Forcepoint, Guidehouse, Jefferies Finance, Everi free to trade; Authentic Brands updated

By Sara Rosenberg

New York, Feb. 1 – Forcepoint increased the size of its first-lien term loan, lowered the spread, added a step-down and tightened the original issue discount, and then the debt made its way into the secondary market on Monday.

Also, Guidehouse finalized the original issue discount on its incremental first-lien term loan at the tight end of guidance before breaking for trading, and deals from Jefferies Finance LLC and Everi Payments Inc. freed up as well.

In more happenings, Authentic Brands Group LLC firmed the spread on its first-lien term loan at the high end of talk, and ION Analytics and LogMeIn Inc. accelerated the commitment deadlines for their term loans.

Furthermore, Jadex Inc. and Kindred Healthcare LLC released price talk with launch, and Thryv Inc., Ziply Fiber, Dentalcorp Health Services ULC, Cotiviti Inc., Wheel Pros Inc. and Qlik Technologies Inc. (Project Alpha Intermediate Holding Inc.) joined this week’s primary calendar.

Forcepoint reworked, trades

Forcepoint raised its seven-year covenant-lite first-lien term loan to $575 million from $525 million, cut pricing to Libor plus 450 basis points from talk in the range of Libor plus 475 bps to 500 bps, added a 25 bps step-down at 4x first-lien gross leverage and changed the original issue discount to 99.25 from 98.5, according to a market source.

The term loan still has a 0.5% Libor floor and 101 soft call protection for six months.

The company’s now $650 million of credit facilities (B3/B-/B+) also include a $75 million revolver.

Recommitments were due at noon ET on Monday and the term loan freed up in the afternoon, with levels quoted at 99½ bid, par ¼ offered, another source added.

Credit Suisse Securities (USA) LLC, UBS Investment Bank, Deutsche Bank Securities Inc. and Nomura are leading the deal that will be used to support the buyout of the company by Francisco Partners from Raytheon Technologies, which was completed in January.

The equity for the transaction was reduced by $50 million as a result of the term loan upsizing.

Forcepoint is an Austin, Tex.-based provider of cybersecurity solutions.

Guidehouse updated, breaks

Guidehouse firmed the original issue discount on its fungible $305 million incremental first-lien term loan due May 2025 at 99.75, the tight end of the 99.5 to 99.75 talk, a market source remarked.

As before, pricing on the incremental term loan and repricing of the company’s existing $939 million first-lien term loan is Libor plus 400 bps with a 0% Libor floor, the repricing has a par issue price and all of the debt has 101 soft call protection for six months.

The term loan debt made its way into the secondary market late in the day, with levels quoted at par ¼ bid, par ¾ offered, a trader added.

RBC Capital Markets is leading the deal.

The incremental term loan will be used to repay second-lien term loan borrowings, and the repricing will take the existing first-lien term loan down from Libor plus 450 bps with a 0% Libor floor.

Guidehouse is a provider of management consulting services to government clients.

Jefferies frees up

Jefferies Finance’s $1,087,875,000 senior secured term loan (Ba3) due June 3, 2026 broke for trading as well, with levels quoted at 99¾ bid, par ¼ offered, a market source said.

Pricing on the term loan is Libor plus 300 bps with a 25 bps ratio-based step-down and a 0% Libor floor. The debt was issued at par and has 101 soft call protection until Sept. 30.

Jefferies LLC, Citigroup Global Markets Inc. and HSBC Securities (USA) Inc. are leading the deal that will be used to reprice an existing $738,750,000 term loan, and reprice and amend an existing $349,125,000 incremental term loan to become coterminous and fungible with the term loan due June 2026.

Lenders in the $349.1 million incremental term loan were offered a 50 bps consent fee to reprice and shorten the tenor to June 2026, but the existing spread will remain until March 31.

Jefferies Finance is a New York-based leveraged loan arranger and investor with over $12 billion of managed capital equally owned by Jefferies Group LLC and Massachusetts Mutual Life Insurance Co.

