UKG, Ascend, Summit, HUB, Great American, NAB, Fanatics, Kraton, Ping and more break

By Sara Rosenberg

New York, Nov. 18 – UKG Inc. (Ultimate Kronos Group) moved some funds between its first- and second-lien term loans, revised issue prices, and lowered the spread on the second-lien tranche, Ascend Learning LLC set pricing on its first-lien term loan at the low end of talk, and tightened the spread and original issue discount on its second-lien term loan, and Summit Health (WP CityMD Bidco LLC) upsized its first-lien term loan and changed the issue price on the incremental portion of the transaction, and then these deals freed to trade on Thursday.

Also, before breaking for trading, HUB International Ltd. raised the amount of its add-on term loan B and adjusted the issue price, Great American Outdoors Group increased the size of its term loan B and finalized pricing at the low end of talk, North American Bancard (NAB Holdings LLC) firmed the spread on its first-lien term loan at the low side of guidance, added a step-down and revised the issue price, and Fanatics Commerce finalized pricing on its term loan B at the narrow end of talk.

In addition, Kraton Corp. set the spread on its euro term loan B at the low end of guidance, Ping Identity Corp. lowered pricing on its term loan and finalized the original issue discount, EmployBridge Holding Co. set the issue price on its add-on term loan B at the wide end of talk, and Boyd Corp. lifted its delayed-draw term loan size and set the original issue discount at the tight end of talk, and these deals hit the secondary market as well.

And, ahead of freeing to trade, AmeriLife Holdings LLC upsized its incremental first-lien term loan and firmed the original issue discount at the tight end of guidance, Duly Health & Care (Midwest Physician Administrative Services LLC) raised the amount of its incremental first-lien term loan, and Hyperion Materials & Technologies set the issue price on its add-on first-lien term loan at the tight end of talk.

Other deals to make their way into the secondary market during the session includes TransUnion LLC, Brooks Automation Inc. (Altar BidCo Inc.) and NEP Group Inc.

In more happenings, Hard Rock Northern Indiana (Spectacle Gary Holdings LLC) lifted pricing on its term loan B and extended the call protection, American Physician Partners LLC widened the spread and original issue discount talk on its first-lien term loan B, and sweetened the call protection, and Claros Mortgage Trust Inc. changed price talk on its term loan and firmed the issue price at the wide side of guidance.

Furthermore, ProAmpac upsized its incremental first-lien term loan and set the issue price at the tight end of talk, Columbus McKinnon Corp. and Soliant Health revised the original issue discounts on their add-on term loans, and Meridian Adhesives Group Inc. released price talk with launch.

UKG retranches

UKG lifted its fungible incremental covenant-lite first-lien term loan due May 2026 to $1.25 billion from $1 billion and changed the issue price to par from talk in the range of 99.5 to 99.75, market sources remarked.

The company also scaled back its covenant-lite second-lien term loan due May 2027 to $1.45 billion from $1.7 billion, trimmed pricing to Libor plus 525 basis points from Libor plus 575 bps and modified the issue price to par from 99.75, sources continued.

As before, the incremental first-lien term loan and repriced existing $3.213 billion first-lien term loan due May 2026 are priced at Libor plus 325 bps with a 0.5% Libor floor and have 101 soft call protection for six months, the repriced term loan has a par issue price, and the second-lien term loan has a 0.5% Libor floor and hard call protection of 102 for six months and 101 for a year.

Earlier in syndication, the Libor floor on the incremental first-lien term loan was lowered from 0.75% and the company added the repricing of the existing first-lien term loan to cut the Libor floor to 0.5% from 0.75% but leave the spread unchanged.

UKG hits secondary

Recommitments for UKG’s bank debt were due at noon ET on Thursday and the loans broke for trading in the afternoon, with the first-lien term loan debt quoted at par ¼ bid, par ½ offered and the second-lien term loan quoted at par ¾ bid, 101½ offered, a trader added.

