Intrado, Caliber, TMS, Imperial Dade, Aegion break; Westinghouse, Kenan, SBA revised

By Sara Rosenberg

New York, Jan. 18 – Intrado upsized its term loan B and revised the issue price, Caliber Collision (Wand NewCo 3 Inc.) raised the size of its term loan B, cut pricing, added leverage-based step-downs and modified the original issue discount, and TMS International Corp. set the issue price on its term loan B at the tight end guidance, and then all of these deals freed to trade on Thursday.

Other deals to make their way into the secondary market during the session included Imperial Dade (BCPE Empire Holdings Inc.) and Aegion Corp.

In more happenings, Westinghouse (WEC US Holdings Ltd.) trimmed the spread on its first-lien term loan B, reworked the pricing grid and made some changes to documentation, and Kenan Advantage Group Inc. set U.S. and Canadian tranche sizes under its term loan B, and tightened the spread and original issue discount.

Also, SBA Communications Corp. changed the issue price on its term loan B, HarbourVest Partners set the issue price on its term loan B at the tight end of guidance, and Access CIG LLC increased the size of its incremental first-lien term loan and updated the original issue discount.

Additionally, Waupaca Foundry Inc., WellSky (Project Ruby Ultimate Parent Corp.), Traverse Midstream Partners LLC, Team Services Group LLC, Plusgrade Inc., Fitness International LLC, Tacala Cos., Ahead DB and Buckeye Partners LP released price talk with launch.

Furthermore, Shearer’s Foods (Fiesta Purchaser Inc.), Caesars Entertainment Inc., Foundation Building Materials and Savers Inc. joined the near-term primary calendar.

Intrado updated, frees

Intrado increased its term loan B (B2/B) due Jan. 31, 2030 to $916 million from $871 million and tightened the issue price to par from 99.75, according to a market source.

Pricing on the term loan remained at SOFR plus 350 basis points with a 0.5% floor, and the debt still has 101 soft call protection for six months.

Commitments were due at 3 p.m. ET on Thursday, accelerated from 5 p.m. ET on Thursday, and the term loan broke for trading late in the day, with levels quoted at par 1/8 bid, par ˝ offered, a trader added.

RBC Capital Markets, UBS Investment Bank, Goldman Sachs Bank USA, MUFG and Jefferies LLC are leading the deal that will be used to reprice an existing term loan B down from SOFR plus 400 bps with a 0.5% floor and the funds from the upsizing will pay down revolver borrowings.

Stonepeak is the sponsor.

Intrado is a provider of critical public emergency telecommunications services.

Caliber reworked, breaks

Caliber Collision raised its seven-year term loan B (B3/B) to $2.725 billion from $2.525 billion, reduced pricing to SOFR plus 375 bps from talk in the range of SOFR plus 400 bps to 425 bps, added 25 bps step-downs at 4.75x and 4.25x first-lien net leverage, and moved the original issue discount to 99.75 from 99, a market source remarked.

The term loan still has a 0% floor and 101 soft call protection for six months.

Recommitments were due at noon ET on Thursday and the term loan made its way into the secondary market later in the day, with levels quoted at 99 7/8 bid, par 3/8 offered, another source added.

BofA Securities Inc., Goldman Sachs Bank USA, Deutsche Bank Securities Inc., Mizuho, Truist Securities, RBC Capital Markets, Wells Fargo Securities LLC, BMO Capital Markets, JPMorgan Chase Bank, Jefferies LLC, SMBC and PNC are leading the deal that will be used with $1.25 billion of senior secured notes to refinance existing debt and fund a distribution to shareholders, which was increased with the term loan upsizing.

Caliber Collision is a Lewisville, Tex.-based collision repair company.

TMS finalized, trades

TMS International firmed the issue price on its $446.6 million term loan B due 2030 at par, the tight end of the 99.75 to par talk, a market source said.

Pricing on the term loan remained at SOFR plus 425 bps with a 0.5% floor, and the debt still has 101 soft call protection for six months.

The term loan began trading during the session, with levels quoted at par bid, par ˝ 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 475 bps with a 0.5% floor.

TMS is a Pittsburgh-based provider of on-site industrial steel mill services for steelmakers.

Imperial Dade frees

Imperial Dade’s $2,292,985,000 first-lien term loan (B3/B-) due December 2028 broke for trading, with levels quoted at par bid, par 3/8 offered, according to a market source.

Pricing on the term loan is SOFR plus 400 bps with a 0.5% floor. Of the total amount, $1,992,985,000 is a repricing that was issued at par and $300 million is a fungible incremental piece that was sold at an original issue discount of 99.75. The debt has 101 soft call protection for six months.

