RV, Aldevron, Precisely, symplr, AlixPartners, System One, Sotheby’s, Rough Country free up

By Sara Rosenberg

New York, Jan. 28 – RV Retailer trimmed pricing on its term loan B, and Aldevron LLC reduced the spread on its add-on term loan B and repricing of its existing term loan B, and then both of these deals hit the secondary market on Thursday.

Also, before breaking for trading, Precisely set the spread and the original issue discount on its first-lien term loan at the tight end of guidance, and symplr Software Inc. increased the size of its incremental first-lien term loan and canceled plans for a privately placed second-lien term loan.

Other deals to free to trade during the session included AlixPartners LLP, System One Holdings LLC, Sotheby’s and Rough Country.

In other news, ZoomInfo LLC lowered pricing on its term loan B, athenahealth Inc. tightened the issue price on its add-on term loan B and repricing of its existing term loan B, and Altium Packaging LLC cut pricing on its term loan and set the original issue discount at the tight side of talk.

Also, CPG International LLC (AZEK), LogMeIn Inc. and TRC Cos. Inc. released price talk with launch, and Springer Nature joined this week’s primary calendar.

RV modified, breaks

RV Retailer lowered the spread on its $420 million seven-year term loan B (B2/B+) to Libor plus 400 bps from talk in the range of Libor plus 425 bps to 450 bps, according to a market source.

The term loan still has a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

Recommitments were due at 1 p.m. ET on Thursday and the term loan B freed to trade later in the day, with levels quoted at 99½ bid, par ¼ offered, another source added.

Goldman Sachs Bank USA, M&T, Wells Fargo Securities LLC and J.P. Morgan Securities LLC are leading the deal that will be used to recapitalize the company’s balance sheet and fund near-term dealership acquisitions.

RV Retailer, a Redwood Capital portfolio company, is a recreational vehicle retail company.

Aldevron revised, trades

Aldevron cut pricing on its $40 million add-on covenant-lite term loan B due October 2026 and repricing of its existing $833,948,747 covenant-lite term loan B due October 2026 to Libor plus 325 bps from talk in the range of Libor plus 350 bps to 375 bps, a market source said.

As before, the term loan debt has a 1% Libor floor, a par issue price and 101 soft call protection for six months.

Commitments continued to be due at noon ET on Thursday and the term loan B began trading late in the day, with levels quoted at par ¼ bid, par ¾ offered, a trader added.

Morgan Stanley Senior Funding Inc. and Goldman Sachs Bank USA are leading the deal.

The add-on term loan will be used to repay some second-lien term loan borrowings and pay fees and expenses, and the repricing will take the existing term loan down from Libor plus 425 bps with a 1% Libor floor.

Closing is expected the week of Feb. 1.

EQT Partners AB and TA Associates are the sponsors.

Aldevron is a Fargo, N.D.-based supplier of nucleic acids, proteins and antibodies.

Precisely updated, frees up

Precisely finalized pricing on its $1,303,667,500 first-lien term loan (B2) due Aug. 16, 2024 at Libor plus 475 bps, the low end of the Libor plus 475 bps to 500 bps, and set the original issue discount at 99.75, the tight end of the 99.5 to 99.75 talk, according to a market source.

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

During the session, the term loan broke for trading, with levels quoted at par bid, par ½ offered, another source added.

Jefferies LLC, Credit Suisse Securities (USA) LLC, Golub, Antares Capital, Barclays, Deutsche Bank Securities Inc., Truist and UBS Investment Bank are leading the deal that will be used to reprice an existing $747,787,500 first-lien term loan and an existing $605.88 million incremental first-lien term loan.

With the repricing, the company is repaying $50 million of the first-lien term loan borrowings.

Consenting lenders are getting a 12.5 bps fee.

Precisely, formerly known as Syncsort Inc., is a Pearl River, N.Y.-based provider of data integrity software and data enrichment products.

symplr restructures, breaks

symplr Software raised its fungible incremental covenant-lite first-lien term loan (B2/B-) due December 2027 to $80 million from $65 million and ended plans for a $15 million privately placed second-lien term loan, a market source remarked.

As before, pricing on the incremental term loan is Libor plus 450 bps with a 0.75% Libor floor, in line with existing term loan pricing, and the new debt has a par issue price and 101 soft call protection until June 2021.

