Bettcher, Mega, Tosca break; Madison, Circor, RealPage, Ensono, Liquid, Plaskolite revised

By Sara Rosenberg

New York, Dec. 13 – Bettcher Industries Inc. trimmed pricing on its first-lien term loan and firmed the spread on its second-lien term loan at the narrow side of talk, Mega Broadband Investments LLC finalized the original issue discount on its incremental term loan B at the tight end of guidance, and Tosca Services LLC upsized its incremental first-lien term loan and revised the issue price, and then these deals freed to trade on Monday.

In more happenings, Madison Safety & Flow shifted some funds between its first- and second-lien term loans, firmed spreads at the low side of guidance and changed original issue discounts, and Circor International Inc. set the spread on its term loan at the low end of talk and tightened the issue price.

Also, RealPage Inc. modified the original issue discount on its incremental first-lien term loan, Ensono Holdings LLC upsized its add-on first-lien term loan B and updated issue price guidance, Liquid Tech Solutions LLC increased the size of its add-on first-lien term loan, and Plaskolite LLC downsized its incremental first-lien term loan and reduced pricing.

Furthermore, WCG Purchaser Corp. moved up the commitment deadline for its incremental first-lien term loan, and ConvergeOne Holdings Inc. changed the commitment deadline for its incremental first-lien term loan.

Bettcher updated

Bettcher Industries cut pricing on its $300 million seven-year first-lien term loan (B2/B-) to SOFR plus 400 basis points from talk in the range of SOFR plus 425 bps to 450 bps, and kept the 0.5% floor, original issue discount of 99 and 101 soft call protection for six months unchanged, according to a market source.

Regarding the $85 million eight-year second-lien term loan (Caa2/CCC), pricing firmed at SOFR plus 725 bps, the low end of the SOFR plus 725 bps to 750 bps talk, the source said. This tranche still has a 0.5% floor, a discount of 99 and call protection of 102 in year one and 101 in year two.

The company’s $445 million of credit facilities also include a $60 million revolver (B2/B-).

UBS Investment Bank, KKR Capital Markets, RBC Capital Markets, Jefferies LLC, Credit Agricole and SMBC are leading the deal. UBS is the left lead on the first-lien and KKR is the left lead on the second-lien.

Bettcher hits secondary

Recommitments for Bettcher Industries’ credit facilities were due at 3 p.m. ET on Monday and the bank debt broke for trading later in the day, with the first-lien term loan quoted at 99¼ bid, par offered and the second-lien term loan quoted at 99 bid, 101 offered, another source added.

The new debt will be used to help fund the buyout of the company by KKR from MPE Partners.

Bettcher Industries is a Birmingham, Ohio-based manufacturer and supplier of food processing equipment and associated aftermarket parts and consumables.

Mega firms, trades

Mega Broadband set the original issue discount on its fungible $155 million incremental term loan B (B+) at 99.5, the tight end of the 99.25 to 99.5 talk, a market source remarked.

Like the existing term loan, the incremental term loan is priced at Libor plus 300 bps with a 0.75% Libor floor.

During the session, the incremental term loan began trading, with levels quoted at 99 7/8 bid, par offered, the source added.

Truist Securities Inc. is the left lead on the deal that will be used to fund a distribution to shareholders and pay down revolver borrowings.

Mega Broadband is a broadband provider.

Tosca reworked, frees

Tosca Services lifted its fungible incremental first-lien term loan (B2/B) due August 2027 to $100 million from $75 million and adjusted the original issue discount to 99.25 from 99, a market source said.

Pricing on the incremental term loan is Libor plus 350 bps with a 0.75% Libor floor, same as the existing term loan, and all of the debt is getting 101 soft call protection for six months.

Recommitments were due at 3 p.m. ET on Monday and the incremental term loan made its way into the secondary market in the afternoon, with levels quoted at 99 3/8 bid, 99¾ offered, another source added.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to repay ABL borrowings and the funds from the upsizing will add cash to the balance sheet.

Tosca is an Atlanta-based provider of reusable packaging supply chain solutions.

Madison restructured

In other news, Madison Safety & Flow increased its seven-year first-lien term loan (B1/B-) to $950 million from $925 million, set pricing at SOFR+CSA plus 375 bps, the low end of the SOFR+CSA plus 375 bps to 400 bps talk, added a 25 bps step-down at 0.5x inside closing date first lien net leverage and revised the original issue discount to 99.5 from 99, according to a market source.

In addition, the company reduced its eight-year second-lien term loan (Caa1/CCC) to $250 million from $275 million, finalized pricing at SOFR+CSA plus 675 bps, the low end of the SOFR+CSA plus 675 bps to 700 bps talk, and tightened the original issue discount to 99 from 98.5, the source continued.

As before, the first-lien term loan has a 0.5% floor and 101 soft call protection for six months, the second-lien term loan has a 0.5% floor and hard call protection of 102 in year one and 101 in year two, and CSA on both tranches is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

Recommitments are due at 10 a.m. ET on Tuesday with allocations expected thereafter, the source added.

