Invictus, Robertshaw, Strategic Partners break; XPO, Prospect, Lineage and more updated

By Sara Rosenberg

New York, Feb. 15 – Deals from Invictus (Fire Safety and Oil Additives Divisions of Israel Chemicals Ltd.) and Robertshaw US Holding Corp. made their way into the secondary market on Thursday, and Strategic Partners Acquisition Corp. freed up after finalizing pricing on its term loan at the low end of guidance.

In more happenings, XPO Logistics Inc. changed the issue price on its term loan B, Prospect Medical Holdings Inc. upsized its first-lien term loan while widening the spread and original issue discount and sweetening the call premium, and canceled plans for a second-lien term loan, and Lineage Logistics LLC raised the size of its term loan and revised the issue price.

Also, Kofax (Project Leopard Holdings) reduced pricing on its term loan, Lamar Media Corp. increased the size of its term loan B, cut the spread and adjusted issue price talk, Equian LLC set pricing on its term loan debt at the low side of talk, and HarbourVest Partners LP moved up the commitment deadline on its term loan.

Furthermore, Fusion, Pro Mach Group Inc., Aecom, Flying Fortress Holdings LLC, Leslie’s Poolmart Inc., PS Logistics (PS HoldCo LLC) and Hargray Communications Group Inc. announced price talk with launch.

And, Cyanco Intermediate 2 Corp., Fluidra, DiversiTech Holdings Inc., Cooper-Standard Automotive Inc., Flora Food Group (currently Unilever spreads) and Nutraceutical International Corp. joined the near-term calendar.

Invictus begins trading

Invictus’ credit facilities broke for trading on Thursday, with the $545 million seven-year covenant-light first-lien term loan (B1/B+/BB+) quoted at par 5/8 bid, 101 offered and the $170 million eight-year covenant-light second-lien term loan (Caa1/CCC+/B) quoted at 101 bid, a trader said.

Pricing on the first-lien term loan is Libor plus 300 basis points with a 0% Libor floor and it was sold at an original issue discount of 99.75. The loan has 101 soft call protection for six months.

The second-lien term loan is priced at Libor plus 675 bps with a 0% Libor floor and was issued at a discount of 99.5. This tranche has call protection of 102 in year one and 101 in year two.

During syndication, pricing on the first-lien term loan was trimmed from talk in the range of Libor plus 350 bps to 375 bps and the discount was tightened from 99.5, and the spread on the second-lien term loan was reduced from talk in the range of Libor plus 750 bps to 775 bps and the discount was modified from 99.

Invictus getting revolver

In addition to the term loans, Invictus’ $815 million of credit facilities include a $100 million five-year revolver (B1/B+/BB+).

Barclays, Goldman Sachs USA and HSBC Securities (USA) Inc. are leading the deal, with Barclays the administrative agent on the first-lien debt and Goldman the administrative agent on the second-lien loan.

Proceeds will help fund the roughly $1 billion buyout of the company by SK Capital from Israel Chemicals Ltd., which is expected to close in the first half of this year, subject to regulatory approvals and other conditions.

Invictus is a St. Louis-based formulator and manufacturer of fire management chemicals.

Robertshaw frees up

Robertshaw’s credit facilities began trading too, with the $510 million seven-year covenant-light first-lien term loan quoted at par ¾ bid, 101¼ offered and the $110 million eight-year covenant-light second-lien term loan quoted at 99 bid, par offered, according to a market source.

Pricing on the first-lien term loan is Libor plus 350 bps with a step-down to Libor plus 325 bps at 4.25 times first-lien leverage and a 1% Libor floor. The debt was sold at an original issue discount of 99.75 and has 101 soft call protection for six months.

The second-lien term loan is priced at Libor plus 800 bps with a 1% Libor floor and was issued at a discount of 99. This tranche has call protection of 102 in year one and 101 in year two.

