Adtalem, Mariner Wealth, SBA Communications break; TMF, ION revised; Ahead DB accelerated

By Sara Rosenberg

New York, Jan. 22 – Adtalem Global Education Inc. firmed pricing on its first-lien term loan B at the low end of talk, and Mariner Wealth Advisors finalized the issue price on its incremental first-lien term loan at the tight end of talk, and then these deals, as well as SBA Communications Corp.’s term loan B, freed to trade on Monday.

In more happenings, TMF Group (TMF Sapphire Bidco BV) trimmed the spread on its U.S. term loan B and removed a step-down, and lowered price talk on its euro term loan B, ION Corporates upsized its add-on term loan B and set the issue price on its repricing term loan B at the tight end of guidance, and Ahead DB moved up the commitment deadline for its incremental first-lien term loan.

Also, Shearer’s Foods (Fiesta Purchaser Inc.), Adient, Herschend Family Entertainment, American Builders & Contractors Supply Co. Inc. (ABC Supply Co. Inc.), Lummus Technology Holdings V LLC, Ankura Consulting Group LLC, Clarivate plc, GMS Inc. (GYP Holdings III Corp.), Ineos Group Holdings, Magnite Inc., IntraFi Network LLC (Nexus Buyer LLC), TransUnion LLC, Garda World Security Corp., Greystar Real Estate Partners and BMC Software all released price talk with launch.

Furthermore, UKG Inc., GoodRx, IQ-EQ (Saphilux Sarl), Help at Home LLC (HAH Group Holding Co. LLC), Argus Media and Husky Injection Molding Systems Ltd. joined this week’s primary calendar.

Adtalem updated, frees

Adtalem Global Education set pricing on its $253 million senior secured covenant-lite first-lien term loan B (Ba3/BB) due Aug. 12, 2028 at SOFR plus 350 bps, the low end of the SOFR plus 350 bps to 375 bps talk, a market source said.

The term loan still has 25 bps pricing step-ups at 1.73x net first-lien leverage and at 2.23x net first-lien leverage, a 0.75% floor, a par issue price and 101 soft call protection for six months.

On Monday, the term loan B broke for trading, with levels quoted at par ¼ bid, par ½ offered, a trader added.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to reprice an existing term loan B that is being paid down from $303 million with cash from the balance sheet in connection with this transaction.

Closing is expected on Friday.

Adtalem is a Chicago-based provider of post-secondary education.

Mariner finalized, breaks

Mariner Wealth Advisors firmed the issue price on its fungible $100 million incremental covenant-lite first-lien term loan (Ba3/B-) due August 2028 at par, the tight end of the 99.75 to par talk, after accelerating the commitment deadline to 2 p.m. ET on Monday from 5 p.m. ET on Monday, according to a market source.

Pricing on the incremental term loan is SOFR+CSA plus 325 bps with a 0.5% floor. CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Late in the day, the term loan made its way into the secondary market, with levels quoted at par bid, par ¼ offered, a trader added.

BMO Capital Markets, RBC Capital Markets and UBS Investment Bank are leading the deal that will be used to reprice an existing non-fungible incremental term loan down from SOFR+CSA plus 425 bps with a 0.5% floor.

Leonard Green & Partners is the sponsor.

Mariner Wealth Advisors is an Overland Park, Kan.-based investment adviser.

SBA hits secondary

SBA Communications’ $2.3 billion seven-year term loan B freed to trade, with levels quoted at 99 7/8 bid, par offered, a market source remarked.

Pricing on the term loan is SOFR plus 200 basis points with a 0% floor and an original issue discount of 99.75. The debt has 101 soft call protection for six months and no CSA.

During syndication, the term loan was upsized from $2 billion and the discount was revised from 99.5.

TD Securities (USA) LLC and Mizuho are the joint lead arrangers on the deal, and are joint bookrunners with Barclays, Citigroup Global Markets Inc., Goldman Sachs Bank USA, JPMorgan Chase Bank and Wells Fargo Securities LLC.

Proceeds will be used with cash on hand and a revolver draw, the amount of which was reduced as a result of the recent term loan upsizing, to refinance an existing roughly $2.4 billion term loan B due April 2025 that is priced at SOFR+10 bps CSA plus 175 bps, and to pay related fees and expenses.

SBA is a Boca Raton, Fla.-based owner and operator of wireless communications infrastructure.

TMF modified

TMF cut pricing on its $400 million term loan B due May 2028 to SOFR plus 400 bps from talk in the range of SOFR plus 425 bps to 450 bps and eliminated a 25 bps step-down at 3.5x leverage, according to market sources.

