WEX, BRP, Dealer Tire, SolarWinds, Jane Street, Signature Aviation, Jeld-Wen, Jones break

By Sara Rosenberg

New York, Jan. 12 – WEX Inc. finalized the spread on its term loan B at the high end of guidance, BRP Inc. (Bombardier Recreational Products Inc.) raised the size of its term loan B-4 and firmed the original issue discount at the tight end of talk, Dealer Tire upsized its term loan B, and SolarWinds Inc. set the issue price on its term loan B at the tight end of talk, and then these deals freed to trade on Friday.

Other deals to make their way into the secondary market during the session included Jane Street Group LLC, Signature Aviation plc, Jeld-Wen Inc. and Jones DesLauriers Insurance Management Inc. (Navacord).

In other news, Focus Financial Partners LLC increased the size of its term loan B-7, Corporation Service Co. (CSC) set pricing on its term loan B at the low end of talk, SeaWorld Parks & Entertainment Inc. firmed the spread on its term loan B at the high side of guidance, and Westinghouse (WEC US Holdings Inc.) moved up the commitment deadline for its first-lien term loan B.

WEX updated, frees

WEX set pricing on its $1,402,345,000 covenant-lite term loan B due April 1, 2028 at SOFR plus 200 basis points, the high end of the SOFR plus 175 bps to 200 bps talk, according to a market source.

As before, the term loan has a 0% floor, no CSA, a par issue price and 101 soft call protection for six months.

On Friday, the term loan broke for trading, with levels quoted at par bid, par ¼ offered, the source added.

Wells Fargo Securities LLC is the left lead on the deal that will be used to reprice an existing term loan B down from SOFR+CSA plus 225 bps. The CSA on the existing loan is 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

WEX is a Portland, Me.-based commerce platform that helps businesses solve for operational complexities like employee benefits, managing and mobilizing fleets, and streamlining business payments.

BRP revised, hits secondary

BRP upsized its term loan B-4 (Ba1/BB) due January 2031 to $1 billion from $750 million and firmed the original issue discount at 99.75, the tight end of the 99.5 to 99.75 talk, a market source remarked.

Pricing on the term loan remained at SOFR plus 275 bps with a 0% floor, and the debt still has 101 soft call protection for six months.

The term loan B-4 freed to trade late in the day, with levels quoted at par bid, par 3/8 offered, a trader added.

BMO Capital Markets, RBC Capital Markets, TD Securities (USA) LLC, Citigroup Global Markets Inc., National Bank of Canada and CIBC are leading the deal that will be used to amend and extend a portion of the company’s existing roughly $1.466 billion term loan B-1 due May 2027.

BRP is a Valcourt, Quebec-based designer, manufacturer, distributor and marketer of motorized recreational vehicles and powersports engines.

Dealer Tire tweaked, trades

Dealer Tire lifted its term loan B due December 2027 to roughly $1.49 billion from roughly $1.415 billion, a market source said.

Pricing on the term loan is SOFR plus 375 bps with a 0.5% floor and an original issue discount of 99.75, and the debt has 101 soft call protection for six months.

Previously in syndication, pricing on the term loan firmed at the low end of the SOFR plus 375 bps to 400 bps talk and the discount was changed from 99.5.

Recommitments were due at 11 a.m. ET on Friday and the term loan began trading later in the day, with levels quoted at par 1/8 bid, par 5/8 offered, another source added.

JPMorgan Chase Bank is leading the deal that will be used to reprice an existing term loan B down from SOFR plus 450 bps with a 0.5% floor and, due to the upsizing, to add cash to the balance sheet.

Dealer Tire is a Cleveland-based manager of replacement tire and parts programs for automotive OEMs.

SolarWinds sets price, breaks

SolarWinds firmed the issue price on its $1.1857 billion term loan B due February 2027 at par, the tight end of the 99.75 to par talk, according to a market source.

Pricing on the term loan remained at SOFR plus 325 bps with a 0% floor, and the debt still has 101 soft call protection for six months.

