Nuvei term loan dips with buyout news; ADT, EPIC Y-Grade, Potters Industries updates emerge

By Sara Rosenberg

New York, April 1 – In the secondary market on Monday, Nuvei Corp.’s term loan moved lower to wrap around par following news that the company is being acquired by Advent International.

Meanwhile, in the primary market, ADT Inc. (Prime Security Services Borrower LLC) widened pricing on its term loan B and finalized the issue price at the tight end of guidance, EPIC Y-Grade Services LP finalized the spread on its term loan B at the high end of talk and set the original issue discount at the wide end of guidance.

Also, Potters Industries LLC lowered the margin on its incremental first-lien term loan and modified original issue discount talk, and added a repricing of its existing first-lien term loan to the mix.

Additionally, AssuredPartners Inc., Ryman Hospitality Properties Inc. (RHP Hotel Properties LP), International-Matex Tank Terminals (ITT Holdings LLC), GEO Group Inc., BrandSafway, APX Group Inc. (Vivint) and Cushman & Wakefield released price talk with launch.

Furthermore, Anticimex Inc., Endo, AMG Critical Materials NV, Samsonite International SA, GeoStabilization International and Veeam Software joined this week’s primary calendar.

Nuvei softens

Nuvei’s term loan moved down to 99 7/8 bid, par 1/8 offered on Monday from par 1/8 bid, par 3/8 offered on Thursday as the company announced that it is being bought out by Advent International, a trader said.

The company plans on getting $3.15 billion of credit facilities, split between a $600 million revolver and a $2.55 billion term loan, to help fund the buyout

BMO Capital Markets is the left lead on the new deal.

Under the agreement, Nuvei shareholders will receive $34.00 per share in cash. The transaction has an enterprise value of about $6.3 billion.

Closing is expected in late 2024 or the first quarter of 2025, subject to shareholder approvals, court approval and customary conditions.

Nuvei is a Montreal-based technology provider in the payments industry.

ADT flexed

Moving to the primary market, ADT raised pricing on its $1.375 billion term loan B due Oct. 13, 2030 to SOFR plus 225 basis points from SOFR plus 200 bps and set the issue price at par, the tight end of the 99.75 to par talk, a market source remarked.

As before, the term loan has a 0% floor and 101 soft call protection for six months.

Recommitments were due at noon ET on Monday and allocations were expected in the afternoon, the source added.

Barclays is leading the deal that will be used to reprice the company’s existing term loan B due 2030 down from SOFR plus 250 bps with a 0% floor.

ADT is a Boca Raton, Fla.-based provider of security, automation and smart home solutions services.

EPIC updated

EPIC Y-Grade Services firmed pricing on its $1.075 billion senior secured term loan B due June 30, 2029 (B3/B-) at SOFR plus 575 bps, the high end of the SOFR plus 550 bps to 575 bps talk, and finalized the original issue discount at 97.5, the wide end of the 97.5 to 98 talk, according to a market source.

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

Allocations went out on Monday.

Barclays, Wells Fargo Securities LLC, UBS Investment Bank, TCS and MUFG are leading the deal that will be used to refinance existing debt, repay the EPIC propane loan, and pay related fees and expenses.

Closing is expected on Thursday.

Ares Management Corp. is the sponsor.

EPIC Y-Grade is a transporter of natural gas liquids.

Potters reworked

Potters Industries cut pricing on its fungible $110 million incremental first-lien term loan due Dec. 14, 2027 to SOFR plus 375 bps from SOFR+10 bps CSA plus 400 bps, and changed the original issue discount talk to 99.75 from talk in the range of 99.5 to 99.75, a market source remarked.

In addition, the company is now asking to reprice its existing $379,275,000 first-lien term loan due Dec. 14, 2027 to SOFR plus 375 bps from SOFR+10 bps CSA plus 400 bps, and is offering the repricing at a par issue price, the source continued.

Also, the term debt is now getting 101 soft call protection for six months, revised from no call protection.

The term loan debt still has a 0.75% floor.

Commitments/consents are due at 3 p.m. ET on Tuesday, the source added. The original deadline was 5 p.m. ET on Monday.

