loan B (B3/B-) at SOFR plus 625 bps with a 0.5% floor and an original issue discount of 97 to 98, according to a market source.

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

Commitments are due at 5 p.m. ET on April 24.

The company also plans on getting a $150 million asset-based revolver.

Deutsche Bank Securities Inc. is the left lead on the deal that will be used to refinance the company’s existing capital structure.

Brock is a Houston-based industrial specialty craft services provider of scaffolding, coatings, insulation, painting, abatement, and other soft crafts, as well as mechanical and safety services.

Anticimex launches

Anticimex launched during the session a $367 million covenant-lite term loan B-7 due November 2028 talked at SOFR plus 350 bps with a 0.5% floor, a par issue price and 101 soft call protection for six months, a market source said.

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

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.

Anticimex repricing

The term loan B-7 will be used by Anticimex to reprice an existing $367 million term loan B-4, and will be consolidated into the company’s recently priced $402 million covenant-lite term loan B-6 due November 2028 at closing at the company’s discretion.

As previously reported, on Tuesday, the company allocated its $402 million term loan B-6 at pricing of SOFR plus 350 bps with a 0.5% floor and a par issue price, after flexing down from SOFR plus 375 bps, eliminating a 25 bps step-down at 4.5x first-lien net leverage and changing the issue price from 99.75.

The term loan B-6 will be 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.

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