Interior Logic, Cornerstone OnDemand, Ryan, Sinclair, Liberty Puerto Rico free to trade

By Sara Rosenberg

New York, March 25 – Interior Logic Group Holdings LLC (Signal Parent Inc.) finalized pricing on its first-lien term loan B at the low side of talk and tightened the original issue discount, Cornerstone OnDemand Inc. firmed the spread on its first-lien term loan B at the narrow end of guidance, and Ryan Specialty Group LLC set pricing on its term loan B at the wide end of talk and increased the Libor floor, and then these deals freed to trade on Thursday.

Also, Sinclair Television Group Inc. reduced the size of its first-lien term loan B and finalized the spread at the high side of guidance before breaking for trading, and Liberty Communications of Puerto Rico LLC’s term loan B emerged in the secondary market as well.

In other happenings, Hyland Software Inc. moved some funds between its first-and second-lien term loans and revised original issue discounts, and American Medical Technologies raised pricing on its term loan B and extended the call protection.

Additionally, Weight Watchers (WW International Inc.), Plaskolite LLC, Cologix Holdings Inc., Cetera and Belfor Holdings Inc. disclosed price talk with launch, and LGC surfaced with new deal plans.

Interior Logic revised, trades

Interior Logic firmed the spread on its $550 million seven-year senior secured covenant-lite first-lien term loan B (B1/B) at Libor plus 350 basis points, the low end of the Libor plus 350 bps to 375 bps talk, and modified the original issue discount to 99.25 from 99, according to a market source.

The 0.75% Libor floor and 101 soft call protection for six months on the term loan were unchanged.

Recommitments were due at 1 p.m. ET on Thursday and the term loan began trading later in the day, with levels quoted at 99½ bid, par ¼ offered, another source added.

Citigroup Global Markets Inc., Goldman Sachs Bank USA, BofA Securities Inc. and RBC Capital Markets are leading the loan that will be used with $300 million of senior notes to help fund the buyout of the company by Blackstone from Littlejohn & Co. LLC, Platinum Equity and other equity holders for $1.6 billion.

Closing is expected on April 1.

Interior Logic is an Irvine, Calif.-based provider of interior design, supply chain and installation management solutions to single-family homebuilders.

Cornerstone finalized, breaks

Cornerstone OnDemand set pricing on its $832,188,250 covenant-lite first-lien term loan B (Ba3/B+) due April 22, 2027 at Libor plus 325 bps, the low end of the Libor plus 325 bps to 350 bps talk, a market source remarked.

The term loan still has a 0% Libor floor, a par issue price and 101 soft call protection for six months.

In the latter part of the day, the term loan B freed up for trading, with levels quoted at par 1/8 bid, par 3/8 offered, another source added.

Morgan Stanley Senior Funding Inc., BofA Securities Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Jefferies LLC and BMO Capital Markets are leading the deal that will be used to reprice an existing term loan B down from Libor plus 425 bps with a 0% Libor floor.

With the repricing, the term loan is being paid down by $20 million from $852,188,250.

Closing is expected during the week of April 19.

Cornerstone is a Santa Monica, Calif.-based people development company.

Ryan tweaked, frees up

Ryan Specialty Group finalized pricing on its $1.646 billion term loan B due September 2027 at Libor plus 300 bps, the high end of the Libor plus 275 bps to 300 bps talk, and changed the Libor floor to 0.75% from 0.5%, a market source said.

The term loan B still has a par issue price and 101 soft call protection for six months.

Recommitments were due at 10 a.m. ET on Thursday and the term loan B made its way into the secondary market later in the session, with levels quoted at par bid, par ½ offered, another source added.

JPMorgan Chase Bank is leading the deal that will be used to reprice an existing term loan B.

Ryan Specialty is a Chicago-based specialty insurance organization.

Sinclair reworked, breaks

Sinclair Television Group scaled back its seven-year first-lien term loan B to $740 million from $1.119 billion and set the spread at Libor plus 300 bps, the high end of the Libor plus 275 bps to 300 bps talk, according to a market source.

The 0% Libor floor, original issue discount of 99.5 and 101 soft call protection for six months on the term loan were unchanged.

Late in the day, the term loan freed to trade, with levels quoted at 99½ bid, par offered, another source added.

JPMorgan Chase Bank, BofA Securities Inc., Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Citizens, Deutsche Bank Securities Inc., Fifth Third, Goldman Sachs Bank USA, Mizuho, RBC Capital Markets, Truist and Wells Fargo Securities LLC are leading the deal that will be used to help refinance an existing $1.119 billion term loan B-1 due Jan. 3, 2024.

Sinclair Television is a Hunt Valley, Md.-based broadcaster that owns, operates and/or provides services to 186 television stations in 87 markets.

Liberty hits secondary

Liberty Communications of Puerto Rico’s $500 million term loan B (B1/B+/BB) also broke for trading, with levels quoted at par 1/8 bid, par 5/8 offered, a market source remarked.

Pricing on the term loan is Libor plus 375 bps with a 0% Libor floor and it was issued at par. The debt has 101 soft call protection for six months.

During syndication, pricing on the term loan was lowered from Libor plus 400 bps and the issue price firmed at the tight end of the 99.75 to par talk.

JPMorgan Chase Bank, BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Santander and Bank of Nova Scotia are the leads on the deal. Scotia is the administrative agent.

Proceeds will be used with $820 million of senior secured notes to refinance an existing term loan, to fund a dividend and for general corporate purposes.

Liberty Puerto Rico is a Puerto Rico-based telecommunications company.

