Colibri breaks; Standard Industries, Ring Container, Ardent updates emerge; GEON accelerated

By Sara Rosenberg

New York, Aug. 4 – Colibri modified the original issue discount on its add-on term loan B and then the debt freed up for trading on Wednesday afternoon.

In more happenings, Standard Industries Inc. set the spread on its first-lien term loan B at the high end of guidance, increased the Libor floor and widened the issue price talk, and Ring Container Technologies Group increased the size of its term loan B, firmed pricing at the low end of talk, added a step-down and revised original issue discount guidance.

Also, Ardent Health Services (AHP Health Partners Inc.) finalized pricing on its term loan B at the low end of talk, and GEON Performance Solutions LLC accelerated the commitment deadline for its credit facilities.

Furthermore, Pro Mach Group Inc., W.R. Grace & Co., Teaching Strategies (Foundational Education Group Inc.), Herschend Family Entertainment, Mavenir Systems Inc., RealPage Inc. and AIT Worldwide Logistics released price talk with launch, and LendingTree surfaced with new deals plans.

Colibri widens, frees

Colibri changed the original issue discount on its fungible $55 million add-on term loan B (B3/B-) due June 2028 to 98 from 98.5, a market source said.

Pricing on the add-on term loan is Libor plus 500 basis points with a 0.75% Libor floor, in line with pricing on the company’s existing $350 million term loan B, and the debt has 101 soft call protection until Dec. 23, 2021.

On Wednesday, the add-on term loan broke for trading, with levels quoted at 98¼ bid, 99 offered, a trader added.

RBC Capital Markets is leading the deal that will be used to support an acquisition in the education space.

Gridiron Capital is the sponsor.

Colibri is a St. Louis-based provider of online learning solutions for professional education.

Standard Industries revised

Standard Industries firmed pricing on its $2.5 billion seven-year covenant-lite first-lien term loan B (Baa3/BBB-) at Libor plus 250 bps, the high end of the Libor plus 225 bps to 250 bps talk, modified the Libor floor to 0.5% from 0% and changed original issue discount talk to a range of 98.75 to 99 from 99.5, according to a market source.

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

Commitments continue to be due at 5 p.m. ET on Thursday, the source added.

Deutsche Bank Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc. and JPMorgan Chase Bank are leading the deal that will fund a distribution to Standard Industries Holdings Inc. Holdings will use the funds for its acquisition of W.R. Grace & Co. for $70.00 per share in cash, or about $7 billion.

Closing on the acquisition is expected in the fourth quarter, subject to customary conditions, including approval by W.R. Grace shareholders and the receipt of regulatory approvals.

Standard Industries is a New York-based manufacturer of roofing products. W.R. Grace is a Columbia, Md.-based specialty chemical company.

Ring Container tweaked

Ring Container raised its seven-year term loan B to $800 million from $770 million, set pricing at Libor plus 375 bps, the low end of the Libor plus 375 bps to 400 bps talk, added a 25 bps step-down at a half turn inside closing leverage and changed original issue discount talk to a range of 99.5 to 99.75 from a range of 99 to 99.5, a market source remarked.

The term loan still has a 0.5% Libor floor and 101 soft call protection for six months.

Recommitments were due at 5 p.m. ET on Wednesday, the source added.

BofA Securities Inc. is the left lead on the deal that will be used to refinance existing debt and fund a dividend, the amount of which was increased with the term loan upsizing.

Ring Container is an Oakland, Tenn.-based manufacturer of plastic containers.

Ardent updated

Ardent Health Services firmed the spread pricing on its $900 million seven-year term loan B (B) at Libor plus 350 bps, the low end of the Libor plus 350 bps to 375 bps talk, according to a market source.

The 0.5% Libor floor, original issue discount of 99.5 and 101 soft call protection for six months on the term loan were unchanged.

BofA Securities Inc., Barclays and JPMorgan Chase Bank are leading the deal that will be used to refinance existing term loans.

Ardent is a Nashville, Tenn.-based provider of comprehensive, cost-effective health care and related services.

GEON accelerated

GEON Performance Solutions moved up the commitment deadline for its $660 million of credit facilities (B2/B+) to 5 p.m. ET on Monday from 5 p.m. ET on Tuesday, a market source said.

The facilities consist of a $60 million five-year revolver and a $600 million seven-year term loan B.

Talk on the term loan is Libor plus 500 bps with a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.

HSBC Securities (USA) Inc., Morgan Stanley Senior Funding Inc. and KeyBanc Capital Markets are leading the deal that will be used with cash on hand to refinance existing debt and fund a one-time special distribution to shareholders.

GEON Performance is a Westlake, Ohio-based provider of plastic compounded solutions.

Pro Mach proposed terms

Pro Mach held its lender call at 11 a.m. ET on Wednesday and, a few hours before the call kicked off, talk on its $1.79 billion of covenant-lite term loans (B2/B-) emerged at Libor plus 375 bps to 400 bps with a 25 bps step-down at 4.75x first-lien net leverage, a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, according to a market source.

