TKC Holdings breaks; Vivid Seats, Access CIG changes surface; MHS Holdings updates timing

By Sara Rosenberg

New York, June 11 – TKC Holdings Inc. added a pricing grid to its term loan and then the debt made its way into the secondary market on Monday.

In more happenings, Vivid Seats LLC increased the size of its incremental first-lien term loan, Access CIG LLC tightened the issue prices on its incremental first-and second-lien term loans, and MHS Holdings Inc. accelerated the commitment deadline on its add-on term loan B.

Also, Novolex (Flex Acquisition Co. Inc.), Alvogen Pharma US Inc., HALO Branded Solutions and EnergySolutions LLC released price talk with launch.

Furthermore, Invenergy Thermal Operating I LLC, Energizer Holdings Inc., St. George’s University, MeridianLink Inc./CRIF Lending Solutions, DXP Enterprises Inc., Aveanna Healthcare LLC, Vestcom International, iStar Inc., Tradesmen International LLC and Globalfoundries joined this week’s primary calendar.

TKC tweaked, frees up

TKC Holdings added a step-up in pricing to its $1,277,398,492 first-lien term loan (B2/B) due Feb. 1, 2023 to Libor plus 425 basis points if ratings are worse than B3/B- with a stable outlook and leverage is higher than 6.5 times, according to a market source.

Initial pricing on the term loan remained at Libor plus 375 bps with a 1% Libor floor and a par issue price.

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

After terms finalized, the loan broke for trading and levels were quoted at par bid, par 3/8 offered, a trader added.

Jefferies LLC and KKR Capital Markets are leading the deal that will be used to reprice an existing term loan down from Libor plus 425 bps with a 1% Libor floor.

TKC is a St. Louis-based provider of commissary, food service and related technology products to the corrections industry, and a provider of in-room coffee service to hotels and motels.

Vivid upsizes

Vivid Seats upsized its fungible incremental first-lien term loan due June 30, 2024 to $115 million from $80 million, a market source said.

The incremental loan is still priced at Libor plus 350 bps with a 1% Libor floor, in line with the existing term loan, and has an original issue discount of 99.5 and 101 soft call protection for six months.

Recommitments are due at noon ET on Tuesday, the source added.

Barclays is the left lead on the deal that will be used to refinance existing second-lien term loan borrowings.

Vivid Seats is a Chicago-based secondary ticket marketplace for live sports, concerts and theater events.

Access CIG adjusts price

Access CIG revised the issue price on its fungible $85 million incremental first-lien term loan (B2/B) due February 2025 to par from talk of 99.75 and on its fungible $20 million incremental second-lien term loan (Caa2/CCC+) due February 2026 to 99.75 from 99.5, according to a market source.

As before, like the existing loans, the incremental first-lien term loan is priced at Libor plus 375 bps with a 0% Libor floor and has 101 soft call protection until August 2018, and the incremental second-lien term loan is priced at Libor plus 775 bps with a 0% Libor floor and has hard call protection of 102 until February 2019 and 101 until February 2020.

Recommitments are due at noon ET on Tuesday, the source said.

Jefferies LLC is leading the $105 million in incremental term loans that will be used to help fund an acquisition.

Closing is expected this week.

Access CIG is a Livermore, Calif.-based provider of physical and digital records and information management services.

MHS moves deadline

MHS Holdings accelerated the commitment deadline on its fungible $120 million add-on term loan B due May 1, 2024 to noon ET on Thursday from noon ET on June 19, a market source said.

Pricing on the add-on term loan matches existing term loan pricing at Libor plus 500 bps with a 1% Libor floor. Original issue discount talk on the add-on loan is 99.5 and the debt has 101 soft call protection through Nov. 15.

RBC Capital Markets is the left lead on the deal that will be used for an acquisition.

Thomas H. Lee Partners LP is the sponsor.

MHS is a Louisville, Ky.-based provider of e-commerce infrastructure.