During syndication, pricing on the term loan firmed at the low end of the SOFR plus 400 bps to 425 bps talk, the issue price on the repricing was revised from 99.75, and the incremental tranche was upsized from $150 million and the discount was tightened from 99.5.

UBS Investment Bank, Barclays, US Bank, BMO Capital Markets, Citizens, JPMorgan Chase Bank, MUFG, Stifel, Goldman Sachs Bank USA and TD Securities (USA) LLC are leading the deal. Credit Suisse is the administrative agent.

The repricing will take the existing term loan down from SOFR plus 475 bps with a 0.5% floor, and the incremental will pay down ABL borrowings.

Imperial Dade is a Jersey City, N.J.-based distributor of foodservice disposables and janitorial sanitation products.

Aegion hits secondary

Aegion’s roughly $809 million first-lien term loan (B2/B-) due May 17, 2028 began trading as well, with levels quoted at par bid, par 3/8 offered, a market source remarked.

Pricing on the term loan is SOFR plus 425 bps with a 0.75% floor and it was issued at par. The loan has 101 soft call protection for six months.

Jefferies LLC is leading the deal that will be used to reprice the company’s existing first-lien term loan down from SOFR+CSA plus 475 bps with a 0.75% floor.

Aegion is a Chesterfield, Mo.-based provider of infrastructure maintenance, rehabilitation and protection solutions, primarily serving municipal water and wastewater entities.

Westinghouse revised

Westinghouse cut pricing on its $3.5 billion seven-year first-lien term loan B (B1/B+/BB-) to SOFR plus 275 bps from talk in the range of SOFR plus 300 bps to 325 bps, removed all leverage-based and initial public offering pricing step-downs, and added one 25 bps step-down at Ba3/BB- ratings with a stable outlook, according to a market source. Previously, the term loan had two leverage-based step-downs.

In addition, among other things, the inside maturity basket was reduced to the greater of $730 million and 100% of LTM EBITDA from the greater of $1.1 billion and 150% of LTM EBITDA, the reallocation basket was removed, MFN was changed to 50 bps with a six-month sunset from 100 bps with a six-month sunset, and J. Crew, Chewy and Serta provisions were added, the source said.

As before, the term loan has a 0% floor, a discount of 99.5 and 101 soft call protection for six months.

Recommitments were due at noon ET on Thursday, the source added.

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.

Kenan tweaked

Kenan Advantage Group firmed its five-year covenant-lite term loan B as a $1.48 billion U.S. tranche and a $46.1 million equivalent Canadian tranche (C$62.3 million), from talk at launch of $1.525 billion equivalent U.S. and Canadian term loan B with tranching to be determined, a market source remarked.

Also, pricing on the term loan was lowered to SOFR plus 375 bps from talk in the range of SOFR plus 400 bps to 425 bps and the original issue discount was adjusted to 99.5 from 99, the source continued.

The term loan still has a 0% floor and 101 soft call protection for six months.

The company’s $1.7261 billion of credit facilities (B2/B) also include a $200 million five-year revolver with a springing maturity 91 days in advance of the term loan B.

Recommitments were due at noon ET on Thursday, the source added.

KeyBanc Capital Markets, Citizens, CIBC, ING, Barclays, MUFG, Regions, UBS Investment Bank and Fifth Third are leading the deal that will be used to extend existing credit facilities from March 2026 and to pay related fees and expenses.

Kenan Advantage, owned by OMERS, is a North Canton, Ohio-based provider of liquid bulk transportation services to the fuels, chemicals, liquid foods and merchant gas markets.

SBA tightened

SBA Communications changed the original issue discount on its $2 billion seven-year term loan B (BBB-) to 99.75 from 99.5, a market source said.

Pricing on the term loan remained at SOFR plus 200 bps with a 0% floor, and the debt still has 101 soft call protection for six months and no CSA.

Recommitments are due at noon ET on Friday, the source added.

TD Securities (USA) LLC and Mizuho are the joint lead arrangers on the deal, and are joint bookrunners with Barclays, Citigroup Global Markets Inc., Goldman Sachs Bank USA, JPMorgan Chase Bank and Wells Fargo Securities LLC.

The term loan will be used with cash on hand and a revolver draw to refinance an existing roughly $2.4 billion term loan B due April 2025 priced at SOFR+10 bps CSA plus 175 bps, and to pay related fees and expenses.

SBA is a Boca Raton, Fla.-based owner and operator of wireless communications infrastructure.

HarbourVest updated

HarbourVest Partners firmed the issue price on its $499 million term loan B due April 2030 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 250 bps with a 0% floor, and the debt still has 101 soft call protection for six months.