The company also changed price talk on its €955 million term loan B due May 2028 to a range of Euribor plus 375 bps to 400 bps from a range of Euribor plus 400 bps to 425 bps, sources said.

As before, the euro term loan has 25 bps step-downs at 4x and 3.5x leverage with a six-month margin ratchet holiday, and both term loans have a 0% floor, a par issue price, and 101 soft call protection for six months.

Goldman Sachs is the sole physical bookrunner on the U.S. term loan, with HSBC, Barclays, Deutsche Bank Securities Inc., Jefferies LLC and Nomura passive bookrunners. HSBC is the sole physical bookrunner on the euro term loan, with Goldman Sachs, Barclays, Deutsche Bank, Jefferies LLC and Nomura passive bookrunners. HSBC is the agent.

TMF deadlines

Consents/commitments for TMF’s U.S. loan are due at 9 a.m. ET on Tuesday, extended from 5 p.m. ET on Monday, and consents/commitments for the euro loan are due at 8 a.m. ET on Tuesday, extended from noon ET on Monday, sources added.

The new term loans will be used to reprice an existing U.S. term loan due May 2028 down from SOFR plus 500 bps with a 25 bps step-down at 3.5x leverage and a 0% floor, and an existing euro term loan due May 2028 down from Euribor plus 450 bps with 25 bps step-downs at 4x and 3.5x leverage and a 0% floor.

CVC and ADIA are the sponsors.

TMF Group is an Amsterdam-based provider of legal financial and employee administration services.

ION revised

ION Corporates raised its fungible add-on term loan B due July 2030 to $77 million from $75 million, and finalized the issue price on its $623 million repricing term loan B due July 2030 at par, the tight end of the 99.75 to par talk, a market source remarked.

The original issue discount on the add-on term loan was unchanged at 99.75.

Pricing on the entire $700 million term loan remained at SOFR plus 375 bps with a 0% floor, and the debt still has 101 soft call protection for six months.

Allocations went out on Monday, the source added.

BNP Paribas Securities Corp. is the left lead on the deal. Credit Suisse is the administrative agent.

Proceeds from the U.S. add-on term loan will be used with a fungible €50 million add-on term loan due March 2028 to fund a distribution, put cash on the balance sheet for general corporate purposes, and pay transaction fees and expenses, and the $623 million term loan will be used to reprice an existing term loan down from SOFR plus 425 bps with a 0% floor.

ION is a provider of software and solutions focused on corporate treasury and commodities management.

Ahead tweaks timing

Ahead DB accelerated the commitment deadline for its $600 million seven-year incremental first-lien term loan (B1/B) to noon ET on Wednesday from noon ET on Thursday, a market source said.

Talk on the incremental term loan is SOFR plus 425 bps with a 0.75% floor and an original issue discount of 98.5.

RBC Capital Markets, Deutsche Bank Securities Inc., BMO Capital Markets, Jefferies LLC, KKR Capital Markets, Regions Bank, Truist Securities, Macquarie Capital (USA) Inc., MUFG and Barclays are leading the deal that will be used to help support the acquisition of Computer Design & Integration.

Berkshire Partners and Centerbridge Partners are the sponsors.

Ahead DB is a Chicago-based IT solutions provider of enterprise hardware and software.

Shearer’s Foods guidance

Shearer’s Foods held its lender call on Monday afternoon and announced talk on its $1.22 billion seven-year covenant-lite term loan B (B3/B) at SOFR plus 425 bps to 450 bps with a 0% floor, an original issue discount of 98 and 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on Feb. 1.

Deutsche Bank Securities Inc., UBS Investment Bank, Blue Owl, BMO Capital Markets Corp., BNP Paribas Securities Corp., RBC Capital Markets LLC, TD Securities (USA) LLC, Goldman Sachs Bank USA, Rabobank, Citizens, Macquarie Capital (USA) Inc., Mizuho, Natixis and Stifel are leading the deal that will be used to help fund the buyout of the company by Clayton Dubilier & Rice from Ontario Teachers’ Pension Plan Board.

Shearer’s Foods is a Massillon, Ohio-based contract manufacturer and private label supplier serving the snack industry.

Adient seeks B-2 loan

Adient launched on a noon ET lender call a $635 million seven-year term loan B-2 talked at SOFR plus 275 bps with a 0% floor, an original issue discount of 99.5 and 101 soft call protection for six months, a market source said.

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

BofA Securities Inc. is the left lead on the deal that will be used to refinance an existing term loan B-1 due April 8, 2028 and to pay related fees, expenses and premiums.

Adient is a Plymouth, Mich.-based manufacturer of automotive seating.