The incremental term loan be used to fund a dividend, to finance merger and acquisition activity and for general corporate purposes.

UBS Investment Bank is the left lead on the deal for Potters, a Jordan Co.-backed supplier of glass microspheres for transportation safety and performance materials.

AssuredPartners launches

AssuredPartners launched early Monday morning a fungible $900 million incremental senior secured covenant-lite first-lien term loan B-5 due Feb. 14, 2031 (B2/B) talked with an original issue discount of 99.5 to 99.75, according to a market source.

Pricing on the incremental term loan is SOFR plus 350 bps with a 0.5% floor, and the debt has 101 soft call protection for six months.

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

Morgan Stanley Senior Funding Inc. is the left lead on the deal. BofA Securities Inc. is the agent.

The incremental term loan B-5 will be used to refinance an existing term loan B-4 due 2027.

Pro forma for the transaction, the term loan B-5 will total $1.4 billion.

AssuredPartners is a Lake Mary, Fla.-based insurance brokerage firm.

Ryman repricing

Ryman Hospitality launched in the morning without a lender call a $295 million term loan B due May 18, 2030 talked at SOFR plus 225 bps to 250 bps with a 0% floor, a par issue price and 101 soft call protection for six months, a market source said.

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 down from SOFR plus 275 bps with a 0% floor.

Ryman is a Nashville-based real estate investment trust that owns and operates a portfolio of large, group-oriented hotels in urban and resort markets.

International-Matex talk

International-Matex Tank Terminals emerged in the morning with plans to hold a lender call at 11 a.m. ET to launch a $748 million sustainability-linked term loan B due Oct. 11, 2030 talked at SOFR plus 300 bps with a 0.5% floor, a par issue price and 101 soft call protection for six months, according to a market source.

Cashless roll commitments are due at noon ET on Thursday and new money commitments are due at noon ET on Friday, the source added.

Wells Fargo Securities LLC, CIBC, First Horizon, MUFG, Regions Bank and Jefferies LLC are leading the deal that will be used to reprice an existing term loan B down from SOFR plus 325 bps with a 0.5% floor.

Riverstone is the sponsor.

International-Matex is a New Orleans-based pure play bulk liquid storage and handling provider.

GEO guidance

GEO Group held a lender meeting at 2 p.m. ET, launching a $400 million five-year term loan B (B1/BB) at talk of SOFR plus 525 bps with a 0.75% floor, an original issue discount of 98 to 98.5 and hard call protection of 102 in year one and 101 in year two, a market source remarked.

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

The company also plans on getting a $310 million revolver.

Citizens Bank is leading the deal that will be used with other secured debt, other unsecured debt and cash on hand to refinance the company’s roughly $906.7 million of tranche 1 and tranche 2 exchange term loans, existing revolver, 10½% second-lien notes due 2028, 9½% second-lien notes due 2028 and 6% senior notes due 2026, including the payment of all premiums, accrued interest and expenses in connection with the transaction.

The new term loan, other secured debt and unsecured debt are targeted to total $1.6 billion.

GEO is a Boca Raton, Fla.-based diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers.

BrandSafway holds call

BrandSafway held a lender call at 1 p.m. ET to launch a $1.428 billion first-lien term loan B due August 2030 talked at SOFR plus 475 bps to 500 bps with a 0.5% floor, an original issue discount of 99.875 to par 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.

Goldman Sachs Bank USA, JPMorgan Chase Bank, Barclays, Natixis, ING, Societe Generale, Deutsche Bank Securities Inc., Credit Agricole, UBS Investment Bank, Morgan Stanley Senior Funding Inc. and SMBC are leading the deal that will be used to reprice an existing $1.328 billion term loan B down from SOFR plus 550 bps with a 0.5% floor, and the fungible $100 million add-on being raised will be used to repay revolver borrowings and for general corporate purposes.

CD&R and Brookfield are the sponsors.

BrandSafway is an Atlanta-based provider of specialty craft services to industrial, commercial and infrastructure markets.

