Advisor Group frees up; United Road tweaked; Life Time, NCR, World Triathlon release talk

By Sara Rosenberg

New York, July 31 – Advisor Group Inc.’s credit facilities allocated on Wednesday and when the term loan B made its way into the secondary market in the afternoon it was quoted above its original issue discount price.

Over in the primary market, United Road Services Inc. reduced the size of its incremental first-lien term loan, and Life Time Inc., NCR Corp., World Triathlon Corp., Park Place Technologies and Claire’s Stores Inc. disclosed price talk with launch.

Also, Clear Channel Outdoor Holdings Inc., CEC Entertainment Inc. and Shields Health Solutions Holdings LLC emerged with new deal plans.

Advisor Group breaks

Advisor Group’s credit facilities freed to trade on Wednesday, with the $1,025,000,000 seven-year term loan B quoted at 99¼ bid, 99¾ offered, according to a market source.

Pricing on the term loan B is Libor plus 500 basis points with a 0% Libor floor and it was sold at an original issue discount of 99. The debt has 101 soft call protection for six months.

The company’s $1.45 billion of credit facilities also includes a $225 million revolver, under which $25 million will be drawn, and a $200 million 5.5-year term loan A.

The term loan A was quoted at 99¼ bid, par offered, the source added.

Pricing on the term loan A is Libor plus 400 bps with a 0% Libor floor and it was issued at a discount of 99.

During syndication, the term loan B was downsized from a size at launch of $1.2 billion and pricing was raised from talk in the range of Libor plus 425 bps to 450 bps, and the term loan A was added to the capital structure.

Advisor being acquired

Proceeds from Advisor Group’s credit facilities (B1/B+) will be used with $350 million of senior notes, which were recently downsized from $400 million, to help fund the buyout of 75% of the company by Reverence Capital Partners. Lightyear Capital and PSP Investments are expected to maintain up to a 25% stake in the company.

UBS Investment Bank, Goldman Sachs Bank USA, Barclays, BofA Securities Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., RBC Capital Markets Corp. and SunTrust Robinson Humphrey Inc. are leading the bank debt.

Closing on the buyout is expected in the third quarter, subject to regulatory and other customary approvals.

Advisor Group is a Phoenix-based wealth management platform, which supports over 7,000 financial advisers with $268 billion of client assets.

United Road downsizes

Moving to the primary market, United Road Services trimmed its fungible incremental covenant-lite first-lien term loan due September 2024 to $83 million from $92 million, and left pricing at Libor plus 575 bps with a 1% Libor floor and an original issue discount of 98.88, a market source remarked.

Previously in syndication, the spread on the incremental term loan was lifted from Libor plus 525 bps and the company removed an amendment request for which existing holders were being offered a 25 bps amendment fee.

Allocations went out on Wednesday, the source added.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to fund tuck-in acquisitions. The reduction in term loan proceeds was done because a smaller acquisition is no longer taking place.

In connection with this transaction, pricing on the company’s existing first-lien term loan will be increased to Libor plus 575 bps from Libor plus 525 bps for fungibility.

United Road is a Romulus, Mich.-based provider of vehicle transport and logistics.

Life Time sets talk

Life Time held its lender call on Wednesday and released price talk on its $500 million seven-year covenant-lite term loan B (B2/B+) at Libor plus 275 bps with a 0% Libor floor and an original issue discount of 99 to 99.5, according to a market source.

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

Commitments are due at 1 p.m. ET on Aug. 9.

Wells Fargo Securities LLC is the left lead on the deal that will be used to repay 8½% senior notes due June 15, 2023 and to pay transaction related fees and expenses.

Leonard Green & Partners and TPG Capital are the sponsors.

Life Time is a Chanhassen, Minn.-based operator of sports, professional fitness, family recreation and spa destinations.

NCR proposed terms

NCR launched at a lender meeting its $750 million seven-year term loan B at talk of Libor plus 250 bps with a 0% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months, a market source said.

