Zelis, Clarios tweak deals; Inspire, Citadel, Caliber, Jane, DirecTV and more set talk

By Sara Rosenberg

New York, Jan. 8 – In the primary market on Monday, Zelis Payments Buyer Inc. modified spread guidance on its first-lien term loan B and accelerated the commitment deadline, and Clarios Global LP trimmed pricing on its term loan B and finalized the issue price at the tight side of talk.

Also, Inspire Brands Inc. (IRB Holding Corp.), Citadel, Caliber Collision (Wand NewCo 3 Inc.), Jane Street Group LLC, DirecTV Financing LLC, GoDaddy Inc., Calpine Corp., SolarWinds Inc., Corporation Service Co. (CSC), Jeld-Wen Inc., Internet Brands (MH SUB I LLC), Dealer Tire, Arconic Corp., Warner Music Group (WMG Acquisition Corp.), International SOS and Jazz Pharmaceuticals (Jazz Financing Lux Sarl) all released price talk in connection with lender calls/launches.

Furthermore, Kenan Advantage Group Inc., SBA Communications Corp., SeaWorld Parks & Entertainment Inc. and BRP Inc. (Bombardier Recreational Products Inc.) joined this week’s new issue calendar.

Zelis updated

Zelis Payments changed price talk on its $1,977,981,495 senior secured covenant-lite first-lien term loan B (B1/B+) due September 2029 to a range of SOFR plus 275 basis points to 300 bps from a range of SOFR plus 300 bps to 325 bps, according to a market source.

As before, the term loan is still talked with a 0% floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on Tuesday, moved up from 5 p.m. ET on Thursday, the source added.

Morgan Stanley Senior Funding Inc. is the left lead on the deal that will be used to refinance/extend an existing term loan B due September 2026.

Zelis is a Boston-based healthcare technology company, providing a connected platform that bridges the gaps and aligns interests across payers, providers and healthcare consumers.

Clarios flexed

Clarios Global cut pricing on its $2.743 billion term loan B due May 2030 to SOFR plus 300 basis points from SOFR plus 325 bps and set the issue price at par, the tight end of the 99.75 to par talk, a market source said.

The term loan still has a 0% floor and 101 soft call protection for six months.

Recommitments were due at 3:30 p.m. ET on Monday, the source added.

JPMorgan Chase Bank, Bank of Nova Scotia, Barclays, BMO Capital Markets, BNP Paribas Securities Corp., BofA Securities Inc., CIBC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs Bank USA, HSBC Securities (USA) Inc., ING, RBC Capital Markets, Santander, Standard Chartered, TD Securities (USA) LLC, UBS Investment Bank, US Bank and Wells Fargo Securities LLC are leading the deal that will be used to reprice an existing term loan B down from SOFR plus 375 bps with a 0% floor.

Clarios is a Milwaukee-based supplier of low-voltage automotive batteries.

Inspire comes to market

Inspire Brands held a lender call at noon ET on Monday, launching a $4.237 billion first-lien term loan (B2/B+) due Dec. 15, 2027 at talk of SOFR plus 275 bps with no CSA, a 0.75% 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.

Barclays is the left lead on the deal that will be used to reprice an existing $4.237 billion first-lien term loan due Dec. 15, 2027 down from SOFR+CSA plus 300 bps with a 0.75% floor. CSA on the existing loan is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

Inspire Brands is an Atlanta-based multi-brand restaurant company.

Citadel repricing

Citadel, in the morning, set a lender call for 2 p.m. ET to launch a $4.041 billion term loan B due July 2030 talked at SOFR plus 225 bps with no CSA, a 0% floor, an original issue discount of 99.875 to par and 101 soft call protection for six months, a market source remarked.

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

Goldman Sachs Bank USA is the left bookrunner on the deal that will be used to reprice an existing $4.041 billion term loan B due 2030 down from SOFR+ARRC CSA plus 250 bps with a 0% floor.

