Aspen Dental breaks; Artera Services, WCG Purchaser, HCA, Dynata deal updates surface

By Sara Rosenberg

New York, June 22 – Aspen Dental Management Inc. trimmed the spread on its incremental term loan, defined the pricing step-downs and tightened the original issue discount before freeing up for trading during Tuesday’s market hours.

In more happenings, Artera Services LLC finalized the issue price on its incremental first-lien term loan at the midpoint of revised talk, WCG Purchaser Corp. modified the original issue discount on its incremental first-lien term loan, HCA Inc. downsized its term loan B-14 and changed the issue price, and Dynata revised the original issue discount on its add-on term loan B.

Also, Everi Holdings Inc., TK Elevator, Skillsoft, Joann Inc. and iHeartCommunications Inc. announced price talk with launch, and Resource Label Group (RLG Holdings LLC), Aveanna Healthcare LLC and Topps Co. Inc. emerged with new deal plans.

Aspen flexes, trades

Aspen Dental lowered pricing on its non-fungible $700 million incremental term loan (B2/B) due December 2027 to Libor plus 375 basis points from talk in the range of Libor plus 400 bps to 425 bps and changed the original issue discount to 99.5 from 99, according to a market source.

The company also defined the pricing steps on the term loan as two 25 bps pricing step-downs at 0.5x and 1x inside closing first-lien net leverage, the source said.

As before, the term loan has a 0.5% Libor floor and 101 soft call protection for six months.

Commitments continued to be due at 1 p.m. ET on Tuesday and the term loan started trading in the afternoon, with levels quoted at 99¾ bid, par ¼ offered, a trader added.

RBC Capital Markets is leading the deal that will be used to fund a shareholder distribution.

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

Artera updated

Artera Services set the original issue discount on its $775 million incremental first-lien term loan (B3) due March 6, 2025 at 99.25, the middle of revised talk of 99 to 99.5 and tighter than initial talk of 99, according to a market source.

The incremental term loan is priced at Libor plus 350 bps with a 1% Libor floor, and has 101 soft call protection for six months.

Previously in syndication, the spread on the term loan firmed at the low end of the Libor plus 350 bps to 375 bps talk.

Allocations are expected on Wednesday, the source added.

UBS Investment Bank, BofA Securities Inc., BNP Paribas Securities Corp., Deutsche Bank Securities Inc., Mizuho, BMO Capital Markets, MUFG, Citizens Bank, Antares and Jefferies LLC are leading the deal that will fund the acquisitions of Feeney Utility Services Group, a Boston-based provider of maintenance services to natural gas utilities, and K.R. Swerdfeger Construction, a Pueblo West, Colo.-based heavy civil contractor.

Artera, a portfolio company of Clayton Dubilier & Rice, is an Atlanta-based provider of integrated infrastructure services to the natural gas and electric utility industries.

WCG tweaks loan

WCG Purchaser tightened the original issue discount on its fungible $200 million incremental first-lien term loan due Jan. 8, 2027 to 99.75 from talk in the range of 99 to 99.5, a market source said.

Pricing on the incremental term loan is Libor plus 400 bps with a 1% Libor floor.

Commitments were due at 5 p.m. ET on Tuesday, the source added.

Barclays, Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc., BofA Securities Inc., Jefferies LLC, BMO Capital Markets, UBS Investment Bank, HSBC Securities (USA) Inc. and Golub are leading the deal that will be used to fund an acquisition.

WCG is Princeton, N.J.-based provider of clinical trial optimization solutions.

HCA changes emerge

HCA scaled back its term loan B-14 to $500 million from $1 billion and moved the issue price to par from 99.75, according to a market source.

As before, the term loan is priced at Libor plus 175 bps with a 0% Libor floor and has 101 soft call protection for six months.

BofA Securities Inc. is the left lead on the deal that will be used with bonds and a term loan A to repay existing term loan borrowings.

HCA is a Nashville, Tenn.-based health care services provider.

Dynata tightens

Dynata modified the original issue discount on its fungible $75 million add-on term loan B (B1/B) due December 2024 to 98.25 from talk in the range of 97.5 to 98, a market source remarked.

The add-on term loan is priced at Libor plus 550 bps with a 1% Libor floor, in line with the existing term loan, and has 101 soft call protection for six months.

Recommitments were due at 11:30 a.m. ET on Tuesday and the loan allocated in the afternoon, the source added.

Goldman Sachs Bank USA is leading the deal that will be used to repay borrowings under the company’s existing revolver and fund cash to the company’s balance sheet.

Dynata is a provider of digital data collection for consumer and B2B survey research.

Everi proposed terms

Everi held its call at 11 a.m. ET on Tuesday and, shortly before the call began, price talk on its $600 million seven-year senior secured first-lien term loan emerged at Libor plus 275 bps with a 0.5% Libor floor and an original issue discount of 99.5, according to a market source.

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

The company’s $725 million of credit facilities (Ba2/B+/BB+) also include a $125 million five-year revolver.

Commitments are due at 11 a.m. ET on July 1, the source added.