Recommitments were due at 10 a.m. ET on Thursday and the term loan freed to trade later in the day, with levels quoted at par ¼ bid, 101 offered, another source added.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to fund the acquisition of Phynd Technologies.

symplr, a portfolio company of Clearlake Capital Group LP and SkyKnight Capital, is a Houston-based health care governance, risk management and compliance software-as-a-service platform.

AlixPartners starts trading

AlixPartners’ $1.775 billion seven-year term loan B (B2/B+) broke for trading, with levels quoted at par bid, par 3/8 offered, according to a market source.

Pricing on the term loan is Libor plus 275 bps with a 0.5% Libor floor and it was sold at an original issue discount of 99.75.

The company is also getting a €344 million seven-year term loan B (B2/B+) priced at Euribor plus 325 bps with a 0% floor and issued at a discount of 99.75.

Both term loans have 101 soft call protection for six months.

During syndication, pricing on the U.S. term loan finalized at the low end of the Libor plus 275 bps to 300 bps talk, the spread on the euro term loan was lowered from talk in the range of Euribor plus 350 bps to 375 bps, and the discount on both loans was revised from talk in the range of 99 to 99.5.

BofA Securities Inc. and Goldman Sachs Bank USA are leading the deal that will be used to refinance existing U.S. and euro term loans.

AlixPartners is a New York-based performance improvement, corporate turnaround and financial advisory services firm.

System One frees up

System One’s bank debt made its way into the secondary market too, with the $290 million seven-year covenant-lite term loan B quoted at par 1/8 bid, par 5/8 offered, a market source said.

Pricing on the term loan is Libor plus 450 bps with a 0.75% Libor floor and it was sold at an original issue discount of 99.5. The debt has 101 soft call protection for six months.

During syndication, the term loan was upsized from $280 million, pricing was reduced from Libor plus 475 bps and the discount was tightened from revised talk of 99 and initial talk of 98.5.

The company’s $335 million of credit facilities also include a $45 million revolver.

Truist Securities is the left lead on the deal that will be used to help fund the buyout of the company by Oaktree Capital Management LP. The equity component of the transaction was reduced with the recent term loan upsizing.

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

System One is a Pittsburgh-based provider of specialized workforce solutions and integrated services.

Sotheby’s hits secondary

Sotheby’s saw its $461 million term loan B break for trading as well, with levels quoted at par ¼ bid, 101 offered, according to a market source.

Pricing on the term loan is Libor plus 475 bps with a 0.75% Libor floor and it was issued at par. The debt has 101 soft call protection for six months.

During syndication, the spread on the term loan firmed at the low end of the Libor plus 475 bps to 500 bps talk.

BNP Paribas Securities Corp. is the left lead on the deal that will be used to reprice an existing term loan down from Libor plus 550 bps with a 1% Libor floor.

Sotheby’s is a New York-based auction house.

Rough Country breaks

Rough Country’s $100 million incremental term loan also freed to trade, with levels quoted at 99¾ bid, par ¾ offered, a market source remarked.

Pricing on the incremental term loan is Libor plus 375 bps with a 1% Libor floor, in line with existing term loan pricing, and the new debt was sold at an original issue discount of 99.75.

During syndication, the incremental term loan was upsized from $85 million and the discount firmed at the midpoint of the 99.5 to par talk.

Golub Capital is leading the deal that will be used to fund a dividend.

Rough Country is a Dyersburg, Tenn.-based supplier of aftermarket suspension lift kits and components to the off-road SUV and light truck enthusiast market.

ZoomInfo flexes

Back in the primary market, ZoomInfo trimmed the spread on its $406.35 million covenant-lite term loan B (Ba3/BB-) due February 2026 to Libor plus 300 bps from Libor plus 325 bps, according to a market source.

The term loan still has a 0% Libor floor, a par issue price and 101 soft call protection for six months.

Commitments continued to be due at noon ET on Thursday, the source added.

Morgan Stanley Senior Funding Inc., Barclays, J.P. Morgan Securities LLC, BofA Securities Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, Wells Fargo Securities LLC and Deutsche Bank Securities Inc. are leading the deal that will be used to reprice an existing term loan B, which is being paid down from $756.35 million with proceeds from a $350 million senior notes offering, upsized from $300 million.

Last year, the company priced its existing term loan B at Libor plus 400 bps with a step-down to Libor plus 375 bps following a qualified initial public offering and a 0% Libor floor.

The company also expects to amend its revolver to increase the aggregate commitments to $250 million, reprice the debt and extend the maturity.

Closing is expected during the week of Feb. 1.

