Arterra Wines, Potters Industries tweak deals; Mirion, First Brands update loan timing

By Sara Rosenberg

New York, Nov. 18 – Arterra Wines Canada Inc. revised on Wednesday its U.S. and Canadian term loan sizes and pricing, and tightened the original issue discount on the U.S. piece, and Potters Industries LLC lowered the spread on its first-lien term loan.

And, in other happenings, Mirion Technologies Inc. and First Brands Group LLC accelerated the commitment deadlines for their term loans, and RailWorks LLC, Duff & Phelps and Anchor Packaging LLC released price talk with launch.

Arterra changes emerge

Arterra Wines Canada scaled back its U.S. seven-year covenant-lite first-lien term loan to $455 million (C$596 million equivalent) from C$660 million U.S. dollar equivalent, cut pricing to Libor plus 350 basis points from Libor plus 400 bps and adjusted the original issue discount to 99.25 from 99, according to a market source.

Additionally, the company lifted its Canadian seven-year covenant-lite first-lien term loan to C$118 million from C$50 million and reduced pricing to BA plus 375 bps from BA plus 425 bps, the source said.

Both term loans still have a 0.75% floor and 101 soft call protection for six months, and the Canadian term loan still has an original issue discount of 99.

Recommitments were due at 5 p.m. ET on Wednesday, the source added.

Credit Suisse Securities (USA) LLC, BMO Capital Markets, RBC Capital Markets and Antares Capital are leading the term loans (B1/B) that will be used to refinance existing debt and fund a shareholder distribution.

Arterra Wines is a Mississauga, Ont.-based owner and distributor of wine.

Potters flexes

Potters Industries trimmed pricing on its $390 million seven-year covenant-lite first-lien term loan to Libor plus 400 bps from talk in the range of Libor plus 450 bps to 475 bps, a market source said.

As before, the term loan has a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

The company’s $465 million of credit facilities (B2/B) also include a $75 million revolver.

Recommitments were due at 5 p.m. ET on Wednesday, the source added.

Credit Suisse Securities (USA) LLC, Barclays, Antares Capital, KeyBanc Capital Markets and MUFG are leading the deal that will be used with equity to fund the buyout of the company by The Jordan Co. LP from PQ Group Holdings Inc. for $650 million.

Closing is expected by year-end, subject to customary conditions and regulatory approvals.

Potters is a glass microsphere supplier.

Mirion revises deadline

Mirion moved up the commitment deadline for its fungible $210 million add-on covenant-lite first-lien term loan B due March 6, 2026 to noon ET on Thursday from noon ET on Friday, according to a market source.

Pricing on the add-on term loan is Libor plus 400 bps with a 0% Libor floor, and the debt is talked with an original issue discount of 98.8.

Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA and HSBC Securities (USA) Inc. are leading the deal that will be used to fund the acquisition of Sun Nuclear and pay related fees and expenses.

Mirion Technologies is a San Ramon, Calif.-based provider of radiation detection, measurement, analysis and monitoring solutions to the nuclear power, defense, medical and research end markets.

First Brands accelerated

First Brands changed the commitment deadline for its fungible $220 million incremental first-lien term loan due Feb. 2, 2024 to 3 p.m. ET on Thursday from 3 p.m. ET on Friday, a market source said.

Original issue discount talk on the incremental term loan is in the range of 98.5 to 99.

Pricing on the incremental term loan is Libor plus 750 bps with a 1% Libor floor, in line with existing term loan pricing, and the new debt has the same hard call protection of 102, 101 that is in included in the existing term loan.

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 $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.

RailWorks sets guidance

RailWorks held its lender call on Wednesday morning and announced talk on its $230 million seven-year term loan B at Libor plus 550 bps with a 1% Libor floor, an original issue discount of 98 and 101 soft call protection for six months, a market source remarked.

The company’s $280 million of credit facilities (B1/B) also include a $50 million five-year revolver.

Commitments are due at noon ET on Dec. 2, the source added.

BMO Capital Markets, Citizens Bank and PNC Capital Markets are leading the deal that will be used to finance a small tuck-in acquisition, refinance existing debt and fund a dividend.

RailWorks, a Wind Point Partners portfolio company, is a New York-based provider of engineering and construction services for track and transit systems.

Duff reveals talk

Duff & Phelps came out with original issue discount talk in the range of 99 to 99.5 on its fungible $250 million incremental first-lien term loan B due April 2027 that launched with a call in the afternoon, according to a market source.

Like the existing term loan, the incremental term loan is priced at Libor plus 375 bps with a 1% Libor floor.

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

Goldman Sachs Bank USA, Stone Point Capital Markets, UBS Investment Bank, BofA Securities Inc., Morgan Stanley Senior Funding Inc., KKR Capital Markets, Credit Suisse Securities (USA) LLC, Capital One and Barclays are leading the deal that will be used for tuck-in acquisition financing.

Duff & Phelps is a New York-based independent adviser with expertise in the areas of valuation, corporate finance, disputes and investigations, compliance and regulatory matters, and other governance-related issues.

Anchor proposed terms

Anchor Packaging launched on an afternoon lender call a $155 million incremental covenant-lite first-lien term loan (B2) due July 2026 talked at Libor plus 400 bps with a 0% Libor floor, an original issue discount of 98.79 and 101 soft call protection for six months, a market source said.

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

Credit Suisse Securities (USA) LLC is leading the deal that will be used to repay a second-lien term loan and fund a shareholder distribution.

Anchor Packaging is a Ballwin, Mo.-based producer of polypropylene rigid takeout containers.

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