ExGen, WellPet, Gemini, Therma, InnovaCare, Wheel Pros, USRS, Planview, MeridianLink break

By Sara Rosenberg

New York, Dec. 11 – ExGen Renewables IV LLC finalized the original issue discount on its term loan B at the tight end of revised talk, Wellness Pet Food Holdings Co. Inc. (Woof Intermediate Inc.) moved some funds between its first-and second-lien term loans, and tightened spreads and issue prices, and Gemini HDPE LLC firmed the spread on its term loan B at the low end of guidance, and then these deals freed to trade on Friday.

Also, before breaking for trading, Therma Holdings LLC (Refficiency Holdings LLC) upsized its funded first-lien term loan, set pricing on its term loan debt at the narrow end of talk and revised the original issue discount, and InnovaCare (MMM Holdings LLC) increased the size of its incremental first-lien term loan and finalized the issue price at the tight side of talk.

In addition, Wheel Pros Inc. revised the original issue discount on its incremental first-lien term loan and then it hit the secondary market, and deals from US Radiology Specialists Inc. (USRS), Planview and MeridianLink Inc. began trading as well.

Meanwhile, in other news, MI Windows and Doors Inc. tightened the spread and original issue discount on its term loan B, and Aspen Dental Management and Service King Collision Repair Centers accelerated the commitment deadlines for their term loans.

ExGen sets OID, trades

ExGen Renewables firmed the original issue discount on its $750 million seven-year senior secured term loan B (Ba3/BB-) at 99.5, the tight end of revised talk of 99 to 99.5 and tight to initial talk of 99, a market source remarked.

The term loan is priced at Libor plus 275 basis points with a 1% Libor floor, and has 101 soft call protection for six months.

Previously in syndication, the pricing on the term loan was reduced from Libor plus 300 bps.

On Friday, the term loan B began trading and levels were quoted at 99¾ bid, par ¼ offered, another source added.

Jefferies LLC is leading the deal that will be used to refinance existing debt, fund various reserves and distribute any remaining proceeds to Exelon Corp. to be used for general corporate purposes.

ExGen Renewables is an owner of renewable generation projects in the United States and is indirectly owned by Exelon.

Wellness Pet revised, breaks

Wellness Pet Food upsized its seven-year first-lien term loan to $750 million from $720 million, cut pricing to Libor plus 375 bps from Libor plus 425 bps, and changed original issue discount talk to a range of 99 to 99.5 from a range of 98.5 to 99, before firming later in the day at 99.5, a market source said.

Additionally, the company downsized its eight-year second-lien term loan to $235 million from $265 million, lowered pricing to Libor plus 725 bps from Libor plus 800 bps, and modified the discount to 99 from talk in the range of 98 to 98.5.

The first-lien term loan still has a 0.75% Libor floor and 101 soft call protection for six months, and the second-lien term loan still has a 0.75% Libor floor and hard call protection of 102 in year one and 101 in year two.

The first-lien term loan freed to trade in the afternoon, with levels quoted at 99 7/8 bid, par 3/8 offered, another source added.

J.P. Morgan Securities LLC, BMO Capital Markets, Barclays and Golub are leading the $985 million of term loans that will help fund the buyout of the company by Clearlake Capital Group LP from Berwind Corp.

Wellness Pet is a Tewksbury, Mass.-based supplier of pet food and treats.

Gemini updated, frees up

Gemini HDPE set pricing on its $600 million seven-year senior secured term loan B (Ba3/BB) at Libor plus 300 bps, the low end of the Libor plus 300 bps to 325 bps talk, according to a market source.

As before, the term loan has a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

The term loan broke for trading on Friday, with levels quoted at 99¼ bid, par offered, another source added.

Barclays and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to amend and extend an existing term loan B and fund the $404 million acquisition by Ineos Olefins and Polymers USA of Sasol’s 50% interest in the company and, thereby, become the 100% owner of the asset.

The transaction is targeted to close on Dec. 31.

Gemini HDPE is a bimodal high-density polyethylene plant situated in La Porte, Tex.

