Cypress, Advanced Computer, Travel, BrightView, SiteOne break; RMmedia, Verscend updated

By Sara Rosenberg

New York, Aug. 10 – Cypress Semiconductor Corp. finalized pricing on its term loan B at the high side of talk, and Advanced Computer Software (ACS/Air Newco LP) outlined tranching on its U.S. and pound add-on term loan B debt and set the issue price on the U.S. piece at the tight end of guidance, and then both of these deals broke for trading on Friday.

Other deals to make their way into secondary market during the session included Travel Leaders Group LLC, BrightView Holdings Inc. and SiteOne Landscape Supply Inc.

In more happenings, RBmedia firmed the spread on its first-lien term loan at the low end of talk, Verscend Technologies Inc. updated size, spread, original issue discount and call protection on its term loan B, and Vantage Specialty Chemicals Inc. surfaced with new deal plans.

Cypress sets spread, trades

Cypress Semiconductor finalized pricing on its $477,573,191 (pro forma for a $25 million paydown) senior secured covenant-light term loan B due July 5, 2021 at Libor plus 200 basis points, the high end of the Libor plus 175 bps to 200 bps talk, and left the 0% Libor floor, par issue price and 101 soft call protection for six months unchanged, a market source remarked.

By late Friday, the term loan B began trading and levels were quoted at par 1/8 bid, par ½ offered, a trader added.

Morgan Stanley Senior Funding Inc., Barclays, SunTrust Robinson Humphrey Inc. and Fifth Third Bank are leading the deal that will be used to reprice an existing term loan B from Libor plus 225 bps with a 0% Libor floor.

Closing is expected on Sept. 15.

Cypress is a San Jose, Calif.-based semiconductor manufacturer.

ACS updated, breaks

Advanced Computer set its U.S. add-on term loan B size at $14 million and firmed the issue price at par, the tight end of the 99.75 to par talk, a market source said.

Additionally, the pound add-on term loan B size firmed at £24 million, the source continued.

The original issue discount on the pound add-on term loan B was set in line with talk at 99.5.

Pricing on the £35 million equivalent add-on term loan B debt is Libor plus 475 bps with a 0% Libor floor.

The U.S. add-on term loan B freed up during the session, with levels seen at par ¼ bid, 101½ offered, a trader added.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to term out the revolver and pay transaction fees.

Advanced Computer is a U.K.-based provider of software and IT services.

Travel Leaders starts trading

Travel Leaders Group’s $631 million senior secured covenant-light term loan B (B2/B+) due Jan. 25, 2024 broke for trading, with levels quoted at par ¼ bid, 101¼ offered, according to a trader.

Pricing on the term loan B is Libor plus 400 bps with a 25 bps step-down upon a qualified initial public offering and a 0% Libor floor. The debt was sold at an original issue discount of 99.75 and has 101 soft call protection for six months.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to refinance an existing $528,573,375 senior secured term loan B and fund the acquisition of Bonotel Exclusive Travel.

Closing is expected during the week of Aug. 13.

Travel Leaders is a Plymouth, Minn.-based travel agency.

BrightView frees up

BrightView Holdings credit facilities started trading, with the $1,037,000,000 seven-year term loan quoted in the area of par 1/8 bid, par 5/8 offered, a market source said.

Pricing on the term loan is Libor plus 250 bps with a 0% Libor floor and it was sold at an original issue discount of 99.75. The loan has 101 soft call protection for six months.

During syndication, pricing on the term loan was lowered from talk in the range of Libor plus 275 bps to 300 bps, a 25 bps pricing step-down at 3.25 times first-lien leverage was removed and the discount was revised from 99.5.

The company’s $1,297,000,000 of credit facilities also include a $260 million five-year revolver.

J.P. Morgan Securities LLC and KKR Capital Markets are leading the deal that will be used to refinance existing credit facilities.

BrightView is a Plymouth Meeting, Pa.-based provider of landscape services.

SiteOne hits secondary

SiteOne Landscape Supply’s $100 million add-on covenant-light first-lien term loan (B2) due Oct. 29, 2024 and extended roughly $347 million covenant-light first-lien term loan (B2) due Oct. 29, 2024 freed up too, with levels quoted at par ¼ bid, 101 offered, a trader remarked.

Pricing on the add-on term loan and extended term loan is Libor plus 275 bps with a 1% Libor floor. The add-on term loan was sold at an original issue discount of 99.75 and lenders are getting a 25 bps consent fee for the extension amendment.

UBS Investment Bank is the left lead on the deal.

Proceeds from the add-on will be used to repay some ABL revolver borrowings and the extension will push out the maturity of the existing term loan from April 29, 2022, while keeping pricing at Libor plus 275 bps with a 1% Libor floor.

Closing is expected this month.

SiteOne is a Roswell, Ga.-based distributor of wholesale irrigation, landscape lighting, nursery, hardscapes, maintenance products and supplies for the green industry.

RBmedia firms

Back in the primary market, RBmedia set the spread on its $335 million seven-year first-lien term loan at Libor plus 450 bps, the low end of the Libor plus 450 bps to 475 bps guidance, and left the 0% Libor floor, original issue discount of 99 and 101 soft call protection for six months unchanged, according to a market source.

The company’s $365 million of credit facilities (B3/B-) also include a $30 million revolver.

Goldman Sachs Bank USA, KKR Capital Markets and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to help fund the buyout of the company by KKR from Shamrock Capital.

RBmedia is a Landover, Md.-based digital audiobook and related spoken-word content producer.

Verscend reworked

Verscend Technologies lifted its seven-year term loan B to $3,215,000,000 from $3,165,000,000 and firmed pricing at Libor plus 450 bps, the low end of revised talk of Libor plus 450 bps to 475 bps, but higher than initial talk in the range of Libor plus 400 bps to 425 bps, according to a market source.

Also, the original issue discount on the term loan was modified to 99.25 from revised talk of 99 and initial talk of 99.5, the 101 soft call protection was extended to one year from six months, and revisions were made to the MFN, incremental and restricted payments, the source said.

The term loan still has a 0% Libor floor.

J.P. Morgan Securities LLC is the left lead on the deal that will be used with notes and equity to fund the acquisition of Cotiviti Holdings Inc. for $44.75 in cash per share of common stock and assuming outstanding debt, resulting in an enterprise value of about $4.9 billion.

Closing is expected in the fourth quarter, subject to the approval of Cotiviti shareholders, regulatory approvals and other customary conditions.

Verscend, a portfolio company of Veritas Capital, is a provider of data-driven health care solutions. Cotiviti is an Atlanta-based provider of payment accuracy and analytics-driven solutions.

Vantage readies loan

Vantage Specialty Chemicals will hold a lender call at 2 p.m. ET on Monday to launch a $35 million add-on senior secured term loan B, according to a market source.

Morgan Stanley Senior Funding Inc. and RBC Capital Markets are leading the deal that will be used to repay revolver borrowings and fund a small acquisition.

Vantage is a Chicago-based manufacturer and distributor of specialty chemicals.

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