Parexel, Ryan, International SOS, MKS, Idemia, Conservice break; Imperial, 1-800 revised

By Sara Rosenberg

New York, Jan. 17 – Parexel modified the original issue discount on its add-on term loan B, Ryan Specialty Group LLC firmed the issue price on its term loan B at the tight end of talk, and International SOS finalized the spread on its term loan B at the wide side of guidance, and then these deals freed to trade on Wednesday.

Other deals to make their way into the secondary market during the session included MKS Instruments Inc., Idemia and Conservice Midco LLC.

In more happenings, Imperial Dade (BCPE Empire Holdings Inc.) increased the size of its first-lien term loan, set the spread at the low end of guidance and tightened issue prices for rolled and new money commitments, 1-800 Contacts Inc. upsized its incremental term loan and lowered the spread, and added a repricing of its existing term loan, and Caliber Collision (Wand NewCo 3 Inc.) moved up the commitment deadline for its term loan B.

Also, Novolex (Clydesdale Acquisition Holdings Inc.), Merlin Entertainments plc, SubCom, NGL Energy Operating LLC, Mariner Wealth Advisors, Charter Next Generation Inc., Vistage Worldwide Inc., Mitratech and Sabre Industries (Tiger Acquisition LLC) disclosed price talk with launch.

Furthermore, Waupaca Foundry Inc., Ahead DB, Fitness International LLC, Buckeye Partners LP, Team Services Group LLC, Plusgrade and Tacala Cos. joined this week’s primary calendar.

Parexel tightened, trades

Parexel changed the original issue discount talk on its fungible $600 million add-on term loan B (B2/B) due November 2028 to a range of 99.5 to 99.75 from a range of 99.03 to 99.5, and, following the 10 a.m. ET recommitment deadline, finalized the discount at 99.75, a market source remarked.

Pricing on the add-on term loan is SOFR plus 325 basis points with a 0.5% floor, in line with existing term loan B pricing, and the debt has 101 soft call protection for six months.

Earlier in syndication, the add-on term loan was upsized from $550 million.

The add-on term loan broke for trading in the afternoon, with levels quoted at par 1/8 bid, par ½ offered, another source added.

Goldman Sachs Bank USA, Barclays, UBS Investment Bank, DNB, Jefferies LLC, BofA Securities Inc., BNP Paribas Securities Corp., RBC Capital Markets, ING, PNC and Mizuho are leading the deal that will be used to refinance a portion of the company’s second-lien term loan due November 2029.

Closing is expected during the week of Jan. 22.

EQT and Goldman Sachs Asset Management are the sponsors.

Parexel is a Durham, N.C.-based biopharmaceutical services.

Ryan updated, frees

Ryan Specialty Group finalized the issue price on its $1.597 billion term loan B at par, the tight end of the 99.875 to par talk, according to a market source.

As before, the term loan is priced at SOFR plus 275 bps with a 0.75% floor, and has 101 soft call protection for six months.

The term loan made its way into the secondary market on Wednesday, with levels quoted at par 1/8 bid, par 3/8 offered, another source added.

JPMorgan Chase Bank is leading the deal that will be used to reprice an existing term loan B.

Ryan Specialty is a Chicago-based specialty insurance organization.

International SOS firms, breaks

International SOS set pricing on its $686 million term loan B due September 2028 at SOFR plus 350 bps, the high end of the SOFR plus 325 bps to 350 bps talk, a market source said.

The term loan still has a 0.5% floor, a par issue price and 101 soft call protection for six months.

During the session, the term loan freed to trade, with levels quoted at par bid, par 3/8 offered, another 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.

MKS hits secondary

MKS Instruments’ fungible $500 million add-on term loan B due August 2029 began trading during the session, with levels quoted at par ¼ bid, par 5/8 offered, according to a market source.

Pricing on the U.S. add-on term loan is SOFR plus 250 bps with a 0.5% floor and it was sold at an original issue discount of 99.75.

The company is also getting a fungible €250 million add-on term loan B due August 2029 priced at Euribor plus 300 bps with a 0% floor and issued at a discount of 99.75.

Both loans have 101 soft call protection for six months.

During syndication, the sizes of the tranches were outlined after being launched as a fungible roughly $744 million equivalent U.S. and euro add-on term loan B with the split to be determined, the discount on the U.S. piece was tightened from talk in the range of 99 to 99.5, and the discount on the euro piece was changed from 99.

JPMorgan Chase Bank is leading the deal that will refinance a $744 million term loan A due 2027.

MKS is an Andover, Mass.-based provider of technology solutions to semiconductor manufacturing, electronics and packaging, and specialty industrial applications.