Therma changes emerge

Therma Holdings lifted its funded seven-year first-lien term loan to $390 million from $370 million, set pricing on the funded term loan and on the $75 million delayed-draw first-lien term loan at Libor plus 400 bps, the low end of the Libor plus 400 bps to 425 bps talk, and moved the original issue discount to 99 from 98.5, a market source remarked. The discount on the delayed-draw term loan will be paid when drawn.

The term loan debt still has two 25 bps step-downs at consolidated first-lien net leverage ratio levels of 4.75x and 4.25x and a 25 bps step-down following the consummation of a qualified initial public offering, a 0.75% Libor floor and 101 soft call protection for six months.

The delayed-draw term loan is available for 24 months and has a ticking fee of half the spread from days 46 to 90 and the full spread thereafter.

The company’s now $530 million of credit facilities (B2/B-) also include a $65 million five-year revolver.

Therma tops OID

On Friday, Therma Holdings’ bank debt began trading, with the strip of funded and delayed-draw term loans quoted at 99¾ bid, par ¼ offered, a trader added.

Jefferies LLC, Blackstone, Societe Generale, BMO Capital Markets Corp. and MUFG are leading the deal that will be used to finance the buyout of the company by the Blackstone Group LP from Gemspring Capital and fund cash to the balance sheet for general corporate purposes.

Blackstone is also buying energy and sustainability consulting firm RE Tech Advisors, Inc., which will be integrated into Therma.

Closing is expected this quarter, subject to regulatory approvals and customary conditions.

Therma Holdings is a San Jose, Calif.-based specialty mechanical, electrical and controls services company focused on designing, building and servicing complex systems in mission-critical facilities.

InnovaCare upsized, trades

InnovaCare raised its fungible incremental first-lien term loan due December 2026 to $200 million from $100 million and firmed the original issue discount at 99.5, the tight end of the 99 to 99.5 talk, a market source said.

Like the existing first-lien term loan, the incremental term loan is priced at Libor plus 575 bps with a 1% Libor floor and has 101 soft call protection through Dec. 26, 2020.

Recommitments were due at 2:15 p.m. ET on Friday and the term loan started trading in the afternoon, with levels quoted at 99¾ bid, par ¼ offered, another source added.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to fund tuck-in acquisitions.

InnovaCare is a Fort Lee, N.J.-based vertically integrated health care platform.

Wheel Pros tweaked, breaks

Wheel Pros tightened the original issue discount on its fungible $130 million incremental first-lien term loan to 98 from 97.5, a market source remarked.

Pricing on the incremental term loan is Libor plus 525 bps with a 1% Libor floor, which matches pricing on the company’s existing $685 million first-lien term loan.

During the session, the incremental term loan emerged in the secondary market, with levels quoted at 98 bid, 98½ offered, the source added.

Antares Capital is the lead on the deal.

Proceeds will be used to finance an acquisition.

Wheel Pros, a Clearlake Capital portfolio company, is a Denver-based distributor of proprietary branded wheels and performance tires.

US Radiology hits secondary

US Radiology Specialists’ bank debt freed to trade too, with the $790 million seven-year first-lien term loan quoted at 98½ bid, 99½ offered on the break and then it moved up to 99 bid, 99¾ offered, a market source said.

Pricing on the Raleigh, N.C.-based radiology group’s term loan is Libor plus 550 bps with a 0.75% Libor floor and it was sold at an original issue discount of 98. The debt has 101 soft call protection for one year.

During syndication, pricing on the term loan was increased from talk in the range of Libor plus 475 bps to 500 bps, the discount was revised from 98.5, the call protection was extended from six months with the removal of carve-out exceptions for change of control, qualified initial public offering, dividend recapitalizations and transformative acquisitions, the permitted change of control was removed and the MFN was modified. Also, the company’s revolver was upsized to up to $165 million from $100 million and plans were canceled for a $135 million delayed-draw first-lien term loan.

Barclays, Capital One, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Fifth Third are leading the deal that will be used to refinance the company’s existing capital structure and fund acquisitions.

Closing is expected on Tuesday.

Planview frees up

Planview’s strip of $535 million seven-year covenant-lite first-lien term loan and $125 million delayed-draw first-lien term loan began trading as well, with levels quoted at 99½ bid, par ½ offered, according to a market source.

