APi, Heritage-Crystal, International-Matex, Aramsco, GIP, Interstate Waste, iSolved break

By Sara Rosenberg

New York, Oct. 5 – APi Group DE Inc. outlined sizes on its first-lien term loans and firmed pricing at the high side of talk, and Heritage-Crystal Clean Inc. (JFL-Tiger Acquisition Co. Inc.) increased the size of its first-lien term loan, lowered the spread and finalized the original issue discount at the tight end of guidance, and then these deals freed to trade on Thursday.

Also, before breaking for trading, International-Matex Tank Terminals (ITT Holdings LLC) set the spread and issue price on its term loan B at the wide side of talk, Aramsco Inc. eliminated pricing step-downs from its first-lien term loans, and GIP III Stetson set the original issue discount on its term loan B at the wide end of talk.

Furthermore, Interstate Waste Services Inc. (Action Environmental Group Inc.) firmed the issue price on its term loan debt at the tight side of guidance, tweaked the delayed-draw terms and made some modifications to documentation ahead of hitting the secondary market, and iSolved Inc.’s first-lien term loan freed up too.

In more happenings, GeoStabilization International set the issue price on its first-lien term loan at the tight end of talk, and Qlik (Project Alpha Intermediate Holding Inc.) approached investors with a new first-lien term loan B.

APi finalized

APi Group set the size of its covenant-lite first-lien term loan B due Oct. 10, 2026 at $505 million and pricing at SOFR plus 225 basis points, the high end of the SOFR plus 200 bps to 225 bps talk, a market source said.

Additionally, the company set the size of its covenant-lite incremental first-lien term loan B due Jan. 3, 2029 at $1.407 billion and pricing at SOFR plus 250 bps, the high end of the SOFR plus 225 bps to 250 bps talk, the source continued.

Both term loans still have a 0% floor, a par issue price, 101 soft call protection for six months, and ARRC CSA of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Citigroup Global Markets Inc., BofA Securities Inc., Barclays, Jefferies LLC, JPMorgan Chase Bank, RBC Capital Markets and US Bank are leading the deal (Ba1/BB-).

APi starts trading

APi’s term loans freed to trade later in the day, with the 2026 term loan quoted at par bid, par ¼ offered and the 2029 term loan quoted at par bid, par 3/8 offered, another source added.

The new debt will be used to reprice a portion of the company’s existing $1.027 billion covenant-lite first-lien term loan B due Oct. 10, 2026 down from SOFR+ARRC CSA plus 250 bps, extend a portion of the 2026 term loan, and reprice an existing $985 million covenant-lite first-lien term loan B due Jan. 3, 2029 down from SOFR+ARRC CSA plus 275 bps.

Final sizes of the 2026 and 2029 term loans were based on lender participation in the extension option.

Closing is expected during the week of Oct. 9.

APi is a New Brighton, Minn.-based business services provider of safety, specialty and industrial services.

Heritage reworked, frees

Heritage-Crystal Clean raised its seven-year first-lien term loan to $620 million from $600 million, trimmed pricing to SOFR plus 500 bps from SOFR plus 525 bps and set the original issue discount at 97.5, the tight end of the 97 to 97.5 talk, according to a market source.

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

The company’s now $720 million of credit facilities (B2/B) also include a $100 million five-year revolver.

In the afternoon, the term loan broke for trading, with levels quoted at 98¼ bid, 99 offered, another source added.

Jefferies Finance LLC and SMBC are leading the deal that will be used with up to $551.4 million of equity to fund the buyout of the company by J.F. Lehman & Co. for $45.50 per share in cash, or about $1.2 billion, and, due to the upsizing, to add cash to the balance sheet for general corporate purposes.

Closing is expected this quarter, subject to customary conditions, including approval by shareholders.

Heritage-Crystal Clean is a Hoffman Estates, Ill.-based provider of provider of specialized environmental and waste management services.

IMTT updated, breaks

International-Matex Tank Terminals finalized the margin on its $750 million seven-year sustainability-linked term loan B (Ba2/BB-) at SOFR plus 325 bps, the high end of the SOFR plus 300 bps to 325 bps talk, and set the original issue discount at 98, the wide end of the 98 to 98.25 talk, a market source remarked.

As before, the term loan has a 0.5% floor, 101 soft call protection for six months, and two sustainability KPIs that are based on capital expenditures related to renewable and low carbon capacity, and supplier diversity, which will be tested annually and provide for pricing adjustments of up to +/- 7.5 bps.

The term loan freed up in the afternoon, with levels quoted at 98¼ bid, 98¾ offered, sources added.

Wells Fargo Securities LLC, CIBC and MUFG are leading the deal that will be used to refinance an existing senior secured term loan B due 2028 and to fund cash to the balance sheet.

International-Matex is a New Orleans-based pure play bulk liquid storage and handling provider.

Aramsco revised, trades

Aramsco removed from its $430 million seven-year first-lien term loan and $75 million first-lien delayed-draw term loan a 25 bps leverage-based pricing step-down and a 25 bps step-down upon an initial public offering, according to a market source.

Pricing on the term loan debt (B3/B-) is still SOFR plus 475 bps with a 0% floor and an original issue discount of 98, and the debt still has 101 soft call protection for six months.

