AmWINS, MoneyGram, Atlantic Aviation break; American Trailer, MedData updates emerge

By Sara Rosenberg

New York, July 14 – AmWINS Group Inc. increased the size of its add-on term loan B and set the original issue discount within talk, and then the debt made its way into the secondary market on Wednesday.

Also, MoneyGram International Inc. set the spread and issue price on its term loan B at the tight side of guidance before breaking for trading, and Atlantic Aviation’s bank debt freed up as well.

In more happenings, American Trailer World Corp. downsized its add-on first-lien term loan and firmed the original issue discount at the middle of talk, and MedData Inc. finalized the spread on its term loan B at the low end of guidance.

Furthermore, Yahoo (Verizon Media) and Healthcare Royalty Inc. (HCRX Investments HoldCo LP) accelerated the commitment deadlines for their term loans.

Additionally, Rough Country, Switch, Upstream Rehab (Upstream Holdco Inc.) and Jane Street Group LLC disclosed price talk with launch, and RxBenefits Inc. (RXB Holdings Inc.) and Allen Media LLC joined this week’s primary calendar.

AmWINS upsizes, trades

AmWINS raised its fungible add-on term loan B (Ba3/B+) due February 2028 to $600 million from $500 million and firmed the original issue discount at 98.75, within the 98.56 to 99 talk, a market source remarked.

The add-on term loan is priced at Libor plus 225 basis points with a 0.75% Libor floor, in line with the existing term loan B, and has 101 soft call protection for six months.

Recommitments were due at 12:15 p.m. ET on Wednesday and the add-on term loan began trading later in the day, with levels quoted at 98¾ bid, 99¼ offered, a trader added.

Goldman Sachs Bank USA, Barclays, Wells Fargo Securities LLC, Morgan Stanley Senior Funding Inc. and JPMorgan Chase Bank are leading the deal that will be used with $790 million of senior unsecured notes, downsized from $890 million, to repay existing senior notes, to pay related transaction expenses, to make restricted payments of up to $750 million, and for general corporate purposes, including to fund one or more acquisitions. The company plans to determine the amount of restricted payments based on available acquisition opportunities.

AmWINS is a Charlotte, N.C.-based specialty insurance broker.

MoneyGram updated

MoneyGram firmed pricing on its $400 million five-year term loan B (B2/B) at Libor plus 450 bps, the low end of the Libor plus 450 bps to 475 bps talk, and set the original issue discount at 99.5, the tight end of the 99 to 99.5 talk, a market source said.

The term loan still has a 0.5% Libor floor and 101 soft call protection for six months.

During the session, the term loan B freed up, with levels quoted at 99 7/8 bid, par 3/8 offered, another source added.

BofA Securities Inc., Wells Fargo Securities LLC and United Texas Bank are leading the deal that will be used with $415 million of senior secured notes to refinance existing first-and second-lien term loans.

MoneyGram is a Dallas-based money transfer company.

Atlantic Aviation frees up

Atlantic Aviation’s bank debt broke for trading, with the $1.35 billion seven-year first-lien term loan (B1/B+) quoted at par bid, par ¼ offered and the $350 million eight-year second-lien term loan (Caa1/CCC+) quoted at par ½ bid, 101½ offered, according to a trader.

Pricing on the first-lien term loan is Libor plus 300 bps with one leverage-based step-down and one initial public offering-based step-down, and a 0.5% Libor floor. The debt was sold at an original issue discount of 99.75 and has 101 soft call protection for six months.

The second-lien term loan is priced at Libor plus 575 bps with one initial public offering-based step-down and a 0.5% Libor floor. This tranche was issued at a discount of 99.5 and has hard call protection of 102 in year one and 101 in year two.

The company’s $1.925 billion of credit facilities also include a $225 million five-year revolver (B1/B+).

During syndication, the first-lien term loan was upsized from $1.3 billion to add additional cash to the balance sheet, the spread firmed at the low end of the Libor plus 300 bps to 325 bps talk and the discount was tightened from 99.5. In addition, the spread on the second-lien term loan was lowered from talk in the range of Libor plus 600 bps to 625 bps.

Atlantic being acquired

Proceeds from Atlantic Aviation’s credit facilities will be used to help fund its buyout by KKR from Macquarie Infrastructure Corp. for $4.475 billion in cash and assumed debt and reorganization obligations.

