Sirius Computer frees up; Froneri, Lamar Media, Authentic Brands changes surface

By Sara Rosenberg

New York, Jan. 28 – Sirius Computer Solutions Inc. (SCS Holdings I Inc.) finalized the spread on its first-lien term loan at the wide end of guidance and then the debt made its way into the secondary market on Tuesday.

In more happenings, Froneri International Ltd. lowered pricing on its second-lien term loans, tightened the issue price on its euro second-lien tranche and firmed the spread on its euro first-lien term loan at the low end of revised talk.

Additionally, Lamar Media Corp. trimmed the spread on its term loan B and set the discount at the wide end of guidance, and Authentic Brands Group LLC (ABG Intermediate Holdings 2 LLC) adjusted the original issue discount on its incremental term loan.

Also, United Planet Fitness (United PF Holdings LLC), Jane Street Group LLC, Aspen Dental Management Inc., RBmedia, Mister Car Wash Holdings Inc. and Veritext LLC (VT TopCo Inc.) released price talk with launch, and Kymera International joined this week’s calendar.

Sirius updated, trades

Sirius set pricing on its $746 million first-lien term loan (Ba3/B) due July 2026 at Libor plus 350 basis points, the high end of the Libor plus 325 bps to 350 bps talk, according to a market source.

As before, the term loan has a 0% Libor floor, a par issue price and 101 soft call protection for six months.

On Tuesday, the term loan broke for trading and levels were quoted at par ¼ bid, par ¾ offered, another source added.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to reprice an existing term loan down from Libor plus 425 bps.

Sirius is a San Antonio-based mission critical IT infrastructure solutions provider.

Froneri revised again

Froneri trimmed pricing on its $245 million eight-year covenant-lite second-lien term loan (B3/B-) and on its €245 million eight-year covenant-lite second-lien term loan (B3/B-) to Libor/Euribor plus 575 bps from revised talk of Libor/Euribor plus 600 bps, and initial talk of Libor plus 700 bps on the U.S. loan and a range of Euribor plus 700 bps to 725 bps on the euro loan, a market source remarked.

Furthermore, the issue price on the euro second-lien term loan was changed to par from revised talk of 99.75 and initial talk of 99. The discount on the U.S. second-lien term loan remained at 99.75, but was changed earlier in syndication from original talk of 99.

As before, the second-lien term loans have a 0% floor and call protection of 102 in year one and 101 in year two.

In addition, the company set pricing on its €2.18 billion seven-year covenant-lite first-lien term loan (B1/B+) at Euribor plus 262.5 bps, the low end of revised talk of Euribor plus 262.5 bps to 275 bps and down from initial talk in the range of Euribor plus 300 bps to 325 bps, the source continued.

The euro first-lien term loan still has a 0% floor, a par issue price and 101 soft call protection for six months.

Froneri U.S. loan

Froneri’s $2.67 billion seven-year covenant-lite first-lien term loan (B1/B+) remained priced at Libor plus 225 bps with a 0% Libor floor and an original issue discount of 99.75, and still has 101 soft call protection for six months.

Previously in syndication, the U.S. first-lien term loan was upsized from a revised amount of $2.16 billion and an initial amount of $1.68 billion, pricing was reduced from Libor plus 300 bps and the discount was tightened from 99.5. Also, the euro first-lien term loan was downsized from €2.3 billion and the issue price was changed from 99.5, the U.S. second-lien term loan was downsized from $355 million, the euro second-lien term loan was downsized from €430 million and a £415 million seven-year covenant-lite first-lien term loan was eliminated.

The company’s credit facilities also include a €600 million multi-currency 6.5-year revolver (B1/B+) priced at Euribor plus 275 bps with a 0% floor.

Commitments for the U.S. debt were due at 5 p.m. ET on Tuesday and commitments for the euro debt are due at 7 a.m. ET on Wednesday.

Froneri lead banks

Credit Suisse is the U.S. physical bookrunner on Froneri’s credit facilities, and Credit Suisse and Goldman Sachs are the European physical bookrunners. BofA Securities Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., HSBC and J.P. Morgan Securities LLC are joint bookrunners. Credit Suisse is the agent.

The new debt will be used to fund the acquisition of Nestle USA’s ice cream business for $4 billion, to refinance existing debt and for general corporate purposes.

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

Froneri, a joint venture between PAI Partners and Nestle, is a U.K.-based ice cream manufacturer.

Lamar flexes

Lamar Media reduced pricing on its $600 million seven-year term loan B to Libor plus 150 bps from Libor plus 175 bps, and set the original issue discount at 99.75, the wide end of the 99.75 to par talk, a market source said.

The term loan still has a 0% Libor floor.

The company also plans on getting a $750 million five-year revolver.

J.P. Morgan Securities LLC is leading the deal that will be used to help refinance an existing term loan A and term loan B, to redeem in full all $510 million of its 5 3/8% senior notes due 2024, to partially repay revolver borrowings and for general corporate purposes.

