Polyconcept, MediaOcean, HCA, Integer, Rexnord break; Cambrex revised; Ticketek accelerated

By Sara Rosenberg

New York, Nov. 18 – Polyconcept set the spread on its incremental first-lien term loan at the high end of guidance, and MediaOcean LLC added a pricing step-down to its term loan B and tightened the original issue discount, and then both of these deals freed to trade on Monday.

Also, HCA Inc. finalized the issue price on its term loan B-13 at the tight side of talk before breaking for trading, and deals from Integer Holdings Corp. (Greatbatch Ltd.) and Rexnord LLC surfaced in the secondary market as well.

In addition, Cambrex Corp. opted to carve out a euro tranche from its first-lien term loan, Ticketek accelerated the commitment deadline for its first-lien term loan B, and Pitney Bowes Inc., Element Solutions Inc. and Portillo’s released price talk with launch.

Polyconcept updated, trades

Polyconcept firmed pricing on its fungible $183 million incremental first-lien term loan due August 2023 at Libor plus 450 basis points, the wide end of the Libor plus 425 bps to 450 bps talk, and left the 1% Libor floor, original issue discount of 99 and 101 soft call protection for six months unchanged, according to a market source.

On Monday, the incremental term loan freed to trade, with levels quoted at 99 3/8 bid, par 1/8 offered, another source added.

Goldman Sachs Bank USA, KKR Capital Markets and RBC Capital Markets are leading the deal that will be used for mergers and acquisitions.

In connection with this transaction, pricing on the company’s existing first-lien term loan will be lifted from Libor plus 375 bps with a 1% Libor floor to match the incremental loan pricing.

Closing is expected during the week of Nov. 25.

Polyconcept is a New Kensington, Pa.-based supplier of promotional products.

MediaOcean tweaked, breaks

MediaOcean added a step-down to its $275 million term loan B due August 2025 to Libor plus 375 bps if net leverage is less than 1.75x and modified the original issue discount on to 99.75 from 99.5, a market source said.

Initial pricing on the term loan remained at Libor plus 400 bps, and the debt still has 101 soft call protection for six months.

The company’s $305 million of credit facilities (B2/B) also include a $30 million revolver due August 2023.

During the session, the term loan B began trading and levels were seen at par bid, par ½ offered, the source added.

Macquarie Capital (USA) Inc., BNP Paribas Securities Corp., Golub Capital and Jefferies LLC are leading the deal that will be used with cash to help refinance/extend by three years an existing $293 million term loan B and revolver.

MediaOcean is a New York-based software company for the advertising sector.

HCA firms, frees up

HCA finalized the issue price on its $1,148,000,000 term loan B-13 due 2026 at par, the tight end of the 99.75 to par talk, according to a market source.

As before, the term loan is priced at Libor plus 175 bps with no Libor floor and has 101 soft call protection for six months.

The term loan B-13 broke for trading on Monday and was quoted at par 1/8 bid, par 3/8 offered, the source said.

BofA Securities, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs Bank USA and Wells Fargo Securities LLC are leading the deal that will be used to extend by three years an existing term loan priced at Libor plus 175 bps.

HCA is a Nashville, Tenn.-based health care services provider.

Integer hits secondary

Another deal to free up was Integer’s roughly $563.3 million covenant-lite first-lien term loan B (B1/B+) due Oct. 27, 2022, with levels quoted at par bid, par ½ offered, a market source remarked.

Pricing on the term loan is Libor plus 250 bps with a 1% Libor floor and it was issued at par. The loan has 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to reprice an existing term loan B down from Libor plus 300 bps with a 1% Libor floor.

Closing is expected on Wednesday.

Integer is a Plano, Tex.-based medical device outsourcing manufacturer.

Rexnord tops issue price

Rexnord’s $725 million covenant-lite first-lien term loan (Ba1/BBB-) due August 2024 also emerged in the secondary market, with levels seen at par 1/8 bid, par ½ offered, a market source said.

Pricing on the term loan is Libor plus 175 bps with a 0% Libor floor and it was issued at par. The debt has 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to reprice an existing term loan down from Libor plus 200 bps.

Rexnord is a Milwaukee-based multi-platform industrial company.

