Goodpack, Uber, Hoffmaster, Melissa & Doug, Fortress, EVO, Aleris, Lyons, RPX, CPG break

By Sara Rosenberg

New York, June 8 – Goodpack (IBC Capital Ltd.) shifted funds between its first-and second-lien term loans and updated pricing, Uber Technologies Inc. set the spread on its term loan at the low side of guidance, and Hoffmaster Group Inc. raised pricing on its term loan, and then these deals made their way into the secondary market on Friday.

Also, Melissa & Doug (MND Holdings III Corp.) finalized pricing on its term loan at the high end of talk before freeing up for trading, and deals from Fortress Investment Group (FinCo I LLC), EVO Payments International LLC, Aleris International Inc., Lyons Magnus Inc., RPX Corp. and CPG International LLC broke as well.

In more happenings, TransUnion Inc. reduced the size of its term loan B-3, trimmed the spread and set the original issue discount at the tight end of guidance, and increased the size of its term loan A.

Additionally, Novolex (Flex Acquisition Co. Inc.), United Distribution Group Inc., Alvogen Pharma US Inc. and Radiology Partners Inc. joined the near-term primary calendar.

Goodpack restructures

Goodpack increased its five-year covenant-light first-lien term loan B to $610 million from $595 million, set the spread at Libor plus 375 basis points, the low end of the Libor plus 375 bps to 400 bps talk, and firmed the original issue discount at 99.75, the tight end of the 99.5 to 99.75 talk, while keeping the 0% Libor floor and 101 soft call protection for six months unchanged, according to a market source.

Also, the company trimmed its six-year covenant-light second-lien term loan to $155 million from $170 million and tightened the discount to 99.5 from 99, the source continued. This tranche is still priced at Libor plus 700 bps with a 0% Libor floor, and has 101 hard call protection for one year.

Commitments were due at noon ET on Friday, the source added.

Goodpack tops OIDs

Goodpack’s bank debt began trading later in the day, with the first-lien term loan quoted by one trader at par bid, par ½ offered and by a second trader at par ¼ bid, 101 offered, and the second-lien term loan quoted at par bid, 101 offered.

Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC, KKR Capital Markets and Goldman Sachs Bank USA are leading the deal, with Morgan Stanley left on the first-lien loan and Credit Suisse left on the second-lien loan.

Proceeds will be used to refinance existing debt and pay down revolver borrowings.

Closing is expected in late June.

Goodpack is a Singapore-based operator of a fleet of nestable and collapsible intermediate bulk containers.

Uber firms, starts trading

Uber Technologies finalized pricing on its $1,132,750,000 senior secured covenant-light term loan B due July 13, 2023 at Libor plus 350 bps, the low end of the Libor plus 350 bps to 375 bps talk, and left the 0% Libor floor, par issue price and 101 soft call protection for six months unchanged, a market source remarked.

Following pricing firming up, the term loan B freed to trade and levels were quoted at par ¼ bid, par ¾ offered, a trader added.

Morgan Stanley Senior Funding Inc., Bank of America Merrill Lynch, Barclays, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs Bank USA, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, RBC Capital Markets and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to reprice an existing term loan B due 2023.

Closing is expected during the week of June 11, the source added.

Uber is a San Francisco-based online transportation network company.

Hoffmaster flexes, breaks

Hoffmaster Group widened pricing on its $385 million covenant-light first-lien term loan (B2/B) to Libor plus 400 bps from talk in the range of Libor plus 350 bps to 375 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.

In the afternoon, the term loan hit the secondary market and levels were quoted at par ¼ bid, par ¾ offered, a trader added.

RBC Capital Markets is the left lead on the deal that will be used to reprice an existing term loan down from Libor plus 450 bps with a 1% Libor floor.

Hoffmaster is an Oshkosh, Wis.-based producer of specialty disposable tabletop products.

Melissa updated, frees up

Melissa & Doug set the spread on its $258 million covenant-light first-lien term loan due June 2024 at Libor plus 350 bps, the high end of the Libor plus 325 bps to 350 bps talk, a market source said.

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

After terms finalized, the loan broke for trading and levels were seen at par ¼ bid, par ¾ offered, the source added.

Credit Suisse Securities (USA) LLC is the left lead arranger on the deal.

Proceeds will be used to reprice an existing term loan down from Libor plus 375 bps with a 1% Libor floor.

Melissa & Doug is a Wilton, Conn., specialty toy brand with an educational focus.

Fortress above par

Fortress Investment Group’ $1.2 billion covenant-light term loan B (Baa3/BB/BB) due Dec. 27, 2022 freed up and was quoted at par ¼ bid, par ½ offered, a trader remarked.

Pricing on the term loan is Libor plus 200 bps with a 0% Libor floor and it was issued at par. The loan has 101 soft call protection for six months.

On Thursday, pricing on the term loan was lifted from Libor plus 175 bps and the company removed the 25 bps step-down if corporate ratings from any two of S&P Global Ratings, Moody’s Investors Service and Fitch Ratings were investment grade.