Citadel is a Miami-based market maker in equities, options and fixed-income products.

Caliber shops loan

Caliber Collision held a lender call at 1 p.m. ET on Monday, launching a $2.525 billion seven-year term loan B (B3/B) at talk of SOFR plus 400 bps to 425 bps with 0 bps CSA, a 0% floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on Jan. 18, the source added.

BofA Securities Inc., Goldman Sachs Bank USA, Deutsche Bank Securities Inc., Mizuho, Truist Securities, RBC Capital Markets, Wells Fargo Securities LLC, BMO Capital Markets, JPMorgan Chase Bank, Jefferies LLC, SMBC and PNC are leading the deal that will be used with $1.25 billion of other secured debt to refinance existing debt and fund a distribution to shareholders.

Caliber Collision is a Lewisville, Tex.-based collision repair company.

Jane Street launches

Jane Street Group held a lender call at 2 p.m. ET to launch a $2.678 billion term loan B due Jan. 26, 2028 talked at SOFR+CSA plus 250 bps with a 0% floor and 101 soft call protection for six months, a market source said.

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

Of the total term loan B amount, $2.378 billion is to reprice an existing term loan B due January 2028 down from SOFR+ARRC CSA plus 275 bps with a 0% floor, and $300 million is a fungible incremental term loan B that will be used for general corporate purposes, including additional trading capital.

The repricing is talked with a par issue price and the new money is talked with an original issue discount of 99.5, the source added.

Commitments are due at 5 p.m. ET on Thursday.

Barclays is the left lead on the deal.

Jane Street is a New York-based liquidity provider and electronic market maker with trading capabilities across asset classes.

DirecTV holds call

DirecTV emerged in the morning with plans to hold a lender call at 3 p.m. ET to launch $1.75 billion of credit facilities (Ba3/BB), according to a market source.

The facilities consist of a $500 million revolver due Aug. 2, 2028, and a $1.25 billion first-lien term loan due Aug. 2, 2029 talked at SOFR+CSA plus 525 bps with a 0.75% floor, an original issue discount of 98.75 and 101 soft call protection for six months, the source said.

CSA is 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 Friday, the source added.

UBS Investment Bank and Barclays are leading the deal that will be used to extend by two years a portion of the company’s existing roughly $3.1 billion first-lien term loan and to extend by two years its existing revolver.

With the extension, proceeds from other secured debt will prepay a portion of the remaining non-extended term loan balance, for a $1.1 billion pro forma term loan balance due August 2027.

DirecTV is a video distribution platform.

GoDaddy guidance

GoDaddy came out with talk of SOFR plus 175 bps to 200 bps with a 0% floor and a par issue price on its $1.75 billion term loan B-5 (Ba1/BB) due November 2029 in connection with its lender call in the morning, a market source remarked.

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

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

RBC Capital Markets, HSBC Securities (USA) Inc., Wells Fargo Securities LLC, BNP Paribas Securities Corp., JPMorgan Chase Bank, Barclays, MUFG, Goldman Sachs Bank USA and Deutsche Bank Securities Inc. are leading the deal that will be used to reprice an existing term loan B-5 due November 2029 from SOFR plus 250 bps with a 0% floor.

GoDaddy is Tempe, Ariz.-based provider of web hosting and domain names.

Calpine refinancing

Calpine surfaced early with plans to hold a lender call at 11 a.m. ET to launch a $925 million seven-year senior secured covenant-lite term loan B-9 talked at SOFR plus 225 bps with a 0% floor, an original issue discount of 99.25 to 99.75 and 101 soft call protection for six months, according to a market source.

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 the lead arranger on the deal. Credit Suisse is the agent.

The new debt will be used to refinance an existing secured term loan B-9 due April 2026 priced at SOFR plus 200 bps with a 0% Libor floor, and to pay related fees and expenses.

Calpine is a Houston-based provider of power generation services.