Included in the term loan B is a $400 million delayed-draw tranche.

Commitments are due at noon ET on Aug. 8, the source added.

BofA Securities Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are leading the deal that will be used to refinance existing debt.

NCR is an Atlanta-based software- and services-led enterprise provider in the financial, retail, hospitality, telecom and technology industries.

World Triathlon guidance

World Triathlon came out with talk of Libor plus 425 bps with a 1% Libor floor and an original issue discount of 99 on its $265 million seven-year covenant-lite first-lien term loan that launched with a morning bank meeting, a market source remarked.

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

The company’s $290 million of credit facilities (B2/B) also include a $25 million revolver.

Commitments are due at 5 p.m. ET on Aug. 9, the source added.

Deutsche Bank Securities Inc. is leading the deal that will be used to refinance an existing revolver and term loan.

World Triathlon is an owner, operator and licenser of participatory events under brands including Ironman and Rock ‘n’ Roll Marathon Series.

Park Place OID talk

Park Place Technologies held its call in the afternoon, launching its fungible $30.5 million add-on second-lien term loan with original issue discount talk of 98.625, according to a market source.

The add-on second-lien term loan is priced at Libor plus 800 bps with a 1% Libor floor.

Commitments are due on Aug. 8, the source said.

The company is also getting a fungible $30.6 million add-on first-lien term loan of which the majority is privately placed with Golub Capital, the lead arranger on the transaction.

Pricing on the add-on first-lien term loan is Libor plus 400 bps with a 1% Libor floor, and all of the first-lien debt is getting 101 soft call protection for six months.

The new debt will be used to fund the acquisition of Entuity Network Analytics and support a minority equity sale to Charlesbank Capital Partners.

Park Place Technologies is a Cleveland-based provider of post-warranty maintenance for storage, server and networking hardware.

Claire’s comes to market

Claire’s Stores launched on a call on Wednesday a $700 million seven-year term loan B (B2/B) talked at Libor plus 550 bps with a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, a market source said.

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

J.P. Morgan Securities LLC is leading the deal that will be used to refinance an existing term loan B and repay preferred equity.

Claire’s is a Hoffman Estates, Ill.-based specialty retailer of jewelry and accessories for young women, teens, tweens and girls.

Clear Channel on deck

Also in the primary market, Clear Channel Outdoor set a lenders’ presentation for 2 p.m. ET on Thursday to launch a $2 billion first-lien term loan B, according to a market source.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to refinance existing debt and pay related fees and expenses.

Clear Channel Outdoor is a New York-based outdoor advertising company.

CEC joins calendar

CEC Entertainment scheduled a lender call for 3 p.m. ET on Thursday to launch a $760 million seven-year covenant-lite first-lien term loan, a market source remarked.

The term loan is talked with a 0% Libor floor and 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on Aug. 8, the source added.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to refinance an existing term loan, fund cash to the balance sheet for general corporate purposes, and to pay related fees and expenses.

CEC is an Irving, Texas-based operator of family dining and entertainment stores through Chuck E. Cheese and Peter Piper Pizza brands.

Shields readies deal

Shields Health Solutions surfaced with plans to hold a bank meeting at 10 a.m. ET on Thursday to launch $215 million of credit facilities, according to a market source.

The facilities consist of a $15 million revolver, and a $200 million seven-year covenant-lite first-lien term loan talked with a 0% Libor floor and 101 soft call protection for six months, the source said.

Commitments are due on Aug. 15.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to help fund the buyout of the company by Welsh, Carson, Anderson & Stowe. Walgreen Co., a drugstore chain, is also making an equity investment in Shields Health.

Closing is expected in the third quarter, subject to customary regulatory reviews.

Shields Health is a Stoughton, Mass.-based specialty pharmacy integrator and care provider, partnering with hospitals on specialty pharmacy creation, growth and management.

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