On Wednesday, the first-lien term loan was upsized from $480 million, the spread was reduced from Libor plus 375 bps, the step-down was added and the discount was revised from 99.5. Also, the second-lien term loan was downsized from $125 million and pricing was cut from Libor plus 825 bps. And, the MFN sunset was removed so there is 50 bps MFN for life.

The company’s $670 million of credit facilities include a $50 million ABL revolver as well.

Robertshaw lead banks

Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Jefferies LLC are leading Robertshaw’s credit facilities.

Proceeds will be used to help fund the buyout of the company by One Rock Capital Partners LLC, and due to the recent $15 million increase in debt, to add cash to the balance sheet.

Closing is expected late this month.

Robertshaw is an Itasca, Ill.-based designer and manufacturer of systems and controls used in residential and commercial appliances, HVAC and transportation applications.

Strategic Partners firms, breaks

Strategic Partners set pricing on its $332 million term loan at Libor plus 375 bps, the low end of the Libor plus 375 bps to 400 bps talk, and left the 1% Libor floor, par issue price and 101 soft call protection for six months intact, a market source said.

With final terms in place, the loan freed to trade and levels were seen at par ¼ bid, par 5/8 offered, a trader added.

UBS Investment Bank is leading the deal that will be used to reprice an existing term loan down from Libor plus 450 bps with a 1% Libor floor.

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

XPO tweaks loan

XPO Logistics tightened the issue price on its $1,503,000,000 seven-year term loan B to par from 99.75 and made certain changes to fixed dollar covenant baskets, according to a market source.

As before, the loan is priced at Libor plus 200 bps with a 0% Libor floor and has 101 soft call protection for six months.

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

Citigroup Global Markets Inc. is the lead arranger on the deal that will be used to refinance existing term loan borrowings. Morgan Stanley Senior Funding Inc. is the administrative agent.

Closing is expected on Feb. 23.

XPO Logistics is a Greenwich, Conn.-based provider of supply chain solutions.

Prospect Medical reworked

Prospect Medical raised its six-year covenant-light first-lien term loan B to $1.1 billion from $1.05 billion, lifted pricing to Libor plus 550 bps from talk in the range of Libor plus 500 bps to 525 bps, revised the original issue discount to 98 from 99 and extended the 101 soft call protection to 18 months from six months, a market source remarked. The tranche still has a 1% Libor floor.

Also, the company eliminated plans for a $200 million seven-year second-lien term loan that was talked at Libor plus 900 bps to 925 bps with a 1% Libor floor, a discount of 98.5 and hard call protection of 102 in year one and 101 in year two.

Commitments were due at 5 p.m. ET on Thursday, the source added.

JPMorgan Chase Bank is leading the deal that will be used to refinance existing debt, reduce the underfunded pension liability and fund a dividend to shareholders.

Prospect Medical is a Los Angeles-based provider of health care and physician services.

Lineage Logistics modified

Lineage Logistics lifted its seven-year covenant-light first-lien term loan to $550 million from $500 million and moved the issue price to par from 99.5, a market source said.

As before, the loan is priced at Libor plus 300 bps with a 1% Libor floor and has 101 soft call protection for six months.

Recommitments are due at noon ET on Friday, the source added.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to refinance existing debt.

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

Kofax flexes lower

Kofax lowered pricing on its $559 million covenant-light first-lien term loan due July 2023 to Libor plus 400 bps from talk in the range of Libor plus 425 bps to 450 bps, and left the 1% Libor floor, par issue price and 101 soft call protection for six months unchanged, according to a market source.

Recommitments are due at 10 a.m. ET on Friday, the source said.

Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and UBS Investment Bank are leading the deal that will be used to reprice an existing term loan down from Libor plus 550 bps with a 1% Libor floor.

Kofax is an Irvine, Calif.-based provider of software solutions and services across multi-channel capture and financial process automation markets.

Lamar changes emerge

Lamar Media upsized its term loan B (BBB-) to $600 million from $400 million, trimmed pricing to Libor plus 175 bps from Libor plus 200 bps and modified the original issue discount talk to a range of 99.75 to par from a range of 99.5 to 99.75, a market source remarked.