Hyland restructured

Back in the primary market, Hyland Software raised its fungible incremental covenant-lite first-lien term loan (B1/B-) due July 2024 to $140 million from $110 million and trimmed its covenant-lite second-lien term loan (Caa1/CCC) due July 2025 to $670 million from $700 million, according to a market source.

The second-lien term loan is comprised of $120 million incremental loan, reduced from $150 million as a result of the downsizing, and a repricing of the existing second-lien loan.

Along with the size change, the company tightened the original issue discount on both the incremental first-and second-lien term loans to 99.75 from 99.5, the source said. The second-lien loan repricing portion is still offered at par.

Pricing on the incremental first-lien term loan is Libor plus 350 bps with a 0.75% Libor floor and pricing on the second-lien term loan is Libor plus 625 bps with a 0.75% Libor floor, in line with initial talk.

The second-lien term loan has 101 hard call protection for one year.

Hyland deadline

Commitments for Hyland Software’s term loans continued to be due at 5 p.m. ET on Thursday, the source added.

Credit Suisse Securities (USA) LLC is leading the deal.

The incremental debt will be used to fund the acquisition of Nuxeo, a content services platform and digital asset management provider, and the repricing will take the existing second-lien term loan down from Libor plus 700 bps with a 0.75% Libor floor.

Closing is expected in April.

Hyland Software is a Westlake, Ohio-based content services platform provider.

American Medical updated

American Medical Technologies widened pricing on its $280 million six-year covenant-lite term loan B to Libor plus 625 bps from talk in the range of Libor plus 550 bps to 575 bps and extended the 101 soft call protection to one year from six months, a market source remarked.

The term loan still has a 0.75% Libor floor and an original issue discount of 98.

The company’s $320 million of credit facilities (B1/B-) also include a $40 million revolver.

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

Truist and Regions Bank are leading the deal that will be used to fund the acquisition of RestorixHealth, a White Plains, N.Y.-based wound care management company.

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

American Medical, a portfolio company of One Equity Partners and the Silverfern Group, is an Irvine, Calif.-based provider of wound care, ostomy, urology and tracheostomy supplies and services to long-term and post-acute care facilities.

Weight Watchers launches

Weight Watchers held its call on Thursday and announced talk on its $1 billion seven-year secured term loan B (Ba3/BB-) at Libor plus 400 bps with a 0.5% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, a market source said.

Commitments are due at noon ET on April 1, the source added.

BofA Securities Inc., Goldman Sachs Bank USA, JPMorgan Chase Bank, KeyBanc Capital Markets and Truist are leading the deal that will be used with secured notes to refinance about $1.5 billion of long-term debt obligations.

Weight Watchers is a New York-based provider of weight management services.

Plaskolite repricing

Plaskolite hosted a call at 1 p.m. ET to launch a $647 million first-lien term loan due Dec. 14, 2025 talked at Libor plus 400 bps with a 0.75% Libor floor, a par issue price and 101 soft call protection for six months, according to a market source.

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

Goldman Sachs Bank USA and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to reprice an existing term loan down from Libor plus 425 bps with a 1% Libor floor.

Pritzker Private Capital is the sponsor.

Plaskolite is a Columbus, Ohio-based manufacturer of acrylic, polycarbonate and other plastic sheets.

Cologix proposed terms

Cologix held a call during the session to launch a $575 million seven-year term loan B (B2/B-) talked at Libor plus 375 bps with a 0.75% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, a market source remarked.

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

JPMorgan Chase Bank, RBC Capital Markets, Barclays, Deutsche Bank Securities Inc. and Goldman Sachs Bank USA are leading the deal that will be used to help fund an acquisition, repay existing debt and support capital expenditures.

Cologix is a Denver-based data center and interconnection solutions provider.

Cetera reveals talk

Cetera came out with original issue discount talk of 99.03 on its fungible $125 million incremental first-lien term loan that launched with a call in the afternoon, according to a market source.

Like the existing term loan, the incremental term loan is priced at Libor plus 425 bps with a 0% Libor floor.

Commitments are due on March 31.

UBS Investment Bank is the left lead on the deal that will be used with $400 million of unsecured debt to fund the acquisition of certain assets related to the independent financial planning channel of Voya Financial Advisors and to repay an existing second-lien term loan.

Cetera, acquired by Genstar in July 2018, is an El Segundo, Calif.-based financial advice firm.

Belfor guidance

Belfor launched on its call its fungible $130 million add-on first-lien term loan with original issue discount talk of 99.5, a market source said.

Pricing on the add-on first-lien term loan is Libor plus 400 bps with a 0% Libor floor, in line with existing term loan pricing.

Commitments are due at 5 p.m. ET on Wednesday.

JPMorgan Chase Bank is leading the deal that will be used to fund a distribution to shareholders, to repay second-lien borrowings and to add cash to the balance sheet.

Belfor is a Birmingham, Mich.-based disaster recovery and property restoration company.

LGC readies deal

LGC will hold an investor call at 10 a.m. ET on Friday to launch a £496 million equivalent U.S. and euro covenant-lite term loan B due April 2027, according to a market source.

The euro loan tranche has a 0% floor, and all of the debt has 101 soft call protection for six months, the source said.

Commitments are due at 7 a.m. ET on April 1.

HSBC and Morgan Stanley are the joint global coordinators and physical bookrunners on the deal. BNP Paribas, Credit Agricole, KKR Capital Markets, Mizuho, MUFG, Natixis, NatWest, Nomura and SMBC are mandated lead arrangers. Wilmington Trust is the agent.

The loan will be used to refinance some existing debt, fund a shareholder distribution and pay related transaction fees and expenses.

LGC is a U.K.-based life sciences tools company, providing specialty genomic analysis tools, measurement tools and supply chain assurance solutions.

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