Pricing on the first-lien term loan debt (B2/B-) is Libor plus 400 bps with a 0.75% Libor floor and it was sold at an original issue discount of 99. The debt has 101 soft call protection for six months. The delayed-draw term loan is available until March 31, 2021.

During syndication, pricing on the term loan finalized at the low end of the Libor plus 400 bps to 425 bps talk and the delayed-draw term loan was added to the capital structure.

The company is also getting a $230 million pre-placed eight-year second-lien term loan.

UBS Investment Bank, Deutsche Bank Securities Inc., Barclays and Jefferies LLC are leading the deal that will be used to help fund the buyout of the company by TPG Capital and TA Associates for $1.6 billion. The company’s existing majority shareholder, Thoma Bravo, will retain a minority interest following the buyout.

Planview is an Austin, Tex.-based provider of portfolio management and work management solutions.

MeridianLink starts trading

MeridianLink’s fungible $100 million incremental first-lien term loan also broke for trading, with levels quoted at 99¼ bid, 99¾ offered, a market source remarked.

Pricing on the incremental term loan is Libor plus 400 bps with a step-down to Libor plus 375 bps when net first-lien leverage is 3x and a 1% Libor floor, and it was sold at an original issue discount of 99.03.

With this transaction, pricing on the company’s existing $407.3 million first-lien term loan is being lifted to Libor plus 400 bps from Libor plus 375 bps, and a step-down will be added to Libor plus 375 bps when net first-lien leverage is 3x.

All of the first-lien term loan debt is getting 101 soft call protection for six months.

Antares Capital and Golub Capital are leading the incremental loan that will be used with balance sheet cash to fund two acquisitions and pay related fees and expenses, and for general corporate purposes.

MeridianLink, a Thoma Bravo, LLC portfolio company, is a Costa Mesa, Calif.-based provider of SaaS-based solutions to financial institutions that simplify loan decisioning, deposit and loan originations and workflow challenges.

MI Windows flexes

Back in the primary market, MI Windows and Doors lowered the spread on its $750 million seven-year term loan B (B2/B+) to Libor plus 375 bps from talk in the range of Libor plus 400 bps to 425 bps and adjusted the original issue discount to 99.5 from 99, according to a market source.

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

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

RBC Capital Markets is the left lead on the deal that will be used to refinance an existing roughly $665 million term loan B priced at Libor plus 550 bps with a 1% Libor floor and to fund an acquisition.

MI Windows is a Gratz, Pa.-based manufacturer of vinyl, aluminum and fiberglass windows and patio doors.

Aspen moves deadline

Aspen Dental Management changed the commitment deadline for its non-fungible $1.2 billion seven-year incremental term loan B to 5 p.m. ET on Monday from 5 p.m. ET on Tuesday, a market source said.

The incremental term loan is talked at Libor plus 400 bps to 425 bps with leverage-based step-downs to be determined, a 0.75% Libor floor and an original issue discount of 99.

The company’s $1.45 billion of credit facilities (B2/B) also include a $250 million five-year revolver that is expected to be undrawn at close.

RBC Capital Markets, J.P. Morgan Securities LLC, Deutsche Bank Securities Inc. and Credit Suisse Securities (USA) LLC are leading the deal that will be used to fund the acquisition of ClearChoice Management Services from Sun Capital Partners Inc.

Closing is expected by the end of the year, subject to regulatory and other customary conditions.

Aspen Dental is an East Syracuse, N.Y.-based dental support organization. ClearChoice is a provider of administrative practice management services to the network of ClearChoice Dental Implant Centers.

Service King accelerated

Service King Collision Repair Centers moved up the commitment deadline for its $700 million five-year term loan B (B2/CCC+) to 5 p.m. ET on Monday from 2:30 p.m. ET on Tuesday, according to a market source.

Talk on the term loan is Libor plus 700 bps with a 0.75% Libor floor, an original issue discount of 98.5, and call protection of non-callable for one year, then at 102 in year two and 101 in year three.

BofA Securities Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC are leading the deal that will be used to refinance existing debt.

Service King is a Richardson, Tex.-based operator of a chain of automobile body repair centers.

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