Novolex sets guidance

Also in the primary market, Novolex held its bank meeting on Monday and shortly before the event kicked off, price talk was announced on its $1.3 billion seven-year incremental first-lien term loan (B1/B) at Libor plus 325 bps with a 0% 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.

Commitments are due on June 26.

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Jefferies LLC, Goldman Sachs Bank USA, Citigroup Global Markets Inc. and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to fund the acquisition of the Waddington Group from Newell Brands Inc.

Novolex, a Carlyle portfolio company, is a Hartsville, S.C.-based packaging company that serves the retail, grocery, food service, hospitality, institutional and industrial markets. Waddington is a Covington, Ky.-based manufacturer and marketer of packaging and disposables serving the foodservice, bakery, deli, produce and confectionery markets.

Alvogen reveals talk

Alvogen Pharma came out with talk of Libor plus 450 bps with a 1% Libor floor, a par issue price and 101 soft call protection for six months on its $1,013,674,154 senior secured covenant-light term loan B due April 2, 2022 that launched with an afternoon call, a market source remarked.

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

Morgan Stanley Senior Funding Inc. and Jefferies LLC are leading the deal that will be used to reprice an existing term loan B due 2022 down from Libor plus 500 bps with a 1% Libor floor.

Alvogen is a developer and manufacturer of generic drugs, and provider of contract manufacturing, development and research services to large branded pharma companies.

HALO launches

HALO Branded Solutions launched retail syndication of its $420 million of credit facilities that consist of a $50 million revolver (B1/B) due 2023, a $205 million first-lien term loan (B1/B) due 2025, a $90 million delayed-draw first-lien term loan (B1/B) due 2025 and a $75 million second-lien term loan (Caa1/CCC+) due 2026, a market source said.

Talk on the first-lien term loan debt is Libor plus 375 basis points to 400 bps with a 0% Libor floor and an original issue discount of 99.5, and talk on the second-lien term loan is Libor plus 800 bps with a 0% Libor floor and a discount of 99, the source added.

Commitments are due on June 22.

Antares Capital, SunTrust Robinson Humphrey Inc., Citizens and KKR Capital Markets are leading the deal that will be used to help fund the buyout of the company by TPG Growth and management.

Closing is expected in the second quarter, subject to customary conditions, including regulatory approval.

HALO is a Sterling, Ill.-based marketing services platform that distributes promotional products and provides employee recognition services.

EnergySolutions seeks add-on

EnergySolutions launched in the morning a fungible $50 million incremental covenant-light term loan B due May 2025 talked at Libor plus 375 bps with a 1% Libor floor, a par issue price and 101 soft call protection until November, according to a market source.

Commitments are due at 2 p.m. ET on Tuesday, the source said.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to pay a dividend to shareholders.

EnergySolutions is a Salt Lake City-based nuclear services company.

Invenergy readies deal

Invenergy Thermal Operating set a bank meeting for 10 a.m. ET in New York on Wednesday to launch a $350 million seven-year first-lien term loan that has 101 soft call protection for six months, a market source remarked.

Commitments are due at 5 p.m. ET on June 27, the source added.

Credit Suisse Securities (USA) LLC and Goldman Sachs Bank USA are leading the deal that will be used to refinance existing debt.

Invenergy is a Chicago-based operator of power generation facilities.

Energizer coming soon

Energizer surfaced with plans to hold a bank meeting on Tuesday to launch a $1 billion seven-year term loan B talked at Libor plus 250 bps with a 0% Libor floor, an original issue discount of 99.5 to 99.75 and 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on June 20, the source said.

J.P. Morgan Securities LLC is the left lead on the deal that will be used to help fund the $2 billion acquisition of Spectrum Brands’ Global Battery and Portable Lighting Business and to refinance Energizer’s existing credit facilities.

The company’s $1.6 billion of credit facilities (BB+) are also expected to include a $400 million revolver and a $200 million term loan A.

Closing is expected before year-end, subject to regulatory approvals and customary conditions.

Energizer is a St. Louis-based manufacturer of primary batteries and portable lighting products.

St. George’s timing emerges

St. George’s University scheduled a lender call for 11 a.m. ET on Wednesday to launch its previously announced $885 million in term loans, a market source said.