Everi hits secondary

Everi Payments’ roughly $735.5 million first-lien term loan (B1/B+/BB) due May 9, 2024 began trading too, with levels quoted at 99¾ bid, par ¼ offered, according to a market source.

Pricing on the term loan is Libor plus 275 bps with a 0.75% Libor floor and it was issued at par. The debt has 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 275 bps with a 1% Libor floor, meaning it is just the Libor floor that will be changing through this transaction.

Everi is a Las Vegas-based provider of video and mechanical reel gaming content and solutions, integrated gaming payment solutions and compliance and efficiency software solutions.

Authentic firms spread

Back in the primary market, Authentic Brands set pricing on its $1.597 billion first-lien term loan at Libor plus 325 bps, the wide end of the Libor plus 300 bps to 325 bps guidance, a market source remarked.

The term loan still has a 0.75% Libor floor, a par issue price and 101 soft call protection for six months.

Allocations are expected on Tuesday, the source added.

BofA Securities Inc. is leading the deal that will be used to reprice an existing term loan down from Libor plus 350 bps with a 1% Libor floor.

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

ION revises deadline

ION Analytics moved up the commitment deadline for its $850 million seven-year first-lien covenant-lite term loan to noon ET on Wednesday from 5 p.m. ET on Friday and on its €865 million seven-year first-lien covenant-lite term loan to 9 a.m. ET on Wednesday from noon ET on Friday, a market source said.

Price talk on the U.S. term loan is Libor plus 425 bps with a 0.5% Libor floor and an original issue discount of 99, and talk on the euro term loan is Euribor plus 425 bps with a 0% floor and a discount of 98.5. The term loans have 101 soft call protection for six months.

Credit Suisse is the global coordinator on the deal, and Credit Suisse and UBS Investment Bank are the joint bookrunners.

Proceeds will be used to refinance existing debt and pay transaction fees and expenses.

London-based ION Analytics was formed through the combination of Dealogic and Acuris, two providers of capital markets data, content and intelligence.

LogMeIn accelerated

LogMeIn moved up the commitment deadline for its fungible $200 million incremental senior secured first-lien term loan B due Aug. 31, 2027 to noon ET on Tuesday from noon ET on Thursday, according to a market source.

Pricing on the incremental term loan is Libor plus 475 bps with a 0% Libor floor, in line with existing term loan pricing, and the new debt is talked with an original issue discount of 99 to 99.5 and 101 soft call protection through August.

Barclays, RBC Capital Markets, Deutsche Bank Securities Inc., Jefferies LLC and Mizuho Bank Ltd. are leading the deal that will be used to repay $200 million of the company’s $500 million second-lien term loan due 2028.

Francisco Partners is the sponsor.

LogMeIn is a Boston-based provider of cloud-based connectivity.

Jadex holds call

Jadex surfaced in the morning with plans to hold a lender call at 3 p.m. ET on Monday to launch $510 million of credit facilities (B2/B-), a market source remarked.

The facilities consist of a $60 million revolver and a $450 million seven-year covenant-lite first-lien term loan, the source said.

Talk on the term loan is Libor plus 450 bps to 475 bps with a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on Feb. 11, the source added.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to refinance an existing term loan and fund a shareholder distribution.

Jadex, formerly known as Process Solutions, is a Greer, S.C.-based advanced manufacturing and materials sciences company.

Kindred repricing

Kindred Healthcare held a lender call at 2 p.m. ET to launch a $599 million term loan talked at Libor plus 450 bps with a 0% 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.

J.P. Morgan Securities LLC is leading the deal that will be used to reprice an existing term loan down from Libor plus 500 bps with a 0% Libor floor.

Kindred Healthcare is a Louisville, Ky.-based health care services company.

Thryv on deck

Thryv set a lender call for 10 a.m. ET on Tuesday to launch a $700 million five-year term loan B, a market source remarked.

