Sinclair Television, Mavis Tire break; Kroll updates emerge; Quirch accelerates deadline

By Sara Rosenberg

New York, April 13 – Sinclair Television Group Inc. (Sinclair Broadcast Group) widened the issue price on its term loan B-4 before freeing up for trading, and Mavis Tire Express Services TopCo Corp.’s incremental first-lien term loan broke as well.

In other news, Kroll tightened the original issue discount on its incremental first-lien term loan, Quirch Foods Holdings LLC moved up the commitment deadline for its add-on term loan B, and Penn National Gaming Inc. and Vizient Inc. released price talk with launch.

Sinclair modified, frees

Sinclair Television revised the original issue discount on its non-fungible $750 million seven-year term loan B-4 (Ba2/B+) to 97 from talk in the range of 97.5 to 98, according to a market source.

Pricing on the term loan remained at SOFR+CSA plus 375 basis points with a 0% floor, with CSA being 10-bps one-month rate, 15-bps three-month rate and 25-bps six-month rate.

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

On Wednesday, the term loan B-4 made its way into the secondary market, with levels quoted at 97 1/8 bid, 97 5/8 offered, another source added.

JPMorgan Chase Bank is the left lead on the deal that will be used repay a term loan B-1 due Jan. 3, 2024, redeem 5 7/8% notes due 2026 and pay associated breakage, fees and expenses.

The company is also extending the maturity date of its revolver to five years from closing.

Sinclair is a Hunt Valley, Md.-based broadcaster that owns, operates or provides services to 185 television stations in 86 markets.

Mavis starts trading

Mavis Tire’s fungible $315 million incremental first-lien term loan (B2/B-) due May 2028 broke for trading in the afternoon, with levels quoted at 99˝ bid, par offered, a market source remarked.

Pricing on the incremental term loan is SOFR+CSA plus 400 bps with a 0.75% floor and it was sold at an original issue discount of 99.25. CSA is 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

During syndication, the incremental term loan was upsized from $275 million and the discount firmed at the tight end of the 99 to 99.25 talk.

Jefferies LLC is leading the deal that will be used to fund an acquisition, to repay existing revolver borrowings and, due to the recent upsizing, to add cash to the balance sheet.

Along with the incremental term loan, the company is doing a negative consent to convert its existing loans to SOFR+CSA from Libor.

Pro forma for the transaction, the first-lien term loan will total about $2.216 billion.

Mavis is a Millwood, N.Y.-based tire and service retailer.

Kroll revised

In more happenings, Kroll modified the original issue discount on its fungible $225 million incremental first-lien term loan due April 2027 to 99.5 from 99, according to a market source.

Pricing on the incremental term loan is SOFR plus 375 bps with a 1% floor.

Recommitments were due at 5 p.m. ET on Wednesday and allocations are targeted for Thursday, 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, Capital One and Credit Suisse Securities (USA) LLC are leading the deal that will be used to repay revolver borrowings and add cash to the balance sheet.

The company is also seeking through a negative consent amendment to move pricing on its existing term loan due April 2027 to SOFR plus 375 bps with a 1% floor from Libor plus 375 bps with a 1% Libor floor.

Stone Point is the sponsor.

Kroll, previously known as Duff & Phelps, is a New York-based provider of data, technology and insights for risk, governance and growth.

Quirch tweaks timing

Quirch Foods accelerated the commitment deadline for its fungible $100 million add-on term loan B due Oct. 27, 2027 (B3/B) to 10 a.m. ET on Thursday from noon ET on Thursday, a market source said.

Talk on the add-on term loan is SOFR plus 450 bps with a 1% floor, an original issue discount of 99 and 101 soft call protection for six months.

RBC Capital Markets is leading the deal that will be used to repay some ABL borrowings.

With this transaction, pricing on the company’s existing $593 million term loan B will migrate to SOFR plus 450 bps with a 1% floor from Libor plus 450 bps with a 1% Libor floor.

Quirch Foods is a Coral Gables, Fla.-based specialty protein supplier to chain grocery stores.

Penn National guidance

Penn National Gaming held its lender call on Wednesday afternoon and announced price talk on its $1 billion seven-year term loan B (Ba3/BB) at SOFR+10 bps CSA plus 300 bps to 325 bps with a 0.5% floor and an original issue discount of 98.5 to 99, according to a market source.

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

Commitments are due at the end of the day on April 20, the source added.

BofA Securities Inc. is leading the deal that will be used to help refinance existing loans.

Penn National is a Wyomissing, Pa.-based owner and operator of gaming and racing facilities.

Vizient proposed terms

Vizient came out with price talk of SOFR+10 bps CSA plus 250 bps to 275 bps with a 0.5% floor and an original issue discount of 98.5 on its $600 million seven-year term loan B that launched with a call in the afternoon, a market source remarked.

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

The company is also getting a $300 million five-year term loan A.

Commitments are due at noon ET on April 27, the source added.

Barclays, BofA Securities Inc., JPMorgan Chase Bank, BMO Capital Markets, Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc., Citigroup Global Markets Inc., Fifth Third, Truist and Wells Fargo Securities LLC are leading the $900 million of term loans (Ba2/BB+), with Barclays the left lead on the term loan B and BofA the left lead on the term loan A.

The loans will be used to refinance the company’s existing capital structure.

Vizient is an Irving, Tex.-based member driven health care performance improvement company.

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