ZoomInfo is a Vancouver, Wash.-based provider of sales and marketing data.

athenahealth tweaked

athenahealth modified the issue price on its fungible $985 million add-on term loan B and repricing of its existing $3.596 billion term loan to par from 99.875, according to a market source.

Pricing on the term loans is Libor plus 425 bps with a 0% Libor floor, and the debt has 101 soft call protection for six months.

Earlier in syndication, the spread on the add-on term loan was trimmed from Libor plus 450 bps and the discount was changed from initial talk at launch of 99, and the repricing was added to the transaction.

Recommitments were due at noon ET on Thursday, the source added.

J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Ares, KKR Capital Markets, BofA Securities Inc. and Barclays are leading the deal.

The add-on term loan will be used to repay a second-lien term loan and preferred shares, and the repricing will take the existing term loan down from Libor plus 450 bps.

athenahealth is a Watertown, Mass.-based provider of network-enabled services for hospital and ambulatory customers.

Altium trims spread

Altium Packaging reduced pricing on its $1.05 billion seven-year covenant-lite secured term loan (B2/B+) to Libor plus 275 bps from Libor plus 300 bps and set the original issue discount at 99.5, the tight end of the 99 to 99.5 talk, a market source remarked.

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

Commitments continue to be due at noon ET on Friday, the source added.

Citigroup Global Markets Inc. is the left lead on the deal that will be used to refinance the company’s existing 2024 and 2026 term loans and to pay a dividend to Loews Corp. Barclays is the administrative agent.

Closing is expected during the week of Feb. 1.

Altium is an Atlanta-based rigid plastic packaging manufacturer.

CPG sets guidance

CPG International held its call on Thursday and announced talk on its $467,654,000 first-lien term loan due May 5, 2024 at Libor plus 250 bps to 275 bps with one ratings-based step-down, a 0.75% Libor floor, a par issue price and 101 soft call protection for six months, according to a market source.

Commitments are due at 12:30 p.m. ET on Monday, the source added.

Jefferies, BofA Securities Inc., Barclays, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Goldman Sachs Bank USA are leading the deal that will be used to reprice an existing term loan down from Libor plus 375 bps with a 1% Libor floor.

CPG is a designer and manufacturer of low-maintenance products focused on the outdoor living market.

LogMeIn holds call

LogMeIn hosted a lender call at 10 a.m. ET on Thursday to launch a fungible $200 million incremental senior secured first-lien term loan B due Aug. 31, 2027 talked with an original issue discount of 99 to 99.5, a market source said.

Like the existing term loan, the incremental term loan is priced at Libor plus 475 bps with a 0% Libor floor and has 101 soft call protection through August.

Commitments are due at noon ET on Feb. 4, the source added.

Barclays, RBC Capital Markets, Deutsche Bank Securities Inc., Jefferies LLC and Mizuho Bank Ltd. are leading the deal that will be used to repay $200 million of the company’s $500 million second-lien term loan due 2028.

Francisco Partners is the sponsor.

LogMeIn is a Boston-based provider of cloud-based connectivity.

TRC proposed terms

TRC came out with talk of Libor plus 425 bps to 450 bps with a 0.75% Libor floor, a par issue price and 101 soft call protection for six months on the repricing of its existing $215 million incremental first-lien term loan with its lender call, a market source remarked.

Commitments are due at noon ET on Feb. 4, the source added.

UBS Investment Bank, Barclays, Citizens and Macquarie Capital (USA) Inc. are leading the deal that will take the incremental term loan pricing down from Libor plus 500 bps with a 1% Libor floor.

TRC is a Lowell, Mass.-based engineering, environmental consulting and construction management firm.

Springer Nature on deck

Springer Nature set a lender call for 10 a.m. ET on Friday to launch an $868 million term loan due August 2026 and a €2.154 billion term loan due August 2026, according to a market source.

Talk on the U.S. term loan is Libor plus 325 bps with a 0.75% Libor floor and a par issue price, and talk on the euro term loan is Euribor plus 300 bps with a 0.5% floor and a par issue price, the source said.

The term loans have 101 soft call protection for six months.

Commitments are due on Feb. 4, the source added.

J.P. Morgan Securities LLC is leading the deal that will be used to extend by two years the existing U.S. and euro term loans, and reprice the existing U.S. term loan down from Libor plus 350 bps with a 1% Libor floor.

Existing lenders are being offered a 12.5 bps consent fee.

Springer Nature is a Germany-based scientific publishing company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.