Doosan, Columbus McKinnon, Cordis break; Pathway, Sound Physicians, Kenan, Conair updated

By Sara Rosenberg

New York, May 13 – Doosan Bobcat firmed the issue price on its incremental term loan B at the tight end of guidance, and Columbus McKinnon Corp. set pricing on its first-lien term loan B at the low end of guidance and changed the issue price, and then these deals freed to trade on Thursday.

Another deal to make its way into the secondary market during the session was Cordis (Bayou Intermediate II LLC).

In other news, Pathway Vet Alliance LLC increased the size of its incremental first-lien term loan and modified the original issue discount, and Sound Physicians upsized its add-on term loan B, while revising the spread and issue price.

Also, Kenan Advantage Group Inc. firmed the original issue discount on its incremental term loan B at the tight end of guidance, and Conair Corp. firmed the spread on its upsized its first-lien term loan at the narrow side of talk and revised the original issue discount.

Furthermore, Camping World Holdings Inc., Rocket Software Inc., American Rock Salt Co. LLC, ProAmpac and West Marine Inc. (Rising Tide Holdings Inc.) announced price talk with launch.

Doosan firms, trades

Doosan Bobcat finalized the original issue discount on its non-fungible $500 million incremental senior secured term loan B (Ba3/BB) at 99.5, the tight end of the 99 to 99.5 talk, according to a market source.

Pricing on the term loan remained at Libor plus 225 basis points with a 0% Libor floor, and the term loan still has 101 soft call protection for six months.

During the session, the term loan B freed to trade, with levels quoted at 99 5/8 bid, par offered, a trader added.

BofA Securities Inc. is leading the deal that will be used to help fund the acquisition of Doosan Corp.’s forklift business for about KRW 750 billion.

Doosan Bobcat is a manufacturer of compact farm and construction equipment.

Columbus updated, frees

Columbus McKinnon finalized pricing on its $450 million seven-year senior secured first-lien term loan B (Ba2/B+) at Libor plus 275 bps, the low end of the Libor plus 275 bps to 300 bps talk, and revised the original issue discount to 99.75 from 99.5, a market source said.

The term loan still has a 0.5% Libor floor and 101 soft call protection for six months.

In the afternoon, the term loan broke for trading, with levels quoted at par 1/8 bid, par 5/8 offered, a trader added.

JPMorgan Chase Bank, Wells Fargo Securities LLC and PNC Bank are leading the deal that will be used to help refinance existing debt and support the recently completed acquisition of Dorner Manufacturing Corp. from EQT for $485 million.

Columbus McKinnon is a Getzville, N.Y.-based designer, manufacturer and marketer of intelligent motion solutions that efficiently and ergonomically move, lift, position, and secure materials. Dorner is a Hartland, Wis.-based manufacturer of high-precision, specialty conveyor systems.

Cordis hits secondary

Cordis’ $375 million seven-year covenant-lite first-lien term loan B (B2/B-/BB+) began trading as well, with levels quoted at 99¾ bid, par ¼ offered, a market source remarked.

Pricing on the term loan is Libor plus 450 bps with a 0.75% Libor floor and it was sold at an original issue discount of 99.5. The debt has 101 soft call protection for six months and a ticking fee of half the margin from days 46 to 90 and the full margin thereafter.

During syndication, the term loan was upsized from $350 million, pricing finalized at the low end of the Libor plus 450 bps to 475 bps talk, the discount was tightened from 99 and changes were made to documentation.

Deutsche Bank Securities Inc., UBS Investment Bank, Credit Suisse Securities (USA) LLC and Golub Capital are leading the deal that will be used with equity to fund the roughly $1 billion buyout of the company by Hellman & Friedman from Cardinal Health. The equity component was reduced with the funds from the recent term loan upsizing.

Closing is expected in Cardinal Health’s fiscal year 2022, subject to customary conditions.

Cordis is a developer and manufacturer of interventional vascular technology.

Pathway tweaked

Back in the primary market, Pathway Vet lifted its fungible incremental first-lien term loan (B2/B) due March 2027 to $250 million from $200 million and changed the original issue discount to 99 from 98.8, according to a market source.

The incremental term loan is priced at Libor plus 375 bps with a 0% Libor floor and has 101 soft call protection through July.

Commitments remained due at noon ET on Thursday, the source added.

Jefferies LLC and BofA Securities Inc. are leading the deal that will be used to fund cash to the balance sheet for general corporate purposes, which may include acquisitions.

Pathway is an Austin, Tex.-based veterinary management group.

Sound Physicians revised

Sound Physicians raised its add-on term loan B (Ba3/B) due June 2025 to $200 million from $150 million, trimmed pricing to Libor plus 300 bps from Libor plus 325 bps and modified the original issue discount to 99.25 from 98.5, a market source said.

The term loan still has a 0.5% Libor floor and 101 soft call protection for six months.

Recommitments were due at 2 p.m. ET on Thursday, the source added.

Goldman Sachs Bank USA and Credit Suisse Securities (USA) LLC are leading the deal that will be used to fund acquisitions and other general corporate purposes.

Closing is expected during the week of May 17.