JPMorgan Chase Bank is leading the deal that will be used to reprice an existing term loan B down from SOFR plus 300 bps with a 0% floor.

HarbourVest is a private markets firm.

Access CIG modified

Access CIG lifted its fungible incremental first-lien term loan (B3) due Aug. 18, 2028 to $200 million from $125 million, and modified the original issue discount to 99.25 from revised talk of 99 and initial talk in the range of 98.5 to 99 talk, a market source remarked.

Pricing on the incremental term loan is SOFR plus 500 bps with a 0.5% floor, and the debt has 101 soft call protection through Feb. 18, which matches the existing term loan.

Commitments were due at 2 p.m. ET on Thursday and allocations went out later in the day, the source added.

Jefferies LLC is leading the deal that will be used to refinance a portion of the company’s existing second-lien term loan and to add cash to the balance sheet.

Access CIG is a Livermore, Calif.-based provider of records and information management solutions for highly regulated industries including health care, financial services, law, consumer, and materials & industries.

Waupaca guidance

Waupaca Foundry held its lender call at 11:30 a.m. ET on Thursday and, shortly before the event began, talk on its $330 million six-year covenant-lite term loan B emerged at SOFR plus 625 bps to 650 bps with a 1% floor, an original issue discount of 98, and soft call protection of 102 in year one and 101 in year two, according to a market source.

Commitments are due at 5 p.m. ET on Jan. 30, the source added.

BMO Capital Markets, PNC Capital, KeyBanc Capital Markets and Silver Point are leading the deal that will be used to help fund the buyout of the company by Monomoy Capital Partners from Proterial Ltd.

Closing is expected early this year, subject to customary conditions.

Waupaca Foundry is a Waupaca, Wis.-based supplier of cast and machined iron castings.

WellSky holds call

WellSky surfaced in the morning with plans to hold a lender call at 3 p.m. ET to launch a $405 million incremental first-lien term loan B (B) due March 10, 2028 talked at SOFR plus 350 bps to 375 bps with a 0% floor, an original issue discount of 99.5 and 101 soft call protection for six months, a market source said.

Commitments are due at noon ET on Jan. 25, the source added.

BofA Securities Inc., Goldman Sachs Bank USA, Deutsche Bank Securities Inc., BMO Capital Markets, RBC Capital Markets, TPG and Nomura are leading the deal that will be used to refinance the company’s existing term loan due 2028 priced at SOFR plus 575 bps.

WellSky is an Overland Park, Kan.-based provider of enterprise software to healthcare providers and human services organizations.

Traverse repricing

Traverse Midstream came out in the morning with plans to hold a lender call at 1 p.m. ET to launch a $1.245 billion term loan B due February 2028 talked at SOFR plus 350 bps with a 0.5% floor, an original issue discount of 99.75 to par and 101 soft call protection for six months, according to a market source.

Commitments are due at 5 p.m. ET on Wednesday, the source added.

JPMorgan Chase Bank is leading the deal that will be used to reprice the company’s existing term loan B down from SOFR+10 bps CSA plus 375 bps with a 0.5% floor.

Traverse was formed in June 2014 by the Energy & Minerals Group to build a portfolio of non-operated midstream assets, and is an equity owner of Rover Pipeline and Ohio River System midstream assets.

Team Services talk

Team Services Group launched on its 11:30 a.m. ET lender call a fungible $150 million incremental first-lien term loan B due December 2027 talked with an original issue discount in the 99 area, a market source remarked.

Like the existing term loan, the incremental term loan is priced at SOFR+CSA plus 500 bps with a 1% floor. CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Commitments are due at 5 p.m. ET on Wednesday, the source added.

UBS Investment Bank is leading the deal that will be used with existing cash to fund acquisitions committed to close or under letters of intent.

Pro forma for the transaction, the first-lien term loan will total about $534 million.

Team Services, owned by Alpine Investors, is a San Diego-based provider of personal home care solutions, with a focus on allowing clients to choose their own caregivers.

Plusgrade proposed terms

Plusgrade held its call in the morning, launching its $420 million term loan B due 2031 at talk of SOFR plus 450 bps with a 0% floor and an original issue discount of 98.5 to 99, according to a market source.

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

Commitments are due at 5 p.m. ET on Jan. 26.

JPMorgan Chase Bank, Barclays, BMO Capital Markets, Wells Fargo Securities LLC and Bank of Nova Scotia are leading the deal that will be used to fund an investment in the company by General Atlantic.

Plusgrade is a Montreal-based provider of ancillary revenue solutions for the travel industry.

Fitness launches

Fitness International launched on its afternoon call its $675 million five-year term loan B at talk of SOFR plus 475 bps with a 0% floor and an original issue discount of 97 to 98, a market source said.