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

JPMorgan Chase Bank is leading the deal that will be used to refinance existing debt.

Lamar Media is a Baton Rouge, La.-based outdoor advertising company.

Equian finalizes spread

Equian firmed pricing on its fungible $315 million incremental covenant-light term loan B (B2/B) due May 19, 2024 and repricing of its existing $422,875,000 term loan B (B2/B) at Libor plus 325 bps, the low end of the Libor plus 325 bps to 350 bps talk, according to a market source.

The term loan debt still has a 1% Libor floor and 101 soft call protection for six months, the incremental loan still has an original issue discount of 99.75 and the repricing is still offered at par.

Previously in syndication, pricing on the incremental loan was cut from Libor plus 375 bps and the repricing was added to the transaction.

Allocations are expected on Friday, the source said.

Morgan Stanley Senior Funding Inc., Barclays and Deutsche Bank Securities Inc. are leading the deal.

The incremental loan will be used to fund the acquisition of OmniClaim and pay related fees and expenses, and the repricing will take the existing term loan down from Libor plus 375 bps with a 1% Libor floor.

Equian is an Indianapolis-based payment integrity platform.

HarbourVest revises timeline

HarbourVest Partners accelerated the commitment deadline on its $535 million seven-year covenant-light first-lien term loan B to 5 p.m. ET on Tuesday from 5 p.m. ET on Wednesday, a market source said.

Talk on the term loan is Libor plus 250 bps to 275 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to refinance existing debt and redeem partnership units.

HarbourVest is a Boston-based private equity firm.

Fusion reveals talk

Also in the primary market, Fusion held its bank meeting on Thursday and announced price talk on its $500 million seven-year first-lien term loan (B3) and $70 million 7.5-year second-lien term loan (Caa2), according to a market source.

Talk on the first-lien term loan is Libor plus 675 bps to 725 bps with a 1% Libor floor, an original issue discount of 98.5 to 99 and 101 soft call protection for six months, and talk on the second-lien term loan is Libor plus 1,150 bps with a 1% Libor floor, a discount of 97.75 and call protection of non-callable for a period that is to be announced with step-downs to be announced, the source said.

The company’s $620 million of senior secured credit facilities also include a $50 million revolver (B3).

Commitments are due on Feb. 28, the source added.

Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc. and MUFG are leading the deal that will be used to refinance debt in connection with the all-stock merger of Fusion and the Cloud and Business Services customers, operations and infrastructure of Birch Communications.

Fusion is a New York-based cloud services provider.

Pro Mach sets guidance

Pro Mach Group revealed price talk on its $860 million of senior secured credit facilities (B2) with its afternoon lenders’ presentation, a market source remarked.

The $100 million five-year revolver is talked at Libor plus 325 bps with a grid and a 0% Libor floor, and the $760 million seven-year covenant-light first-lien term loan B is talked at Libor plus 325 bps with a step-down to Libor plus 300 bps at 0.5 times inside closing net first-lien leverage, a 0% Libor floor, an original issue discount of 99.5 to 99.75 and 101 soft call protection for six months, the source added.

Commitments are due on Feb. 28.

Morgan Stanley Senior Funding Inc. and Goldman Sachs Bank USA are leading the deal that will fund the buyout of the company by Leonard Green & Partners from AEA Investors and to pay related fees and expenses.

Closing is expected this quarter, subject to customary conditions.

Pro Mach, based near Cincinnati, is a provider of packaging solutions to the food, beverage, pharmaceutical, personal care, and household and industrial goods industries.

Aecom holds call

Aecom surfaced in the mornings with plans to hold a lender call at 3:30 p.m. ET to launch a $500 million seven-year covenant-light term loan B talked at Libor plus 175 bps to 200 bps with a 0% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months, a market source said.

Commitments are due at noon ET on Feb. 22, the source added.