Herschend repricing

Herschend Family Entertainment surfaced in the morning with plans to hold a lender call at 2 p.m. ET to launch a $464 million term loan B due August 2028 talked at SOFR plus 300 bps to 325 bps with no CSA, a 0.5% floor, a par issue price and 101 soft call protection for six months, according to a market source.

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

Goldman Sachs Bank USA is the left lead on the deal that will be used to reprice an existing term loan B down from SOFR+ARRC CSA plus 375 bps with a 0.5% floor.

Herschend is a Peachtree Corners, Ga.-based themed-entertainment company that operates theme parks, tourist attractions and resorts.

ABC refinancing

American Builders & Contractors held a lender call at 10 a.m. ET, launching a $1.415 billion seven-year term loan B (Ba2) at talk of SOFR plus 200 bps with a 0% floor, an original issue discount of 99.5 to 99.75 and 101 soft call protection for six months, a market source remarked.

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

BofA Securities Inc. and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to refinance the company’s existing term loans.

American Builders is a distributor of building products.

Lummus hosts call

Lummus, in the morning, announced it would hold a lender call at 2 p.m. ET to launch an extension of its roughly $1 billion first-lien term loan (B+) by 2.5 years to December 2029 at talk of SOFR+CSA plus 350 bps with a 0% floor, an original issue discount of 99.5 and 101 soft call protection for six months, according to a market source. CSA is 11 bps one-month rate, 26 bps three-month rate and 42 bps six-month rate.

The company also expects to extend its existing revolver and letter of credit facility by 2.5 years to December 2027.

Commitments are due at 5 p.m. ET on Jan. 29, the source added.

UBS Investment Bank is the left lead on the deal.

Lummus is a provider of process licenses, engineering services, catalysts and equipment for polymers & petrochemicals, services & supplies, clean fuels and crude-to-chemical, and new ventures.

Ankura launches

Ankura Consulting emerged in the morning with the intention to hold a lender call at 1 p.m. ET to launch a $577.1 million covenant-lite first-lien term loan due March 2028 talked at SOFR plus 400 bps with a 0.75% floor, a par issue price, 101 soft call protection for six months and 0 bps CSA, a market source said.

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

Deutsche Bank Securities Inc. is the left lead on the deal that will be used to reprice an existing $577.1 million first-lien term loan due March 2028 down from SOFR+CSA plus 450 bps with a 0.75% floor. CSA on the existing loan is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Ankura is a specialty consulting platform.

Clarivate comes to market

Clarivate surfaced in the morning with plans to hold a lender call at 10 a.m. ET to launch a $2.15 billion seven-year senior secured covenant-lite term loan B (B1) talked at SOFR plus 275 bps to 300 bps with a 25 bps step-down at corporate ratings of B1/B+ with stable outlooks, a 0% floor, an original issue discount of 99.5, 101 soft call protection for six months and no CSA, according to a market source.

Existing lender commitments are due at 5 p.m. ET on Wednesday and new lender commitments are due at noon ET on Thursday, the source added.

Citigroup Global Markets Inc. and Goldman Sachs Bank USA are leading the deal. BofA Securities Inc. is the administrative agent.

The new loan will be used to combine and extend the maturity of the company’s existing term loan Bs due 2026.

Clarivate is a London-based data and analytics company focused on scientific and academic research and patent intelligence.

GMS repricing

GMS announced in the morning its intention to hold a lender call at 11:30 a.m. ET to launch a $500 million covenant-lite term loan B due May 12, 2030 talked at SOFR plus 225 bps with a 0% floor, an original issue discount of 99.75 to par and 101 soft call protection for six months, a market source remarked.

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

Wells Fargo Securities LLC is the left lead on the deal that will be used to reprice an existing term loan B down from SOFR plus 300 bps with a 0% floor.

GMS is a Tucker, Ga.-based distributor of interior construction products.

Ineos holds call

Ineos emerged early in the day with plans to hold a lender call at 10:30 a.m. ET and management meetings on Tuesday and Wednesday to launch a U.S. seven-year term loan B with a minimum size of $500 million and a euro seven-year term loan B with a minimum size of €300 million, according to a market source.

The company intends to raise €2 billion equivalent across the U.S. and euro term loan Bs (BB/BB+) and other five-year U.S. and euro secured debt.

Talk on the U.S. term loan B is SOFR plus 375 bps to 400 bps with a 0% floor and an original issue discount of 99, and talk on the euro term loan B is Euribor plus 400 bps to 425 bps with a 0% floor and a discount of 99, the source said. Both term loans have 101 soft call protection for six months.

Commitments are due at noon ET on Jan. 30, the source added.

