Dentalcorp, CTOS, ZoomInfo, Savage break; Informatica, Tibco, Clarivate, Wastequip updated

By Sara Rosenberg

New York, Feb. 13 – Dentalcorp Health Services ULC increased the size of its incremental first-lien term loan and firmed the original issue discount at the tight side of guidance before freeing up on Thursday, and deals from Custom Truck One Source (CTOS LLC), ZoomInfo and Savage Enterprises LLC hit the secondary market too.

In other news, Informatica LLC revised its U.S. first-and second-lien term loan sizes and adjusted price talk, and Tibco Software Inc. tightened spreads and original issue discounts on its first- and second-lien term loans, and added a repricing of its existing first-lien term loan to the transaction.

Also, Clarivate Analytics plc firmed the issue price on its incremental term loan B at the tight end of talk, and Wastequip LLC (Patriot Container Corp.) lowered pricing on its incremental term loan B and finalized the issue price at the tight end of guidance.

Furthermore, Messer Industries, Cast & Crew Entertainment Services, ThoughtWorks Inc. and Medforth released price talk with launch, and Sundyne (Star US Bidco LLC) joined the near-term primary calendar.

Dentalcorp tweaked, trades

Dentalcorp raised its incremental first-lien term loan due June 6, 2025 to $100 million from $75 million and finalized the original issue discount at 99.25, the tight end of the 99 to 99.25 talk, according to a market source.

The first-lien term loan is priced at Libor plus 375 basis points with a 0% Libor floor.

Commitments were due at noon ET on Thursday and the loan freed up later in the day, with levels quoted at 99½ bid, par offered, another source added.

Jefferies LLC, CIBC and TD Securities (USA) LLC are leading the deal that will be used to fund closed and future acquisitions.

Dentalcorp is a dental support organization in Canada providing a full spectrum of dental services.

Custom Truck frees up

Custom Truck One Source’s $600 million senior secured covenant-lite term loan B due April 18, 2025 broke for trading, with levels quoted at par ½ bid, 101¼ offered, a market source remarked.

Pricing on the term loan is Libor plus 425 bps with a 0% Libor floor and it was sold at an original issue discount of 99.75. The debt has 101 soft call protection for six months.

During syndication, the term loan was upsized from $557 million and pricing was cut from Libor plus 450 bps.

Citigroup Global Markets Inc., Morgan Stanley Senior Funding Inc., CIBC and RBC Capital Markets are leading the deal. Morgan Stanley is the administrative agent.

Proceeds will be used to reprice an existing term loan and extend the maturity by two years, and the extra funds raised through the recent upsizing will be used to repay revolver borrowings.

Closing is expected on Wednesday.

Custom Truck is a Kansas City, Mo.-based provider of specialized truck and heavy equipment solutions.

ZoomInfo hits secondary

ZoomInfo’s $858,512,500 covenant-lite first-lien term loan B due February 2026 also freed up, with levels quoted at par bid, par ½ offered, according to a trader.

Pricing on the term loan is 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 loan was issued at par and has 101 soft call protection for six months.

Morgan Stanley Senior Funding Inc., Barclays and Antares Capital are leading the deal that will be used to reprice an existing first-lien term loan B down from Libor plus 450 bps.

Closing is expected in late February.

ZoomInfo, formally known as DiscoverOrg LLC, is a Vancouver, Wash.-based provider of sales and marketing data.

Savage tops par

Savage Enterprises’ repriced first-lien term loan B (B1/BB) due Aug. 1, 2025 started trading on Thursday morning, with levels quoted at par ½ bid, 101¼ offered, after allocating on Wednesday evening, a trader remarked.

Pricing on the term loan is Libor plus 300 bps with a 0% Libor floor and it was issued at par. The debt has 101 soft call protection for six months.

During syndication, pricing on the term loan was reduced from Libor plus 325 bps.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to reprice an existing term loan B down from Libor plus 400 bps.

The term loan is currently sized at $885 million but will be paid down by $225 million with proceeds from the recently announced asset sale of the Savage Inland Marine tank barge fleet to Kirby Corp.

Closing is expected in early March.

Savage is a Salt Lake City-based supply chain provider.

