Signature Aviation revises deadline; Dave & Buster’s, Vertex Aerospace reveal proposed terms

By Sara Rosenberg

New York, June 8 – On the new deal front on Wednesday, Signature Aviation plc (Brown Group Holding LLC) accelerated the commitment deadline for its term loan B-2 as a result of significant demand.

Also, Dave & Buster’s Inc. and Vertex Aerospace Services Corp. released price talk on their loan transactions in connection with their lender calls, and Avaya joined this week’s new issue calendar.

Signature accelerated

Signature Aviation moved up the commitment deadline for its $1.1 billion seven-year term loan B-2 (B1/B+) to noon ET on Thursday from 5 p.m. ET on Thursday, according to a market source.

Talk on the term loan is SOFR plus 400 basis points with a 0.5% floor, an original issue discount of 96, 101 soft call protection for six months and 0 bps CSA.

RBC Capital Markets, Barclays, HSBC Securities (USA) Inc., MUFG, Banco Santander, Truist Securities, JPMorgan Chase Bank, SMBC and Blackstone Securities Partners are leading the deal that will be used to fund the acquisition of the FBO and hangar portfolio of Truman Arnold Cos. (TAC Air).

Signature Aviation is a London-based aviation services company.

Dave & Buster’s talk

Dave & Buster’s held its lender call in the morning, launching its $850 million seven-year covenant-lite term loan B (B1/B) at talk of SOFR+10 bps CSA plus 450 bps with a 0.5% floor and an original issue discount of 96 to 97, according to a market source.

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

Commitments are due at noon ET on June 22.

Deutsche Bank Securities Inc., JPMorgan Chase Bank, BMO Capital Markets, Wells Fargo Securities LLC, Truist, Capital One and Fifth Third are leading the deal that will be used with cash on hand to fund the acquisition of Main Event Entertainment Inc., a Dallas-based family entertainment concept, from Ardent Leisure Group Ltd. and RedBird Capital Partners in a transaction with a total enterprise value of $835 million.

Closing is expected this year, subject to customary conditions, including approval by Ardent Leisure stockholders and regulatory review.

Dave & Buster’s is a Coppell, Tex.-based owner and operator of entertainment and dining venues.

Vertex guidance

Vertex came out with talk of SOFR+10 bps CSA plus 400 bps with a 0.75% floor, an original issue discount of 96 and 101 soft call protection for six months on its non-fungible $260 million incremental term loan B (B1) due Dec. 6, 2028 that launched with a call in the morning, a market source said.

Commitments are due at noon ET on June 22, the source added.

RBC Capital Markets, MUFG, Stifel, US Bank and Citizens Bank are leading the deal, which will be used to support the company’s merger with Vectrus Inc.

Closing is expected in the third quarter.

Vertex is a Madison, Miss.-based defense aerospace company. Vectrus is a Colorado Springs-based military and government services company.

Avaya on deck

Avaya emerged with plans to hold a lender call at 11 a.m. ET on Thursday to launch a $500 million first-lien term loan, according to a market source.

Goldman Sachs Bank USA is the left lead on the deal that will be used to prefund the refinancing of the company’s existing $350 million convertible debt due June 2023, to provide additional liquidity for general corporate purposes and to pay transaction fees and expenses.

Avaya is a Santa Clara, Calif.-based provider of communication software and services for enterprises.

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