Juice Plus+, Cision break; SAIC, Wynn, Peninsula, Pixelle, Custom Truck, Jacobs updated

By Sara Rosenberg

New York, Oct. 19 – Juice Plus+’s (JP Intermediate II LLC) credit facilities freed to trade during Friday’s session, with the first-lien term loan quoted above its original issue discount, and Cision (Canyon Cos. Sarl) emerged in the secondary market as well.

Over in the primary market, Science Applications International Corp. (SAIC) trimmed the spread on its term loan B, Wynn Resorts Ltd. upsized its term loan B, lowered pricing and adjusted the original issue discount, and Peninsula Pacific Entertainment LLC increased the size of its term loan B, tightened the spread and original issue discount and modified the call protection.

Also, Pixelle Specialty Solutions LLC widened the spread and issue price on its term loan, extended the call protection and shortened the maturity, Custom Truck One Source (CTOS LLC) set the issue price on its incremental term loan B at the tight end of guidance, and Jacobs Douwe Egberts finalized pricing on its U.S. term loan B at the narrow end of talk.

In addition, Concentra Group Holdings LLC eliminated plans to reprice its term loan but is adding a ratings-based step-down to the debt, and Inspire Brands (IRB Holding Corp.) and Lineage Logistics LLC joined the near-term primary calendar.

Juice Plus+ frees up

Juice Plus+ saw its credit facilities break for trading on Friday, with the $450 million seven-year first-lien term loan quoted at 99½ bid, par ½ offered, according to a market source.

Pricing on the term loan is Libor plus 550 basis points with a 1% Libor floor and it was sold at an original issue discount of 99. The debt has 101 soft call protection for one year.

On Thursday, the term loan was upsized from $438 million, the spread was cut from Libor plus 600 bps, and the discount was modified from 98.5.

The company’s $500 million of credit facilities (B2/B+) also include a $50 million revolver.

Credit Suisse Securities (USA) LLC and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to fund the buyout of the company by Altamont Capital.

Juice Plus+ is a Collierville, Tenn.-based provider of whole food based nutritional products.

Cision hits secondary

Cision’s $974,650,000 covenant-light term loan B due June 2023 also freed up, with levels quoted at par 1/8 bid, par ½ offered, a trader remarked.

Pricing on the U.S. term loan is Libor plus 275 bps with a 0% Libor floor and it was issued at par. The loan has 101 soft call protection for six months.

The company is also getting a €247.5 million covenant-light term loan B due June 2023 priced at Euribor plus 300 bps with a 0% floor and issued at par. This tranche has 101 soft call protection for six months as well.

During syndication, the spread on the U.S. term loan firmed at the low end of the Libor plus 275 bps to 300 bps talk and pricing on the euro term loan finalized at the tight end of the Euribor plus 300 bps to 325 bps talk.

Deutsche Bank Securities Inc. is leading the deal that will be used to reprice existing U.S. and euro term loans.

Closing is expected during the week of Oct. 22.

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

Custom Truck firms

Custom Truck One Source finalized the issue price on its fungible $50 million incremental covenant-light term loan B due April 18, 2023 at 101, the tight end of the 100.5 to 101 talk, a market source said.

The incremental loan is priced at Libor plus 550 bps with a 1% Libor floor, and has call protection of 102 until April 2019 and par thereafter.

Commitments continued to due at noon ET on Friday and the loan allocated later in the day, the source added.

Morgan Stanley Senior Funding Inc., Citigroup Global Markets Inc. and RBC Capital Markets are leading the deal that will be used for general corporate purposes, including investments in rental fleets and potential acquisitions.

Closing is expected during the week of Oct. 22.

Custom Truck One Source, formerly known as Utility One Source, is a Kansas City, Mo.-based provider of specialized truck and heavy equipment solutions.

SAIC cuts spread

Science Applications lowered pricing on its $1.05 billion seven-year senior secured covenant-light term loan B (Ba2/BB) to Libor plus 175 bps from Libor plus 200 bps, and left the 0% Libor floor, original issue discount of 99.5 and 101 soft call protection for six months unchanged, a market source remarked.

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

Citigroup Global Markets Inc., Bank of America Merrill Lynch, MUFG, PNC, SunTrust Robinson Humphrey Inc., U.S. Bank, Wells Fargo Securities LLC, Capital One, SMBC and TD Securities (USA) LLC are leading the deal that will be used to refinance debt in connection with the acquisition of Engility Holdings Inc. for 0.45 of a Science Applications common share per Engility share. The transaction is valued at about $2.5 billion, including the repayment of $900 million of Engility’s debt.

Closing is expected on Oct. 31.

Science Applications is a McLean, Va.-based technology integrator providing full life-cycle services and solutions in the technical, engineering and enterprise information technology markets. Engility is a Chantilly, Va.-based provider of integrated services for the U.S. government.

Wynn changes emerge

Wynn Resorts increased its six-year covenant-light term loan B to $500 million from $400 million, flexed pricing to Libor plus 225 bps from Libor plus 250 bps and modified the original issue discount to 99.75 from 99.5, a market source said.

As before, the term loan has a 0% Libor floor and 101 soft call protection for six months.

Commitments are due at 1 p.m. ET on Monday, the source added.

Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Fifth Third, J.P. Morgan Securities LLC, SunTrust Robinson Humphrey Inc. and Goldman Sachs Bank USA are leading the deal that will be used for general corporate purposes.

Wynn Resorts is a Las Vegas-based developer, owner and operator of destination casino resorts.