Talk on the term loan is Libor plus 850 bps with a 1% Libor floor, an original issue discount of 98 and 101 soft call protection for one year, the source added.

Commitments are due at noon ET on Feb. 11.

Wells Fargo Securities LLC is leading the deal that will be used to refinance existing debt, fund the acquisition of Sensis Holding Ltd., a provider of marketing solutions serving small- to medium-sized businesses in Australia, and pay related transaction fees and expenses.

Thryv is a Dallas-based provider of print and digital marketing solutions and Software as a Service end-to-end customer experience tools to small-to medium-sized businesses.

Ziply joins calendar

Ziply Fiber scheduled a lender call for 11 a.m. ET on Tuesday to launch a $500 million first-lien term loan B due April 2027 talked at Libor plus 375 bps to 400 bps with a 0% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months, according to a market source.

Commitments are due at 5 p.m. ET on Feb. 8, the source added.

Goldman Sachs Bank USA and BofA Securities Inc. are leading the deal that will be used with $300 million of new senior unsecured debt to refinance and reprice an existing $787 million first-lien term loan B due 2027 priced at Libor plus 550 bps with a 0% Libor floor.

Searchlight Capital Partners & Wave Division Capital are the sponsors.

Ziply Fiber is an Everett, Wash.-based provider of communications services over a combined fiber and copper-based network.

Dentalcorp readies deal

Dentalcorp will hold a lender call at 10 a.m. ET on Tuesday to launch $100 million of incremental term loans, a market source said.

The debt is split between a fungible $75 million incremental first-lien term loan due June 2025 talked with an original issue discount of 99.03 and a fungible $25 million incremental second-lien term loan due June 2026 talked with a discount of 99.5, the source continued.

Like the company’s existing term loan, the incremental first-lien loan is priced at Libor plus 375 bps with a 0% Libor floor and the incremental second-lien loan is priced at Libor plus 750 bps with a 0% Libor floor.

Jefferies LLC is leading the deal that will be used to fund cash to the balance sheet for acquisitions.

Existing lenders are being offered a 10 bps consent fee for a one-time waiver of debt incurrence tests to allow for the incremental term loans.

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

Dentalcorp is a dental support organization in Canada providing a full spectrum of dental services.

Cotiviti coming soon

Cotiviti emerged with plans to hold a lender call at 2 p.m. ET on Tuesday to launch a fungible $550 million add-on term loan, according to a market source.

Commitments are due at noon ET on Feb. 11, the source added.

J.P. Morgan Securities LLC is leading the deal that will be used to fund the acquisition of HMS’ capabilities focused on the commercial, Medicare, and federal markets

Pricing on the company’s existing term loan is Libor plus 450 bps with a 0% Libor floor.

In December, HMS announced that it is being acquired by Veritas Capital for $37 per share in cash, or about $3.4 billion. Veritas-backed Gainwell Technologies will acquire the HMS capabilities focused on the Medicaid market, including solutions delivered to states and managed care organizations, while, as noted above, Veritas-backed Cotiviti will acquire the HMS capabilities focused on the commercial, Medicare and federal markets.

Closing is expected in the first half of this year, subject to the approval of HMS shareholders and the satisfaction of customary conditions, including regulatory approvals.

Cotiviti is a South Jordan, Utah-based health care analytics company.

Wheel Pros sets call

Wheel Pros scheduled a lender call for 10:30 a.m. ET on Tuesday to launch a $200 million incremental first-lien term loan, a market source remarked.

UBS Investment Bank and Jefferies LLC are leading the deal that will be used to repay a second-lien term loan.

Wheel Pros, a Clearlake Capital portfolio company, is a Denver-based distributor of proprietary branded wheels and performance tires.

Qlik on deck

Qlik Technologies set a lender call for 1 p.m. ET on Tuesday to launch a $1,418,200,000 term loan B, according to a market source.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to reprice and combine an existing $960,175,000 term loan B-1 and an existing $458,025,000 term loan B-2.

Qlik is a King of Prussia, Pa.-based data analytics company.

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