Ineos lead banks

Barclays is the physical bookrunner on Ineos’ U.S. term loan and a joint global coordinator. Barclays, Deutsche Bank and Santander are joint physical bookrunners on the euro term loan and joint global coordinators. Credit Agricole, Goldman Sachs and JPMorgan Chase Bank are joint global coordinators. ABN Amro, Commerzbank, ING, Intesa, KBC, Lloyds and Natwest are mandated lead arrangers. Barclays is the agent.

The new debt will be used to refinance part of the company’s 2025 and 2026 maturities, for acquisition financing and to add cash to the balance sheet to prefund Project One.

Ineos US Finance LLC is the borrower on the U.S. term loan and Ineos Finance plc is the borrower on the euro term loan.

Ineos is a chemical company.

Magnite launches

Magnite came to market in the morning with a $365 million senior secured covenant-lite first-lien term loan B (Ba3/BB-) due January 2031 talked at SOFR plus 450 bps with a 0% floor, an original issue discount of 99 and 101 soft call protection for six months, a market source said.

Commitments are due at 5 p.m. ET on Jan. 30, the source added.

Morgan Stanley Senior Funding Inc., Citigroup Global Markets Inc., Barclays, Capital One, Goldman Sachs Bank USA, MUFG, SVB and Truist Securities are leading the deal that will be used to refinance an existing $351 million term loan B and to pay transaction related fees and expenses.

In addition, the company plans to get a new upsized five-year senior secured revolver to refinance its existing $65 million revolver.

Magnite is a New York-based sellside advertising company.

IntraFi shops incremental

IntraFi launched in the morning a fungible $200 million incremental covenant-lite first-lien term loan B due Dec. 13, 2028 talked with an original issue discount of 98, according to a market source.

Pricing on the incremental term loan is SOFR plus 450 bps with a 0% floor, and the debt has 101 soft call protection through June 2024.

Commitments are due on Wednesday, the source added.

Morgan Stanley Senior Funding Inc. is the left lead on the deal that will be used to fund a shareholder distribution.

Pro forma for the transaction, the term loan B will total $700 million.

IntraFi is an Arlington, Va.-based financial technology solutions provider offering deposit placement and funding services to financial institutions.

TransUnion repricing

TransUnion held a lender call at noon ET, launching a $1.888 billion term loan B-6 due December 2028 at talk of SOFR plus 200 bps with a 0.5% floor, a par issue price and 101 soft call protection for six months, a market source remarked.

Commitments are due at noon ET on Jan. 29, the source added.

JPMorgan Chase Bank is leading the deal. Deutsche Bank Securities Inc. is the administrative agent.

The term loan will be used to reprice an existing term loan down from SOFR+ARRC CSA plus 225 bps with a 0.5% floor.

TransUnion is a Chicago-based information and insights company.

Garda seeks add-on

Garda World Security held a lender call at 11 a.m. ET to launch a fungible $1.438 billion add-on term loan due 2029 talked with an original issue discount of 99.5 to 99.75, according to a market source.

Pricing on the add-on term loan is SOFR plus 425 bps with a 0% floor, in line with existing 2029 term loan pricing, and all of the debt is getting 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on Jan. 29, the source added.

JPMorgan Chase Bank is leading the deal that will be used to refinance an existing term loan B due 2026 that is priced at SOFR+10 bps CSA plus 425 bps with a 0% floor.

Garda is a Montreal-based provider of cash logistics and security solutions.

Greystar hosts call

Greystar Real Estate Partners held a lender call at 1:30 p.m. ET, launching a $494 million term loan due August 2030 at talk of SOFR plus 325 bps with a 0.5% floor and 101 soft call protection for six months, a market source said.

Of the total term loan amount, $449 million is to reprice the company’s existing term loan down from SOFR plus 375 bps with a 0.5% floor and is talked with a par issue price, and $45 million is a fungible add-on for general corporate purposes, including to fund a potential acquisition, is talked with an original issue discount of 99.75.

Commitments are due at 5 p.m. ET on Jan. 29, the source added.

JPMorgan Chase Bank is leading the deal.

Greystar is a Charleston, S.C.-based real estate company.

BMC launches

BMC Software held a lender call at 3 p.m. ET to launch a fungible $375 million add-on first-lien term loan talked with a par issue price, according to a market source.

Pricing on the add-on term loan is SOFR plus 425 bps with a 0% floor.

Commitments are due at 2 p.m. ET on Thursday, the source added.

KKR Capital Markets is the left lead on the deal. Goldman Sachs is the administrative agent.

The add-on term loan will be used with cash on hand to refinance an existing second-lien term loan.

BMC is a Houston-based provider of IT software solutions.