Idemia starts trading

Idemia’s $750 million term loan due September 2028 freed to trade as well, with levels quoted at par 1/8 bid, par ½ offered, a market source said.

Pricing on the term loan is SOFR plus 425 bps with a 0.75% floor and it was issued at par. The debt has 101 soft call protection for six months.

JPMorgan Chase Bank is the physical bookrunner on the deal. BNP Paribas Securities Corp., Credit Agricole, CM-CIC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, HSBC Securities (USA) Inc., Morgan Stanley Senior Funding Inc., Natixis, Nomura and Societe Generale are joint bookrunners. JPMorgan will become administrative agent on the U.S. term loan, replacing Alter Domus.

The term loan will reprice an existing term loan down from SOFR plus 475 bps with a 0.75% floor.

Advent is the sponsor.

Idemia is a France-based provider of security technology products and services.

Conservice frees up

Conservice’s $727,979,016 first-lien term loan (B2/B-) due May 2027 also broke for trading, with levels quoted at par 1/8 bid, par ½ offered, according to a market source.

Pricing on the term loan is SOFR plus 400 bps with a 0% floor and it was issued at par. The loan has 101 soft call protection for six months.

During syndication, the issue price on the $67.5 million fungible add-on portion of the term loan was tightened from 99.75.

UBS Investment Bank and Golub are the lead arrangers on the deal.

Proceeds from the add-on will be used to partially repay a second-lien term loan and to pay fees and expenses, and the remaining portion of the term loan will be used to reprice an existing first-lien term loan.

Conservice is a River Heights, Utah-based provider of utility management and billing software solutions to property owners and managers.

Imperial reworked

Back to the primary market, Imperial Dade raised its first-lien term loan due December 2028 to roughly $2.293 billion from roughly $2.143 billion, finalized pricing at SOFR plus 400 bps, the low end of the SOFR plus 400 bps to 425 bps talk, revised the issue price for rolled positions to par from 99.75 and changed the original issue discount for new commitments to 99.75 from 99.5, according to a market source.

As before, the term loan has a 0.5% floor and 101 soft call protection for six months.

Of the total term loan amount, roughly $1.993 billion is a repricing of the company’s existing first-lien term loan down from SOFR plus 475 bps with a 0.5% floor, and $300 million, up from $150 million, which accounts for the upsize, is a new fungible incremental piece to pay down ABL borrowings.

Recommitments were due at noon ET on Wednesday, the source added.

UBS Investment Bank is the left lead arranger on the deal. Credit Suisse is the administrative agent.

Imperial Dade is a Jersey City, N.J.-based distributor of foodservice disposables and janitorial sanitation products.

1-800 Contacts revised

1-800 Contacts lifted its fungible incremental term loan due 2027 to $565 million from $350 million, changed price talk to SOFR plus 350 bps with no step-down from SOFR plus 375 bps with a 25 bps step-down at 5x net first-lien leverage, and added a repricing of its existing $953 million term loan due 2027 to SOFR plus 350 bps with no step-down from SOFR plus 375 bps with a 25 bps step-down at 5x net first-lien leverage, a market source said.

The incremental term loan is still talked with an original issue discount of 99.5, while the newly added repricing is talked with a par issue price, the source continued.

The term loan debt has a 0.75% floor and is still getting 101 soft call protection for six months.

Commitments are due at noon ET on Friday, extended from 5 p.m. ET on Wednesday, the source added.

KKR Capital Markets is the left lead on the deal.

The incremental loan will be used to refinance in full, instead of partially, a $315 million second-lien term loan and to fund a $250 million shareholder distribution, increased from $200 million.

1-800 Contacts is an Orem, Utah-based seller of contact lenses.

Caliber tweaks timing

Caliber Collision accelerated the commitment deadline for its $2.525 billion seven-year term loan B (B3/B) to 5 p.m. ET on Wednesday from noon ET on Thursday, a market source remarked.

Talk on the term loan is SOFR plus 400 bps to 425 bps with a 0% floor, an original issue discount of 99 and 101 soft call protection for six months.

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 senior secured notes to refinance existing debt and fund a distribution to shareholders.

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

Novolex holds call

Novolex emerged in the morning with plans to hold a lender call at 1 p.m. ET on Wednesday to launch a roughly $2.955 billion first-lien term loan (B2/B) due April 2029 talked at SOFR+10 bps CSA plus 375 bps with a 0.5% floor, an original issue discount of 99.75 to par and 101 soft call protection for six months, according to a market source.

The margin has a 7.5 bps sustainability adjustment based on GHG emissions intensity reduction and combined with the CSA, the effective margin will be SOFR plus 377.5 bps, the source said.

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

UBS Investment Bank is the arranger on the deal. Credit Suisse is the administrative agent.

