Flexera Software, J.D. Power/Autodata break; Focus Financial, Avantor reveal talk

By Sara Rosenberg

New York, Jan. 10 – Flexera Software LLC increased the size of its incremental first-lien term loan and tightened the original issue discount before freeing up for trading on Friday, and J.D. Power/Autodata Group’s add-on first-lien term loan hit the secondary market as well.

Flexera raised its fungible incremental first-lien term loan due February 2025 to $210 million from $60 million and changed the original issue discount to 99.75 from talk in the range of 99.25 to 99.50.

Like the existing first-lien term loan, the incremental term loan is priced at Libor plus 350 basis points with a 25 bps leverage-based step-down and a 1% Libor floor.

Recommitments were due at noon ET on Friday and the debt began trading late in the day, with levels quoted at par ½ bid, 101 offered.

J.D. Power/Autodata Group’s fungible $75 million add-on first-lien term loan (B2/B-/BB-) broke for trading, with levels quoted at par 5/8 bid, 101 offered.

Pricing on the add-on term loan is Libor plus 350 bps with a 0% Libor floor, in line with existing first-lien term loan pricing, and the new debt was issued at par.

In more happenings, Focus Financial Partners Inc. and Avantor disclosed price talk with launch, and Zekelman Industries, Froneri International Ltd., Whatabrands LLC, Knowlton Development Corp. (KDC/ONE) and Ocwen Financial Corp. joined the near-term primary calendar.

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