Harland shortens deadline; Cast & Crew broad margin talk emerges; Greenway, EagleView launch

By Sara Rosenberg

New York, Sept. 8 – In the primary market on Friday, Harland Clarke Holdings Corp. accelerated the commitment deadline on its incremental first-lien term loan B-6 before the morning lender call to launch the transaction even took place.

Also, Cast & Crew Entertainment Services LLC began circulating broad spread guidance on its term loan, but is waiting on ratings to release official talk, and Greenway Health LLC and EagleView Technology Corp. disclosed price talk on their loan deals.

Furthermore, PharMerica Corp. and International Car Wash Group came out with timing on the meetings for their credit facilities, and Ten-X LLC, Trilliant Food & Nutrition, Flexera Software LLC, Allison Transmission Inc., Lion Copolymer and U.S. Farathane LLC joined the near-term calendar.

Harland revises deadline

Harland Clarke moved up the commitment deadline on its $100 million incremental covenant-light first-lien term loan B-6 (B1) due February 2022 to noon ET on Monday from 5 p.m. ET on Thursday, according to a market source.

As previously reported, pricing on the incremental term loan is Libor plus 550 basis points with a 1% Libor floor, in line with existing term loan B-6 pricing, and the new debt is talked with an original issue discount of 99.5 and a ticking fee of half the margin from days 31 to 60 and the full margin thereafter.

Credit Suisse Securities (USA) LLC is leading the deal that launched with a lender call at 10 a.m. ET on Friday. The revised commitment deadline was announced prior to the beginning of the call.

Proceeds will be used to fund the acquisition of MaxPoint Interactive for $13.86 per share in cash. The transaction has an equity value of about $95 million.

Closing is expected in the fourth quarter.

Harland Clarke is a San Antonio-based provider of media delivery, payment solutions and marketing services. MaxPoint is a Morrisville, N.C.-based marketing technology company.

Cast & Crew floats guidance

Cast & Crew Entertainment Services held its bank meeting on Friday, at which time investors were told that its proposed $495 million seven-year first-lien term loan is broadly guided in the Libor plus low-to-mid 300’s area, a market source said.

Official price talk will come out once ratings are received, which is expected early in the week of Sept. 11, the source added.

RBC Capital Markets LLC is the left lead arranger on the deal.

Commitments are due on Sept. 21.

Proceeds will be used to refinance the company’s existing first-lien term loan, second-lien term loan and second-lien notes in a leverage neutral transaction.

Cast & Crew, a Silver Lake portfolio company, is a Burbank, Calif.-based provider of technology-enabled payroll, production accounting and related value-added services to the entertainment industry.

Greenway details surface

Greenway Health held its lender call in the morning and presented lenders with a $530 million term loan talked at Libor plus 425 bps with a 1% Libor floor, a par issue price and 101 soft call protection for six months, a market source remarked.

Jefferies LLC is leading the deal that will be used to reprice an existing term loan from Libor plus 475 bps with a 1% Libor floor.

Signatures are due at 5 p.m. ET on Tuesday, the source added.

Greenway Health is a Carrollton, Ga.-based provider of clinical, financial, connectivity and information software products and services to physician practices.

EagleView releases talk

EagleView Technology came out with talk of Libor plus 425 bps with a 1% Libor floor and an original issue discount of 99.5 on its fungible $100 million add-on covenant-light first-lien term loan B due July 15, 2022 that launched with a call during the session, a market source said.

Commitments are due on Thursday, the source added.

Morgan Stanley Senior Funding Inc. and Nomura Securities International Inc. are leading the deal that will be used to repay an existing second-lien term loan and accrued interest, and to pay fees and expenses related to the financing.

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

PharMerica sets launch

Also in the primary market, PharMerica scheduled a bank meeting for 10 a.m. ET in New York on Wednesday to launch its $1.1 billion of secured credit facilities that were announced this summer, according to a market source.

The facilities consist of a $100 million revolver, an $815 million first-lien term loan B and a $185 million second-lien term loan.