Bank of America Merrill Lynch is the left lead on the deal that will be used with new Canadian and Australian dollar term loans to refinance the company’s existing term loan A and 5.75% senior notes due 2022.

Aecom is a Los Angeles-based designer, builder, financer and operator of infrastructure assets for governments, businesses and organizations.

Flying Fortress repricing

Flying Fortress launched on a lender call at 10 a.m. ET on Thursday a $750 million term loan B talked at Libor plus 175 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 at noon ET on Feb. 22, the source said.

RBC Capital Markets and Bank of America Merrill Lynch are leading the deal that will be used to reprice an existing term loan down from Libor plus 200 bps with a 0% Libor floor.

Flying Fortress is a subsidiary of AerCap Holdings NV, a Dublin-based aircraft leasing company.

Leslie’s Poolmart launches

Leslie’s Poolmart held its call, launching an $834 million term loan B (B1/B) at talk of Libor plus 350 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, a market source said.

Commitments are due at noon ET on Feb. 22, the source added.

Nomura is leading the deal that will be used to reprice an existing term loan B down from Libor plus 375 bps with a 1% Libor floor.

Leslie’s Poolmart is a Phoenix-based retailer of swimming pool supplies and related products.

PS Logistics guidance

PS Logistics disclosed talk of Libor plus 550 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months on its $246 million seven-year first-lien term loan that launched with a morning bank meeting, according to a market source.

The company’s $296 million of credit facilities also include a $50 million ABL revolver.

Commitments are due on March 1, the source said.

UBS Investment Bank, BBVA Compass and Fifth Third are leading the deal that will be used to help fund the buyout of the company by One Equity Partners.

PS Logistics is a flatbed transportation solution provider.

Hargray floats OID

Hargray Communications Group came out with original issue discount talk of 99.75 on its fungible $60 million incremental covenant-light first-lien term loan B due May 2024 that launched with a morning lender call, a market source remarked.

The incremental loan has a ticking fee of half the margin from days 31 to 90 and the full margin thereafter, the source added.

Like the existing loan, the incremental loan is priced at Libor plus 300 bps with a 25 bps step-down at 4.75 times first-lien leverage and a 1% Libor floor.

Commitments are due at noon ET on Friday.

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

Hargray is a Hilton Head Island, S.C.-based broadband communications and entertainment provider.

Cyanco on deck

Cyanco set a bank meeting for 10 a.m. ET in New York on Wednesday to launch $480 million of term loans, according to a market source.

The debt consists of a $380 million seven-year covenant-light first-lien term loan with 101 soft call protection for six months and a $100 million eight-year covenant-light second-lien term loan with call protection of 102 in year one and 101 in year two, the source said.

Commitments are due at the end of the day on March 7.

Deutsche Bank Securities Inc. is leading the deal that will be used to help fund the buyout of the company by Cerberus Capital Management LP from Oaktree Capital Management LP.

Cyanco is a Pearland, Texas-based supplier of sodium cyanide used for the extraction of gold and silver.

Fluidra readies deal

Fluidra scheduled a bank meeting in London for Monday and a bank meeting at 10:30 a.m. ET in New York for Feb. 22 to launch a $525 million seven-year first-lien term loan (Ba3/BB) and a €425 million seven-year first-lien term loan (Ba3/BB), a market source remarked.

The term loans have 101 soft call protection for six months, the source added.

Commitments are due on March 6.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Bank of America Merrill Lynch and BBVA are leading the deal, with Credit Suisse left on the U.S. loan and Citigroup left on the euro loan.

The bank debt will be used to fund the merger of Fluidra with Zodiac Pool Solutions.

Closing is expected in the first half of this year, subject to the approval of Fluidra’s shareholders and other customary conditions.

Fluidra is a Sabadell, Spain-based developer of products and applications for the commercial and residential pool markets. Zodiac, a Rhône Capital portfolio company, is a Vista, Calif.-based manufacturer of residential pool equipment and connected pool solutions.

