Whatabrands revises timing; Nascar, GEMS, Sotera, Wawona/Gerawan, Vewd release price talk

By Sara Rosenberg

New York, July 16 – In the primary market on Tuesday, Whatabrands LLC moved up the commitment deadline for its credit facilities, and Nascar Holdings Inc., GEMS Education and Sotera Health Holdings LLC announced price talk on their loan transactions.

Also coming out with price talk during the session was Wawona Packing Co./Gerawan Farming (MVK Intermediate Holdings LLC) and Vewd Software, and new deal plans emerged for Citgo Holding Inc.

Whatabrands accelerated

Whatabrands revised the commitment deadline for its $1.53 billion of senior secured credit facilities (B1/B+) to 5 p.m. ET on Thursday from July 23, a market source remarked.

The facilities consist of a $200 million five-year revolver and a $1.33 billion seven-year covenant-lite first-lien term loan B.

Talk on the term loan B is Libor plus 325 basis points to 350 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Morgan Stanley Senior Funding Inc., UBS Investment Bank and Credit Suisse Securities (USA) LLC are leading the deal that will be used to fund the buyout of Whataburger by BDT Capital Partners LLC.

Closing is expected later this summer, subject to regulatory approval and other customary conditions.

Whatabrands is a San Antonio-based restaurant company.

Nascar reveals guidance

Nascar held its bank meeting on Tuesday and came out with talk on its $1.41 billion seven-year first-lien term loan (Ba2/BB) at Libor plus 300 bps to 325 bps with a 0% Libor floor and an original issue discount of 99, according to a market source.

The term loan is also talked with 101 soft call protection for six months and a ticking fee of half the margin for days 46 through 90 and the full margin thereafter, the source said.

Commitments are due on July 26.

Goldman Sachs Bank USA, BofA Securities Inc. and PNC Bank are leading the debt that will be used to help fund the acquisition of International Speedway Corp. for $45 in cash per share, or about $2 billion.

Closing is expected this year, subject to International Speedway shareholder approval and customary conditions.

Nascar is a Daytona Beach, Fla.-based sports sanctioning body and provider of news, statistics and information services on races, drivers, teams and industry events. International Speedway is a Daytona Beach, Fla.-based promoter of motorsports activities.

GEMS proposed terms

GEMS Education announced talk of Libor plus 475 bps to 500 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months on its $850 million seven-year first-lien term loan B (B2/B/B+) that launched with a morning bank meeting in New York, a market source said.

Commitments are due on July 29, the source added.

Goldman Sachs and Credit Suisse are the global coordinators on the deal. Citigroup and HSBC are joint bookrunners.

The new loan will be used with $500 million of senior secured notes and $300 million equivalent of euro senior secured notes to refinance existing debt following the acquisition of a roughly 30% stake in the company by a CVC Capital Partners-led consortium.

Closing is expected by the end of July.

With the CVC transaction, GEMS Education will acquire 14 schools in the UK and one in Switzerland.

GEMS Education is a Dubai-based provider of private K-12 education.

Sotera launches

Sotera Health launched on its morning lender call its non-fungible $320 million senior secured incremental first-lien term loan (B) due May 15, 2022 at talk of Libor plus 350 bps to 375 bps with a 1% Libor floor and an original issue discount of 99.5, according to a market source.

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

Commitments are due at 4 p.m. ET on Thursday.

Jefferies LLC, J.P. Morgan Securities LLC, Barclays, RBC Capital Markets, Goldman Sachs Bank USA, ING and SMBC are leading the deal that will be used to fund a distribution to shareholders.

Sotera is a Broadview Heights, Ohio-based provider of mission-critical health sciences, lab services and sterilization solutions for the health care industry.

Wawona/Gerawan talk

Wawona/Gerawan released talk of Libor plus 475 bps to 500 bps with a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months on its $335 million first-lien term loan in connection with its morning bank meeting, a market source remarked.

The company’s $395 million of OpCo credit facilities (B2/B+) also include a $60 million revolver.

Commitments are due at 5 p.m. ET on July 29, the source added.

RBC Capital Markets Corp., Rabobank and Jefferies LLC are leading the deal that will be used to help fund the merger of Wawona Packing, an existing Paine Schwartz Partners portfolio company, and Gerawan Farming.

Closing is expected on Aug. 1.

Cutler, Calif.-based Wawona Packing and Fresno, Calif.-based Gerawan Farming are fresh fruit companies.

Vewd holds meeting

Vewd Software held a bank meeting during the session, launching $155 million of credit facilities, a market source said.

The facilities consist of a $10 million five-year revolver talked at Libor plus 500 basis points with a 0% Libor floor, and a $145 million six-year first-lien term loan talked at Libor plus 600 bps with a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, the source added.

Commitments are due on July 30.

BNP Paribas Securities Corp. is leading the deal that will be used to refinance existing debt and buyout a minority shareholder.

Vewd is a Norway-based smart TV OTT software provider.

Citgo joins calendar

Citgo Holding set a bank meeting for 10 a.m. ET on Wednesday to launch a $500 million four-year senior secured first-lien term loan, according to a market source.

The term loan is non-callable for one year, then at 101 in year two, the source said.

Jefferies LLC is the left lead on the deal that will be used with a new $1.37 billion senior secured notes offering and cash on hand to redeem all of the company’s $1.87 billion 10.75% senior secured notes due 2020 and to pay related accrued interest and redemption premiums.

Citgo is a Houston-based owner and operator of three large-scale, highly complex refineries.

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