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

Commitments are due at noon ET on Jan. 30, the source added.

The company’s $1.275 billion of credit facilities (B1/B+) also include a $300 million revolver and a $300 million term loan A.

BofA Securities Inc., Wells Fargo Securities LLC, BMO Capital Markets, MUFG and JPMorgan Chase Bank are leading the deal that will be used with cash on hand to refinance the company’s existing credit facilities.

Fitness International is an Irvine, Calif.-based owner-operator of fitness clubs.

Tacala details emerge

Tacala held its lender call in the afternoon, launching a $725 million first-lien term loan at talk of SOFR plus 425 bps with a 0.75% floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months, according to a market source.

Commitments are due at 5 p.m. ET on Jan. 25, the source added.

KKR Capital Markets is leading the deal that will be used to refinance the company’s existing first- and second-lien loans.

Tacala is a Vestavia Hills, Ala.-based franchise operator of Taco Bell restaurants.

Ahead DB guidance

Ahead DB released talk of SOFR plus 425 bps with a 0.75% floor and an original issue discount of 98.5 on its $600 million seven-year incremental first-lien term loan (B1/B) that launched with a call in the afternoon, a market source said.

Commitments are due at noon ET on Jan. 25.

RBC Capital Markets, Deutsche Bank Securities Inc., BMO Capital Markets, Jefferies LLC, KKR Capital Markets, Regions Bank, Truist Securities, Macquarie Capital (USA) Inc., MUFG and Barclays are leading the deal that will be used to help support the acquisition of Computer Design & Integration.

Berkshire Partners and Centerbridge Partners are the sponsors.

Ahead DB is a Chicago-based IT solutions provider of enterprise hardware and software.

Buckeye talk

Buckeye Partners launched on its afternoon call its $1.416 billion term loan B-1 due November 2026 at talk of SOFR plus 200 bps with no CSA, a 0% floor, an issue price of par for existing/rollover orders and an original issue discount of 99.75 for new money, a market source remarked.

The term loan B-1 has 101 soft call protection for six months.

Commitments are due noon ET on Jan. 26, the source added.

MUFG is leading the deal that will be used to reprice an existing term loan B-1 down from SOFR+10 bps CSA plus 225 bps with a 0% floor.

Buckeye is a Houston-based owner and operator of integrated midstream assets.

Shearer’s joins calendar

Shearer’s Foods set a lender call for 2 p.m. ET on Monday to launch a $1.22 billion seven-year covenant-lite term loan B, according to a market source.

Commitments are due at noon ET on Feb. 1, the source added.

Deutsche Bank Securities Inc., UBS Investment Bank, Blue Owl, BMO Capital Markets Corp., BNP Paribas Securities Corp., RBC Capital Markets LLC, TD Securities (USA) LLC, Goldman Sachs Bank USA, Rabobank, Citizens, Macquarie Capital (USA) Inc., Mizuho, Natixis and Stifel are leading the deal that will be used to help fund the buyout of the company by Clayton Dubilier & Rice from Ontario Teachers’ Pension Plan Board.

Shearer’s Foods is a Massillon, Ohio-based contract manufacturer and private label supplier serving the snack industry.

Caesars readies deal

Caesars Entertainment will hold a lender call at 11 a.m. ET on Friday to launch a $2 billion seven-year term loan B (Ba3) talked at SOFR plus 300 bps with a 0.5% floor, an original issue discount of 99.25 to 99.75 and 101 soft call protection for six months, a market source remarked.

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

JPMorgan Chase Bank is the left lead on the deal that will be used with other secured debt to fund a cash tender offer for any and all of the company’s $3.399 billion 6Ľ% senior secured notes due 2025.

The tender offer expires at 5 p.m. ET on Jan. 30.

Caesars is a Reno, Nev.-based gaming and entertainment company.

Foundation Building on deck

Foundation Building Materials scheduled a lender call for 10 a.m. ET on Friday to launch a $1 billion seven-year term loan B-2, according to a market source.

RBC Capital Markets is the left lead on the deal that will be used to partially pay down a HoldCo seller note and to fund a shareholder dividend.

American Securities is the sponsor.

Foundation Building is a Santa Ana, Calif.-based specialty distributor of wallboard, metal framing and suspended ceiling systems.

Savers coming soon

Savers set a lender call for noon ET on Friday to launch a $323 million first-lien term loan B, a market source said.

KKR Capital Markets is leading the deal that will be used to reprice an existing term loan down from SOFR+CSA plus 525 bps with a 0.75% floor. Current CSA is 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Savers is a Bellevue, Wash.-based thrift store chain.

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