Peninsula Pacific revised

Peninsula Pacific Entertainment raised its six-year covenant-light first-lien term loan B (B3/B) to $250 million from $245 million, reduced pricing to Libor plus 725 bps from Libor plus 750 bps, adjusted the original issue discount to 99.5 from 99 and changed the call protection to non-callable for two years, then at 101 in years two and three, from non-callable for two years, then at 102 in year two and 101 in year three, according to a market source.

The term loan B still includes a $25 million delayed-draw tranche with a ticking fee of half the spread beginning at close, and a 0% Libor floor.

Recommitments were due at 10 a.m. ET on Friday and the loan allocated during the session, the source said.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to finance gaming development.

Peninsula Pacific is a Virginia gaming operator.

Pixelle reworked

Pixelle Specialty Solutions lifted pricing on its $220 million first-lien term loan B to Libor plus 600 bps from Libor plus 550 bps, modified the original issue discount to 97.5 from 98.5, extended the 101 soft call protection to one year from six months and shortened the maturity to six years from seven years, according to a market source.

The term loan still has a 1% Libor floor.

The company’s $260 million of credit facilities (B2/B-) also include a $40 million revolver.

Recommitments were due at 5 p.m. ET on Friday, the source said.

Credit Suisse Securities (USA) LLC and Citizens Bank are leading the deal that will be used with equity to fund the acquisition of P.H. Glatfelter’s Specialty Papers Business Unit by Lindsay Goldberg for $360 million, including $320 million of cash proceeds and the assumption of about $40 million of retiree health care liabilities.

Closing is expected in the fourth quarter, subject to customary conditions.

Pixelle is a manufacturer of specialty paper products used in various end-markets.

Jacobs Douwe updated

Jacobs Douwe Egberts firmed pricing on its $772 million seven-year term loan B at Libor plus 200 bps, the low end of the Libor plus 200 bps to 225 bps talk, and left the 0% Libor floor and original issue discount of 99.75 unchanged, a market source said.

Additionally, the company firmed the floor on its €401 million seven-year term loan B at 0.5%, the low end of the 0.5% to 0.75% talk, and revised the issue price to par from 99.75, the source continued.

Pricing on the euro term loan B is still Euribor plus 200 bps.

J.P. Morgan Securities LLC is leading the deal that will be used to amend and extend existing credit facilities.

Jacobs Douwe is a Netherlands-based coffee company.

Concentra modified

Concentra Group cancelled plans to reprice its $1.17 billion term loan to Libor plus 275 bps from Libor plus 250 bps, however, the company is adding a step-down to the loan to Libor plus 250 bps at B1/B+ corporate ratings, a market source remarked.

The term loan has a 0% Libor floor and 101 soft call protection for one year.

J.P. Morgan Securities LLC is leading the deal.

Concentra is an Addison, Texas-based occupational medicine and urgent care service provider that was created through a joint venture between Select Medical Corp., Welsh, Carson, Anderson & Stowe and other minority equity holders including Cressey & Co.

Inspire Brands on deck

Inspire Brands set a bank meeting for 10:15 a.m. ET on Tuesday to launch a fungible $1,025,000,000 incremental first-lien term loan B due Feb. 5, 2025, according to a market source.

Barclays, Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc., Wells Fargo Securities LLC and KeyBanc Capital Markets are leading the deal that will be used to help fund the acquisition of Sonic Corp. for $43.50 per share in cash in a transaction valued at about $2.3 billion, including the assumption of Sonic’s net debt.

Pro forma first-lien net leverage is 3.4 times.

Closing is expected by year-end, subject to the approval of Sonic shareholders, regulatory approvals and other customary conditions.

Inspire, a Roark Capital Group portfolio company, is an Atlanta-based multi-brand restaurant company. Sonic is an Oklahoma City-based drive-in restaurant chain.

Lineage joins calendar

Lineage Logistics scheduled a lender call for 10:30 a.m. ET on Monday to launch a $200 million tack-on first-lien term loan (B) due Feb. 27, 2025 that is talked with an original issue discount of 99, a market source said.

Like the existing term loan, the tack-on term loan is priced at Libor plus 300 bps with a 1% Libor floor.

Commitments are due at noon ET on Oct. 26, the source added.

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

Lineage Logistics is an Irvine, Calif.-based cold storage warehousing and logistics company.

Aspen readies allocations

In other news, Aspen Dental Management Inc. completed syndication of its $868 million term loan B (B2/B) and is planning on allocating the transaction on Monday morning, a market source remarked.

Pricing on the loan is Libor plus 300 bps with a step-down to Libor plus 275 bps at 4.75 times first-lien net leverage, a 0% Libor floor and a par issue price. The debt has 101 soft call protection for six months.

RBC Capital Markets is leading the deal that will be used to reprice an existing term loan B down from Libor plus 325 bps with a 0% Libor floor.

Aspen Dental is an East Syracuse, N.Y.-based dental support organization.

Horizon Pharma closes

Horizon Pharma Inc. closed on Friday on its $818 million senior secured covenant-light term loan B (Ba2/BB-) due March 29, 2024, according to an 8-K filed with the Securities and Exchange Commission.

Pricing on the term loan B is Libor plus 300 bps with a 25 bps step-down if total leverage is 3.5 times and a 1% Libor floor, and it was issued at par. The debt has 101 soft call protection for six months.

Citigroup Global Markets Inc. led the deal that was used to reprice an existing term loan B down from Libor plus 325 bps with a 1% Libor floor.

Horizon Pharma is a Dublin-based biopharmaceutical company.

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