Circor, Cast & Crew, Trade Me, HelpSystems deal updates surface; Grosvenor reveals talk

By Sara Rosenberg

New York, Feb. 21 – In the loan market on Friday, Circor International Inc. lifted pricing on its term loan B and added a step-down, and Cast & Crew Entertainment Services increased the size of its add-on first-lien term loan and modified the new money issue price.

Also, Trade Me Group Ltd. (Titan Acquisitionco) set the spread on its first-lien term loan at the high end of guidance, and HelpSystems (HS Purchaser LLC) finalized the original issue discount on its incremental first-lien term loan at the tight end of talk.

In addition, Grosvenor Capital Management announced price talk with launch, and Duravant LLC (Engineered Machinery Holdings Inc.) and Alkermes Inc. joined the near-term primary calendar.

Circor modified

Circor International raised pricing on its $492 million term loan B (B) to Libor plus 325 basis points from talk in the range of Libor plus 275 bps to 300 bps and added a 25 bps step-down upon an upgrade of the corporate family rating to B1 from Moody’s, a market source said.

The term loan still has a 1% Libor floor, a par issue price and 101 soft call protection for six months.

Citizens Bank is leading the deal that will be used to reprice an existing term loan B down from Libor plus 350 bps with a 1% Libor floor. Deutsche Bank Securities Inc. is the administrative agent.

Circor is a Burlington, Mass.-based designer, manufacturer and marketer of highly engineered products and sub-systems for markets including oil & gas, power generation and aerospace & defense.

Cast & Crew tweaked

Cast & Crew Entertainment Services raised its fungible add-on first-lien term loan B due Feb. 7, 2026 to $175 million from $125 million and changed the issue price to par from 99.75, according to a market source.

In addition, the issue price for the repricing of the company’s existing $759 million first-lien term loan B due Feb. 7, 2026 was adjusted to par for new money from 99.75, the source said. The issue price for existing money remained at par.

As before, the term loan is priced at Libor plus 375 bps with a 25 bps step-down at 4.75x first-lien net leverage and a 0% Libor floor, and has 101 soft call protection for six months.

The add-on term loan has a ticking fee of half the spread for days 46 to 90 and the full spread onwards.

Recommitments for the add-on term loan were due at 1 p.m. ET on Friday, the source added.

Goldman Sachs Bank USA and RBC Capital Markets are leading the deal.

The add-on loan will fund the acquisition of Media Services, a Los Angeles-based payroll and production management solutions company, and the repricing will take the existing loan down from Libor plus 400 bps.

Cast & Crew is a Burbank, Calif.-based provider of software and services to the entertainment production industry.

Trade Me updated

Trade Me Group finalized pricing on its $602 million first-lien term loan (B1/B) due May 2026 at Libor plus 400 bps, the wide end of the Libor plus 375 bps to 400 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.

Allocations are expected on Monday, the source added.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to reprice an existing term loan down from Libor plus 425 bps.

Trade Me is an operator of online classified marketplaces for motor vehicles, property and jobs in New Zealand.

HelpSystems revised

HelpSystems moved up the commitment deadline for its fungible $60 million incremental first-lien term loan due Nov. 30, 2026 to noon ET on Friday from 3 p.m. ET on Friday and then firmed the original issue discount at 99.75, the tight end of the 99.5 to 99.75 talk, a market source said.

Pricing on the incremental term loan is Libor plus 475 bps with a 1% Libor floor.

Jefferies LLC is leading the deal that will be used to fund an acquisition.

HelpSystems is an Eden Prairie, Minn.-based provider of IT operations management and monitoring, cybersecurity, and business intelligence software.

Grosvenor sets guidance

Grosvenor Capital Management held its lender call on Friday and release talk on its $344 million term loan B due March 2027 at Libor plus 225 bps with a 0% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months, a market source remarked.

Commitments are due at noon ET on Feb. 28, the source added.

Goldman Sachs Bank USA is leading the deal that will be used to reprice an existing term loan B down from Libor plus 275 bps with a 1% Libor floor and extend the maturity from March 2025.

Grosvenor Capital is a Chicago-based independent alternative asset management firm.

Duravant readies deal

Duravant set a lender call for noon ET on Tuesday to launch $205 million of incremental bank debt, according to a market source.

The debt consists of a $50 million incremental revolver and a $155 million incremental first-lien term loan due July 2024, the source said.

Like the existing term loan, the incremental loan is priced at Libor plus 425 bps with a 1% Libor floor.

Jefferies LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Antares Capital and Societe Generale are leading the deal that will be used to fund the acquisition Woodside Electronics Corp., a manufacturer of optical color and defect sorting equipment.

Duravant is a Downers Grove, Ill.-based automation solutions platform providing highly engineered equipment and related aftermarket parts and services.

Alkermes on deck

Alkermes scheduled a lender call for 1 p.m. ET on Monday to launch a $350 million five-year senior secured term loan B, a market source remarked.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to refinance an existing term loan B and to fund general corporate purposes.

Alkermes is a Dublin-based biopharmaceutical company.

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