Credit Suisse Securities (USA) LLC and Nomura are leading the deal, with Credit Suisse the left lead and agent on the first-lien and Nomura the left lead and agent on the second-lien.

The incremental first-lien term loan and second-lien term loan will be used to refinance an existing second-lien term loan, pre-fund three acquisition targets and fund a cash distribution for future acquisitions and/or a dividend.

UKG is a provider of human capital management solutions based in Weston, Fla., and Lowell, Mass.

Ascend updated, breaks

Ascend Learning finalized pricing on its $2.005 billion seven-year first-lien term loan at Libor plus 350 bps, the low end of the Libor plus 350 bps to 375 bps talk, and left the 0.5% Libor floor, original issue discount of 99.5 and 101 soft call protection for six months unchanged, a market source said.

In addition, the company cut pricing on its $755 million eight-year second-lien term loan to Libor plus 575 bps from Libor plus 600 bps and adjusted the original issue discount to 99.75 from 99, the source continued. This tranche still has a 0.5% Libor floor and hard call protection of 102 in year one and 101 in year two.

During the day, the debt freed to trade, with the first-lien term loan quoted at 99 5/8 bid, par 1/8 offered, another source added.

Barclays and Goldman Sachs Bank USA are leading the deal, with Barclays the left lead and agent on the first-lien term loan and Goldman the left lead and agent on the second-lien term loan.

The loans will be used to refinance the company’s existing capital structure and fund a distribution to shareholders.

Ascend Learning is a provider of educational content, software and analytics solutions.

Summit tweaked, trades

Summit Health raised its seven-year first-lien term loan to $1.784 billion from $1.684 billion, according to a market source. Of the total term loan amount, $900 million, up from $800 million, is a fungible incremental tranche and $884 million is a repricing and extension of an existing term loan.

Along with the upsize, the original issue discount on the incremental tranche was revised to 99.875 from 99.5, the source said. The discount on the repricing tranche was unchanged at 99.875.

Pricing on the term loan remained at Libor plus 325 bps with a 0.5% Libor floor, and the debt still has 101 soft call protection for six months.

Recommitments were due at noon ET on Thursday and the term loan broke later in the day, with levels quoted at par bid, par ¼ offered, another source added.

Credit Suisse Securities (USA) LLC, Barclays, Goldman Sachs Bank USA, Jefferies LLC, Mizuho, ING, KeyBanc Capital Markets, Golub Capital and Regions Bank are leading the deal that will fund tuck-in acquisitions and refinance existing debt. The existing term loan is being repriced from Libor plus 375 bps with a 0.75% Libor floor and extended from August 2026.

Summit is physician-owned multispecialty and urgent care medical practice.

HUB modified, frees

HUB International upsized its fungible senior secured add-on covenant-lite term loan B due April 25, 2025 to $1.75 billion from $1.1 billion and changed the original issue discount to 99.75 from 99.28, a market source said.

Pricing on the add-on term loan is Libor plus 325 bps with a 0.75% Libor floor, in line with existing term loan pricing, and the add-on term loan has 101 soft call protection for six months.

Commitments were due at noon ET on Thursday and the term loan B freed up late in the session, with levels quoted at par bid, par ¼ offered, a trader added.

Morgan Stanley Senior Funding Inc., BofA Securities Inc., JPMorgan Chase Bank, Barclays, Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, Macquarie Capital (USA) Inc., Nomura and BMO Capital Markets are leading the deal that will be used with $550 million of senior unsecured notes to fund a distribution to shareholders and expected fourth-quarter acquisitions, and to pay related fees, expenses and original issue discount.

With the term loan upsizing, the company cancelled plans for a $650 million senior secured notes offering.

Closing is expected on Nov. 30.

HUB is a Chicago-based insurance brokerage.

