Dun & Bradstreet breaks; Internet Brands accelerated; Ivanti, American Bath, Mavis set talk

By Sara Rosenberg

New York, Nov. 10 – Dun & Bradstreet Holdings Inc. tightened the original issue discount on its add-on first-lien term loan and then the debt made its way into the secondary market on Tuesday.

In other news, Internet Brands accelerated the commitment deadline for its incremental first-lien term loan, and Ivanti Software Inc., American Bath Group LLC (CP Atlas Buyer Inc.), Mavis Tire Express Services Corp., Mattress Firm and National Mentor released price talk with launch.

Furthermore, First Brands Group LLC, Imprivata, SmartBear (AOA Acquisition Holding Inc.) and Charter NEX US Inc. surfaced with new deal plans.

D&B tweaked, trades

Dun & Bradstreet modified the original issue discount on its fungible $300 million add-on first-lien term loan to 99.125 from talk in the range of 98.79 to 99, a market source remarked.

The add-on term loan is priced at Libor plus 375 basis points with a 0% Libor floor.

On Tuesday, the add-on term loan freed up for trading, with levels quoted at 99 3/8 bid, 99¾ offered, another source added.

BofA Securities Inc. is the left lead on the deal that will be used to help fund the acquisition of Bisnode Business Information Group AB, a European data and analytics firm, for about $818 million, split between 75% in cash and 25% in newly issued shares of common stock.

Closing is expected in January, subject to required regulatory approvals and customary conditions.

Dun & Bradstreet is a Short Hills, N.J.-based provider of business decisioning data and analytics.

Internet Brands timing

Internet Brands moved up the commitment deadline for its fungible $350 million incremental covenant-lite first-lien term loan due September 2024 to 5 p.m. ET on Thursday from noon ET on Friday, according to a market source.

Pricing on the incremental term loan is Libor plus 375 bps with a 1% Libor floor, and the debt is talked with an original issue discount in the range of 98.5 to 99.

Like the existing term loan, the incremental term loan has 101 soft call protection through June 2021.

Credit Suisse Securities (USA) LLC, KKR Capital Markets and RBC Capital Markets are leading the deal that will be used to fund tuck-in acquisitions and a shareholder distribution.

Internet Brands is an El Segundo, Calif.-based online media and software services organization.

Ivanti holds call

Ivanti Software held its lender call on Tuesday and announced talk on its $1.26 billion seven-year covenant-lite first-lien term loan B (B2//BB-) at Libor plus 475 bps with a 1% Libor floor, an original issue discount of 98.5 and 101 soft call protection for six months, a market source said.

The company’s $1.98 billion of senior secured credit facilities also include a $175 million five-year revolver (B2//BB-) and a $545 million privately placed second-lien term loan (Caa2//CCC+).

Commitments are due at noon ET on Nov. 24, the source added.

Morgan Stanley Senior Funding Inc., BofA Securities Inc., UBS Investment Bank, BMO Capital Markets, Goldman Sachs Bank USA and Antares Capital are leading the deal.

Ivanti funding acquisitions

Ivanti Software will use its new credit facilities and $500 million of new first-lien secured debt to finance the acquisitions of MobileIron Inc. and Pulse Secure LLC, to refinance existing debt and to pay related fees and expenses.

MobileIron, a provider of mobile-centric unified endpoint management solutions, is being bought for $7.05 in cash per share, or about $872 million, and Pulse Secure, a provider of secure access and mobile security solutions, is being acquired from Siris Capital Group LLC. The terms of the Pulse Secure transaction were not disclosed.

Closing is subject to customary conditions, including regulatory and MobileIron stockholder approvals.

Ivanti, a Clearlake Capital Group LP and TA Associates portfolio company, is a South Jordan, Utah-based company that automates IT and security operations to discover, manage, secure and service from cloud to edge.

American Bath guidance

American Bath launched on its morning call its $1.2 billion seven-year first-lien term loan (B2/B) at Libor plus 450 bps to 475 bps with a 0.75% Libor floor and an original issue discount of 98, according to a market source.

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

Of the total term loan amount, $900 million will be funded and $300 million will be delayed draw.

Commitments are due on Nov. 20.