UKG joins calendar

UKG set a lender call for 3 p.m. ET on Tuesday to launch $5.83 billion of credit facilities (B-), a market source remarked.

The facilities consist of a $945 million five-year revolver with a springing first-lien covenant, and a $4.885 billion seven-year covenant-lite first-lien term loan B, the source said.

Nomura, JPMorgan Chase Bank and others to be determined are leading the deal that will be used with $2.5 billion of other secured debt to refinance existing first-lien term loans, pay down a revolver draw, fund cash to the balance sheet, and pay fees and expenses.

UKG is a provider of human capital management solutions based in Weston, Fla., and Lowell, Mass.

GoodRx coming soon

GoodRx will hold a lender call at 11 a.m. ET on Tuesday to launch a $662 million term loan B, according to a market source.

Goldman Sachs Bank USA is the left lead on the deal that will be used to refinance an existing first-lien term loan due October 2025.

The company is also looking to amend its revolver to extend the maturity date, a news release added.

Silver Lake Partners and Francisco Partners are the sponsors.

GoodRx is a Santa Monica, Calif.-based consumer-focused digital healthcare platform.

IQ-EQ readies deal

IQ-EQ scheduled a lender call for 10:45 a.m. ET on Tuesday to launch a $520 million term loan B due July 2028 and a €500 million term loan B due July 2028, a market source said.

Talk on the U.S. term loan is SOFR plus 425 bps with a 0.5% floor and a par issue price, and talk on the euro term loan is Euribor plus 425 bps to 450 bps with a 0% floor and a par issue price, the source continued. Both term loans have 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on Jan. 29 for the U.S. loan and at noon ET on Jan. 29 for the euro loan.

Nomura is the physical bookrunner on the U.S. term loan, and Deutsche Bank Securities Inc., HSBC, NatWest, Goldman Sachs, JPMorgan Chase Bank and Morgan Stanley Senior Funding Inc. are passive bookrunners. Deutsche Bank, HSBC and NatWest are the physical bookrunners on the euro term loan, and Nomura, Goldman Sachs, JPMorgan and Morgan Stanley are passive bookrunners. NatWest is the administrative agent.

The term loans will be used to reprice an existing U.S. term loan B down from SOFR plus 475 bps with 0.5% floor and an existing euro term loan B down from Euribor plus 475 bps with a 0% floor.

IQ-EQ, owned by Astorg Asset Management, is an investor services and independent fund specialist.

Help at Home on deck

Help at Home set a lender call for 9 a.m. ET on Tuesday to launch a fungible $100 million 2022-1/2023-1 incremental first-lien term loan due Oct. 29, 2027 talked with an original issue discount of 99.25 to 99.5, according to a market source.

Pricing on the incremental term loan is SOFR+CSA plus 500 bps with a 1% floor, in line with existing term loan pricing. CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

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

Jefferies LLC is leading the deal that will be used to pay down revolver borrowings and for general corporate purposes.

Pro forma for the transaction, the term loan will total about $430.8 million.

Help at Home is a Chicago-based provider of home care services to complex chronic individuals.

Argus joins calendar

Argus Media will hold a lender call at 11 a.m. ET on Wednesday to launch a $1.2 billion seven-year term loan B (B2) talked at SOFR plus 375 bps with a 0% floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months, a market source remarked.

Commitments are due at noon ET on Jan. 31, the source added.

JPMorgan Chase Bank, Citigroup Global Markets Inc., ING and SMBG are leading the deal that will be used to refinance an existing $479 million term loan B due 2026 and to return capital to certain shareholders.

On Monday, the company announced that Adrian Binks, chairman and chief executive of Argus, along with General Atlantic, an existing Argus minority shareholder, will each consolidate their stakes in Argus, with General Atlantic and Argus itself acquiring shares from current minority shareholder, Hg.

Closing is expected in the next month, subject to appropriate antitrust/merger controls filings.

Argus is a London-based provider of intelligence to the global energy and commodity markets.

Husky sets call

Husky Injection Molding scheduled a lender call for 10 a.m. ET on Tuesday to launch a $1.3 billion five-year covenant-lite term loan B, according to a market source.

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

Commitments are due at 5 p.m. ET on Jan. 31, the source added.

Deutsche Bank Securities Inc., BofA Securities Inc. and others to be announced are leading the loan that will be used with $1.3 billion of senior secured notes and new preferred equity to refinance the company’s existing capital structure, including senior notes due 2026, senior PIK notes due 2025 and credit facilities borrowings, and to pay respective fees and expenses.

Husky is a Bolton, Ont.-based provider of engineered tooling, services and systems primarily to the food and beverage packaging and medical end markets.

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