Great American revised, trades

Great American Outdoors lifted its term loan B due 2028 to $4.666 billion from $4.466 billion and set pricing at Libor plus 375 bps, the low end of the Libor plus 375 bps to 400 bps talk, a market source remarked.

The 0.75% Libor floor, par issue price and 101 soft call protection for six months on the term loan were unchanged.

Recommitments were due at noon ET on Thursday and the term loan emerged in the secondary market later in the day, with levels quoted at par ¼ bid, par ½ offered, another source added.

JPMorgan Chase Bank is leading the deal that will be used to reprice an existing term loan down from Libor plus 425 bps with a 0.75% Libor floor, and the funds from the upsizing will be used for general corporate purposes, including share repurchases.

Great American Outdoors is a Springfield, Mo.-based outdoor retailer that owns Cabela’s and Bass Pro Shops, White River Marine Group and Our Nature Resorts.

NAB updated, breaks

North American Bancard set pricing on its $775 million seven-year covenant-lite first-lien term loan at SOFR+CSA plus 300 bps, the low end of the SOFR+CSA plus 300 bps to 325 bps talk, added a 25 bps step-down at 2.85x net senior secured leverage and moved the original issue discount to 99.75 from 99.5, according to a market source.

The term loan still has a 0.5% SOFR+CSA floor, CSA of 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, and 101 soft call protection for six months.

The company’s $900 million of credit facilities (B1/B+) also include a $125 million revolver.

Recommitments were due at noon ET on Thursday and the term loan broke in the afternoon, with levels quoted at 99 7/8 bid, par 1/8 offered, another source added.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to repay existing debt and fund a distribution to shareholders.

North American Bancard is a Troy, Mich.-based provider of payment processing solutions.

Fanatics firms, frees

Fanatics Commerce set pricing on its $500 million seven-year senior secured term loan B (Ba3/BB-) at Libor plus 325 bps, the low end of the Libor plus 325 bps to 350 bps talk, a market source said.

As before, the term loan has a 0.5% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

The term loan B started trading in the afternoon, with levels quoted at 99¾ bid, par ¼ offered, another source added.

Citigroup Global Markets Inc., BofA Securities Inc., JPMorgan Chase Bank, Barclays, BNP Paribas Securities Corp., PNC, Truist, BMO Capital Markets, Goldman Sachs Bank USA, HSBC Securities (USA) Inc. and Mizuho are leading the deal that will be used to fund the growth of the company through investment into new, highly synergistic verticals and fan products, and for general corporate purposes.

Closing is expected this month.

Fanatics Commerce is a Jacksonville, Fla.-based designer, manufacturer and distributor of fan gear, jerseys, headwear and hardgoods.

Kraton finalized

Kraton firmed pricing on its €300 million seven-year term loan B at Euribor plus 325 bps, the low end of revised talk of Euribor plus 325 bps to 350 bps and down from initial talk in the range of Euribor plus 350 bps to 375 bps, according to a market source.

The euro term loan has a 25 bps step-down at 2.5x net first-lien leverage, a 0% floor and an original issue discount of 99.5.

The company is also getting a $600 million seven-year term loan B priced at Libor plus 325 bps with a 25 bps step-down at 2.5x net first-lien leverage, a 0.5% Libor floor and an original issue discount of 99.5.

Both term loans (Ba3/BB) have 101 soft call protection for six months and ticking fees of half the margin from days 46 to 90 and the full margin thereafter.

Previously in syndication, sizes on the U.S. and euro term loans were outlined from initial talk of $950 million equivalent total with U.S. and euro term loan B sizes to be determined, pricing on the U.S. term loan was cut from talk in the range of Libor plus 350 bps to 375 bps, and both loans saw the addition of the step-down.

Kraton starts trading

During the session, Kraton’s U.S. term loan broke for trading, with levels quoted at 99¾ bid, par ¼ offered, another source added.