Lamar is a Baton Rouge, La.-based outdoor advertising company.

Authentic Brands tweaked

Authentic Brands changed the original issue discount on its $400 million incremental term loan (B1) to 99.875 from talk in the range of 99.25 to 99.5, a market source remarked.

The term loan is priced at Libor plus 350 bps.

BofA Securities Inc. is leading the deal that will be used to refinance the company’s second-lien term loan.

Authentic Brands is a New York-based acquirer and manager of consumer brands in the fashion, sports and celebrity/entertainment sectors.

United Planet guidance

Also in the primary market, United Planet Fitness held its call on Tuesday and announced talk on its $525 million seven-year first-lien term loan and $65 million delayed-draw first-lien term loan at Libor plus 400 bps to 425 bps with a 0% Libor floor and an original issue discount of 99, according to a market source.

The delayed-draw term loan has a ticking fee of half the spread from days 45 to 90 and the full spread onwards, and the first-lien term loan debt has 101 soft call protection for one year.

Commitments are due on Feb. 11, the source said.

The company’s $746 million of credit facilities also include a $40 million five-year revolver and a $116 million eight-year privately placed second-lien term loan.

Jefferies LLC, Antares Capital and Fifth Third are leading the deal that will be used to help fund the buyout of the company by American Securities.

United Planet Fitness is an Austin, Tex.-based operator of Planet Fitness Clubs.

Jane holds call

Jane Street hosted a lender call at 2:30 p.m. ET on Tuesday to launch a $1,488,693,467 first-lien term loan B (Ba3/BB-) due January 2025 talked at Libor plus 300 bps with a 0% Libor floor, an original issue discount of 99.5 to 99.75 and 101 soft call protection for six months, a market source remarked.

Commitments/consents are due at 5 p.m. ET on Thursday, the source added.

Morgan Stanley Senior Funding Inc., BofA Securities Inc. and J.P. Morgan Securities LLC are leading the deal that will be used to extend the maturity of an existing term loan B that is priced at Libor plus 300 bps.

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

Aspen details emerge

Aspen Dental Management launched on its afternoon call a repricing of its existing $857 million term loan and a $50 million add-on term loan at talk of Libor plus 250 bps with a step-up to Libor plus 275 bps at 4.75x first-lien net leverage, a 0% Libor floor and 101 soft call protection for six months, according to a market source.

The add-on term 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 Feb. 4.

RBC Capital Markets is leading the deal that will reprice the existing term loan down from Libor plus 275 bps with a step-up to Libor plus 300 bps at 4.75x first-lien net leverage, and fund a dividend.

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

RBmedia proposed terms

RBmedia came out with original issue discount talk of 99.5 on its fungible $350 million add-on first-lien term loan B due Aug. 31, 2025 that launched with a bank meeting in the mornings, a market source said.

The add-on term loan is priced at Libor plus 450 bps with a 0% Libor floor, and has 101 soft call protection for six months.

Commitments are due on Feb. 7, the source added.

Goldman Sachs Bank USA, KKR Capital Markets, Morgan Stanley Senior Funding Inc., ING Capital Markets and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to fund the acquisition of OverDrive Inc., a digital reading platform for libraries and schools, by KKR from Rakuten USA.

RBmedia is a Landover, Md.-based digital audiobook and related spoken-word content producer.

Mister Car sets talk

Mister Car Wash launched on its lender call its $796 million first-lien term loan due May 14, 2026 and $40 million delayed-draw first-lien term loan due May 14, 2026 at talk of Libor plus 300 bps with a 25 bps step-down at 4.25x first-lien net leverage and 101 soft call protection for six months, according to a market source.

Consents are due at noon ET on Feb. 4, the source said.

Jefferies LLC is leading the deal that will be used to reprice existing funded and delayed-draw first-lien term loans down from Libor plus 350 bps with a 25 bps step-down at 4.83x first-lien net leverage.

Mister Car Wash is a Tucson-based car wash company.

Veritext launches

Veritext released talk of Libor plus 350 bps with a 0% Libor floor and a par issue price on its $471 million first-lien term loan due August 2025 that launched with an afternoon call, a market source said.

The term loan is getting 101 soft call protection for six months.

Jefferies LLC is leading the deal that will be used to reprice an existing term loan down from Libor plus 375 bps.

Consents/commitments are due at noon ET on Friday.

Veritext is a Livingston, N.J.-based services provider to the legal industry.

Kymera on deck

Kymera set a bank meeting for 9:30 a.m. ET on Thursday to launch a $165 million incremental first-lien term loan, a market source remarked.

Goldman Sachs Bank USA, HSBC Securities (USA) Inc., KeyBanc Capital Markets and M&T Bank are leading the deal that will be used for mergers and acquisitions.

Kymera is a Research Triangle Park, N.C.-based specialty materials company focused on the copper and aluminum metal powder industry.

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