Endurance, International Seaways, Superior Industries, Medical Solutions, Atkins prep deals

By Sara Rosenberg

New York, May 26 – Endurance International Group (EIG Investors Corp.), International Seaways Inc., Superior Industries International Inc. and Medical Solutions are all getting ready to bring new loan transactions to market during the week of May 29, and, based on a filing with the Securities and Exchange Commission, so is Atkins Nutritionals Inc.

Endurance International is set to hold a bank meeting at 1:30 p.m. ET in New York on Tuesday to launch a $1,697,000,000 first-lien term loan due February 2023 that includes a 1% Libor floor and 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on June 8.

Credit Suisse Securities (USA) LLC is the left lead arranger on the deal.

Proceeds will be used to refinance existing first-lien term loans.

Endurance is a Burlington, Mass.-based provider of cloud-based platform solutions designed to help small and medium-sized businesses succeed online.

International Seaways on deck

International Seaways will host a bank meeting at 2 p.m. ET on Tuesday to launch $600 million in credit facilities, split between a $50 million 4.5-year super-senior revolver and a $550 million five-year senior secured first-lien term loan, market sources previously told Prospect News.

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

Jefferies LLC is the left lead on the deal that will be used to refinance existing bank debt and for general corporate purposes, including fleet renewal and growth.

International Seaways is a New York-based tanker company.

Superior Industries plans meeting

Superior Industries is scheduled to hold a bank meeting at 11 a.m. ET in New York on Wednesday to launch a $400 million seven-year senior secured term loan B.

Based on an 8-K filed with the Securities and Exchange Commission on Thursday, the company is also expected to get a $160 million five-year senior secured revolver.

Citigroup Global Markets Inc. is the left lead arranger on the deal that will be used to help fund the acquisition of Uniwheels AG for an aggregate equity price of about $715 million.

Other funds for the transaction are expected to come from €240 million in senior unsecured notes and $150 million of preferred equity.

Closing on the acquisition is expected on May 30, subject to customary conditions.

Net debt to adjusted EBITDA will be 3.1 times at the close of the transaction.

Superior Industries is a Southfield, Mich.-based manufacturer of aluminum wheels for passenger cars and light-duty vehicles. Uniwheels is a Germany-based supplier and manufacturer of aluminum wheels for the automotive aftermarket.

Medical Solutions readies deal

Medical Solutions is set to hold a bank meeting at 10:30 a.m. ET in New York on May 31 to launch senior secured credit facilities that will be used to help fund its buyout by TPG Growth.

Details on the structure of the credit facilities are not yet available.

The company’s current owner, Beecken Petty O’Keefe & Co., will retain an equity stake in Medical Solutions post-close.

UBS Investment Bank and SunTrust Robinson Humphrey Inc. are leading the debt.

Closing is expected this quarter, subject to standard conditions, including regulatory clearance.

Medical Solutions is an Omaha-based provider of health care staffing solutions for hospitals.

Atkins coming soon

Atkins Nutritionals revealed earlier this month in an 8-K filed with the Securities and Exchange Commission that it plans to hold a lender meeting on Thursday to launch a $200 million seven-year senior secured covenant-light term loan B that includes a 1% Libor floor and 101 soft call protection for six months.

The company’s $275 million in credit facilities also include a $75 million five-year revolver.

Commitments for the term loan are expected to be due on June 9.

Barclays and Goldman Sachs Bank USA are leading the debt that will be used to help fund the combination of Conyers Park Acquisition Corp., a special purpose acquisition company, with Atkins under a new holding company, Simply Good Foods Co. The selling shareholders will be paid $628 million in cash and issued about 10 million rollover shares at close.

Other funds for the transaction will come from cash from Conyers.

Pro forma net secured and net leverage are expected to be 2.2 times.

Closing is targeted for the week of June 12.

Atkins is a Denver-based developer, marketer and seller of nutritional foods and snacking products.

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