On Friday, the term loan B freed to trade, with levels quoted at par 1/8 bid, par ½ offered, another source added.

JPMorgan Chase Bank is leading the deal that will be used to reprice an existing term loan due February 2027 down from SOFR plus 375 bps with a 0% floor. The loan is sized at $1.2357 but will be paid down by $50 million in connection with the repricing.

SolarWinds is an Austin, Tex.-based provider of IT network and systems infrastructure management software.

Jane hits secondary

Jane Street’s $2.978 billion term loan B due Jan. 26, 2028 began trading too, with levels quoted at 99 5/8 bid, par offered, a market source remarked.

Of the total term loan B amount, $2.378 billion is to reprice an existing term loan B due January 2028 down from SOFR+ARRC CSA plus 275 bps with a 0% floor, and $600 million is a fungible incremental term loan B that will be used for general corporate purposes, including additional trading capital.

Pricing on the term loan is SOFR+CSA plus 250 bps with a 0% floor. The repricing was issued at par and the new money was sold at an original issue discount of 99.5. CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate. The debt has 101 soft call protection for six months.

During syndication, the term loan was upsized from $2.678 billion through a $300 million increase to the incremental portion.

Barclays is the left lead on the deal.

Jane Street is a New York-based liquidity provider and electronic market maker with trading capabilities across asset classes.

Signature starts trading

Signature Aviation’s $1.663 billion term loan B-2 (B2/B+) due July 2029 freed to trade in the afternoon, with levels quoted at par bid, par ¼ offered, a trader said.

Of the total term loan amount, $1.483 billion is a repricing of the company’s existing term loan B-2 due July 2029 down from SOFR plus 375 bps with a 0.5% floor, and $180 million is a fungible add-on that will be used primarily to repay revolver borrowings.

Pricing on the term loan is SOFR plus 300 bps with a 0.5% floor, and the debt has 101 soft call protection for six months. The repricing was issued at par and the new money was sold at an original issue discount of 99.75.

During syndication, pricing on the term loan was reduced from SOFR plus 325 bps.

RBC Capital Markets is the left lead on the deal.

Blackstone, Global Infrastructure Partners and Cascade are the sponsors.

Signature Aviation is a London-based aviation services company.

Jeld-Wen frees up

Jeld-Wen’s $536.25 million covenant-lite term loan B due July 28, 2028 emerged in the secondary market during the session, with levels quoted at par bid, par ½ offered, according to a market source.

Pricing on the term loan is SOFR+CSA plus 200 bps with a 0% floor and it was issued at par. CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate, 42.826 bps six-month rate and 71.513 bps 12-month rate. The debt has 101 soft call protection for six months.

Wells Fargo Securities LLC is the left lead on the deal that will be used to reprice an existing term loan B down from SOFR+ARRC CSA plus 225 bps with a 0% floor.

Jeld-Wen is a Charlotte, N.C.-based manufacturer of doors, windows and related building products.

Jones DesLauriers breaks

Jones DesLauriers Insurance Management’s $375 million term loan B due March 15, 2030 also began trading, with levels quoted at par bid, par 3/8 offered, a market source remarked.

Pricing on the term loan is SOFR plus 350 bps with a 0% floor and it was issued at par. The debt has 101 soft call protection for six months.

BofA Securities Inc. is the left lead on the deal that will be used to reprice an existing roughly $375 million term loan down from SOFR plus 425 bps with a 0% floor.

Jones DesLauriers is a Mississauga, Ont.-based commercial insurance broker.

Focus upsized

In more happenings, Focus Financial Partners raised its term loan B-7 due June 30, 2028 to $2.437 billion from $2.237 billion, and left pricing at SOFR plus 275 bps with a 0.5% floor and an original issue discount of 99.875, according to a market source.

The term loan still has 101 soft call protection for six months.

Commitments continued to be due at 2 p.m. ET on Friday, the source added.