Credit Suisse Securities (USA) LLC, RBC Capital Markets, BofA Securities Inc., BMO Capital Markets Corp., Truist Securities Inc., Barclays and UBS Investment Bank are leading the deal that will be used to help fund the buyout of the company by Centerbridge Partners, LP from Lone Star Funds.

Closing is expected in the fourth quarter, subject to customary conditions and approvals.

American Bath is an Arlington, Tex.-based manufacturer of showers, bathtubs and related accessories.

Mavis proposed terms

Mavis Tire came out with talk of Libor plus 400 bps to 425 bps with a 1% Libor floor, an original issue discount of 98 and 101 soft call protection for six months on its non-fungible $470 million incremental first-lien term loan (B2/B-) due March 20, 2025 that launched with a call in the morning, a market source remarked.

Commitments are due on Nov. 19, the source added.

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

Mavis is a Millwood, N.Y.-based tire and service retailer.

Mattress Firm talk

Mattress Firm launched with a call its $550 million seven-year senior secured term loan B (B1/B+) at talk of Libor plus 475 bps to 500 bps with a 1% Libor floor, an original issue discount of 98 and 101 soft call protection for one year, according to a market source.

Commitments are due at 5 p.m. ET on Nov. 23, the source added.

J.P. Morgan Securities LLC is leading the deal that will be used to refinance existing debt.

Mattress Firm is a Houston-based mattress company.

National Mentor launches

National Mentor held a lender call at 2 p.m. ET to launch a fungible $200 million incremental first-lien term loan due March 2026 talked with an original issue discount in the range of 98.79 to 99 and a ticking fee of half the spread from days 31 to 60 and the full spread thereafter, a market source said.

Pricing on the incremental term loan is Libor plus 425 bps with a 25 bps step-down at 4x total net leverage and a 0% Libor floor, in line with existing term loan pricing.

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

Goldman Sachs Bank USA is the left lead on the deal that will be used to fund the company’s acquisition pipeline and for general corporate purposes.

National Mentor is a Boston-based provider of home- and community-based health and human services for individuals with intellectual, developmental, physical or behavioral disabilities and other special needs.

First Brands on deck

First Brands Group set a lender call for 2:30 p.m. ET on Thursday to launch a fungible $220 million incremental first-lien term loan due Feb. 2, 2024, according to a market source.

Like the existing term loan, the incremental term loan is priced at Libor plus 750 bps with a 1% Libor floor, and has the same 102, 101 hard call protection.

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

Pro forma for the transaction, the first-lien term loan size will total about $1.798 billion.

First Brands, formerly known as Trico Group, is an automotive aftermarket platform offering a comprehensive solution for consumable maintenance and mission-critical repair parts.

Imprivata coming soon

Imprivata emerged with plans to hold a lender call at 12:30 p.m. ET on Thursday to launch a $715 million first-lien term loan B, a market source remarked.

Goldman Sachs Bank USA and Golub are leading the deal that will be used to refinance existing debt, finance an acquisition and fund a distribution to shareholders.

Thoma Bravo is the sponsor.

Imprivata is a Lexington, Mass.-based digital identity solutions provider in healthcare, facilitating access from any device and location for medical providers and integrating with leading electronic healthcare records.

SmartBear schedules call

SmartBear will hold a lender call at 1 p.m. ET on Thursday to launch a $385 million seven-year covenant-lite first-lien term loan that includes 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on Nov. 20, the source said.

The company’s $565 million of credit facilities also provide for a $50 million revolver and a $130 million privately placed second-lien term loan.

Credit Suisse Securities (USA) LLC, Antares Capital, Golub and Neuberger Berman are leading the deal, which will be used to help fund Vista Equity Partners’ investment in the company. Francisco Partners will continue as an investor in the company and own a joint stake.

SmartBear is a Somerville, Mass.-based provider of software development and quality tools.

Charter NEX joins calendar

Charter NEX scheduled a lender call for 11 a.m. ET on Thursday to launch new credit facilities, a market source said.

The facilities will include a five-year revolver and a seven-year first-lien term loan, with sizes still to be determined, the source added.

Jefferies LLC, Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc. and Nomura are leading the deal that will be used with privately placed eight-year senior unsecured PIK toggle notes to refinance existing debt and fund a distribution to shareholders.

Charter NEX is a manufacturer of highly engineered specialty films, focused on the stable food and consumer end-markets.

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