Goldman Sachs, BMO Capital Markets, Deutsche Bank Securities Inc., HSBC Securities, Wells Fargo Securities LLC, BNP Paribas Securities Corp., SMBC, BofA Securities Inc. and Mizuho are leading the deal that will be used to help fund the acquisition of the company by DL Chemical Co. Ltd. for $46.50 per share. The transaction has an enterprise value of about $2.5 billion.

Kraton will be financed on a stand-alone basis and will be a ring fenced, wholly owned non-guarantor subsidiary of DL Chemical.

Closing is expected in the first half of 2022, subject to customary conditions, including the receipt of stockholder and regulatory approvals.

Kraton is a Houston-based producer of specialty polymers and high-value bio-based products derived from pine wood pulping co-products. DL Chemical is a Korea-based petrochemical company.

Ping cuts spread, trades

Ping Identity trimmed pricing on its $300 million term loan (B-) to SOFR+CSA plus 375 bps from SOFR+CSA plus 425 bps and firmed the original issue discount at 99.5, the tight end of the 99 to 99.5 talk, according to a market source.

As before, the term loan has a 0.5% floor, CSA of 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, and 101 soft call protection for six months.

Recommitments were due at noon ET on Thursday and the term loan freed up in the afternoon, with levels quoted at par bid, par 3/8 offered, another source added.

BofA Securities Inc., RBC Capital Markets and Wells Fargo Securities LLC are leading the deal that will be used to repay revolver borrowings and add cash to the balance sheet for acquisitions.

Ping Identity is a Denver-based software company.

EmployBridge updated, breaks

EmployBridge firmed the original issue discount on its fungible $200 million add-on term loan B (B3/B-/BB-) due July 2028 at 99, the wide end of the 99 to 99.5 talk, a market source said.

Pricing on the add-on term loan is Libor plus 475 bps with a 0.75% Libor floor, in line with existing term loan pricing.

Late in the day, the add-on term loan surfaced in the secondary market, with levels quoted at 99 1/8 bid, 99 5/8 offered, a trader added.

RBC Capital Markets, Credit Suisse Securities (USA) LLC, Wells Fargo Securities LLC, Barclays, Deutsche Bank Securities Inc., Macquarie Capital (USA) Inc., Mizuho and Citizens Bank USA are leading the deal that will be used to help fund the acquisition of Hire Dynamics for $270 million.

Pro forma for the transaction, the term loan will total $925 million.

Apollo is the sponsor.

EmployBridge is an Atlanta-based provider of flexible workforce services. Hire Dynamics is a provider of commercial staffing and professional recruitment services.

Boyd upsizes, frees

Boyd lifted its delayed-draw term loan to $125 million from $75 million, and finalized the original issue discount on the delayed-draw and on the funded fungible $125 million add-on first-lien term loan due 2026 at 99.5, the tight end of the 99 to 99.5 talk, according to a market source.

Pricing on the delayed-draw and add-on term loan is Libor plus 475 bps with a 0% Libor floor.

Recommitments were due at 12:30 p.m. ET on Thursday and the strip of funded and delayed-draw term loan debt started trading later in the day, with levels quoted at 99¾ bid, another source added.

JPMorgan Chase Bank, Jefferies LLC and KeyBanc Capital Markets are leading the deal that will be used to fund acquisitions and for general corporate purposes.

Boyd is a Pleasanton, Calif.-based provider of highly engineered thermal management and environmental sealing solutions.

AmeriLife tweaked, breaks

AmeriLife upsized its fungible incremental covenant-lite first-lien term loan due March 2027 to $155 million from $135 million and set the original issue discount at 99.5, the tight end of the 99.25 to 99.5 talk, a market source remarked.

Pricing on the incremental term loan is Libor plus 400 bps with a 0% Libor floor, in line with the existing term loan, and the debt is getting 101 soft call protection for six months.

Recommitments were due at 1:30 p.m. ET on Thursday and the incremental 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 the left lead on the deal that will be used to fund tuck-in acquisitions and add cash to the balance sheet.

