Ankura frees to trade; symplr, Dessert tweak deals; Apex Tool, Rinchem change deadlines

By Sara Rosenberg

New York, Feb. 1 – Ankura Consulting Group LLC incremental first-lien term loan made its way into the secondary market on Tuesday, with levels quoted above its original issue discount.

Meanwhile, in the primary market, symplr Software Inc. moved some funds between its first- and second-lien term loans, and Dessert Holdings upsized its incremental first-lien term loan, downsized its incremental second-lien term loan and finalized original issue discounts.

Also, Apex Tool Group LLC and Rinchem Co. Inc. accelerated the commitment deadlines for their loan transactions.

Furthermore, Amentum Holdings LLC, Virtusa Corp., FloWorks International and Ontic (Bleriot US Bidco Inc.) announced price talk with launch, and Del Monte, BCP Renaissance Parent LLC and Solera Holdings LLC joined this week’s new issue calendar.

Ankura hits secondary

Ankura Consulting Group’s fungible $75 million incremental covenant-lite first-lien term loan due March 2028 (B2/B-) began trading, with levels quoted at par bid, par ½ offered, according to a market source.

Pricing on the incremental term loan is SOFR+CSA plus 450 basis points with a 0.75% floor and it was sold at an original issue discount of 99.75. CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

During syndication, the discount on the incremental term loan was tightened from 99.5.

Deutsche Bank Securities Inc., Jefferies LLC, MUFG, Truist, Capital One and BofA Securities Inc. are leading the deal that will be used to fund future acquisitions.

With this transaction, pricing on the company’s existing first-lien term loan is being amended to SOFR+CSA plus 450 bps with a 0.75% floor from Libor plus 450 bps with a 0.75% Libor floor.

Closing is expected during the week of Feb. 7.

Pro forma for the transaction, the first-lien term loan will total $539 million.

Ankura is a specialty consulting platform.

Symplr retranches

Switching to the primary market, symplr Software lifted its fungible incremental covenant-lite first-lien term loan due December 2027 to $300 million from $250 million and scaled back its privately placed second-lien term loan to $40 million from $90 million, a market source remarked.

As before, the incremental first-lien term loan is priced at SOFR+10 bps CSA plus 450 bps with a 0.75% floor and an original issue discount of 99.75.

Recommitments were due at 3:30 p.m. ET on Tuesday, the source added.

Credit Suisse Securities (USA) LLC is leading the deal that will fund the acquisition of Midas Health Analytics Solutions, a provider of clinical and analytics transformation software solutions, from Conduent Inc.

Closing is expected this quarter, subject to customary conditions and regulatory approvals.

With this transaction, pricing on the company’s existing first-lien term loan will transition to SOFR+10 bps CSA plus 450 bps with a 0.75% floor from Libor plus 450 bps with a 0.75% Libor floor.

symplr is a Houston-based provider of health care governance, risk and compliance software solutions.

Dessert revised

Dessert Holdings raised its fungible incremental covenant-lite first-lien term loan to $455 million from $430 million and set the original issue discount at 99.5, the tight end of the 99.25 to 99.5 talk, a market source said.

The company also reduced its fungible incremental covenant-lite second-lien term loan to $110 million from $135 million and firmed the discount at 98.27, the wide end of the 98.27 to 98.5 talk, the source continued.

Like the existing term loans, the incremental first-lien term loan is priced at Libor plus 400 bps with a 0.75% Libor floor and the incremental second-lien term loan is priced at Libor plus 725 bps with a 0.75% Libor floor.

The incremental and existing first-lien term loans are getting 101 soft call protection for six months.

The loans include hardwired fallback language, with a CSA of 11.5 bps for one-month SOFR, 26.2 bps for three months and 42.8 bps for six months.

Dessert lead banks

Antares Capital, Barclays, BMO Capital Markets, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., KKR Capital Markets, MUFG, Prospect Capital, RBC Capital Markets, SMBC and Stifel are leading Dessert Holdings’ debt financing.

Recommitments are due at noon ET on Wednesday and allocations are expected in the afternoon, the source added.

The loans will be used with incremental equity from Bain Capital to finance a strategic acquisition that closed last year.

Dessert Holdings is a St. Paul, Minn.-based desserts manufacturer.

Apex tweaks timing

Apex Tool accelerated the commitment deadline for its $855 million seven-year senior secured first-lien term loan (B1/B-) to noon ET on Wednesday from noon ET on Thursday, according to a market source.

Talk on the term loan is SOFR+CSA plus 525 bps to 550 bps with a 0.5% floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

The company is also getting a $350 million privately placed second-lien term loan.

Barclays is leading the deal that will be used with new cash equity from Bain Capital to refinance the company’s existing capital structure.

Apex Tool is a Sparks, Md.-based manufacturer and supplier of hand and power tools for industrial, commercial and demanding do-it-yourself applications.

Rinchem accelerated

Rinchem moved up the commitment deadline for its $300 million seven-year term loan B to noon ET on Friday from noon ET on Feb. 9, a market source remarked.

Talk on the term loan is SOFR plus 475 bps with a 0.5% floor, an original issue discount of 99 and 101 soft call protection for six months.

The company’s $335 million of credit facilities (B3/B-) also include a $35 million five-year revolver.