SolarWinds proposed terms

SolarWinds held its lender call in the morning and announced talk on its $1.1857 billion term loan B due February 2027 at SOFR plus 325 bps with a 0% floor and an original issue discount of 99.75 to par, a market source said.

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

Commitments are due at 10 a.m. ET on Friday.

JPMorgan Chase Bank is leading the deal that will be used to reprice an existing term loan due February 2027 down from SOFR plus 375 bps with a 0% floor. The loan is currently sized at $1.2357 but will be paid down by $50 million in connection with the repricing.

SolarWinds is an Austin, Tex.-based provider of IT network and systems infrastructure management software.

Corporation Service talk

Corporation Service held a lender call at 1 p.m. ET, launching a roughly $983 million term loan B due Nov 3, 2029 at talk of SOFR plus 275 bps to 300 bps with no CSA, a 0.5% floor and a par issue price, according to a market source.

Commitments are due at 10 a.m. ET on Friday, the source added.

BofA Securities Inc. is the left lead on the deal that will be used to reprice an existing term loan B due 2029 down from SOFR+CSA plus 325 bps with a 0.5% floor. CSA on the existing loan is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

Corporation Service is a Wilmington, Del.-based provider of corporate, legal, tax and digital brand services.

Jeld-Wen repricing

Jeld-Wen came out in the morning with plans to hold a lender call at 12:30 p.m. ET to launch a $536.25 million covenant-lite term loan B due July 28, 2028 talked at SOFR+CSA plus 200 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, 42.826 bps six-month rate and 71.513 bps 12-month rate.

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

Wells Fargo Securities LLC is the left lead on the deal that will be used to reprice an existing term loan B down from SOFR+ARRC CSA plus 225 bps with a 0% floor.

Jeld-Wen is a Charlotte, N.C.-based manufacturer of doors, windows and related building products.

Internet Brands details

Internet Brands launched on its afternoon call a fungible $300 million plus add-on term loan B-3 (B1/B) due May 2028 talked with an original issue discount of 98, a market source said.

Like the existing term loan B-3, the add-on is priced at SOFR plus 425 bps with a 0.5% floor.

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

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

RBC Capital Markets and KKR Capital Markets are leading the deal that will be used to refinance existing term loan B-1 and term loan B-2 borrowings.

Pro forma for the transaction, the term loan B-3 will be sized at roughly $4.4 billion.

Internet Brands is an El Segundo, Calif.-based provider of software as a service and traffic driven marketplace/media offerings across health, legal, dental and media verticals.

Dealer Tire holds call

Dealer Tire hosted a lender call at 10:30 a.m. ET on Monday, launching a roughly $1.415 billion term loan B due December 2027 at talk of SOFR plus 375 bps to 400 bps with a 0.5% floor, an original issue discount of 99.5 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.

JPMorgan Chase Bank is leading the deal that will be used to reprice an existing term loan B down from SOFR plus 450 bps with a 0.5% floor.

Dealer Tire is a Cleveland-based manager of replacement tire and parts programs for automotive OEMs.

Arconic launches

Arconic held a lender call at 11 a.m. ET to launch a $1.421 billion term loan B talked at SOFR plus 400 bps with a 0% floor, a par issue price and 101 soft call protection for six months, a market source remarked.

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

JPMorgan Chase Bank is leading the deal that will be used to reprice an existing term loan B down from SOFR plus 450 bps with a 0% floor.

Arconic is a Pittsburgh-based provider of aluminum sheet, plate and extrusions as well as architectural products.

Warner Music hits market

Warner Music held a lender call at 11 a.m. ET, launching a $1.295 billion term loan B due January 2028 talked at SOFR plus 200 bps with a 0% floor and an original issue discount of 99.75 to par, according to a market source.

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

JPMorgan Chase Bank is leading the deal that will be used to reprice an existing term loan down from SOFR+ARRC CSA plus 212.5 bps with a 0% floor.