As before, ticking fees on the delayed-draw term loan are half the margin from days 61 to 120 and the full margin thereafter, and the original issue discount on the delayed-draw term loan will be paid at the time of draw.

The term loan debt made its way into the secondary market late in the day, with levels quoted at 98¼ bid, 99 offered, another source added.

The company’s $585 million of credit facilities also include an $80 million five-year ABL revolver.

Jefferies LLC, Goldman Sachs Bank USA, Antares Capital, KeyBanc Capital Markets and SMBC are leading the deal that will be used to help fund the buyout of the company by American Securities.

Aramsco is a Paulsboro, N.J.-based distributor to contractors and facility maintenance professionals.

GIP sets terms, breaks

GIP III Stetson firmed the original issue discount on its $700 million five-year term loan B (B2) at 98.5, the wide end of the 98.5 to 99 talk, a market source said.

Pricing on the term loan remained at SOFR+10 bps CSA plus 425 bps with a 0% floor, and the debt still has 101 soft call protection for six months.

During the session, the term loan B began trading, with levels quoted at 98½ bid, 99 offered, another source added.

BofA Securities Inc., MUFG and others are leading the deal that will be used to amend and extend an existing Stetson HoldCo term loan B due 2025.

Stetson Midstream is a Global Infrastructure Partners owned HoldCo with a controlling ownership stake in EnLink, an operator of a midstream business underpinned by a portfolio of assets across Texas, New Mexico, Louisiana, and Oklahoma.

Interstate tweaked

Interstate Waste Services firmed the original issue discount on its $500 million seven-year term loan B and $75 million delayed-draw term loan B at 98.5, the tight end of the 98 to 98.5 talk, according to a market source.

In addition, the company modified the delayed-draw term loan ticking fee to half the spread for days 46 to 90 and the full spread thereafter, from half the spread for days 61 to 120 and the full spread thereafter, maximum draws were changed to four from unlimited, the minimum draw amount was increased to $10 million from $2.5 million and the draw period was shortened to 18 months from 24 months, the source continued.

Also, changes were made to MFN, incremental, restricted payments and investments, the asset sale sweep was removed, and quarterly lender calls and management discussion and analysis were added.

Pricing on the term loan debt (B2/B) remained at SOFR plus 450 bps with a 0.5% floor, and the debt still has 101 soft call protection for six months.

Interstate tops OID

Recommitments for Interstate Waste’s term loan debt were due at noon ET on Thursday, and the debt freed up later in the day, with levels quoted at 99 bid, 99½ offered, another source added.

JPMorgan Chase Bank, BMO Capital Markets, Comerica, MUFG and Stifel are leading the deal.

The term loans will be used to repay existing debt, pay minority shareholders and add cash to the balance sheet in connection with an investment from Ares Management.

Interstate Waste is a Teaneck, N.J.-based provider of waste and recycling services.

iSolved hits secondary

iSolved’s $575 million seven-year first-lien term loan began trading in the morning, with levels quoted at 99¼ bid, 99½ offered, a market source remarked.

Pricing on the term loan is SOFR plus 400 bps with a 0.5% floor and it was sold at an original issue discount of 99. The debt has 101 soft call protection for six months.

During syndication, the term loan was upsized from $550 million and pricing was reduced from SOFR plus 425 bps.

The company’s $650 million of credit facilities (B2/B) also include a $75 million five-year revolver.

UBS Investment Bank, Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Jefferies LLC and JPMorgan Chase Bank are leading the deal that will be used to repay existing debt, to fund cash to the balance sheet and for general corporate purposes.

Accel-KKR is the sponsor.

iSolved is a provider of cloud based human capital management software.

GeoStabilization updated

GeoStabilization International finalized the original issue discount on its $175 million first-lien term loan (B2/B) due December 2028 at 99, the tight end of the 98.5 to 99 talk, according to a market source.

The term loan is still priced at SOFR plus 525 bps with a 0% floor, and has 101 soft call protection for six months.

Allocations went out on Thursday, the source added.

UBS Investment Bank and KKR Capital Markets are leading the deal that will be used to amend and extend an existing $175 million covenant-lite first-lien term loan due December 2025.

GeoStabilization is a provider of highly specialized, mission-critical, and non-discretionary geohazard mitigation solutions across the United States and Canada.

Qlik holds call

Qlik held a lender call at 11 a.m. ET on Thursday, launching a $2.4 billion seven-year senior secured covenant-lite first-lien term loan B (B2//BB+) talked at SOFR plus 450 bps to 475 bps with a 0.5% floor, an original issue discount of 98 to 98.5 and 101 soft call protection for six months, a market source said.

Commitments are due at noon ET on Oct. 18, the source added.

Morgan Stanley Senior Funding Inc., BMO Capital Markets, Goldman Sachs Bank USA, HSBC Securities (USA) Inc., BofA Securities Inc., Citigroup Global Markets Inc., Mizuho and Bank of Nova Scotia are leading the deal that will be used to refinance the outstanding debt of Qlik and Talend, and to pay related fees and expenses.

Talend, a data integration and data management company, was acquired by Qlik in May.

Qlik is a King of Prussia, Pa.-based data analytics company.

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