Cambrex adds euro piece

Back in the primary market, Cambrex revised its $875 million seven-year covenant-lite first-lien term loan (B2/B) to include a euro tranche due to reverse inquiry and business needs and extended the commitment deadline to 5 p.m. ET on Wednesday from 5 p.m. ET on Tuesday, according to a market source.

Talk on the U.S. first-lien term loan is still Libor plus 450 bps to 475 bps with a 0% Libor floor and an original issue discount of 99, and the euro first-lien term loan is talked at Euribor plus 450 bps to 475 bps with a 0% floor and a discount of 99, the source said.

The first-lien term loan debt has 101 soft call protection.

The company’s $1.26 billion of senior secured credit facilities also include a $135 million revolver (B2/B), and a $250 million eight-year covenant-lite second-lien term loan (Caa2/B-) talked at Libor plus 850 bps to 875 bps with a 0% Libor floor, a discount of 98.5 and call protection of 102 in year one and 101 in year two.

Cambrex lead banks

RBC Capital Markets, Barclays, Societe Generale, UBS Investment Bank and Mizuho are leading Cambrex’s credit facilities.

The new debt will be used with around $1.382 billion equivalent of equity to fund the buyout of the company by Permira for $60.00 in cash. The transaction is valued at about $2.4 billion.

Closing is expected in the fourth quarter, subject to customary conditions, including receipt of approval by Cambrex’s shareholders and regulatory approvals.

Cambrex is an East Rutherford, N.J.-based small molecule company providing drug substance, drug product and analytical services.

Ticketek moves deadline

Ticketek accelerated the commitment deadline for its $285 million U.S. dollar equivalent seven-year senior secured first-lien term loan B (B2/B) to 3 p.m. on Wednesday from Thursday, a market source remarked.

Talk on the first-lien term loan is Libor plus 425 bps with a 25 bps step-down upon 0.5x net first-lien deleveraging, a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

The company is also getting a $100 million U.S. dollar equivalent privately placed second-lien term loan (B3/CCC+).

Goldman Sachs Bank USA, Barclays, Credit Suisse Securities (USA) LLC, Jefferies LLC, KKR Capital Markets, Macquarie Capital (USA) Inc., UBS Investment Bank and Societe Generale are leading the deal that will be used to help fund the buyout of the company by Silver Lake Partners from Affinity Equity Partners.

Closing is expected this year, subject to customary conditions including approval by the Australian Foreign Investment Review Board.

Ticketek is a Sydney, Australia-based provider of ticketing, promotions, venue operations and data analytics marketing solutions to the live entertainment industry in Australia and New Zealand.

Pitney reveals talk

Pitney Bowes held its bank meeting on Monday and announced talk on its $900 million seven-year term loan B (BBB-) at Libor plus 375 bps to 400 bps with no Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

Commitments are due on Dec. 5, the source said.

J.P. Morgan Securities LLC is the left lead on the deal that will be used to refinance existing debt.

Pitney Bowes is a Stamford, Conn.-based technology company providing commerce solutions.

Element Solutions guidance

Element Solutions came out with talk of Libor plus 175 bps with a 0% Libor floor, an original issue discount of 99.75 to par and 101 soft call protection for six months on its $744.4 million first-lien term loan B (Ba2/BB) due Jan. 31, 2026 that launched with a call during the session, a market source said.

Commitments are due at 10 a.m. ET on Friday, the source added.

Barclays and Credit Suisse Securities (USA) LLC are leading the deal that will be used to refinance/reprice an existing term loan B priced at Libor plus 225 bps.

Net senior secured leverage is 1.3x and net total leverage is 3.3x.

Element Solutions is a Fort Lauderdale, Fla.-based provider of specialty chemical solutions.

Portillo’s holds call

Portillo’s hosted a lender call at 2 p.m. ET to launch a $382.4 million first-lien term loan (B-) due 2024 talked at Libor plus 525 bps with a 1% Libor floor and an original issue discount of 99 to 99.5, according to a market source.

Commitments are due on Nov. 25, the source said.

UBS Investment Bank, Jefferies LLC and BofA Securities, Inc. are leading the deal that will be used to extend an existing first-lien term loan by three years.

The company is also getting a privately placed extended second-lien term loan (CCC).

Portillo’s is an Oak Brook, Ill.-based restaurant company.

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