PG&E breaks; Surgery Partners revised; Nuvei, Iron Mountain, Alliant, CQP and more set talk

By Sara Rosenberg

New York, Dec. 4 – PG&E Corp. reduced pricing on its term loan B and then the debt made its way into the secondary market on Monday, with levels quoted above its original issue discount.

In more happenings, Surgery Partners Inc. (Surgery Center Holdings Inc.) lowered the spread on its first-lien term loan and the expectation is that allocations will go out on Tuesday.

Also, Nuvei Corp., Iron Mountain Information Management LLC, Alliant Holdings Intermediate LLC, CQP Holdco LP, Avolon, Vertiv Group Corp., Arcis Golf LLC, Authentic Brands Group (ABG Intermediate Holdings 2 LLC) and Cvent Holding Corp. (Capstone Borrower Inc.) all released price talk on their term loans in connection with lender calls.

Furthermore, Chobani LLC and IntraFi Network LLC (Nexus Buyer LLC) joined this week’s new issue calendar with incremental term loans.

PG&E flexes, frees

PG&E cut pricing on its term loan B due June 2027 to SOFR plus 250 basis points from talk in the range of SOFR plus 275 bps to 300 bps, according to a market source.

The term loan still has a 0.5% floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Commitments were due at noon ET on Monday, accelerated from 5 p.m. ET, and the term loan B broke for trading in the afternoon, with levels quoted at 99¾ bid, par ¼ offered, another source added.

JPMorgan Chase Bank is leading the deal that will extend an existing term loan B from June 23, 2025.

The existing term loan B is sized at about $2.66 billion, but the company intends to use proceeds from a recent $1.9 billion convertible senior secured notes offering plus cash on hand to prepay $1.9 billion of the term loan B, and may prepay another up to $250 million of the term loan B if the initial purchasers exercise their option to purchase additional convertible notes. The option was exercised, bringing the convertibles to $2.15 billion.

At launch, the extended term loan was sized at $750 million.

PG&E is an Oakland, Calif.-based energy company.

Surgery cuts spread

Surgery Partners trimmed pricing on its $1.4 billion seven-year first-lien term loan to SOFR plus 350 bps from talk in the range of SOFR plus 375 bps to 400 bps, a market source remarked.

As before, the term loan has a 0% floor, an original issue discount of 99 and 101 soft call protection for six months.

Commitments continued to be due at 2 p.m. ET on Monday, the source added.

The company’s 2,103,750,000 senior secured credit facilities (Ba3/B) also include a $703.75 million five-year revolver.

Jefferies LLC, Barclays, JPMorgan Chase Bank, BofA Securities Inc., Wells Fargo Securities LLC, Capital One, RBC Capital Markets, Mizuho, Fifth Third, SVB, KKR Capital Markets and SMBC are leading the deal that will be used to refinance the company’s existing credit facilities.

Surgery Partners is a Nashville, Tenn.-based operator of short-stay surgical facilities.

Nuvei guidance

Nuvei held its lender call on Monday morning and announced talk on its $1.075 billion covenant-lite term loan B (Ba3) due December 2030 at SOFR plus 300 bps to 325 bps with a 0.5% floor, an original issue discount of 98.5 to 99 and 101 soft call protection for six months, a market source said.

Commitments are due at noon ET on Dec. 14, the source added.

BMO Capital Markets, RBC Capital Markets and others to be announced are leading the deal that will be used to refinance the company’s existing reducing revolver and term loan B.

Nuvei is a Montreal-based payment technology company.

Iron Mountain talk

Iron Mountain came out with talk of SOFR plus 250 bps with a 0% floor and an original issue discount of 99 on its $1 billion seven-year senior secured term loan B (BB) that launched with a lender call in the morning, according to a market source.

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

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

Barclays, JPMorgan Chase Bank and others to be announced are the bookrunners on the deal. JPMorgan is the administrative agent.

The new term loan will be used for general corporate purposes, including, but not limited to, the repayment of revolver borrowings, and to pay related fees and expenses.

Iron Mountain is a Portsmouth, N.H.-based information management company.

Alliant launches

Alliant Holdings surfaced early in the morning with the scheduling of a lender call for 3:30 p.m. ET to launch a $2,369,624,281 seven-year senior secured covenant-lite first-lien term loan B-6 (B) talked at SOFR plus 350 bps with a 0.5% floor, an original issue discount of 99.75 and 101 soft call protection for six months, a market source remarked.

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

Morgan Stanley Senior Funding Inc. is leading the deal that will be used with $750 million of senior secured notes to refinance/amend and extend an existing term loan B-4 due 2027 and an existing term loan B-5 due 2027.

Alliant is a Newport Beach, Calif.-based specialty insurance brokerage firm.

CQP holds call

CQP emerged in the morning with plans to hold a lender call at 1 p.m. ET to launch a $2,016,656,091 senior secured first-lien term loan B (B1) due Dec. 31, 2030 talked at SOFR plus 300 bps with a 0.5% 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 Thursday, the source added.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used with $700 million of senior secured notes to refinance/amend and extend an existing term loan B due June 2028.

CQP Holdco is an owner and operator of natural gas facilities.