Deutsche Bank Securities Inc. is leading the deal that will be used to reprice an existing term loan B down from Libor plus 250 bps with a 0% Libor floor.

The size of the repriced term loan B represents a $197 million pay down on the existing loan from cash on the balance sheet.

Closing is expected on June 28.

Fortress is a New York-based alternative asset management firm.

EVO begins trading

EVO Payments’ $659.6 million senior secured covenant-light term loan B (B2/B) due December 2023 also emerged in the secondary market, with levels seen at par ¼ bid, par ¾ offered, according to a market source.

Pricing on the term loan is Libor plus 325 bps with a 25 bps step-down upon achievement of B1/B+ corporate ratings and a 0% Libor floor. The debt was issued at par and has 101 soft call protection for six months.

On Thursday, pricing on the loan was increased from talk in the range of Libor plus 275 bps to 300 bps.

Citigroup Global Markets Inc. is the left lead on the deal that will be used to reprice an existing term loan B down from Libor plus 400 bps with a 1% Libor floor.

Closing is expected in mid-June.

EVO Payments is an Atlanta-based payments processor and acquirer for merchants, independent sales organizations, financial institutions, government organizations and multinational corporations.

Aleris breaks

Aleris International’s $1.1 billion covenant-light first-lien term loan (B3/B-) due February 2023 hit the secondary market late in the session, with levels quoted at 99¼ bid, 99¾ offered, a trader said.

Pricing on the term loan is Libor plus 475 bps with a 0% Libor floor and it was sold at an original issue discount of 99. The debt has 101 soft call protection for one year.

During syndication, pricing on the term loan was increased from Libor plus 450 bps, the call protection was extended from six months, and documentation revisions were made to the incremental, investments and investments in a Chinese/Asian subsidiary.

Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch, Barclays and J.P. Morgan Securities LLC are leading the deal that will be used with cash on hand and $400 million in notes to redeem 7 7/8% senior notes due 2020 and 9½% senior secured notes due 2021 and to repay some ABL facility borrowings.

Closing is expected on June 25.

Aleris is a Cleveland-based manufacturer and seller of aluminum rolled products.

Lyons hits secondary

Lyons Magnus’ fungible $15 million incremental covenant-light first-lien term loan due Nov. 14, 2024 and repriced $195 million covenant-light first-lien term loan due Nov. 14, 2024 freed up in the morning, with levels quoted at par 1/8 bid, par 5/8 offered, a trader remarked.

Pricing on the term loan debt is Libor plus 375 bps with a 25 bps step-down at 3.35 times net first-lien leverage and a 1% Libor floor. The incremental loan was sold at an original issue discount of 99.875 and the repricing was issued at par. The debt has 101 soft call protection for six months.

During syndication, the spread on the term loan debt finalized at the high end of the Libor plus 350 bps to 375 bps talk.

RBC Capital Markets is leading the deal.

The incremental loan will be used to repay $15 million of the company’s second-lien term loan and the repricing will take the existing term loan down from Libor plus 425 bps with a 25 bps step-down and a 1% Libor floor.

Lyons Magnus, a Paine Schwartz Partners portfolio company, is a developer, manufacturer and marketer of fruit and flavor solutions for the foodservice, health care and industrial dairy channels.

RPX frees to trade

RPX’s $240 million six-year term loan also broke, with level quoted at 99½ bid, par ½ offered, according to a market source.

Pricing on the term loan is Libor plus 600 bps with no Libor floor and it was sold at an original issue discount of 99. The loan has 101 soft call protection for one year.

During syndication, the term loan was upsized from $230 million.

Along with the term loan, the company is expected to get a $20 million five-year revolver.

Jefferies LLC is the left lead on the senior secured credit facilities (B3/B+) that will be used with up to $233 million in equity to fund the buyout of the company by HGGC for $10.50 per share in cash. The all-cash transaction is valued at about $555 million.

Closing is expected in the second or third quarter, subject to customary conditions and regulatory approvals.

RPX is a San Francisco-based provider of patent risk and discovery management solutions.

CPG International breaks

CPG International’s fungible $225 million incremental senior secured first-lien term loan due May 5, 2024 began trading as well, with levels quoted at par ¼ bid, par ¾ offered, a market source remarked.

Pricing on the incremental loan matches existing term loan pricing at Libor plus 375 bps with a 1% Libor floor, and the new debt was sold at an original issue discount of 99.75. The incremental term loan has 101 soft call protection for six months.

Jefferies LLC and Barclays are leading the deal that will be used to fund the acquisition of Versatex.

Closing is subject to regulatory review.

CPG is a Skokie, Ill.-based manufacturer of highly engineered low-maintenance building materials. Versatex is an Aliquippa, Pa.-based manufacturer of highly engineered cellular PVC products.

Ascensus holds steady

Ascensus Inc.’s $200 million incremental first-lien term loan (B2/B-) due December 2022 was quoted at par 1/8 bid, par 5/8 offered on Friday, in line with where it broke late Thursday afternoon, a market source said.

