Cision breaks atop par; Syniverse, Janus International accelerate commitment deadlines

By Sara Rosenberg

New York, Feb. 5 – Cision (Canyon Cos. Sarl) saw its term loan B free up for trading during Monday’s market hours and levels were quoted above its issue price.

Meanwhile, in the primary market, Syniverse Holdings Inc. and Janus International Group LLC moved up the commitment deadlines on their credit facilities.

Also, Berry Global Group Inc., Apex Tool Group LLC, CSC ServiceWorks (Spin HoldCo Inc.), Virtus Investment Partners Inc., Idera, Clarion Events and Equian LLC released price talk with launch.

In addition, Chromaflo Technologies, Strategic Partners Acquisition Corp. and Steinway Musical Instruments Inc. joined this week’s primary calendar.

Cision hits secondary

Cision’s $1,035,000,000 covenant-light term loan B (B2/B) due June 2023 began trading on Monday, with levels quoted at par ˝ bid, 101 offered, according to a trader.

Pricing on the U.S. term loan B is Libor plus 325 basis points with a 0% Libor floor and it was issued at par. The debt has 101 soft call protection for six months.

The company is also getting a €250 million covenant-light term loan B (B2/B) due June 2023 priced at Euribor plus 350 bps with a 0% floor and issued at par. This tranche has 101 soft call protection for six months as well.

Deutsche Bank Securities Inc. is leading the deal that will be used to reprice existing U.S. and euro term loans down from Libor/Euribor plus 425 bps.

Closing is expected this week.

Cision is a Chicago-based software-as-a-service platform for communications professionals.

Syniverse tweaks deadline

Switching to the primary market, Syniverse accelerated the commitment deadline on its up to $1.67 billion of credit facilities (B2/B) to noon ET on Thursday from Feb. 12, according to a market source.

The facilities consist of an up to $120 million revolver and a $1,552,000,000 five-year first-lien term loan talked at Libor plus 500 bps to 550 bps with a 1% Libor floor, an original issue discount of 98.5 and 101 soft call protection for six months.

Goldman Sachs Bank USA and Barclays are the leads on the deal that will be used to consolidate and refinance the company’s extant term loans.

Syniverse is a Tampa, Fla.-based provider of technology and business services for the telecommunications industry.

Janus accelerated

Janus International moved up the commitment deadline on its $620 million of credit facilities to close of business on Wednesday from Friday, a market source remarked.

The facilities consist of a $50 million ABL revolver, a $440 seven-year first-lien term loan (B1/B+) and a $130 million eight-year second-lien term loan (Caa1/CCC+).

Talk on the first-lien term loan is Libor plus 350 bps with a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, and talk on the second-lien term loan is Libor plus 775 bps with a 1% Libor floor, a discount of 99 and hard call protection of 102 in year one and 101 in year two.

UBS Investment Bank, Jefferies LLC and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to help fund the buyout of the company by Clearlake Capital Group.

Janus is a Temple, Ga.-based manufacturer of roll up and swing doors, hallway systems and re-locatable storage units for the self-storage industry.

Berry comes to market

Berry Global Group launched without a call on Monday $2,141,000,000 in covenant-light term loans (Ba2/BBB-) that are talked at Libor plus 200 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, according to a market source.

The debt is split between a $1,645,000,000 covenant-light term loan Q due Oct. 1, 2022 and a $496 million covenant-light term loan R due Jan. 19, 2024.

Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Barclays, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, J.P. Morgan, Bank of America Merrill Lynch and Wells Fargo Securities LLC are leading the deal. Credit Suisse is the administrative agent.

The debt will be used to reprice an existing term loan M due Oct. 1, 2022 and an existing term loan N due Jan. 19, 2024 down from Libor plus 225 bps with a 0% Libor floor.

Commitments from existing lenders are due at 5 p.m. ET on Thursday, and commitments from new lenders are due at noon ET on Friday, the source added.

Closing is expected during the week of Feb. 12.

Berry is an Evansville, Ind.-based provider of value-added plastic consumer packaging and engineered materials.

Apex terms emerge

Apex Tool disclosed guidance of Libor plus 375 bps with a 1.25% Libor floor and 101 soft call protection for six months on its $913.6 million term loan due 2022 with its afternoon call, according to a market source.

The term loan includes $125 million of incremental debt talked with an original issue discount of 99.5, the source said.

The company’s $1,088,600,000 of credit facilities also provide for a $175 million revolver due 2021.

Commitments are due at noon ET on Feb. 12, the source added.

Barclays is leading the deal that will be used to extend an existing term loan by two years and upsize the loan, to extend an existing revolver by two years, and to redeem $125 million of the existing $450 million 7% senior notes due 2021 at the current call price of 101.75%.

Current term loan pricing is Libor plus 325 bps with a 1.25% Libor floor.