Avolon comes to market

Avolon scheduled in the morning a lender call for noon ET to launch a roughly $2.334 billion term loan B-6 due June 22, 2028 talked at SOFR plus 200 bps with a 0.5% floor and 101 soft call protection for six months, a market source said.

The transaction will be used to consolidate the Dublin-based aircraft lessor’s existing roughly $656 million term loan B-5 due Dec. 1, 2027 and roughly $1.678 billion term loan B-6 due June 22, 2028 into one tranche and reprice the debt from current pricing of SOFR plus 225 bps with a 0.5% floor on the B-5 tranche and SOFR plus 250 bps with a 0.5% floor on the B-6 tranche.

Original issue discount talk on the consolidated term loan B-6 is 99.5 to 99.75 for existing term loan B-5 lenders and 99.75 to par for existing term loan B-6 lenders, the source said.

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

Deutsche Bank Securities Inc., Barclays, BNP Paribas Securities Corp., Fifth Third, Mizuho, Morgan Stanley Senior Funding Inc., MUFG and Truist Securities are leading the deal.

Vertiv repricing

Vertiv Group came out in the morning with plans to hold a lender call at 1:30 p.m. ET to launch a $2.123 billion senior secured covenant-lite term loan B (Ba3/BB) due March 2027 talked at SOFR+CSA plus 225 bps to 250 bps with a 0% floor, a par issue price and 101 soft call protection for six months, according to a market source.

CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Commitments from existing lenders are due at 5 p.m. ET on Wednesday and commitments from new lenders are due at noon ET on Thursday, the source added.

Citigroup Global Markets Inc. is leading the deal that will be used to reprice an existing term loan B due March 2027 down from SOFR+ARRC CSA plus 275 bps with a 0% floor.

Vertiv is a Westerville, Ohio-based provider of critical digital infrastructure and continuity solutions.

Arcis proposed terms

Arcis Golf announced in the morning plans to hold a lender call at 3:30 p.m. ET to launch a $495 million covenant-lite term loan B due November 2028 talked at SOFR+CSA plus 375 bps with a 0.5% floor, a par issue price and 101 soft call protection for six months, a market source remarked.

CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

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

Deutsche Bank Securities Inc. is the left lead on the deal that will be used to reprice an existing term loan B due November 2028 down from SOFR+ARRC CSA plus 425 bps with a 0.5% floor.

Arcis is a Dallas-based owner and operator in the U.S. golf market with 31 private and 37 daily fee clubs.

Authentic hosts call

Authentic Brands held a lender call at 11 a.m. ET, launching a repricing of its $1.696 billion term loan B-2 due Dec. 21, 2028 at talk of SOFR+CSA plus 350 bps with a 0% floor and a par issue price, according to a market source.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

The repriced term loan B-2 would be fungible with the company’s existing term loan B-1 due Dec. 21, 2028, which is currently priced at SOFR+CSA (10/15/25) plus 350 bps with a 0% floor, resulting in a new total term loan B-1 size of $3.35 billion.

The combined term loan would have 101 soft call protection for six months.

Commitments are due at 4 p.m. ET on Wednesday, the source added.

BofA Securities Inc. is the left lead on the deal that will reprice the term loan B-2 down from SOFR plus 400 bps with a 0% floor.

Authentic Brands is a New York-based brand development, marketing and entertainment company.

Cvent shops add-on

Cvent held a lender call at 12:30 p.m. ET on Monday to launch a fungible $150 million add-on senior secured first-lien covenant-lite term loan B (//BB) due June 15, 2030 talked with an original issue discount of 98.5 to 99, a market source said.

Pricing on the add-on term loan is SOFR plus 375 bps with a 0% floor.

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

Morgan Stanley Senior Funding Inc., UBS Securities LLC, Citizens Bank, Fifth Third, MUFG, RBC Capital Markets and Blackstone are leading the deal that will be used to fund two tuck-in acquisitions and for other general corporate purposes, including working capital and other purposes, and to pay fees and expenses in connection with this transaction.

Cvent is a Tysons, Va.-based provider of meetings, events and hospitality technology.

Chobani on deck

Chobani set a lender call for 11 a.m. ET on Tuesday to launch a non-fungible $550 million incremental term loan B due Oct. 23, 2027, according to a market source.

The term loan has 101 soft call protection for six months, and a ticking fee of half the margin from days 46 to 90 and the full margin thereafter, the source said.

BofA Securities Inc., Goldman Sachs Bank USA, JPMorgan Chase Bank and TD Securities (USA) LLC are leading the deal that is intended to be used to fund an acquisition. However, if the acquisition does not close, the proceeds will be used to repay senior unsecured notes due 2025 at par plus all associated fees and expenses.

Chobani is a food and beverage company known for Greek Yogurt.

IntraFi joins calendar

IntraFi Network will hold a lender call at 10 a.m. ET on Tuesday to launch a $500 million incremental senior secured first-lien term loan B, a market source remarked.

Morgan Stanley Senior Funding Inc. is the left lead on the deal that will be used to fund a shareholder distribution and to repay an existing revolver balance.

IntraFi is an Arlington, Va.-based financial technology solutions provider offering deposit placement and funding services to financial institutions.

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