HealthChannels frees up; CareCentrix revised; Ceridian, Aspen, International Car reveal talk

By Sara Rosenberg

New York, March 27 – HealthChannels Inc.’s credit facilities made their way into the secondary market on Tuesday, with the first-lien term loan seen trading above its original issue discount.

Meanwhile, over in the primary market, CareCentrix Inc. reduced the size of its term loan B and increased the spread.

Also, Ceridian HCM, Aspen Dental Management Inc. and International Car Wash Group disclosed price talk with launch, and Axalta Coating Systems Ltd., Transplace Holdings Inc. and PolyOne Corp. emerged with new deal plans.

HealthChannels frees up

HealthChannels’ credit facilities began trading on Tuesday, with the $250 million seven-year senior secured first-lien term loan quoted at 99¾ bid, par ½ offered, according to a market source.

Pricing on the term loan is Libor plus 450 basis points with a 0% Libor floor and it was sold at an original issue discount of 99.5. The loan has 101 hard call protection for one year with a change of control carve-out.

During syndication, pricing on the term loan was lifted from Libor plus 400 bps, the call protection was revised from a 101 soft call for six months, and other lender friendly documentation modifications were made.

The company’s $270 million of credit facilities (B3/B) also include a $20 million five-year revolver.

Jefferies LLC and Capital One are leading the deal that will be used to refinance existing debt and to fund a distribution to Vesey Street Capital Partners.

HealthChannels is a Fort Lauderdale, Fla.-based medical scribing, care coordination and real-time coding services company.

CareCentrix reworked

Switching to the primary market, CareCentrix trimmed its seven-year first-lien term loan B to $450 million from $570 million and lifted pricing to Libor plus 450 bps from talk in the range of Libor plus 375 bps to 400 bps, a market source said.

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

The company’s now $500 million of senior secured credit facilities also include a $50 million five-year revolver.

Allocations are expected later this week, the source continued.

UBS Investment Bank, Deutsche Bank Securities Inc. and Citizens Bank are leading the deal that will be used to refinance existing debt and fund a dividend payment, the amount of which was reduced with the term loan downsizing, the source added.

Summit Partners is the sponsor.

CareCentrix is a Hartford, Conn.-based home health care benefits manager.

Ceridian reveals talk

Ceridian held its bank meeting on Tuesday, launching its $680 million seven-year covenant-light term loan B at talk of Libor plus 275 bps to 300 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, according to a market source.

The company’s $980 million of credit facilities (B3/B-) also include a $300 million revolver.

Commitments are due at 5 p.m. ET on April 5, the source said.

Deutsche Bank Securities Inc. is the left lead on the deal that will be used to refinance existing debt.

Ceridian is a provider of cloud HCM technology and offers a broad range of human resources software and service solutions.

Aspen Dental launches

Aspen Dental Management came out with talk of Libor plus 325 bps with one step-down, a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months on its $870 million seven-year covenant-light term loan B that launched with an afternoon call, a market source remarked.

The company’s $945 million of senior secured credit facilities also include a $75 million five-year revolver.

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

RBC Capital Markets, Credit Suisse Securities (USA) LLC, BMO Capital Markets, Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC are leading the deal that will be used to refinance the company’s capital structure.

Aspen Dental is an East Syracuse, N.Y.-based dental support organization.

International Car guidance

International Car Wash Group launched on its call a fungible $70 million add-on first-lien term loan B due Oct. 3, 2024 and repricing of its existing $475 million first-lien term loan B due Oct. 3, 2024 at talk of Libor plus 325 bps with a 1% Libor floor and 101 soft call protection for six months, according to a market source.

The add-on loan is talked with an original issue discount of 99.75 and the repricing is offered at par, the source said.

Commitments are due on April 4.

Goldman Sachs Bank USA, Barclays, Jefferies LLC and Credit Suisse Securities (USA) LLC are leading the deal.

The add-on loan will be used to repay revolver borrowings and to pay related fees and expenses, and the repricing will take the existing term loan down from Libor plus 350 bps with a 1% Libor floor.

Additionally, the company is looking to amend its credit agreement to refresh the $100 million incremental basket and reset the unlimited leverage governors to net first-lien leverage ratio and net secured leverage ratio from 0.25 times inside leveraged buyout closing leverage.

International Car Wash is a United Kingdom-based car wash operator.

Axalta joins calendar

Axalta Coating Systems scheduled a lender call for 2 p.m. ET on Wednesday to launch a $475 million add-on term loan B due June 1, 2024 and a repricing of its existing $1.96 billion term loan B due June 1, 2024, a market source remarked.

Barclays and Deutsche Bank Securities Inc. are leading the deal.

The add-on loan will be used to refinance an existing €396 million term loan B due 2023.

Axalta is a Philadelphia-based manufacturer, marketer and distributor of high-performance coatings systems.

Transplace on deck

Transplace set a lender call for 2 p.m. ET on Wednesday to launch a fungible $25 million add-on senior secured first-lien term loan and a repricing of its existing $400 million senior secured first-lien term loan, according to a market source.

Goldman Sachs Bank USA is leading the deal.

The add-on term loan will be used to pay down $25 million of second-lien borrowings, the source said.

Transplace is a Frisco, Texas-based provider of highly configurable transportation management solutions, with a complementary suite of specialized third-party logistics services.

PolyOne readies deal

PolyOne will hold a lender call on Wednesday to launch a $637.5 million term loan talked at Libor plus 175 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, a market source said.

SunTrust Robinson Humphrey Inc. is leading the deal that will be used to reprice an existing term loan down from Libor plus 200 bps with a 0% Libor floor. Citigroup Global Markets Inc. is the administrative agent.

PolyOne is an Avon Lake, Ohio-based provider of specialized polymer materials, services and solutions.

AES allocates

In other news, AES Corp. allocated on Tuesday its $521,062,500 senior secured covenant-light term loan B (Ba1/BBB-) due May 31, 2022, according to a market source.

The loan priced at talk of Libor plus 175 bps with a 0% Libor floor and a par issue price, and includes 101 soft call protection for six months.

Barclays is leading the deal that will be used to reprice and slightly extend an existing term loan B due May 24, 2022 that is priced at Libor plus 200 bps with a 0.75% Libor floor.

The size of the term loan B excludes a pending 0.25% amortization payment scheduled for Thursday. Post the amortization payment, the loan will total $519,750,500.

Closing is expected on April 3 or April 4.

AES is an Arlington, Va.-based power company.

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