Wrench Group, Park Place Technologies free up; Vizient revises deadline; Adient sets talk

By Sara Rosenberg

New York, April 15 – Wrench Group LLC set the spread on its funded and delayed-draw first-lien term loans at the low end of guidance and eliminated the leverage-based pricing step-downs before breaking for trading on Monday, and Park Place Technologies’ add-on term loan B emerged in the secondary market as well.

In more happenings, Vizient Inc. accelerated the commitment deadline for its term loan B, Adient plc disclosed price talk on its term loan B with launch, and Process Solutions joined this week’s primary calendar.

Wrench tweaked

Wrench Group firmed pricing on its $225 million seven-year first-lien term loan (B2/B) and $75 million delayed-draw first-lien term loan (B2/B) at Libor plus 425 basis points, the low end of the Libor plus 425 bps to 450 bps talk, removed the two 25 bps leverage based step-downs and made some documentation changes, according to a market source.

As before, the term loan debt has a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, and the delayed-draw term loan has a 24-month availability and a ticking fee of half the spread for days 46 to 90 and the full spread thereafter.

The company’s $420 million of credit facilities also include a $45 million five-year revolver (B2/B) and a $75 million privately placed eight-year second-lien term loan.

Wrench starts trading

On Monday, Wrench Group’s strip of funded and delayed-draw term loan debt freed to trade, with levels quoted at 99¼ bid, par offered, another source added.

Jefferies LLC, Macquarie Capital (USA) Inc. and Antares Capital are leading the deal that will be used to help fund the buyout of the company by Leonard Green & Partners from Investcorp.

Closing is expected on April 30.

Wrench Group is a provider of home maintenance and repair services specializing in heating, ventilation and air conditioning, plumbing and electrical services.

Park Place hits secondary

Park Place Technologies allocated its $54 million add-on term loan B, and the debt broke for trading at 99½ bid, 100¼ offered, a market source said.

Pricing on the add-on first-lien term loan is Libor plus 400 bps with a 1% Libor floor and it was sold at an original issue discount of 99.5.

Golub Capital is leading the deal that will be used for acquisition financing.

Park Place Technologies is a Cleveland-based provider of post-warranty maintenance for storage, server and networking hardware.

Vizient accelerated

Back in the primary market, Vizient moved up the commitment deadline for its $500 million seven-year term loan B to 5 p.m. ET on Tuesday from 5 p.m. ET on Wednesday, a market source remarked.

Talk on the term loan B is Libor plus 300 bps with a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

The company’s $1.6 billion of senior secured credit facilities (Ba3/BB-) also include a $500 million revolver and a $600 million term loan A.

Barclays, Bank of America Merrill Lynch and J.P. Morgan Securities LLC are leading the deal that will be used with $300 million of unsecured notes to refinance existing debt.

Vizient is an Irving, Tex.-based network of not-for-profit health care organizations.

Adient reveals guidance

Adient held its bank meeting on Monday and announced talk on its $750 million five-year covenant-lite term loan B (Ba2/BB-) at Libor plus 450 bps with a 0% Libor floor and an original issue discount of 99, a market source said.

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

The company’s new credit facilities also include an asset-based revolver.

Bank of America Merrill Lynch is the left lead on the deal that will be used with $750 million of senior secured notes to refinance existing credit facilities.

Adient is a Plymouth, Mich.-based manufacturer of automotive seating.

Process Solutions on deck

Process Solutions set a bank meeting for 10 a.m. ET in New York on Tuesday to launch $405 million of credit facilities (B/BB-), according to a market source.

The facilities consist of a $50 million revolver, and a $355 million seven-year covenant-lite first-lien term loan that has a 0% Libor floor and 101 soft call protection for six months, the source said.

Commitments are due at 5 p.m. ET on April 29.

Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and Jefferies are leading the deal, which will be used to help fund the buyout of the company by One Rock Capital Partners LLC from Newell Brands.

Closing is expected this quarter, subject to regulatory approval and other customary conditions.

Process Solutions is a Greenville, S.C.-based manufacturer and material sciences company that offers custom-designed plastic, nylon, monofilament and zinc products in the health care, consumer, and industrial end markets.

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