The loan will be used to reprice an existing sustainability-linked term loan down from SOFR+10 bps CSA plus 425 bps with a 0.5% floor.

Novolex is a Hartsville, S.C.-based manufacturer of packaging products for a range of substrates and end-markets.

Merlin guidance

Merlin Entertainments came out with talk of SOFR plus 375 bps with a 0% floor and an original issue discount of 99 to 99.5 on its $1.273 billion term loan due November 2029 in connection with its lender call in the morning, a market source said.

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

Also, the company announced original issue discount talk of 99 on its fungible €200 million add-on term loan due November 2029, the source added.

Pricing on the add-on euro term loan is Euribor plus 400 bps with a 0% floor.

Commitments are due at 10 a.m. ET on Jan. 24.

BofA Securities Inc., Deutsche Bank Securities Inc., Bank of China, Barclays, HSBC, Intesa, Mizuho, Morgan Stanley, Santander, SMBC and UniCredit are bookrunners on the deal, with BofA the left lead on the U.S. loan and BofA and Deutsche Bank the active bookrunners on the euro loan.

The new loans, along with $400 million of other secured debt, will be used by the Poole, England-based operator of hotels and holiday attractions to refinance existing U.S. and euro term loan Bs due 2026.

SubCom proposed terms

SubCom launched on its morning call its $1.35 billion seven-year term loan B (B1/B+) at talk of SOFR plus 475 bps to 500 bps with a 0.75% floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

Commitments are due on Jan. 25, the source added.

Goldman Sachs Bank USA is the left lead on the deal that will be used to refinance an existing $585 million first-lien term loan due April 2027 and a $458 million incremental first-lien term loan due April 2027, and to fund a distribution to shareholders.

Cerberus Capital Management is the sponsor.

SubCom is an Eatontown, N.J.-based subsea fiber optic cable turnkey service provider.

NGL launches

NGL Energy held a lender call at 1 p.m. ET, launching a $700 million seven-year senior secured term loan B (B+/BB-) at talk of SOFR plus 450 bps with a 0% floor, an original issue discount of 98 and 101 soft call protection for six months, a market source remarked.

Commitments are due at 5 p.m. ET on Jan. 25, the source added.

TD Securities (USA) LLC, Barclays and others to be determined are leading the deal that will be used to refinance existing debt, for general corporate purposes and to pay related fees and expenses.

NGL is a Tulsa, Okla.-based midstream energy company.

Mariner OID talk

Mariner Wealth Advisors announced original issue discount talk of 99.75 to par on its fungible $100 million incremental covenant-lite first-lien term loan due August 2028 that launched with an afternoon call, according to a market source.

Pricing on the incremental term loan is SOFR+CSA plus 325 bps with a 0.5% floor.

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

BMO Capital Markets, RBC Capital Markets and UBS Investment Bank are leading the deal that will be used to reprice an existing non-fungible incremental term loan down from SOFR+CSA plus 425 bps with a 0.5% floor.

Leonard Green & Partners is the sponsor.

Mariner Wealth Advisors is an Overland Park, Kan.-based investment adviser.

Charter Next guidance

Charter Next Generation launched on its afternoon call its $2.317 billion term loan B at talk of SOFR plus 325 bps to 350 bps with no CSA, a 0.75% floor, a par issue price and 101 soft call protection for six months, a market source said.

Commitments are due end of day on Monday, the source added.

KKR Capital Markets is leading the deal. Jefferies LLC is the administrative agent.

The term loan will be used to reprice an existing term loan B down from SOFR+CSA plus 375 bps with a 0.75% floor. CSA on the existing term loan is 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Charter Next Generation is a Milton, Wis.-based producer of specialty films used in flexible packaging and other end-use markets.

Vistage hosts call

Vistage Worldwide held its lender call in the afternoon and released original issue discount talk of 99.25 to 99.5 on its fungible $125 million add-on first-lien term loan due July 2029, according to a market source.

Pricing on the term loan is SOFR+CSA plus 525 bps with a 0.75% floor. CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

The first-lien term loan is getting 101 soft call protection for six months.

Commitments are due at noon ET on Jan. 24, the source added.

Golub Capital and Macquarie Capital (USA) Inc. are leading the deal that will be used to refinance second-lien term loan borrowings.

Vistage is a San Diego-based member-based advisory company for executives of small- and medium-sized businesses.

Mitratech shops incremental

Mitratech held a lender call at 2 p.m. ET on Wednesday to launch a fungible $50 million incremental first-lien term loan-1 talked with an original issue discount of 99.03, a market source remarked.

Pricing on the term loan-1 is SOFR+CSA plus 375 bps with a 0.75% floor. CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

Commitments are due at 5 p.m. ET on Jan. 24, the source added.