APX comes to market

APX Group launched a $1.316 billion term loan B due July 9, 2028 talked at SOFR plus 250 bps to 275 bps with no CSA, a 0.5% floor, an original issue discount of 99.875 to par and 101 soft call protection for six months, a market source said.

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 down from SOFR+CSA plus 325 bps with a 0.5% floor. Current CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

APX is a smart home platform company. To date, the company has maintained a stand-alone debt capital structure as wholly-owned non-guarantor subsidiary of NRG.

Cushman repricing

Cushman & Wakefield held a lender call at 2 p.m. ET, launching a $998 million term loan B due 2030 at talk of SOFR plus 375 bps with a 0.5% floor and a par issue price, according to a market source.

JPMorgan Chase Bank is leading the deal that will be used to reprice an existing term loan B down from SOFR plus 400 bps with a 0.5% floor.

Cushman & Wakefield is a Chicago-based commercial real estate services company.

Anticimex on deck

Anticimex set a lender call for 10 a.m. ET on Tuesday to launch a $402 million covenant-lite term loan B due November 2028 talked at SOFR plus 375 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 2 p.m. ET on April 9, the source added.

Deutsche Bank Securities Inc. is the sole physical bookrunner on the deal. BNP Paribas Securities Corp., Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc., Nordea and SEB are joint bookrunners. DNB is the Nordic bookrunner. Global Loan Agency Services Ltd. is the agent.

The term loan will be used to repay revolver borrowings, for general corporate purposes and to reprice an existing $202 million term loan B-5.

Anticimex is a Stockholm-based preventive pest control company.

Endo joins calendar

Endo scheduled a lender call for 11 a.m. ET on Tuesday to launch $1.65 billion of credit facilities (B+), a market source remarked.

The facilities consist of a $400 million super-priority revolver and a $1.25 billion term loan B, the source added.

Goldman Sachs Bank USA and JPMorgan Chase Bank are leading the deal that will be used with $1.25 billion of other secured debt to fund the company’s exit from Chapter 11.

The company hopes to emerge from bankruptcy as early as late April.

Endo is a Dublin-based diversified specialty pharmaceutical company.

AMG readies deal

AMG Critical Materials will hold a lender call at 11 a.m. ET on Tuesday to launch a fungible $50 million add-on senior secured term loan B due November 2028 (Ba2/BB-) talked with an original issue discount of 99.03, according to a market source.

Pricing on the add-on term loan is SOFR+CSA plus 350 bps with a 0.5% floor, in line with existing term loan B pricing. CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

The add-on and existing term loan B are getting 101 soft call protection for six months.

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

HSBC Securities (USA) Inc. and Citigroup Global Markets Inc. are leading the deal that will be used for lithium resource development including via mergers and acquisitions, and for general corporate purposes.

AMG Critical, which has corporate offices in Amsterdam and Wayne, Pa., is a producer and developer of high value add/engineered energy storage materials such as lithium and vanadium serving various end markets.

Samsonite coming soon

Samsonite scheduled a lender call for Tuesday to launch a $500 million term loan B talked at SOFR plus 200 bps with a 0.5% floor and an original issue discount of 99.75 to par, a market source said.

JPMorgan Chase Bank is the left lead on the deal that will be used to reprice an existing term loan down from SOFR plus 275 bps with a 0.5% floor.

Samsonite is a Hong Kong-based manufacturer of bags and luggage.

GeoStabilization on deck

GeoStabilization set a lender call for 1:30 p.m. ET on Tuesday to launch a $45 million add-on term loan, according to a market source.

KKR Capital Markets and UBS Investment Bank are leading the deal that will be used for acquisition financing.

GeoStabilization is a provider of highly specialized, mission-critical, and non-discretionary geohazard mitigation solutions.

Veeam sets call

Veeam Software will hold a lender call on Tuesday to launch a $1.96 billion term loan B due April 2031 (B2/B) talked at SOFR plus 350 bps with a 0% floor and an original issue discount of 99.5, a market source remarked.

JPMorgan Chase Bank is leading the deal that will be used to refinance the company’s existing term loan B and seller note.

Veeam Software is a Columbus, Ohio-based provider of backup solutions that deliver cloud data management.

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