RBC Capital Markets, Barclays, Deutsche Bank Securities Inc. and Macquarie Capital (USA) Inc. are leading the deal that will be used to help fund the buyout of the company by Stonepeak.

Closing is expected in the first quarter, subject to regulatory approvals and other customary conditions.

Rinchem is an Albuquerque-based specialty warehousing and logistics company.

Amentum guidance

Amentum held its lender call on Tuesday afternoon and, shortly before the call began, talk on its $1.293 billion incremental first-lien term loan (B1/B) due 2029 emerged at SOFR plus 425 bps with a 0.5% floor, an original issue discount of 99.5 and 101 soft call protection for six months, according to a market source.

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

JPMorgan Chase Bank is leading the deal that will be used with equity to fund the acquisition of PAE Inc. for $10.05 per share in cash. The transaction is valued at about $1.9 billion, including the assumption of debt and certain fees.

Closing is expected this quarter, subject to PAE shareholder approval and other customary conditions, including regulatory approvals.

Amentum is a Germantown, Md.-based technical and engineering services partner. PAE is a Falls Church, Va.-based provider of operational solutions and outsourced services to meet the needs of the U.S. government, other allied governments, international organizations and companies.

Virtusa holds call

Virtusa hosted a lender call at 11 a.m. ET on Tuesday, launching a $590 million seven-year term loan (B) talked at SOFR+CSA plus 375 bps to 400 bps with a 0.75% floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months, a market source said.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

Commitments are due at 5 p.m. ET on Feb. 8, the source added.

BofA Securities Inc., Barclays, Goldman Sachs Bank USA, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and Nomura are leading the deal that will be used to fund a distribution to shareholders.

Virtusa is a Southborough, Mass.-based provider of digital strategy, digital engineering, and IT services and solutions that help clients change and disrupt markets through innovation engineering.

FloWorks proposed terms

FloWorks launched on its morning call its $270 million seven-year term loan B (B3) at talk of SOFR+10 bps CSA plus 575 bps with a 0.5% floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

The company’s $330 million of credit facilities also include a $60 million ABL revolver.

Commitments are due at noon ET on Feb. 15, the source added.

RBC Capital Markets LLC, UBS Investment Bank, Jefferies LLC, Wells Fargo Securities LLC, BNP Paribas Securities Corp. and Audax are leading the deal that will be used to support the acquisition of SemiTorr Group, which was completed on Dec. 27, and to refinance existing debt.

FloWorks is a specialty flow control distribution platform backed by Clearlake Capital Group LP. SemiTorr is a Tualatin, Ore.-based specialty fluid handling systems and components distributor.

Ontic OID talk

Ontic came out with original issue discount talk of 99.5 to 99.75 on its fungible $80 million incremental covenant-lite first-lien term loan due October 2026 that launched with an afternoon call, a market source remarked.

Pricing on the incremental term loan is Libor plus 400 bps with a 0% Libor floor, in line with existing term loan pricing.

Commitments are due at noon ET on Feb. 8, the source added.

Nomura Securities is the left lead on the deal, which will be used to repay revolver borrowings, fund cash to the balance sheet, and pay fees and expenses.

Ontic is a provider of OEM-licensed parts and aftermarket services for mature aerospace and defense platforms.

Del Monte on deck

Del Monte set a lender call for 11 a.m. ET on Wednesday to launch a $525 million term loan B (B), according to a market source.

Goldman Sachs Bank USA, JPMorgan Chase Bank, Wells Fargo Securities LLC, BMO Capital Markets, MUFG and Capital One are leading the deal that will be used to refinance the company’s existing capital structure.

Del Monte is a producer, distributor and marketer of plant-based food products.

BCP joins calendar

BCP Renaissance scheduled a lender call for 11 a.m. ET on Wednesday to launch a roughly $1.083 billion term loan B-1 due Oct. 31, 2026, a market source said.

Talk on the term loan is SOFR plus 350 bps with a 1% floor, the source continued. Original issue discount talk is not yet available.

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

Jefferies LLC and Morgan Stanley Senior Funding Inc. are leading the deal.

Of the total term loan amount, about $57 million is a fungible incremental term loan B-1 that will refinance existing debt and about $1.026 billion is an amendment and maturity extension of the existing term loan B-1.

BCP Renaissance is the owner of a 32.435% interest in the Rover Pipeline, which transports natural gas from the Marcellus and Utica Shale production areas.

Solera coming soon

Solera scheduled a lender call for 11 a.m. ET on Wednesday to launch a fungible $300 million add-on term loan B due June 2028 talked with an original issue discount of 99 to 99.5, according to a market source.

Pricing on the add-on term loan is Libor plus 400 bps with a 0.5% Libor floor.

Commitments are due at noon ET on Feb. 8, the source added.

JPMorgan Chase Bank is the lead on the deal. Goldman Sachs is the administrative agent.

The loan will be used to fund the acquisition of Spireon, a device-independent telematics and connected vehicle intelligence company, from Greenbriar Equity Fund.

Closing is expected this quarter, subject to customary conditions and regulatory approval.

Solera is a Westlake, Tex.-based provider of integrated vehicle lifecycle and fleet management software-as-a-service, data and services.

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