Jefferies, Barclays, Stifel and Truist are leading the deal that will be used with $400 million of senior notes to refinance existing debt. The company intends to refinance its $35 million revolver due 2022 and $820 million term loan due 2024, prepay in full its $125 million incremental term loan due 2024, and redeem its $285.4 million of unsecured notes due 2025.

Everi is a Las Vegas-based provider of land-based and digital casino gaming content and products, financial technology and player loyalty solutions.

TK Elevator guidance

TK Elevator came out with talk of Libor plus 350 bps to 375 bps with a 0.5% Libor floor and an original issue discount of 99.75 to par on its roughly $2.861 billion senior secured term loan B due July 2027 that launched with a call in the morning, a market source said.

And, talk on the repricing of the company’s’ €1.015 billion senior secured term loan B due July 2027 surfaced at Euribor plus 375 bps with a 0% floor and a discount of 99.75 to par, the source added.

The company is also in market with a new €200 million equivalent add-on term loan.

All of the term loan debt (B1/B+/B+) will have 101 soft call protection for six months.

Commitments and consents are due at 10 a.m. ET on June 29.

Goldman Sachs is the physical bookrunner on the deal. Deutsche Bank is a bookrunner.

The add-on term loan will be used to partially repay existing senior notes, and the repricing will revise the existing U.S. and euro term loan pricing from Libor/Euribor plus 425 bps with a 0% floor.

TK Elevator is an international provider of elevator technology.

Skillsoft details surface

Skillsoft held its call in the afternoon and launched a $480 million seven-year senior secured covenant-lite term loan B (B2/B-) talked at Libor plus 375 bps with a 0.75% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, according to a market source.

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

Citigroup Global Markets Inc., BofA Securities Inc. and JPMorgan Chase Bank are leading the deal that will be used to refinance existing term loan borrowings and repay an existing accounts receivable facility.

Closing is expected in early-to-mid July.

Skillsoft is a Dublin-based provider of cloud-based learning services.

Joann releases talk

Joann disclosed talk of Libor plus 475 bps to 500 bps with a 0.75% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months on its $635 million term loan B (B) that launched with a call in the morning, a market source remarked.

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

BofA Securities Inc. is leading the deal, which will be used to refinance an existing term loan.

Joann is a Hudson, Ohio-based retailer of fabrics and crafts.

iHeart repricing

iHeartCommunications launched on its morning call a repricing of its $402 million incremental term loan at talk of Libor plus 325 bps to 350 bps with a 0.5% Libor 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 Friday, the source added.

BofA Securities Inc. is leading the deal that will reprice the existing incremental term loan down from Libor plus 400 bps with a 0.75% Libor floor.

Currently, the incremental term loan is sized at $447 million, but it is being paid down to $402 million with cash on hand. The company also plans on repaying a portion of its existing $2.075 billion term loan with cash on hand. The total paydown to the term loans is $250 million.

Closing on the repricing is expected in mid-July.

iHeartCommunications is a San Antonio-based media company.

Univision sets deadline

Univision is asking for commitments for its $1.964 billion term loan B due March 2026 by noon ET on June 29, a market source remarked.

As previously reported, talk on the term loan, which launched with a call on Tuesday, is Libor plus 325 bps with a 0.75% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months.

The term loan has a 50 bps step-up in pricing in the event that the merger with ContentCo does not close, 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 due 2026 down from Libor plus 375 bps with a 1% Libor floor.

Univision is a New York-based Spanish-language content and media company.

Resource Label on deck

Resource Label Group set a lender call for noon ET on Wednesday to launch $680 million of credit facilities, according to a market source.

The facilities consist of a $60 million revolver, a $405 million seven-year first-lien term loan, a $90 million delayed-draw first-lien term loan, a $110 million eight-year second-lien term loan and a $15 million delayed-draw second-lien term loan, the source said.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

Commitments are due at 5 p.m. ET on July 1, the source added.

Credit Suisse Securities (USA) LLC, Jefferies LLC, BMO Capital Markets, Nomura and UBS Investment Bank are leading the deal that will be used to help fund the buyout of the company by Ares.

Resource Label Group is a Franklin, Tenn.-based provider of custom label design and printing.

Aveanna joins calendar

Aveanna Healthcare will hold a lender call at 2 p.m. ET on Wednesday to launch $1.06 billion of senior secured term loans, a market source said.

The debt is split between an $860 million seven-year term loan B and a $200 million delayed-draw term loan B, the source added.

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

Barclays is the left leading on the deal that will be used to refinance the company’s existing capital structure.

Aveanna Healthcare is an Atlanta-based home health care company.

Topps coming soon

Topps scheduled a lender call for 11 a.m. ET on Wednesday to launch a $200 million seven-year covenant-lite first-lien term loan, according to a market source.

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

Deutsche Bank Securities Inc., Wells Fargo Securities LLC and JPMorgan Chase Bank are leading the deal that will be used to refinance existing credit facilities.

Topps is a sports and entertainment company with a portfolio of physical trading cards, interactive apps, gifting/payment solutions and confectionary products.

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