Barracuda, SMG tweak timing; Arby’s, Prometric, Informatica, Focus, Henry set price guidance

By Sara Rosenberg

New York, Jan. 8 – In the primary market on Monday, Barracuda Networks Inc. and SMG Holdings Inc. (Stadium Management Group) accelerated the commitment deadlines on their credit facilities.

Also, Arby’s Restaurant Group Inc. (IRB Holding Corp.), Prometric, Informatica Corp., Focus Financial Partners LLC and Henry Co. LLC (HNC Holdings Inc.) released price talk with launch.

Furthermore, Crown Holdings Inc. came out with sizes on its U.S. and euro term loans that will come to market this week, and EagleView Technology Corp., Global University Systems (GUS Finco II) and PQ Corp. joined the near-term primary calendar.

Barracuda moves deadline

Barracuda Networks accelerated the commitment deadline on its $835 million of senior secured credit facilities to end of day on Wednesday from Jan. 17, according to a market source.

The facilities consist of a $75 million revolver (B2/B-/BB-), a $555 million first-lien term loan (B2/B-/BB-) and a $205 million second-lien term loan (Caa2/CCC+/CCC+).

Talk on the first-lien term loan is Libor plus 350 basis points to 375 bps with a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, and talk on the second-lien term loan is Libor plus 750 bps to 775 bps with a 1% Libor floor, a discount of 99 and hard call protection of 102 in year one and 101 in year two.

The term loan debt has a ticking fee of half the margin from days 45 to 75 and the full margin thereafter.

Barracuda being acquired

Proceeds from Barracuda Networks’ credit facilities, along with about $740 million in equity, will be used to fund its buyout by Thoma Bravo LLC for $27.55 in cash per share. The transaction is valued at $1.6 billion.

Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC and UBS Investment Bank are leading the debt.

Closing is expected before the company’s fiscal year-end of Feb. 28, 2018, subject to shareholder approval, regulatory approvals and other customary conditions.

Barracuda Networks is a Campbell, Calif.-based provider of cloud-enabled security and data protection solutions.

SMG accelerated

SMG Holdings moved up the commitment deadline on its $395 million seven-year first-lien covenant-light term loan (B+) and $200 million eight-year second-lien covenant-light term loan (CCC+) to noon ET on Thursday from Jan. 16, a market source remarked.

Talk on the first-lien term loan is Libor plus 350 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, and talk on the second-lien term loan is Libor plus 750 bps with a 0% Libor floor, a discount of 99 and call protection of 102 in year one and 101 in year two.

The company’s $650 million of credit facilities also include a $55 million revolver (B+).

Jefferies LLC, Nomura and Macquarie Capital (USA) Inc. are leading the deal, with Jefferies the left lead on the first-lien and Nomura the left lead on the second-lien.

Proceeds will be used to help fund the buyout of the company by Onex Corp.

Closing is expected early this year, subject to customary conditions and regulatory approvals.

SMG is a Philadelphia-based manager of convention centers, stadiums, arenas, theaters, performing arts centers and other venues.

Arby’s discloses talk

In more primary news, Arby’s Restaurant Group held its bank meeting on Monday and announced talk on its $1,575,000,000 seven-year term loan B at Libor plus 375 bps with a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, a market source said.

The company’s $1,725,000,000 senior secured credit deal (B1/B) also includes a $150 million revolver.

Commitments are due at noon ET on Jan. 19.

Barclays, Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc. and Wells Fargo Securities LLC are leading the bank debt that will be used with $485 million of senior unsecured notes, up to $783 million in equity and cash on hand to fund the acquisition of Buffalo Wild Wings Inc. for $157.00 per share in cash in a transaction valued at about $2.9 billion, including net debt.

First-lien net leverage is 3.6 times and total net leverage is 4.5 times.

Closing is expected this quarter, subject to the approval of Buffalo Wild Wings shareholders, regulatory approvals and other customary conditions.

Arby’s, a Roark Capital Group portfolio company, is an Atlanta-based quick-service restaurant chain. Buffalo Wild Wings is a Minneapolis-based owner, operator and franchisor of Buffalo Wild Wings restaurants.

Prometric reveals guidance

Prometric came out with talk of Libor plus 350 bps with a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months on its $572.5 million seven-year covenant-light first-lien term loan (B1/B) that launched with a morning bank meeting, a market source remarked.

Commitments are due at 5 p.m. ET on Jan. 22, the source added.

The company’s $827.5 million of credit facilities also include a $50 million five-year revolver (B1/B) and a $205 million pre-placed eight-year second-lien term loan.

Barclays, Deutsche Bank Securities Inc. and Nomura are leading the deal that will be used to help fund the buyout of the company by Baring Private Equity Asia and to pay related fees and expenses.

Prometric is a provider of technology-enabled testing and assessment services.

Informatica details emerge

Informatica held its call in the morning, launching a $1,424,000,000 covenant-light term loan (B2/B) due Aug. 6, 2022 and a €442.6 million covenant-light term loan (B2/B) due Aug. 6, 2022 to lenders, according to a market source.