Goldman Sachs Bank USA, KKR Capital Markets, Morgan Stanley Senior Funding Inc., Wells Fargo Bank and Jefferies LLC are leading the deal that will be used with $450 million of equity and cash on hand to fund the buyout of the company by KKR for $29.25 in cash per share. The all-cash transaction is valued at about $1.4 billion, including the assumption or repayment of debt.

With the buyout, Walgreens Boots Alliance Inc. will become a minority investor in the company.

Closing is expected by early 2018, subject to PharMerica shareholder approval, regulatory approvals and other customary conditions.

PharMerica is a Louisville, Ky.-based provider of pharmacy services.

International Car timing

International Car Wash set a bank meeting for 1 p.m. ET in New York on Wednesday to launch its previously announced $725 million of senior secured credit facilities, a market source said. Prior to now, timing on the transaction was labeled as September business, with a specific date to be announced.

The facilities consist of a $75 million revolver, a $450 million first-lien term loan and a $200 million second-lien term loan.

Goldman Sachs Bank USA, Jefferies LLC, Barclays and Credit Suisse Securities (USA) LLC are leading the deal that will be used to help fund the buyout of the company by Roark Capital Group from TDR Capital LLP.

Closing is expected in the fourth quarter.

International Car Wash is a United Kingdom-based car wash operator.

Ten-X on deck

Ten-X surfaced with plans to hold a bank meeting in New York on Tuesday to launch $495 million of first-lien credit facilities, according to a market source.

The first-lien facilities consist of a $45 million five-year revolver and a $450 million seven-year covenant-light term loan, the source said.

Antares Capital, Guggenheim Securities, Citizens Bank, KeyBanc Capital Markets and Sumitomo Mitsubishi Banking Corp. are leading the deal that will be used with a privately placed $110 million second-lien term loan to help fund the buyout of the company by Thomas H. Lee Partners LP.

Members of the company’s senior management team, Stone Point Capital and CapitalG, among others, which currently are investors in Ten-X, will continue to hold minority stakes in the company.

Closing is expected in the third quarter, subject to customary conditions.

Ten-X is an Irvine, Calif.-based provider of an online real-estate marketplace.

Trilliant Food deal emerges

Trilliant Food & Nutrition scheduled a lender meeting for Tuesday to launch a $250 million seven-year term loan B (B3/B-) that has 101 soft call protection for six months, a market source remarked.

Commitments are due on Sept. 26, the source added.

Wells Fargo Securities LLC and Credit Suisse Securities (USA) LLC are leading the loan that will be used to help fund acquisition costs.

The company also plans on getting an ABL revolver that will be used for working capital and other general corporate purposes.

Trilliant Food is a Little Chute, Wis.-based beverage company.

Flexera readies loan

Flexera Software will hold a lender call at 1 p.m. ET on Tuesday to launch a fungible $130 million add-on term loan, according to a market source.

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

Flexera is an Itasca, Ill.-based software company.

Allison joins calendar

Allison Transmission scheduled a call for 1 p.m. ET on Monday to launch a new loan to current and prospective lenders, a market source said.

Citigroup Global Markets Inc. is leading the transaction.

Allison Transmission is an Indianapolis-based automatic transmission company and supplier of hybrid-propulsion systems.

Lion Copolymer coming soon

Lion Copolymer set a bank meeting for 10 a.m. ET on Tuesday to launch a $215 million seven-year term loan B, according to a market source.

Bank of America Merrill Lynch is leading the deal that will be used to refinance existing debt.

Lion Copolymer is a Geismar, La.-based manufacturer of synthetic rubber products.

U.S. Farathane schedules call

U.S. Farathane will hold a call for credit facility lenders on Monday, a market source remarked.

Bank of America Merrill Lynch, KKR Capital Markets and Barclays are leading the deal.

U.S. Farathane is an Auburn Hills, Mich.-based manufacturer of single-shot and multi-shot injection molded, compression molded and extruded components and assemblies, primarily for use in lightweight vehicles.

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