Warner Music is a New York-based music entertainment company.

International SOS repricing

International SOS hosted a lender call at 1 p.m. ET to launch a $686 million term loan B due September 2028 talked at SOFR plus 325 bps to 350 bps with a 0.5% floor, a par issue price and 101 soft call protection for six months, a market source said.

Commitments are due at 5 p.m. ET on Jan. 16, the source added.

JPMorgan Chase Bank is leading the deal that will be used to reprice an existing term loan down from SOFR plus 375 bps with a 0.5% floor.

International SOS is a provider of assistance and medical services to corporates, governments and other public entities.

Jazz shops loan

Jazz Pharmaceuticals launched during the session without a lender call a roughly $2.723 billion term loan B due May 5, 2028 talked at SOFR+CSA plus 300 bps with a 0.5% floor and a par issue price, 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 are due at noon ET on Friday, the source added.

BofA Securities Inc. is the left lead on the deal that will be used to reprice an existing term loan B due 2028 down from SOFR+ARRC CSA plus 350 bps with a 0.5% floor.

Jazz is a Dublin, Ireland-based biopharmaceutical company.

Kenan on deck

Kenan Advantage Group will hold an investor call at 1 p.m. ET on Tuesday to launch $1.725 billion of credit facilities, according to a market source.

The facilities consist of a $1.525 billion five-year covenant-lite term loan B that has 101 soft call protection for six months, and a $200 million five-year revolver, with a springing maturity 91 days in advance of the term loan B, the source added.

KeyBanc Capital Markets is the left lead on the deal, which will be used to extend existing credit facilities from March 2026 and to pay related fees and expenses.

Kenan Advantage, owned by OMERS, is a North Canton, Ohio-based provider of liquid bulk transportation services to the fuels, chemicals, liquid foods and merchant gas markets.

SBA coming soon

SBA Communications set a lender call for 11 a.m. ET on Tuesday to launch a $2 billion seven-year term loan B, a market source said.

The term loan has 101 soft call protection for six months, the source added.

TD Securities (USA) LLC, Mizuho, Barclays, Citigroup Global Markets Inc., Goldman Sachs Bank USA, JPMorgan Chase Bank and Wells Fargo Securities LLC are leading the deal that will be used with cash on hand to refinance an existing term loan B due April 2025 priced at SOFR+10 bps CSA plus 175 bps.

SBA is a Boca Raton, Fla.-based owner and operator of wireless communications infrastructure.

SeaWorld joins calendar

SeaWorld scheduled a lender call for 11 a.m. ET on Tuesday to launch a $1.173 billion term loan B due August 2028, a market source remarked.

Talk on the term loan is SOFR plus 225 bps to 250 bps with a 0.5% floor, a par issue price and 101 soft call protection for six months, the source added.

Commitments are due at 5 p.m. ET on Thursday.

JPMorgan Chase Bank is leading the deal that will be used to reprice an existing term loan down from SOFR+ARRC CSA plus 300 bps with a 0.5% floor.

SeaWorld is an Orlando, Fla.-based theme park and entertainment company.

BRP readies deal

BRP set a lender call for 2 p.m. ET on Tuesday to launch a $750 million term loan B-4 due January 2031, according to a market source.

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

BMO Capital Markets, RBC Capital Markets, TD Securities (USA) LLC, Citigroup Global Markets Inc., National Bank of Canada and CIBC are leading the deal that will be used to amend and extend a portion of the company’s existing roughly $1.466 billion term loan B-1 due May 2027.

BRP is a Valcourt, Quebec-based designer, manufacturer, distributor and marketer of motorized recreational vehicles and powersports engines.

Fund flows

In other news, actively managed loan fund flows on Friday were negative $5 million and loan ETFs were negative $6 million, sources said.

Outflows for loan funds in 2023 totaled $17.7 billion, with positive $3.8 billion ETFs, sources added.

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