The debt consists of a $675 million term loan B and a $210 million delayed-draw term loan B.

Goldman Sachs Bank USA, Macquarie Capital (USA) Inc., Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc., Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc. are leading the deal that will be used to refinance an existing term loan B and fund an acquisition.

St. George’s is a Grenada, West Indies-based educational institution providing students with medical degrees as well as veterinary and liberal arts graduate and undergraduate degrees.

MeridianLink/CRIF on deck

MeridianLink /CRIF Lending Solutions will hold a bank meeting in New York on Thursday to launch $350 million of first-lien credit facilities, according to a market source.

Antares Capital and Golub Capital are leading the deal that will be used to help fund the buyout of MeridianLink and CRIF by Thoma Bravo LLC.

Costa Mesa, Calif.-based MeridianLink and Atlanta-based CRIF provide mission-critical software platforms that allow financial institutions to automate loan and deposit origination workflows, improve loan decisioning, and access data services providers.

DXP repricing

DXP Enterprises scheduled a lender call for 3 p.m. ET on Wednesday to launch a $248,750,000 senior secured term loan, a market source remarked.

Goldman Sachs Bank USA is leading the deal that will be used to reprice an existing term loan.

DXP is a Houston-based provider of maintenance, repair, operating products, equipment and services to industrial customers.

Aveanna plans call

Aveanna Healthcare set a lender call for Wednesday to launch $221 million in term loans, according to a market source.

The debt consists of a $171 million incremental first-lien term loan and a $50 million first-lien delayed-draw term loan, the source said.

Barclays and BMO Capital Markets are leading the deal that will be used to fund the acquisition of Premier Healthcare Services LLC.

Closing is expected in mid to late June.

Bain Capital is the sponsor.

Aveanna Healthcare is an Atlanta-based pediatric home health care company. Premier Healthcare is a Pasadena, Calif.-based provider of pediatric services.

Vestcom joins calendar

Vestcom International scheduled a lender call for Thursday to launch a $90 million incremental term loan B (B2) and a refinancing of its existing $340 million term loan B (B2), a market source said.

The financing will also include a $20 million incremental revolver (B2) and a privately placed $34 million incremental second-lien term loan, the source added.

Antares Capital is leading the deal.

Vestcom, a portfolio company of Charlesbank Capital Partners, is a Little Rock, Ark.-based provider of outsourced shelf-edge information and media solutions.

iStar refinancing

iStar will hold a lender call on Tuesday to launch a $650 million term loan due June 2023 talked at Libor plus 250 bps to 275 bps with a 0% Libor floor, an original issue discount of 99.875 and 101 soft call protection for six months, according to a market source.

J.P. Morgan Securities LLC, Barclays, Bank of America Merrill Lynch and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to refinance an existing $376 million term loan due October 2021 and redeem a portion of the company’s $770 million senior unsecured notes due July 2019.

iStar is a New York-based investor and developer of real estate and real estate related projects.

Tradesmen readies incremental

Tradesmen International set a lender call for 11 a.m. ET on Tuesday to launch a $40 million incremental first-lien term loan due February 2024, according to a market source.

The incremental loan is priced at Libor plus 450 bps with a 1% Libor floor, in line with existing first-lien term loan pricing, and has 101 soft call protection for six months, the source said. Original issue discount talk is not yet available.

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

Deutsche Bank Securities Inc. is the left lead on the deal that will be used to refinance second-lien term loan borrowings.

Including the incremental, the first-lien term loan will total $397 million.

Tradesmen is a Macedonia, Ohio-based agency-based provider of outsourced skilled craftsmen to non-residential construction and industrial contractors.

Globalfoundries on deck

Globalfoundries will hold a lender call on Tuesday to launch a $2.1 billion seven-year term loan talked at Libor plus 275 bps to 300 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, a market source said.

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

J.P. Morgan Securities LLC is leading the deal that will be used to refinance existing debt and for general corporate purposes.

Globalfoundries is a full-service semiconductor foundry.

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