DiversiTech coming soon

DiversiTech will hold a lender call at 3 p.m. ET on Tuesday to launch a fungible $25 million add-on first-lien term loan and a repricing of its existing $323.4 million first-lien term loan due June 2024, according to a market source.

RBC Capital Markets, Barclays, Deutsche Bank Securities Inc. and Societe Generale are leading the deal.

The add-on term loan will be used for general corporate purposes.

DiversiTech is a Duluth, Ga.-based manufacturer of components and products related to the heating, ventilating, air conditioning and refrigeration industry.

Cooper-Standard plans call

Cooper-Standard Automotive scheduled a lender call for 2 p.m. ET on Friday to launch a $337 million covenant-light term loan B (Ba1/BBB-) due Nov. 2, 2023 talked at Libor plus 200 basis points with a 0.75% Libor floor, a par issue price and 101 soft call protection for six months, a market source remarked.

Commitments from existing lenders are due at noon ET on Feb. 23 and from new lenders are due at 5 p.m. ET on Feb. 26, the source added.

Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Barclays, Goldman Sachs Bank USA and JPMorgan Chase Bank are leading the deal that will be used to reprice an existing term loan B down from Libor plus 225 bps with a 0.75% Libor floor.

Cooper-Standard is a Novi, Mich.-based supplier of systems and components for the automotive industry.

Flora joins calendar

Flora Food Group set a bank meeting in London for Monday and a bank meeting in New York at 10 a.m. ET for Wednesday to launch €4.6 billion equivalent of credit facilities (B+), according to a market source.

The debt consists of a €700 million 6.5-year revolver, a €600 million equivalent U.S. dollar seven-year first-lien term loan, a €2 billion seven-year first-lien term loan, a €500 million equivalent Polish zloty seven-year first-lien term loan and an €800 million equivalent British pound sterling seven-year first-lien term loan, the source said. The term loans have 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on March 6, the source added.

Credit Suisse, Deutsche Bank and KKR are the physical bookrunners on the deal. Bookrunners on the deal are BNP Paribas, Credit Agricole, Goldman Sachs, HSBC, ING, Lloyds, Mizuho, RBC, Societe Generale and UniCredit. Mandated lead arrangers include Commerzbank, mBank, Mediobanca, Rabobank and Raiffeisen.

The credit facilities will be used to help fund the acquisition of Unilever’s spreads business by KKR for €6,825,000,000 on a cash-free, debt-free basis and to refinance existing debt.

Closing is expected by mid-year, subject to regulatory approvals and employee consultation in some jurisdictions.

Flora Food is a butter and margarine company.

Nutraceutical on deck

Nutraceutical International scheduled a lender call for Tuesday afternoon to launch a repricing of its existing credit facility, a market source remarked.

Antares Capital is leading the deal.

Nutraceutical is a Park City, Utah-based manufacturer, marketer, distributor and retailer of branded nutritional supplements and other natural products.

Janus closes

In other news, the buyout of Janus International Group LLC by Clearlake Capital Group from Saw Mill Capital has been completed, a news release said.

To help fund the transaction, Janus got $620 million of credit facilities consisting of a $50 million ABL revolver, a $470 million seven-year first-lien term loan (B2/B+) and a $100 million eight-year second-lien term loan (Caa1/CCC+).

Pricing on the first-lien term loan is Libor plus 300 bps with a 1% Libor floor and it was sold at an original issue discount of 99.5. The loan has 101 soft call protection for six months.

The second-lien term loan is priced at Libor plus 775 bps with a 1% Libor floor and it was sold at a discount of 99. The tranche has hard call protection of 102 in year one and 101 in year two.

During syndication, the first-lien term loan was upsized from $440 million and pricing was lowered from Libor plus 350 bps, and the second-lien loan was downsized from $130 million.

UBS Investment Bank, Jefferies LLC and SunTrust Robinson Humphrey Inc. led the deal.

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.

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