Jefferies LLC, KKR Capital Markets, Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc., HSBC Securities (USA) Inc., Mizuho, BNP Paribas Securities Corp., ING, Societe Generale, SMBC and Wells Fargo Securities LLC are leading the deal, with Jefferies the left lead on the first-lien term loan and KKR the left lead on the second-lien term loan.

Closing is expected in the fourth quarter, subject to customary regulatory approvals and approval from Macquarie Infrastructure shareholders.

Atlantic Aviation is an operator of fixed base operations, providing a full suite of critical services to the private aviation sector.

American Trailer tweaked

Back in the primary market, American Trailer World scaled back its fungible add-on first-lien term loan (B3/B) due March 5, 2028 to $350 million from $475 million and finalized the original issue discount at 98.75, the midpoint of the 98.5 to 99 talk, a market source remarked.

Furthermore, the pricing step-down on the add-on term loan was changed to 25 bps at 3.6x net first-lien leverage, stepping back up if leverage exceeds 3.6x, from a permanent 25 bps upon 3.6x total net leverage, and some changes were made to documentation, the source added.

Pricing on the add-on term loan is Libor plus 375 bps with a 0.75% Libor floor, in line with existing term loan pricing, and the debt is getting 101 soft call protection for six months.

Recommitments were due at 2 p.m. ET on Wednesday.

Goldman Sachs Bank USA, Barclays, Truist and Regions Bank are leading the deal that will be used to fund a distribution to shareholders.

American Trailer, a Bain Capital Private Equity portfolio company, is a Richardson, Tex.-based manufacturer and distributor of professional grade trailers, consumer grade trailers, truck equipment and retail parts.

MedData firms

MedData set the spread on its $230 million term loan B (B3/B-) at Libor plus 500 bps, the low end of the Libor plus 500 bps to 525 bps talk, according to a market source.

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.

KeyBanc Capital Markets is leading the deal that will be used to fund an acquisition and to refinance existing debt.

MedData is a Spring, Tex.-based provider of medical revenue cycle management services.

Yahoo moves deadline

Yahoo accelerated the commitment deadline for its $750 million six-year term loan B and $750 million six-year high-yield style term loan B to noon ET on Tuesday from noon ET on July 21, a market source remarked.

Talk on the term loan B and on the high-yield style term loan B is Libor plus 600 bps with a 0.75% Libor floor and an original issue discount of 98.

The term loan B has 101 soft call protection for six months, and the high-yield style term loan B is non-callable for two years, then callable at par plus 50% of the margin in year three and callable at par plus 25% of the margin in year four.

The company’s $1.65 billion of credit facilities (B/BB+) also include a $150 million five-year revolver.

Yahoo lead banks

RBC Capital Markets, Barclays, BMO Capital Markets, Deutsche Bank Securities Inc., Mizuho Securities USA LLC and Jefferies LLC are leading Yahoo’s credit facilities.

Proceeds will be used with $500 million of privately placed HoldCo notes to help fund the buyout of Verizon Media by Apollo Global Management Inc. from Verizon for $4.25 billion in cash and preferred interests of $750 million. Verizon will receive and retain a 10% stake in the company.

Verizon Media will be known as Yahoo at the close of the transaction.

Closing is expected in the second half of this year, subject to certain closing conditions.

Yahoo is a technology and media company comprised of brands such as Yahoo and AOL.

Healthcare Royalty accelerated

Healthcare Royalty moved up the commitment deadline for its $750 million seven-year senior secured covenant-lite term loan B (Ba2//BBB-) to noon ET on Thursday from noon ET on Friday, a market source said.

Talk on the term loan is Libor plus 250 bps to 275 bps with a 0.5% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, Truist, BMO Capital Markets, SVB, Raymond James and Stifel are leading the deal that will be used with $750 million of unsecured notes and initial public offering proceeds to repurchase Holdings LP class B units as part of a reorganization buyback transaction.

The company also plans on getting a new senior secured revolver.

Closing is expected late this month.

Healthcare Royalty is a Stamford, Conn.-based royalty acquisition company focused on the biopharmaceutical industry.

Rough Country guidance

Rough Country held its call on Wednesday morning and announced price talk on its $555 million covenant-lite first-lien term loan (B1/B-) and $205 million covenant-lite second-lien term loan (Caa1/CCC), according to a market source.