Like the existing loan, the incremental term loan is priced at Libor plus 350 bps with a 1% Libor floor and has 101 soft call protection through July 19. The new debt was sold at an original issue discount of 99.75.

Of the total incremental loan amount, $125 million will be funded, and $75 million is delayed draw with a ticking fee of half the margin from days 31 to 60 and the full margin onwards.

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

Ascensus is a Dresher, Pa.-based service provider of retirement and college savings plans.

TransUnion reworked

Back in the primary market, TransUnion cut its seven-year covenant-light term loan B-3 to $1 billion from $1.4 billion, lowered pricing to Libor plus 200 bps from Libor plus 225 bps and finalized the original issue discount at 99.75, the tight end of the 99.5 to 99.75 talk, while leaving the 0% Libor floor and 101 soft call protection for six months intact, according to a market source.

With the term loan B-3 downsizing, the company lifted its term loan A due August 2022 to $800 million from $400 million. This tranche is still priced at Libor plus 175 bps with a 0% Libor floor and an original issue discount of 99.75.

Recommitments were due at 5 p.m. ET on Friday and allocations are targeted for Monday, the source added.

TransUnion lead banks

Deutsche Bank Securities Inc., RBC Capital Markets, Bank of America Merrill Lynch and Capital One are leading TransUnion’s $1.8 billion in term loans (Ba2/BB+). Deutsche is the administrative agent.

The new debt will be used to fund the acquisitions of Callcredit Information Group Ltd., a Leeds, U.K.-based consumer credit bureau, for £1 billion, iovation, a Portland, Ore.-based provider of device-based information, and Healthcare Payment Specialists, a Fort Worth, Texas-based company that helps health care providers optimize Medicare reimbursement.

Closing on the Callcredit and iovation transactions is expected late in the second quarter or early in the third quarter, subject to regulatory approval, and closing on the Healthcare Payment acquisition from Nautic Partners is expected in the second quarter, pending regulatory approval.

TransUnion is a Chicago-based provider of information management and risk management services.

Novolex coming soon

Novolex set a bank meeting for 2 p.m. ET in New York on Monday to launch a $1.3 billion seven-year incremental first-lien term loan (B1/B) that has 101 soft call protection for six months, according to a market source.

Commitments are due on June 26, the source said.

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Jefferies LLC, Goldman Sachs Bank USA, Citigroup Global Markets Inc. and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to fund the acquisition of The Waddington Group from Newell Brands Inc.

Novolex, a Carlyle portfolio company, is a Hartsville, S.C.-based packaging company that serves the retail, grocery, food service, hospitality, institutional and industrial markets. Waddington is a Covington, Ky.-based manufacturer and marketer of packaging and disposables serving the foodservice, bakery, deli, produce and confectionery markets.

United Distribution on deck

United Distribution Group will hold a bank meeting at 10 .am. ET on Tuesday to launch $285 million of credit facilities, a market source remarked.

The facilities consist of a $35 million 4.5-year ABL revolver and a $250 million five-year first-lien term loan.

Talk on the term loan is Libor plus 550 bps with a step-up to Libor plus 600 bps if net leverage is 5 times, a step-down to Libor plus 500 bps if net leverage is less than 4 times, a 0% Libor floor, an original issue discount of 98.5 and soft call protection of 102 in year one and 101 in year two, the source continued.

Commitments are due at noon ET on June 26.

Barclays is leading the deal that will be used to refinance existing debt and pay transaction fees and expenses.

Bain Capital is the sponsor.

United Distribution is a Bristol, Tenn.-based distributor of industrial supplies and services.

Alvogen readies deal

Alvogen emerged with plans to hold a lender call at 1 p.m. ET on Monday to launch a $1,014,000,000 senior secured term loan B, a market source said.

Morgan Stanley Senior Funding Inc. and Jefferies LLC are leading the deal that will be used to reprice an existing term loan B due 2022.

Alvogen is a developer and manufacturer of generic drugs, and provider of contract manufacturing, development and research services to large branded pharma companies.

Radiology joins calendar

Radiology Partners scheduled a bank meeting for Tuesday to launch new senior secured credit facilities, according to a market source.

Barclays is the left lead on the deal that will be used to refinance existing debt and for general corporate purposes.

New Enterprise Associates is the sponsor.

Radiology Partners is an El Segundo, Calif.-based radiology physician practice management company.

Russell Investments allocates

In other news, Russell Investments allocated its fungible $300 million add-on first-lien term loan B due June 1, 2023 that is priced at Libor plus 325 bps with a 1% Libor floor and an original issue discount of 99.05, a market source remarked.

The add-on term loan has 101 soft call protection for one year.

Barclays, Credit Suisse Securities (USA) LLC and Macquarie Capital (USA) Inc. leading the deal that will be used to fund a distribution to shareholders and pay related fees and expenses.

Existing lenders are getting a 50 bps amendment fee.

Russell Investments is a Seattle-based asset manager.

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