Informatica reworked

Back in the primary market, Informatica lifted its U.S. seven-year covenant-lite first-lien term loan B to $1.79 billion from $1.725 billion and trimmed pricing to Libor plus 325 bps from Libor plus 350 bps, while leaving the 0% Libor floor and original issue discount of 99.5 unchanged, according to a market source.

In addition, the company scaled back its five-year covenant-lite second-lien term loan to $425 million from $475 million, lowered pricing to a fixed rate of 7.125% from a fixed rate of 7.5% and tightened the discount to 99.5 from 99, the source said. This tranche is still non-callable for one year, then at 102 in year two and 101 in year three.

The company left pricing on its €480 million seven-year covenant-lite first-lien term loan B at Euribor plus 350 bps but added a step-down to Euribor plus 325 bps when total net leverage is less than or equal to 6x and changed original issue discount talk to a range of 99.75 to par from 99.5, the source continued. This loan still has a 0% floor.

The U.S. and euro first-lien term loans continue to include 101 soft call protection for six months and a springing maturity.

Informatica getting revolver

Along with the term loans, Informatica’s now $2.89 billion equivalent of credit facilities also provide for a $150 million revolver due April 2024 that is priced at Libor plus 325 bps with a step-down to Libor plus 300 bps if first-lien net leverage is less than or equal to 4.5x and a 0% Libor floor.

Recommitments were due at 5 p.m. ET on Thursday for the U.S. debt and are due at 7 a.m. ET on Friday for the euro debt, the source added.

Allocations are expected on Friday and closing is targeted for the week of Feb. 24.

Nomura is leading the deal that will be used to refinance existing term loans and senior notes, to raise cash for general corporate purposes and to pay related fees and expenses. The extra funds from the first-lien term loan upsizing will be used to cover fees and expenses.

Informatica is a Redwood City, Calif.-based provider of enterprise cloud data management software and services.

Tibco changes emerge

Tibco Software cut pricing on its $360 million add-on first-lien term loan (B2/B+/B+) to Libor plus 375 bps from Libor plus 400 bps and moved the original issue discount to 99.75 from 99.5, a market source remarked.

The company also lowered pricing on its $650 million eight-year second-lien term loan (Caa2/B-/B-) to Libor plus 725 bps from Libor plus 775 bps and changed the discount to 99.5 from talk in the range of 98.5 to 99, the source continued.

As before, the add-on first-lien term loan has a 0% Libor floor and 101 soft call protection for six months, and the second-lien term loan still has a 0% Libor floor and call protection of 102 in year one and 101 in year two.

J.P. Morgan Securities LLC is the left lead on the deal that will be used to repay notes.

Due to the reverse flex to the add-on first-lien term loan, the company is now repricing its existing first-lien term loan to Libor plus 375 bps from Libor plus 400 and the repricing is being offered at par.

Tibco is a Palo Alto, Calif.-based infrastructure and business intelligence software company.

Clarivate updated

Clarivate Analytics set the issue price on its $360 million incremental senior secured covenant-lite term loan B (B2/B) due Oct. 31, 2026 at par, the tight end of the 99.75 to par talk, a market source remarked.

Like the existing term loan B, the incremental term loan is priced at Libor plus 325 basis points with a 0% Libor floor and has 101 soft call protection until April 30.

Citigroup Global Markets Inc., Goldman Sachs Bank USA, RBC Capital Markets, BofA Securities, Inc. and Barclays are leading the deal that allocated on Thursday. BofA is the administrative agent on the deal.

The new debt will be used to help fund the acquisition of Decision Resources Group, a provider of high-value data, analytics and insights products and services to the health care industry, from Piramal Enterprises Ltd. for $900 million in cash and about $50 million in Clarivate ordinary shares to be issued following one-year.

Closing is expected in late February.

Clarivate is a Philadelphia-based provider of comprehensive intellectual property and scientific information, decision support tools and services.

Wastequip cuts spread

Wastequip flexed pricing on its fungible $145 million incremental term loan B due March 20, 2025 to Libor plus 350 bps from Libor plus 400 bps and firmed the original issue discount at 99.5, the tight end of the 99 to 99.5 talk, a market source said.

The incremental term loan still has a 1% Libor floor and 101 soft call protection for six months.

Recommitments are due at 11 a.m. ET on Friday, the source added.

