Clarios accelerated; Westinghouse, Internet Brands, GoDaddy, Jones, SolarWinds on deck

By Sara Rosenberg

New York, Jan. 5 – In the primary market on Friday, Clarios Global LP moved up the commitment deadline for its term loan B, and Westinghouse (Brookfield WEC Holdings Inc.) and Internet Brands (MH SUB I LLC) joined the near-term new issue loan calendar with proposed refinancing transactions.

Also, GoDaddy Inc., Jones DesLauriers Insurance Management Inc. (Navacord) and SolarWinds Inc. emerged with plans to come to market with repricings of their existing term loans.

Clarios tweaks timing

Clarios accelerated the commitment deadline for its $2.743 billion term loan B due May 2030 to noon ET on Monday from 5 p.m. ET on Tuesday, according to a market source.

Talk on the term loan is SOFR plus 325 basis points with a 0% floor, an original issue discount of 99.75 to par and 101 soft call protection for six months.

JPMorgan Chase Bank, Bank of Nova Scotia, Barclays, BMO Capital Markets, BNP Paribas Securities Corp., BofA Securities Inc., CIBC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs Bank USA, HSBC Securities (USA) Inc., ING, RBC Capital Markets, Santander, Standard Chartered, TD Securities (USA) LLC, UBS Investment Bank, US Bank and Wells Fargo Securities LLC are leading the deal.

Proceeds will be used to reprice an existing term loan B down from SOFR plus 375 bps with a 0% floor.

Clarios is a Milwaukee-based supplier of low-voltage automotive batteries.

Westinghouse readies deal

Westinghouse will hold a lender call at 11:30 a.m. ET on Monday to launch a $3.5 billion seven-year first-lien term loan that is talked at 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, a market source remarked.

Deutsche Bank Securities Inc. is the left lead on the deal, which will be used to refinance existing term loan debt due August 2025.

Commitments from existing lenders are due at noon ET on Thursday and commitments from new lenders are due at noon ET on Jan. 18, the source added.

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

Internet Brands on deck

Internet Brands scheduled a lender call for 1 p.m. ET on Monday to launch a fungible add-on term loan B-3 (B1/B) due 2028, according to a market source.

The add-on term loan has 101 soft call protection for six months, the source said.

The size of the add-on term loan is to be determined.

RBC Capital Markets and KKR Capital Markets are leading the deal that will be used to refinance an existing term loan B-1 and term loan B-2, with a combined total amount of $498 million.

Pricing on the existing term loan B-3 is SOFR plus 425 bps with a 0.5% floor.

Internet Brands is an El Segundo, Calif.-based provider of software as a service and traffic driven marketplace/media offerings across health, legal, dental and media verticals.

GoDaddy joins calendar

GoDaddy set a lender call for 10 a.m. ET on Monday to launch a $1.75 billion term loan B-5 (Ba1/BB) due November 2029, a market source said.

The term loan has 101 soft call protection for six months, the source added.

RBC Capital Markets is the left lead on the deal that will be used to reprice an existing term loan B-5 due November 2029 from SOFR plus 250 bps with a 0% floor.

GoDaddy is Tempe, Ariz.-based provider of web hosting and domain names.

Jones DesLauriers repricing

Jones DesLauriers Insurance Management plans to hold a lender call at 10:30 a.m. ET on Monday to launch a $375 million term loan B due March 15, 2030 that is talked at SOFR plus 350 bps with a 0% floor, a par issue price and 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on Jan. 12, the source added.

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.

SolarWinds coming soon

SolarWinds scheduled a lender call for 11 a.m. ET on Monday to launch a $1.1857 billion term loan B, a market source remarked.

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

Commitments are due at 10 a.m. ET on Jan. 12, the source added.

JPMorgan Chase Bank is leading the deal that will be used to reprice an existing term loan due February 2027 from SOFR plus 400 bps with a 0% floor. The loan is currently 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.

Fund flows

In other news, actively managed loan fund flows on Thursday were negative $34 million and loan ETFs were positive $12 million, sources said.

Loan funds reported weekly inflows totaling $64 million, with positive $354 million ETFs. These were the eighth inflow in 10 weeks, sources added.

Outflows for loan funds in 2023 total $17.7 billion, with positive $3.8 billion ETFs.

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