Apex Tool, a Bain Capital portfolio company, is a Sparks, Md.-based manufacturer and supplier of hand and power tools for industrial, commercial and demanding do-it-yourself applications.

CSC releases talk

CSC ServiceWorks announced talk of Libor plus 325 bps to 350 bps with a 1% Libor floor, a par issue price and 101 soft call protection for six months on its $1,558,170,000 covenant-light first-lien term loan B due Nov. 14, 2022 that launched with an afternoon call, a market source remarked.

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

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to reprice an existing term loan B.

CSC ServiceWorks is a Plainview, N.Y.-based provider of multifamily residential and commercial laundry solutions, as well as tire inflation and vacuum vending services at convenience stores and gas stations.

Virtus sets guidance

Virtus Investment Partners launched with a call its $105 million incremental senior secured covenant-light term loan B (BB) due June 1, 2024 and repricing of its existing $258.7 million senior secured covenant-light term loan (BB) due June 1, 2024 at talk of Libor plus 250 bps to 275 bps with a 0.75% Libor floor and 101 soft call protection for six months, a market source said.

The incremental loan is talked with an original issue discount of 99.75 and a ticking fee of half the margin from days 31 to 60 and the full margin thereafter, and the repricing is offered at par, the source continued.

Commitments/consents are due at noon ET on Friday.

Morgan Stanley Senior Funding Inc. is leading the deal.

The incremental loan will be used to fund the acquisition of Sustainable Growth Advisers (SGA), an investment manager specializing in high-conviction U.S. and global growth equity portfolios, and the repricing will take the existing term loan down from Libor plus 375 bps with a step-down to Libor plus 350 bps at less than 1 times secured net leverage and a 0.75% Libor floor.

Closing on the acquisition is expected in mid-2018, subject to customary conditions and client approvals.

Virtus is a Hartford, Conn.-based provider of investment management products and services.

Idera details surface

Idera came out with talk of Libor plus 450 bps with a 1% Libor floor, a par issue price and 101 soft call protection for six months on its $522.4 million first-lien term loan that launched with an afternoon call, according to a market source.

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

Consents and signature pages are due by noon ET on Thursday, and commitments from new and existing lenders are due by noon ET on Feb. 12, the source added.

Idera is a Houston-based provider of software tools for databases.

Clarion launches

Clarion Events held a call in the morning, launching a $190 million incremental covenant-light term loan B due October 2024 talked at Libor plus 450 bps with a 1% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months, a market source said.

Commitments are due at 5 p.m. ET on Feb. 15, the source added.

HSBC Securities (USA) Inc., Natixis, Societe Generale, NatWest Markets and Barclays are leading the deal that will be used to refinance debt at Global Sources and fund a dividend to shareholders in connection with the merger of Clarion Events and Global Sources. Both companies are already owned by Blackstone.

The company is also looking to amend its existing credit facilities to allow for the acquisition.

Clarion Events is a London-based events organizer. Global Sources is a Hong-Kong based business-to-business media company.

Equian floats OID

Equian launched with a call its fungible $315 million incremental covenant-light term loan B due May 19, 2024 at original issue discount talk of 99.75, a market source remarked.

The loan is priced at Libor plus 375 bps with a 1% Libor floor, and has 101 soft call protection for six months.

Commitments are due on Feb. 13, the source added.

Morgan Stanley Senior Funding Inc., Barclays and Deutsche Bank Securities Inc. are leading the deal that will be used to fund the acquisition of OmniClaim and pay related fees and expenses.

Equian is an Indianapolis-based payment integrity platform.

Chromaflo readies deal

Also in the primary market, Chromaflo Technologies scheduled a lenders’ call for 11 a.m. ET on Tuesday to launch a repricing of its $356.4 million in senior secured term loan B debt, split between a $154,935,000 term loan B-1 at the U.S. borrower and a $201,465,000 term loan B-2 at the Dutch borrower, according to a market source.

Morgan Stanley Senior Funding Inc. is leading the deal.

Chromaflo is an Ashtabula, Ohio-based manufacturer of chemical and pigment dispersions for architectural and industrial coatings.

Strategic Partners on deck

Strategic Partners will hold a lender call at 2 p.m. ET on Tuesday to launch a repricing of its term loan from Libor plus 450 bps with a 1% Libor floor, a market source said.

UBS Investment Bank is leading the deal.

Strategic Partners is a Chatsworth, Calif.-based designer and manufacturer of medical apparel and footwear and school uniforms.

Steinway joins calendar

Steinway Musical Instruments set a loan lender call for 10 a.m. ET on Tuesday, according to a market source.

Bank of America Merrill Lynch and Deutsche Bank Securities Inc. are leading the deal.

Steinway is an Astoria, N.Y.-based musical instruments company.

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