Talk on the first-lien term loan is Libor plus 375 bps to 400 bps with a 0.75% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, and talk on the second-lien term loan is Libor plus 700 bps with a 0.75% Libor floor, a discount of 99 to 99.5 and call protection of 102 in year one and 101 in year two, the source said.

The company’s $810 million of credit facilities also include a $50 million revolver (B1/B-).

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

Golub Capital and Jefferies LLC are leading the deal.

Rough Country buyout

Rough Country will use its new credit facilities to help fund its acquisition by TSG Consumer Partners from Gridiron Capital. Upon closing, Gridiron Capital and Rough Country management will remain significant investors in the company.

Closing is expected early in the third quarter.

Rough Country is a Dyersburg, Tenn.-based provider of aftermarket performance-enhancing products and accessories to the truck, Jeep and SUV enthusiast market.

Switch reveals talk

Switch launched on its call its $400 million seven-year term loan B at talk of Libor plus 200 bps to 225 bps with a 0% Libor 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 July 22, another source added.

BMO Capital Markets, Wells Fargo Securities LLC, Goldman Sachs Bank USA and JPMorgan Chase Bank are leading the deal that will be used to amend and extend an existing term loan B due 2024.

Switch is a Las Vegas-based developer and operator of data centers.

Upstream proposed OID

Upstream Rehab came out with original issue discount talk of 99.5 on its fungible $310 million covenant-lite incremental first-lien term loan (B2/B) due November 2026 shortly before its afternoon lender call began, according to a market source.

Pricing on the incremental term loan is Libor plus 450 bps with a 25 bps step-down at 5.65x total net leverage and a 0% Libor floor, in line with existing first-lien term loan pricing, and the debt is getting 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on July 21.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to fund the acquisition of Results Physiotherapy, a Nashville-based provider of physical therapy services.

Pro forma for the transaction, the first-lien term loan will total $883 million.

Upstream Rehab is a Birmingham, Ala.-based provider of outpatient rehabilitation services.

Jane Street holds call

Jane Street Group hosted a lender call in the afternoon to launch a fungible $300 million add-on term loan B (BB-) talked with an original issue discount of 99, a market source remarked.

Pricing on the add-on term loan is Libor plus 275 bps with a 0% Libor floor.

Commitments are due at 5 p.m. ET on July 20, the source added.

JPMorgan Chase Bank is leading the deal that will be used to enhance liquidity.

Jane Street is a New York-based quantitative trading firm with a focus on technology and collaborative problem solving.

RxBenefits on deck

RxBenefits set a lender call for 11 a.m. ET on Thursday to launch a $415 million first-lien term loan due Dec. 18, 2027, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Barclays, Deutsche Bank Securities Inc. and Goldman Sachs Bank USA are leading the deal that will be used with a privately placed $45 million add-on second-lien term loan and rollover equity to fund an acquisition and refinance existing debt.

Advent International and Great Hill Partners are the sponsors.

RxBenefits is a Birmingham, Ala.-based pharmacy benefits optimizer for the employee benefit industry.

Allen Media readies deal

Allen Media will hold a lender call at 12:30 p.m. ET on Thursday to launch a fungible $210 million add-on term loan B, a market source said.

RBC Capital Markets is leading the deal that will be used to help fund the acquisition of certain television stations owned by Quincy Media Inc. for $380 million.

Closing is expected on the third quarter.

Allen Media is a Los Angeles-based media, content and technology company.

Navitas allocates

In other news, Navitas Midstream Midland Basin LLC allocated its fungible roughly $90 million incremental senior secured term loan B due Dec. 13, 2024 and repriced roughly $685 million senior secured term loan B due Dec. 13, 2024, according to a market source.

Pricing on the term loan debt (B3/B/B+) is Libor plus 400 bps with a 0.75% Libor floor. The debt has 101 soft call protection for six months. The original issue discount on $50 million of the incremental term loan is 99.5, and the issue price on the remaining roughly $40 million of the incremental loan and on the repriced term loan is par.

The incremental term loan will be used to repay a $39.2 million term loan B-2 priced at Libor plus 450 bps with a 1% Libor floor and retire up to $50 million of series D equity units. The repricing of the existing term loan B will take pricing down from Libor plus 450 bps with a 1% Libor floor.

Jefferies LLC, Barclays and PNC Capital Markets are leading the deal.

Navitas is a The Woodlands, Tex.-based natural gas gathering and processing company.

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