AmeriLife is a Clearwater, Fla.-based insurance marketing organization.

Duly changes size, trades

Duly Health upsized its fungible incremental covenant-lite first-lien term loan due March 2028 to $80 million from $40 million, according to a market source.

Pricing on the incremental term loan is Libor plus 325 bps with a 0.75% Libor floor, in line with existing term loan pricing, and the debt has an original issue discount of 99.5.

Recommitments were due at 1 p.m. ET on Thursday and the incremental term loan freed up later in the day, with levels quoted at 99¾ bid, par offered, another source added.

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

Duly Health, formerly known as DuPage Medical Group, is a Downers Grove, Ill.-based multi-specialty physician group.

Hyperion sets OID, breaks

Hyperion Materials & Technologies finalized the original issue discount on its fungible $50 million add-on covenant-lite first-lien term loan (B2/B) due Aug. 30, 2028 at 99.75, the tight end of the 99.5 to 99.75 talk, a market source remarked.

Pricing on the add-on term loan is Libor plus 450 bps with a 0.5% Libor floor, in line with the existing term loan, and the debt has 101 soft call protection through Feb. 28, 2022.

On Thursday, the add-on term loan hit the secondary market, with levels quoted at 99 7/8 bid, par 3/8 offered, another source added.

UBS Investment Bank, KKR Capital Markets and Goldman Sachs Bank USA are leading the deal that will be used to fund the acquisition of Aggressive Grinding Service, a Pennsylvania-based precision carbide and ceramic grinding company.

Hyperion Materials, a portfolio company of KKR, is a Worthington, Ohio-based materials science company that develops hard and super-hard materials for a wide range of industries and applications.

TransUnion first-lien trades

TransUnion’s $3.1 billion seven-year covenant-lite term loan B-6 (Ba2/BBB-) began trading, with levels quoted at par bid, par 1/8 offered, a market source said.

Pricing on the first-lien term loan is Libor plus 225 bps with a step-down to Libor plus 200 bps at 3.25x senior secured net leverage and a 0.5% Libor floor. The debt was sold at an original issue discount of 99.75 and has 101 soft call protection for six months.

The company is also getting a $640 million eight-year covenant-lite second-lien term loan (B1/BB), which freed to trade on Wednesday. Pricing on the loan is Libor plus 500 bps with a 0% Libor floor and it was issued at a discount of 99.5. This tranche is redeemable at par for six months post-closing, followed by call protection of 102 and 101 thereafter.

During syndication, pricing on the first-lien term loan firmed at the low end of the Libor plus 225 bps to 250 bps talk, the step-down was added and the discount was tightened from 99.5. In addition, the discount on the second-lien term loan finalized at the tight end of revised talk of 99.25 to 99.5 and tighter than initial talk in the range of 98.5 to 99.

TransUnion lead banks

Deutsche Bank Securities Inc., Capital One, RBC Capital Markets and BofA Securities Inc. are the bookrunners on TransUnion’s term loan B-6, with Deutsche the left lead and administrative agent. JPMorgan Chase Bank, Deutsche Bank and Wells Fargo Securities LLC are the bookrunners on the second-lien term loan, with JPMorgan the left lead and administrative agent.

Proceeds will be used with cash on hand to fund the acquisition of Neustar from an investment group led by Golden Gate Capital for $3.1 billion in cash, refinance certain debt, and finance the purchase of Sontiq Inc. for $638 million.

Closing on both acquisitions and the Healthcare business sale is expected in the fourth quarter, subject to customary conditions and regulatory approvals.

TransUnion is a Chicago-based information and insights company. Neustar is a Reston, Va.-based information services and technology company. Sontiq is a Nottingham, Md.-based intelligent identity security company.