RBC Capital Markets and SPC Capital Markets are leading the deal that will be used to merge into one tranche and reprice an existing $1.738 billion term loan B-5 priced at SOFR plus 325 bps with a 0.5% floor and an existing $499 million term loan B-6 priced at SOFR plus 350 bps with a 0.5% floor, and, due to the upsizing, to repay $80 million of revolver borrowings and add some cash to the balance sheet for general corporate purposes.

Stone Point and CD&R are the sponsors.

Focus Financial is a New York-based partnership of independent, fiduciary wealth management firms operating in the registered investment adviser industry.

CSC finalized

Corporation Service firmed the spread on its roughly $983 million term loan B (B1/BB-/BBB-) due Nov 3, 2029 at SOFR plus 275 bps, the low end of the SOFR plus 275 bps to 300 bps talk, according to a market source.

The term loan still has no CSA, a 0.5% floor and a par issue price.

Allocations went out on Friday, the source added.

BofA Securities Inc. is the left lead on the deal that will be used to reprice an existing term loan B due 2029 down from SOFR+CSA plus 325 bps with a 0.5% floor. CSA on the existing loan is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

Corporation Service is a Wilmington, Del.-based provider of corporate, legal, tax and digital brand services.

SeaWorld updated

SeaWorld finalized pricing on its $1.173 billion term loan B due August 2028 at SOFR plus 250 bps, the high end of the SOFR plus 225 bps to 250 bps talk, a market source said.

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

Allocations went out on Friday, the source added.

JPMorgan Chase Bank is leading the deal that will be used to reprice an existing term loan down from SOFR+ARRC CSA plus 300 bps with a 0.5% floor.

SeaWorld is an Orlando, Fla.-based theme park and entertainment company.

Westinghouse tweaks timing

Westinghouse accelerated the commitment deadline for new lenders for its $3.5 billion seven-year first-lien term loan B (B1//BB-) to 2 p.m. ET on Wednesday from noon ET on Thursday, a market source remarked.

Commitments from existing lenders for the term loan had already been due at noon ET on Jan. 11.

Talk on the term loan is SOFR plus 300 bps to 325 bps with two leverage-based step-downs, a 0% floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Deutsche Bank Securities Inc. is the left lead on the deal that will be used to refinance the company’s existing capital structure.

Westinghouse is a Cranberry Township, Pa.-based provider of infrastructure services to the nuclear power sector.

ProMach allocates

ProMach Group Inc. allocated on Friday its $1.8542 billion senior secured covenant-lite first-lien term loan B (B1/B-) due Aug. 31, 2028.

Pricing on the term loan is SOFR plus 375 bps with 0 bps CSA, a 1% floor and it was issued at par. The debt has a 25 bps step-down at 4.75x first-lien net leverage, but cannot step-down until the March 31, 2024 compliance certificate is delivered, and 101 soft call protection for six months.

Morgan Stanley Senior Funding Inc., PNC, Macquarie Capital (USA) Inc., Goldman Sachs Bank USA, Nomura and MUFG are leading the deal that will be used to reprice existing term loans.

Closing is expected during the week of Jan. 15.

ProMach is a Covington, Ky.-based provider of packaging solutions to the food, beverage, pharmaceutical, personal care and household and industrial goods industries.

Jazz wraps repricing

Jazz Pharmaceuticals (Jazz Financing Lux Sarl) allocated on Friday its roughly $2.723 billion term loan B due May 5, 2028, according to a market source.

Pricing on the term loan is SOFR+CSA plus 300 bps with a 0.5% floor and it was issued at par. CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

BofA Securities Inc. is the left lead on the deal that will be used to reprice an existing term loan B due 2028 down from SOFR+ARRC CSA plus 350 bps with a 0.5% floor.

Jazz is a Dublin, Ireland-based biopharmaceutical company.

Fund flows

In other news, actively managed loan fund flows on Thursday were positive $2 million and loan ETFs were unchanged, a market source said.

Loan funds reported weekly inflows totaling $87 million, with positive $210 million ETFs. These were the ninth inflows in the last eleven weeks totaling a cumulative $1.4 billion over the stretch, sources added.

Outflows for loan funds through the first two weeks of 2024 total $117 million, with positive $219 million ETFs.

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