Sound Physicians is a Tacoma, Wash.-based provider of physician staffing services to hospitals.

Kenan sets OID

Kenan Advantage Group set the original issue discount on its fungible $100 million incremental term loan B due March 24, 2026 at 99.5, the tight end of the 99.25 to 99.5 talk, a market source remarked.

The incremental term loan is priced at Libor plus 375 bps with a 0.75% Libor floor and has 101 soft call protection until Sept. 24.

Allocations went out on Thursday, the source added.

KeyBanc Capital Markets LLC is the left lead on the deal that will be used for acquisitions and general corporate purposes.

The incremental term loan is fungible with the company’s existing $957.6 million term loan B.

Kenan Advantage is a North Canton, Ohio-based provider of liquid bulk transportation services to the fuels, chemicals, liquid foods and merchant gas markets.

Conair reworked

Conair finalized pricing on its $1.27 billion seven-year senior secured first-lien term loan at Libor plus 375 bps, the low end of the Libor plus 375 bps to 400 bps talk, and tightened the original issue discount to 99.5 from 99, according to a market source.

The first-lien term loan still has a 0.5% Libor floor and 101 soft call protection for six months.

The company is also getting a $410 million privately placed second-lien term loan.

Previously in syndication, the first-lien term loan was upsized from $1.165 billion and the second-lien term loan was scaled back from $430 million.

BofA Securities Inc., Credit Suisse Securities (USA) LLC, RBC Capital Markets, Barclays, Jefferies LLC and Stifel are leading the deal that will be used with equity to fund the buyout of the company by American Securities LLC.

Conair is a Stamford, Conn.-based designer, manufacturer, and marketer of personal care and small kitchen appliances, cookware, hair brushes & accessories, cosmetic bags, and travel accessories.

Camping World guidance

Camping World held its lender call on Thursday morning and announced talk on its $1.1 billion seven-year term loan B (Ba3/BB-) at Libor plus 250 bps to 275 bps with a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

Commitments are due at 5 p.m. ET on May 24, the source added.

Goldman Sachs Bank USA and JPMorgan Chase Bank are leading the deal that will be used to refinance an existing term loan B due 2023.

The company is also seeking an amendment to its revolving credit facility that would increase the revolver capacity and extend the maturity date.

Closing is expected this month.

Camping World is a Lincolnshire, Ill.-based retailer of recreational vehicles and related products and services.

Rocket Software talk

Rocket Software came out with talk of Libor plus 425 bps with a 0% Libor floor, an original issue discount of 98 and 101 soft call protection for six months on its $825 million incremental first-lien term loan B (B-) that launched with a call in the morning, a market source remarked.

Commitments are due at noon ET on May 20, the source added.

RBC Capital Markets and Deutsche Bank Securities Inc. are leading the deal, which will be used with a portion of the company’s excess balance sheet cash to fund the acquisition of ASG Technologies, a Naples, Fla.-based provider of information management and mainframe systems performance management, from Evergreen Coast Capital.

Closing is subject to receipt of applicable regulatory approvals and other customary conditions.

Bain Capital is the sponsor.

Rocket Software is a Waltham, Mass.-based provider of enterprise infrastructure software.

American Rock launches

American Rock Salt launched at its lender meeting in the morning its $470 million covenant-lite first-lien term loan (B2/B) at talk of Libor plus 400 bps with a 0.75% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, according to a market source.

Commitments are due on May 25, the source added.

The company is also getting a $100 million privately placed second-lien term loan (Caa1/CCC+).

Citizens Bank is leading the deal that will be used to refinance existing debt and fund a distribution to shareholders.

American Rock Salt is a Mount Morris, N.Y.-based producer of de-icing salt.

ProAmpac proposed terms

ProAmpac held its call in the morning, launching its $1.8 billion term loan due November 2024 at talk of Libor plus 375 bps with a 0.75% Libor floor, an original issue discount of 99.75 to par and 101 soft call protection for six months, a market source said.

Commitments are due at 5 p.m. ET on May 20, the source added.

Antares Capital is leading the deal that will be used to reprice an existing term loan down from Libor plus 400 bps with a 1% Libor floor.

ProAmpac, a Pritzker Private Capital portfolio company, is a Cincinnati-based manufacturer of flexible packaging and material science solutions.

West Marine holds call

West Marine disclosed price talk on its $385 million first-lien term loan (B2/B-) and $120 million second-lien term loan (Caa2/CCC) in connection with its afternoon call, according to a market source.

The first-lien term loan is talked at Libor plus 475 bps to 500 bps with a 0.75% Libor floor and an original issue discount of 99, and the second-lien term loan is talked at Libor plus 825 bps to 850 bps with a 0.75% Libor floor and a discount of 98 to 98.5, the source said.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has hard call protection of 102 in year one and 101 in year two.

Commitments are due at 5 p.m. ET on May 26, the source added.

Barclays, Golub Capital LLC and Nomura are leading the deal that will be used to help fund the buyout of the company by L Catterton from Monomoy Capital Partners.

Closing is expected this month, subject to customary conditions.

West Marine is an omni-channel provider of aftermarket products and services to the boating, fishing, sailing and watersports markets platform.

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