Brooks frees up

Brooks Automation’s bank debt emerged in the secondary market too, with the $900 million seven-year first-lien term loan quoted at 99¾ bid, par 1/8 offered, and the $205 million eight-year second-lien term loan quoted at par ½ bid, 101½ offered, according to a market source.

Pricing on the first-lien term loan is SOFR plus 335 bps with a 25 bps step-down at 4x first-lien net leverage and a 0.5% floor. The debt was sold at an original issue discount of 99.5 and has 101 soft call protection for six months.

The second-lien term loan is priced at SOFR plus 560 bps with a 0.5% floor and was issued at a discount of 99. This tranche has hard call protection of 102 in year one and 101 in year two.

No CSA is included in the loans.

Ticking fees on the term loans are half the margin from days 31 to 60 and the full margin thereafter.

Barclays, Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., UBS Investment Bank, MUFG, SMBC and Stifel are leading the deal, with Barclays the left lead and administrative agent on the first-lien term loan and Goldman the left lead and agent on the second-lien term loan.

Brooks being acquired

Proceeds from Brooks Automation’s term loans will be used with equity to fund its buyout by Thomas H. Lee Partners LP in a transaction valued at $3 billion.

During syndication, the first-lien term loan was upsized from $825 million to reduce the equity for the transaction, pricing was changed from revised talk of Libor plus 325 bps and initial talk of Libor plus 375 bps, the leverage-based step-down was added and a step-down upon an initial public offering was removed. Also, pricing on the second-lien term loan was modified from revised talk of Libor plus 550 bps and initial talk in the range of Libor plus 625 bps to 650 bps, and ticking fees on the loans were reworked from half the margin from days 46 to 90 and the full margin thereafter.

Closing is expected in the first quarter of 2022, subject to customary conditions and regulatory approvals.

Brooks Automation is a Chelmsford, Mass.-based automation technology company with significant expertise in semiconductors.

NEP levels surface

NEP Group’s non-fungible $210 million incremental term loan B due Oct. 19, 2025 (B3/B/B) broke as well, with levels quoted at 99 bid, 99½ offered, a market source said.

Pricing on the term loan is Libor plus 400 bps with a 0.5% Libor floor and it was sold at an original issue discount of 99. The debt has 101 soft call protection for six months.

During syndication, pricing on the term loan was increased from Libor plus 375 bps and the discount was set at the wide end of the 99 to 99.5 talk.

Barclays, JPMorgan Chase Bank, HSBC Securities (USA) Inc., Macquarie Capital (USA) Inc., MUFG and Mizuho are leading the deal that will be used for general corporate purposes, including acquisitions and capital expenditures, and to pay down revolver borrowings.

NEP is a Pittsburgh-based provider of outsourced live and broadcast production solutions.

Hard Rock revised

In other news, Hard Rock Northern Indiana raised pricing on its $415 million seven-year covenant-lite term loan B (B3/B/B+) to Libor plus 425 bps from talk in the range of Libor plus 375 bps to 400 bps, extended the 101 soft call protection to one year from six months, and changed amortization to 10% in years one and two and 5% thereafter, from 5% per annum, according to a market source.

The term loan still has a 0.75% Libor floor and an original issue discount of 99.

Final commitments are due at noon ET on Friday, the source added.

Wells Fargo Securities LLC is leading the deal that will be used to refinance existing debt and pay related fees and expenses.

Hard Rock Northern Indiana is a 200,000 square foot, full-service gaming facility and entertainment complex located in Gary, Ind.

American Physician reworked

American Physician Partners increased pricing on its $520 million seven-year covenant-lite first-lien term loan B (B3/B-) to SOFR+CSA plus 625 bps from talk in the range of SOFR+CSA plus 475 bps to 500 bps, added a 50 bps step-down at 4x total net leverage, and revised original issue discount talk to a range of 96 to 97 from 99, a market source remarked.