The debt is split between a $1.54 billion seven-year term loan B, and a $250 million delayed-draw term loan with a ticking fee of half the margin from days 46 to 90 and the full margin thereafter.

Commitments are due on Aug. 13, the source added.

Morgan Stanley Senior Funding Inc. is the left lead on the deal that will be used to fund mergers and acquisitions, refinance existing debt, fund a dividend to shareholders and pay related fees and expenses.

Pro Mach, based near Cincinnati, is a provider of packaging solutions to the food, beverage, pharmaceutical, personal care and household and industrial goods industries.

W.R. Grace talk

W.R. Grace launched on its afternoon call its $1.45 billion term loan B (B1//BB+) due 2028 at talk of Libor plus 375 bps to 400 bps with a 0.5% Libor floor and an original issue discount of 99 to 99.5, a market source remarked.

Commitments are due at noon ET on Aug. 12.

JPMorgan Chase Bank, BNP Paribas Securities Corp., Deutsche Bank Securities Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and TD Securities (USA) LLC are leading the deal that will be used to help fund the acquisition of the company by Standard Industries Holdings Inc., a New York-based industrial company.

W.R. Grace, a Columbia, Md.-based specialty chemical company, will operate as a stand-alone company within the portfolio of Standard Industries Holdings.

Teaching Strategies guidance

Teaching Strategies came out with price talk on its $320 million seven-year covenant-lite first-lien term loan (B2) and $115 million eight-year covenant-lite second-lien term loan (Caa2) in connection with its morning call, a market source said.

Price talk on the first-lien term loan is Libor plus 375 bps to 400 bps with a 0.5% Libor floor and an original issue discount of 99.5, and talk on the second-lien term loan is Libor plus 650 bps to 675 bps with a 0.5% Libor floor and a discount of 99, the source added. The first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

Commitments are due at the close of business on Aug. 17.

Deutsche Bank Securities Inc., KKR Capital Markets, Barclays and Macquarie Capital (USA) Inc. are leading the deal, with Deutsche left on the first-lien loan and KKR left on the second-lien loan.

The new debt will be used to help fund the buyout of the company by KKR from Summit Partners.

Teaching Strategies is a provider of curriculum, assessment and family engagement tools to the early childhood education market.

Herschend launches

Herschend Family Entertainment held its call in the afternoon, launching its $475 million seven-year first-lien term loan B (B2/B+) at talk of Libor plus 400 bps to 425 bps with a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

Commitments are due on Aug. 17, the source added.

Goldman Sachs Bank USA is leading the deal that will be used to refinance an existing term loan B.

Herschend is a Peachtree Corners, Ga.-based themed-entertainment company that operates theme parks and tourist attractions.

Mavenir holds call

Mavenir Systems hosted a lender call in the afternoon to launch a $560 million term loan B (B2/B-) talked at Libor plus 475 bps to 500 bps with a 0.5% Libor floor, and an original issue discount of 99 and 101 soft call protection for six months, a market source remarked.

Commitments are due at 5 p.m. ET on Aug. 12, the source added.

JPMorgan Chase Bank is leading the deal that will be used to refinance an existing term loan and add cash to the balance sheet.

Mavenir is a Richardson, Tex.-based network software provider.

RealPage sets talk

RealPage launched on its morning call its fungible $290 million add-on first-lien term loan B due April 2028 with original issue discount talk of 98.5 to 99, according to a market source.

Like the existing first-lien term loan, the add-on term loan is priced at Libor plus 325 bps with a 25 bps step-down at first-lien net leverage of 4.6x and a 0.5% Libor floor, and has 101 soft call protection until October 2021.

Commitments are due on Aug. 11, the source added.

Goldman Sachs Bank USA is leading the deal that will be used to support the acquisition of G5 Search Marketing Inc., a Bend, Ore.-based pure-play provider of digital marketing, advertising and analytics solutions to the real estate sector.

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

Thoma Bravo is the sponsor.

RealPage is a Richardson, Tex.-based provider of software and data analytics to the real estate industry.

AIT floats guidance

AIT Worldwide Logistics announced original issue discount talk in the 99.5 area on its fungible $50 million add-on first-lien term loan due April 6, 2028 that launched with an afternoon call, a market source said.

Pricing on the add-on term loan is Libor plus 475 bps with a 0.75% Libor floor, in line with existing term loan pricing, and the debt has 101 soft call protection until Oct. 6, 2021.

Commitments are due on Aug. 11, the source added.

Goldman Sachs Bank USA is leading the deal, which will be used to repay revolver borrowings and for general corporate purposes.

The Jordan Co. is the sponsor.

AIT Worldwide is an Itasca, Ill.-based non-asset based third party logistics platform.

LendingTree on deck

LendingTree set a lender call for 10 a.m. ET on Friday to launch a $250 million term loan, according to a market source.

Truist is leading the deal that will be used to refinance existing debt and for general corporate purposes.

LendingTree is a Charlotte, N.C.-based online lending marketplace.

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