The U.S. term loan is talked at Libor plus 325 bps with a 0% Libor floor and a par issue price, and the euro term loan is talked at Euribor plus 350 bps with a 0% floor, a par issue price on existing debt and an original issue discount of 99.75 to par on new money, the source said.

Both term loans have 101 soft call protection for six months.

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

Bank of America Merrill Lynch and Goldman Sachs Bank USA are leading the deal that will be used to reprice the company’s existing U.S. term loan down from Libor plus 350 bps with a 1% Libor floor and euro term loan from Euribor plus 350 bps with a 1% floor.

As part of the repricing, the company is upsizing is euro term loan by €200 million from €242.6 million to repay an equivalent portion of the U.S. term loan, bringing the balance down to $1,424,000,000.

Informatica is a Redwood City, Calif.-based provider of enterprise data integration software and services.

Focus seeks repricing

Focus Financial Partners launched on its morning call a $793 million covenant-light first-lien term loan (Ba3/B+) due July 3, 2024 talked at Libor plus 275 bps with a 0% Libor 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.

RBC Capital Markets and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to reprice an existing term loan down from Libor plus 325 bps with a 0% Libor floor.

Focus Financial is a New York-based partnership of independent, fiduciary wealth-management firms.

Henry floats term

Henry Co. announced talk of Libor plus 400 bps with a 1% Libor floor and 101 soft call protection for six months on its fungible $115 million add-on covenant-light term loan B (B2/B) due October 2023 and repricing of its existing $316.8 million covenant-light term loan B (B2/B) due October 2023 that launched with an afternoon call, a market source remarked.

The add-on term loan is talked with an original issue discount of 99.75 and the repricing is offered at par, the source added.

Commitments are due on Jan. 16.

RBC Capital Markets LLC, Credit Suisse Securities (USA) LLC, Antares Capital and Nomura are leading the deal.

Proceeds from the add-on loan will be used to fund the acquisition of Fortifiber LLC and the repricing will take the existing term loan down from Libor plus 450 bps with a 1% Libor floor.

Henry, an American Securities portfolio company, is an El Segundo, Calif.-based manufacturer of roofing products and other building envelope applications. Fortifiber is a Fernley, Nev.-based manufacturer of weather-resistive moisture management systems, including housewrap, building paper and flashing tapes.

Crown sizes surface

Crown Holdings plans to launch a $1.25 billion term loan B (Baa2/BB+) and a €750 million term loan B (Baa2/BB+) at its bank meeting in London on Tuesday and bank meeting at 10:30 a.m. ET in New York on Wednesday, according to a market source.

Citigroup Global Markets Inc. is leading the loans that will be used with expected bond debt to fund the acquisition of Signode Industrial Group Holdings (Bermuda) Ltd. from the Carlyle Group in a cash transaction valued at $3.91 billion, subject to customary closing adjustments.

Pro forma net leverage will be 5.1 times as of Sept. 30, 2017 and total net leverage will be 5.3 times as of Sept. 30, 2017.

Closing is expected this quarter, subject to review by various competition authorities.

Crown Holdings is a Philadelphia-based provider of consumer packaging. Signode is a Glenview, Ill.-based provider of transit packaging systems and solutions.

EagleView readies deal

EagleView Technology set a lenders’ call for 11 a.m. ET on Tuesday to launch a repricing of its existing $334,091,094 senior secured first-lien term loan B, a market source remarked.

Morgan Stanley Senior Funding Inc. and Nomura Securities International Inc. are leading the deal that will reprice the existing term loan B from Libor plus 425 bps with a 1% Libor floor.

EagleView is a Bothell, Wash.-based technology provider of aerial imagery, data analytics and GIS solutions.

Global University on deck

Global University Systems, an Amsterdam-based private higher education provider, will hold a bank meeting in London on Wednesday to launch new credit facilities, according to a market source.

The facilities consist of a £75 million six-year revolver talked at Libor plus 375 bps with a 0% Libor floor, a minimum £150 seven-year term loan B talked at Libor plus 450 bps with a 0% Libor floor, a €300 million seven-year term loan B talked at Euribor plus 425 bps with a 0% floor and a $150 million seven-year term loan B talked at Libor plus 425 bps with a 0% Libor floor, the source said. Original issue discounts are to be announced.

The term loans have 101 soft call protection for six months.

All of the debt will be syndicated in Europe, the source added.

Commitments are due on Jan. 24.

HSBC is the sole global coordinator on the deal, and Bank of America Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs and BMO Capital Markets are bookrunners and mandated lead arrangers.

The credit facilities will be used to refinance existing debt, including the Lake Bridge International plc senior secured notes due 2020, and to fund an acquisition.

PQ joins calendar

PQ emerged with plans to hold a lender call at 11 a.m. ET on Tuesday to launch a new loan transaction to current and prospective lenders, a market source said.

Citigroup Global Markets Inc. is leading the deal.

PQ is a Malvern, Pa.-based producer of specialty inorganic performance chemicals and catalysts.

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