As a result of the flex, the company will no longer increase pricing on its existing term loan B from Libor plus 350 bps to match the incremental loan pricing.

Barclays is leading the deal that will be used to fund a tuck-in acquisition, fund a distribution to existing shareholders, repay revolver drawings, and pay fees, expenses and accrued interest related to the transaction.

H.I.G. Capital is the sponsor.

Wastequip is a Charlotte, N.C.-based manufacturer of waste and recycling equipment.

Messer reveals guidance

Also in the primary market, Messer Industries held its lender call on Thursday and, shortly before it began, price talk was announced on its $2.206 billion term loan B due March 2026 and its €540 million term loan B due March 2026 at Libor/Euribor plus 225 bps with a 0% floor, according to a market source.

The U.S. term loan is talked with an original issue discount of 99.875, and the euro term loan is talked with a step-up to Euribor plus 250 bps at more than 4.5x net leverage and a discount in the range of 99.875 to par, the source said. Both term loans have 101 soft call protection for six months.

Commitments for the U.S. term loan are due at noon ET on Feb. 21 and commitments for the euro term loan are due at 9 a.m. ET on Feb. 21, the source added.

Messer lead banks

Goldman Sachs Bank USA, Citigroup Global Markets Inc., UBS Investment Bank, BNP Paribas Securities Corp., ING, UniCredit, Bayern LB, Deutsche Bank Securities Inc., Helaba and Mizuho are leading Messer’s term loans. Goldman is the left lead on the U.S. loan, and Citigroup and UBS are the joint active leads on the euro loan.

Proceeds will be used to reprice an existing U.S. term loan down from Libor plus 250 bps and an existing euro term loan down from Euribor plus 275 bps with a step to Euribor plus 250 bps.

Messer Industries is a producer and refiner of industrial gases for customers across several industries.

Cast & Crew talk

Cast & Crew Entertainment Services launched on its afternoon call its fungible $125 million add-on first-lien term loan B (B2/B+) due Feb. 7, 2026 and a repricing of its existing $759 million first-lien term loan B (B2/B+) due Feb. 7, 2026 at talk of Libor plus 375 bps with a 0% Libor floor and 101 soft call protection for six months, according to a market source.

The add-on term loan is talked with an original issue discount of 99.75, and the repricing is talked at par for existing lenders and at 99.75 for new money.

Commitments and repricing signature pages are due at noon ET on Feb. 21, the source added.

Goldman Sachs Bank USA and RBC Capital Markets are leading the deal.

The add-on term loan will be used to fund the acquisition of Media Services, a Los Angeles-based payroll and production management solutions company, and the repricing will take the existing term loan down from Libor plus 400 bps.

Cast & Crew is a Burbank, Calif.-based provider of software and services to the entertainment production industry.

ThoughtWorks holds call

ThoughtWorks emerged in the morning with plans to hold a lender call at 3 p.m. ET to launch a $450 million covenant-lite first-lien term loan (B2/B) due October 2024 talked at Libor plus 350 bps to 375 bps with a 1% Libor floor, a par issue price and 101 soft call protection for six months, a market source remarked.

Commitments are due at noon ET on Feb. 20, the source added.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to reprice an existing term loan down from Libor plus 400 bps.

ThoughtWorks is a Chicago-based pure play digital transformation services provider.

Medforth proposed terms

Medforth held its call in the afternoon and released talk on its $788 million first-lien term loan B due July 17, 2025 at Libor plus 300 bps to 325 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, according to a market source.

Commitments are due on Wednesday, the source said.

Goldman Sachs Bank USA is leading the deal that will be used to reprice an existing term loan B.

Medforth is a New York-based educational institution, providing students medical degrees and veterinary degrees.

Sundyne on deck

Sundyne set a lender presentation for 2 p.m. ET in New York on Tuesday to launch $635 million of senior secured credit facilities (B), a market source said.

The facilities consist of a $100 million revolver and a $535 million first-lien term loan B, the source added.

Morgan Stanley Senior Funding Inc. is the left lead on the deal that will be used to help fund the buyout of the company by Warburg Pincus from BC Partners Advisors LP and the Carlyle Group.

Closing is expected in the first half of this year, subject to regulatory approval.

Syndyne is an Arvada, Colo.-based designer and manufacturer of mission critical flow control equipment.

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