Also, call protection on the term loan was modified to non-callable for one year, then at 102 in year two and 101 in year three from a 101 soft call for six months, and amortization was changed to 5% in years one and two and 7.5% thereafter from 1% per annum, the source continued.

As before, the term loan has a 0.75% floor, and CSA of 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

Commitments remain due at 5 p.m. ET on Monday, the source added.

Deutsche Bank Securities Inc., Regions Bank and Nomura are leading the deal that will be used to refinance existing debt and finance acquisitions under letters of intent.

American Physician is a Brentwood, Tenn.-based emergency department management platform.

Claros lifts talk

Claros Mortgage Trust modified price talk on its $763 million term loan due August 2026 to a range of SOFR+CSA plus 450 bps to 475 bps from SOFR+CSA plus 400 bps and set the original issue discount at 99.5, the wide end of the 99.5 to 99.75 talk, according to a market source.

The term loan still has a 0.5% SOFR+CSA floor, CSA of 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, and 101 soft call protection for six months.

Commitments continued to be due at 5 p.m. ET on Thursday, the source added.

JPMorgan Chase Bank is leading the deal that will be used to reprice an existing term loan from Libor plus 500 bps with a 1% Libor floor.

Claros Mortgage Trust is a commercial mortgage real estate investment trust with a focus on lending on large scale, transitional assets.

ProAmpac upsizes

ProAmpac lifted its fungible incremental first-lien term loan due October 2025 to $245 million from $205 million and firmed the original issue discount at 99.5, the tight end of the 99.25 to 99.5 talk, a market source said.

Pricing on the incremental term loan is Libor plus 375 bps with a 0.75% Libor floor, in line with existing term loan pricing.

Commitments were due at 5 p.m. ET on Thursday, accelerated from Friday, the source added.

Allocations are expected on Friday.

Antares Capital is leading the deal that will be used to repay revolver borrowings and add cash to the balance sheet.

Pro forma for the transaction, the first-lien term loan will total about $2.05 billion.

ProAmpac is a Cincinnati-based manufacturer of flexible packaging and material science solutions.

Columbus revised

Columbus McKinnon changed the original issue discount on its fungible $75 million add-on term loan due 2028 to 99.875 from 99.75, according to a market source.

Pricing on the add-on term loan is Libor plus 275 bps with a 0.5% Libor floor, in line with existing term loan pricing.

Commitments continued to be due at 5 p.m. ET on Thursday, the source added.

JPMorgan Chase Bank is leading the deal that will be used to fund the acquisition of Garvey Corp., an accumulation systems solutions company, for $74 million.

Closing is expected this year.

Pro forma net debt leverage is expected to be about 2.8x.

Columbus McKinnon is a Getzville, N.Y.-based designer, manufacturer and marketer of intelligent motion solutions for material handling.

Soliant changes OID

Soliant Health modified the original issue discount on its fungible $180 million add-on term loan (B+) due 2028 to 99.75 from talk in the range of 99 to 99.5, a market source remarked.

Pricing on the add-on term loan is Libor plus 425 bps with a 0.75% Libor floor, and the debt has 101 soft call protection for six months.

Commitments remained due at 5 p.m. ET on Thursday, the source added.

JPMorgan Chase Bank is leading the deal that will be used to fund a dividend.

Soliant is an Atlanta-based provider of health care jobs and staffing services.

Meridian Adhesives guidance

Meridian Adhesives Group emerged in the morning with plans to hold a lender call at 3 p.m. ET on Thursday to launch a fungible $100 million add-on term loan due 2028 talked with an original issue discount of 99 to 99.5, according to a market source.

Pricing on the add-on term loan is Libor plus 400 bps with a 0.75% Libor floor, and the debt is getting 101 soft call protection for six months.

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

JPMorgan Chase Bank, Jefferies LLC and RBC Capital Markets are leading the deal that will be used to fund acquisitions and for general corporate purposes.

Meridian Adhesives is a manufacturer of high-value adhesive technologies.

© 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.