Madison lead banks

Goldman Sachs Bank USA, CIBC, Capital One, Comerica, Fifth Third, Golub, HSBC Securities (USA) Inc., MUFG, Siemens and Stifel are leading Madison Safety’s term loans.

The new loans will be used to fund the acquisition of Safe Fleet, refinance Madison Safety’s existing debt, and pay transaction related fees, expenses and original issue discount.

Madison Industries is the sponsor.

Madison Safety is a manufacturer of safety products and systems utilized by fire departments, first responders, rescue teams, municipalities, essential service providers and diversified industrial markets. Safe Fleet is a manufacturer of safety and productivity products for fleet vehicles and first responders.

Circor revised

Circor International finalized pricing on its $530 million seven-year term loan at Libor plus 450 bps, the low end of the Libor plus 450 bps to 475 bps talk, and changed the original issue discount to 99.5 from 99, a market source said.

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

The company’s $630 million of credit facilities (B2/B-) also include a $100 million five-year revolver.

Commitments are due at 5 p.m. ET on Tuesday, moved up from Thursday, the source added.

Truist Securities, Citizens Bank and KeyBanc Capital Markets are leading the deal that will be used to refinance existing debt and pay transaction related fees.

Circor is a Burlington, Mass.-based provider of mission critical flow control products and services for the industrial and aerospace & defense markets.

RealPage tightened

RealPage adjusted the original issue discount on its fungible $260 million incremental covenant-lite first-lien term loan due April 2028 to 99.375 from 99, according to a market source.

Pricing on the add-on term loan is Libor plus 325 bps with a 0.5% Libor floor, in line with existing term loan pricing.

Commitments continued to be due at 5 p.m. ET on Monday, the source added.

UBS Investment Bank, Credit Suisse Securities (USA) LLC and Goldman Sachs Bank USA are leading the deal that will be used to fund the acquisition of HomeWiseDocs, a provider of software solutions to property management companies.

Closing is expected this quarter, subject to customary conditions.

Thoma Bravo is the sponsor.

RealPage is a Richardson, Tex.-based provider of software and data analytics to the real estate industry.

Ensono changes emerge

Ensono Holdings LLC lifted its fungible add-on first-lien term loan B to $125 million from $75 million and modified original issue discount talk to a range of 99.5 to 99.75 from a range of 99 to 99.5, according to a market source.

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

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

KKR Capital Markets is the left lead on the deal that will be used for acquisition financing.

Ensono is a Chicago-based hybrid IT services provider.

Liquid Tech upsized

Liquid Tech Solutions raised its fungible add-on covenant-lite first-lien term loan due March 19, 2028 to $75 million from $65 million, a market source remarked.

The add-on term loan is priced at Libor plus 475 bps with a 0.75% Libor floor, in line with the existing term loan, and has an original issue discount of 99.5.

Recommitments were due at 2:30 p.m. ET on Monday, the source added.

Citizens Bank is leading the deal that will be used to fund an acquisition and, because of the upsizing, to add cash to the balance sheet.

Lindsay Goldberg is the sponsor.

Liquid Tech is a tech-enabled provider of route-based, on-site mobile refueling solutions.

Plaskolite modified

Plaskolite scaled back its fungible incremental first-lien term loan (B2/B) due Dec. 14, 2025 to $60 million from $125 million and cut pricing to Libor plus 400 bps from Libor plus 425 bps, according to a market source.

The incremental term loan still has a 0.75% Libor floor, an original issue discount of 99.03 and 101 soft call protection for six months.

Due to the pricing change on the incremental term loan, the spread on the company’s existing term loan will remain at Libor plus 400 bps instead of being raised to Libor plus 425 bps.

Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc. and ING are leading the deal that will be used to repay the revolver draw used for the acquisition of Plazit-Polygal.

Pritzker Private Capital is the sponsor.

Plaskolite is a Columbus, Ohio-based manufacturer of acrylic, polycarbonate and other plastic sheets. Plazit-Polygal is a Kibbutz Gazit, Israel-based manufacturer of acrylic and polycarbonate solid and multiwall sheet products.

WCG tweaks timing

WCG Purchaser accelerated the commitment deadline for its fungible $200 million incremental first-lien term loan due Jan. 8, 2027 to 5 p.m. ET on Monday from noon ET on Wednesday, a market source said.

Pricing on the incremental term loan is Libor plus 400 bps with a 1% Libor floor, which matches existing term loan pricing, and the new debt is talked with an original issue discount of 99 to 99.5.

Barclays is the left lead on the deal that will be used to repay revolver borrowings, fund cash to the balance sheet, and pay fees, expenses and original issue discount.

WCG is Princeton, N.J.-based provider of clinical trial optimization solutions.

ConvergeOne deadline

ConvergeOne set a commitment deadline of 4 p.m. ET on Monday after coming out with B2/B- ratings on its fungible $150 million incremental first-lien term loan due January 2026, according to a market source.

Commitments were originally due at 3 p.m. ET on Dec. 10.

Pricing on the incremental term loan is Libor plus 500 bps with a 0% Libor floor, in line with existing term loan, and the new debt is talked with an original issue discount of 97.75 to 98.

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

ConvergeOne is an Eagan, Minn.-based IT services provider of collaboration and technology solutions.

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