Golub Capital is the left lead on the deal that will be used to repay revolver borrowings and to add cash to the balance sheet for general corporate purposes.

Pro forma for the transaction, the term loan-1 will total $564.7 million.

Ontario Teachers’ Pension Plan is the majority owner of Mitratech, and Hg Capital is a minority owner.

Mitratech is an Austin, Tex.-based technology partner for corporate legal, risk, compliance and HR professionals.

Sabre comes to market

Sabre Industries launched a fungible $50 million incremental first-lien term loan due June 1, 2028 with original issue discount talk of 99.1, according to a market source.

Pricing on the incremental term loan is SOFR+10 bps CSA plus 325 bps with a 0.5% floor, in line with existing term loan pricing.

Commitments are due at noon ET on Jan. 24, the source added.

Jefferies LLC and Wells Fargo Securities LLC are leading the deal that will be used to refinance a portion of the company’s existing second-lien term loan.

Pro forma for the transaction, the first-lien term loan will total $905 million.

Sabre is an Alvarado, Tex.-based provider of highly-engineered structures and services for customers in the U.S. utility and telecom markets.

Waupaca readies deal

Waupaca Foundry set a lender call for 11:30 a.m. ET on Thursday to launch a $330 million six-year covenant-lite term loan B, according to a market source.

BMO Capital Markets, PNC Capital, KeyBanc Capital Markets and Silver Point are leading the deal that will be used to help fund the buyout of the company by Monomoy Capital Partners from Proterial Ltd.

Closing is expected early this year, subject to customary conditions.

Waupaca Foundry is a Waupaca, Wis.-based supplier of cast and machined iron castings.

Ahead DB on deck

Ahead DB scheduled a lender call for 3 p.m. ET on Thursday to launch a $600 million seven-year incremental term loan (B1/B), a market source remarked.

Commitments are due at noon ET on Jan. 25, the source added.

RBC Capital Markets, Deutsche Bank Securities Inc., BMO Capital Markets, Jefferies LLC, KKR Capital Markets, Regions Bank, Truist Securities, Macquarie Capital (USA) Inc., MUFG and Barclays are leading the deal that will be used to help support the acquisition of Computer Design & Integration.

Berkshire Partners and Centerbridge Partners are the sponsors.

Ahead DB is a Chicago-based IT solutions provider of enterprise hardware and software.

Fitness joins calendar

Fitness International will hold a lender call at noon ET on Thursday to launch a $675 million five-year term loan B, according to a market source.

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

The company is also getting a $300 million revolver and a $300 million term loan A.

BofA Securities Inc., Wells Fargo Securities LLC, BMO Capital Markets, MUFG and JPMorgan Chase Bank are leading the deal (B1/B+) that will be used with cash on hand to refinance the company’s existing credit facilities.

Fitness International is an Irvine, Calif.-based owner-operator of fitness clubs.

Buckeye coming soon

Buckeye Partners set a lender call for 1 p.m. ET on Thursday to launch a $1.416 billion term loan B-1 due November 2026, a market source said.

The term loan B-1 has 101 soft call protection for six months, the source added.

MUFG is leading the deal that will be used to reprice an existing term loan B-1 from SOFR plus 225 bps with a 0% floor.

Buckeye is a Houston-based owner and operator of integrated midstream assets.

Team Services plans call

Team Services Group scheduled a lender call for 11:30 a.m. ET on Thursday to launch a new loan transaction, according to a market source.

UBS Investment Bank is leading the deal.

Team Services is a provider of employment administration and risk management solutions that facilitate self-directed home care.

Plusgrade on deck

Plusgrade will hold a lender call at 10 a.m. ET on Thursday to launch a $420 million term loan B due 2031, a market source remarked.

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

Commitments are due at 5 p.m. ET on Jan. 26, the source added.

JPMorgan Chase Bank, Barclays, BMO Capital Markets, Wells Fargo Securities LLC and Bank of Nova Scotia are leading the deal that will be used to support an investment in the company by General Atlantic.

Plusgrade is a Montreal-based provider of ancillary revenue solution for the travel industry.

Tacala joins calendar

Tacala scheduled a lender call for 2 p.m. ET on Thursday to launch a first-lien loan, according to a market source.

KKR Capital Markets is leading the deal that will be used to refinance the company’s existing first- and second-lien loans.

Tacala is a Vestavia Hills, Ala.-based franchise operator of Taco Bell restaurants.

Fund flows

In other news, actively managed loan fund flows on Tuesday were positive $2 million and loan ETFs were positive $36 million, a market source said.

Actively managed high-yield fund flows on Tuesday were positive $40 million and high-yield ETFs were negative $426 million, the source added.

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