Camping World, Lighthouse Network break; Sterling Talent, VerticalScope update deal terms

By Sara Rosenberg

New York, Oct. 4 – Camping World upsized its add-on term loan, and then the debt, as well as the company’s repriced term loan, freed up for trading on Wednesday, and Lighthouse Network LLC’s incremental first-lien term loan surfaced in the secondary too.

In more happenings, Sterling Talent Solutions set pricing on its term loan at the wide end of guidance, VerticalScope upsized its revolver and delayed-draw term loan, and ThoughtWorks Inc. accelerated the commitment deadline on its credit facilities.

Furthermore, United Road Services Inc. and Catalent Pharma Solutions Inc. released price talk with launch, and MRO Holdings Inc. emerged with new deal plans.

Camping World upsizes, trades

Camping World raised its add-on senior secured term loan due Nov. 8, 2023 to $205 million from $195 million, according to a market source.

As before, the add-on term loan and the repricing of the company’s existing $736 million senior secured term loan B due Nov. 8, 2023 are priced at Libor plus 300 basis points with a 0.75% Libor floor and include 101 soft call protection for six months. The add-on loan has an original issue discount of 99.75, and the repricing has a par issue price.

On Tuesday, the spread on the term debt was set at the low end of the Libor plus 300 bps to 325 bps talk.

Recommitments were due at 12:30 p.m. ET on Wednesday, and the term loan debt made its way into the secondary market in the afternoon, with levels quoted at par ¼ bid, par 3/8 offered, another source added.

Goldman Sachs Bank USA and J.P. Morgan Securities LLC are leading the deal (B1/BB+) that will be used for the purchase of inventory and capital expenditures for Gander Outdoors and for future acquisitions, and the repricing will take the existing term loan down from Libor plus 375 bps with a 0.75% Libor floor.

Camping World is a Lincolnshire, Ill.-based seller of RVs and supplier of RV parts, supplies and accessories.

Lighthouse frees up

Lighthouse Network’s $76 million incremental first-lien term loan due October 2023 began trading too, with levels quoted at par bid, par ½ offered, a trader said.

Pricing on the incremental first-lien term loan is Libor plus 475 bps with a 1% Libor floor, in line with existing term loan pricing, and the new debt was sold at an original issue discount of 99.5.

On Monday, the incremental loan was upsized from $60 million and the discount finalized at the tight end of the 99 to 99.5 talk.

The company is also getting a $20 million incremental second-lien term loan due October 2024 that was privately placed.

Levels on the second-lien term loan were seen at par bid, par ½ offered, the trader added.

Credit Suisse Securities (USA) LLC and Citizens Bank are leading the deal that will be used to fund tuck-in acquisitions and to refinance revolving credit facility borrowings.

Lighthouse, formerly known as Harbortouch LLC, is an Allentown, Pa.-based independent merchant acquirer and payment solutions provider.

Sterling Talent updated

Back in the primary market, Sterling Talent Solutions firmed pricing on its $644.48 million first-lien term loan due June 2024 at Libor plus 350 bps, the high end of the Libor plus 325 bps to 350 bps talk, a market source remarked.

The term loan still has a 1% Libor floor, a par issue price and 101 soft call protection for six months.

Goldman Sachs and KeyBanc Capital Markets LLC are leading the deal that will be used to reprice an existing term loan down from Libor plus 425 bps with a 1% Libor floor.

Closing is expected during the week of Oct. 9.

Sterling Talent Solutions is a Seattle-based provider of comprehensive employment and background screening services.

VerticalScope upsizes

VerticalScope lifted its revolver to $20 million from $10 million and its delayed-draw term loan to $70 million from $50 million, while leaving the funded term loan at $110 million, according to a market source.

Pricing on the revolver and term loans is still Libor plus 275 bps, based on a grid tied to net leverage, with no Libor floor.

Capital One is leading the now $200 million of five-year credit facilities that will be used to refinance existing debt and for general corporate purposes.

VerticalScope is a Toronto-based online media company that owns and operates consumer resource websites and enthusiast social communities.

ThoughtWorks moves deadline

ThoughtWorks accelerated the commitment deadline on its $235 million of credit facilities (B2/B-) to 5 p.m. ET on Thursday from 5 p.m. ET on Tuesday, a market source said.

The facilities consist of a $35 million revolver and a $200 million seven-year covenant-light first-lien term loan.

Talk on the term loan is Libor plus 500 bps to 525 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC, HSBC and Nomura are leading the deal that will be used to help fund the buyout of the company by Apax Partners.

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

ThoughtWorks is a Chicago-based software development and digital transformation consulting company.

United Road sets talk

United Road Services held its bank meeting on Wednesday morning. Shortly before the event kicked off, price talk on its $260 million seven-year covenant-light first-lien term loan was announced at Libor plus 550 bps to 575 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for one year.

The company’s $320 million of credit facilities also include a $60 million ABL revolver.

Commitments are due at 5 p.m. ET on Oct. 18.

Credit Suisse and Goldman Sachs are leading the deal that will be used to help fund the buyout of the company by the Carlyle Group from Charlesbank Capital Partners LLC.

United Road is a Romulus, Mich.-based provider of vehicle transport and logistics.

Catalent releases guidance

Catalent Pharma Solutions came out with price talk on its $1,251,500,000 covenant-light term loan B (Ba3/BB) due May 20, 2024 and €312,442,500 covenant-light term loan B (Ba3/BB) due May 20, 2024 with its morning lender call, a market source said.

Talk on the U.S. term loan is Libor plus 225 bps to 250 bps, and talk on the euro term loan is Euribor plus 200 bps to 225 bps, the source continued. Both loans are talked with a 1% floor, an original issue discount of 99.5 to 99.75 and 101 soft call protection for six months.

Consents/commitments are due at 5 p.m. ET on Oct. 11, the source added.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to reprice and extend by three years existing term loan B facilities.

Catalent is a Somerset, N.J.-based provider of advanced delivery technologies and development solutions for drugs, biologics and consumer health products.

MRO joins calendar

MRO Holdings set a bank meeting for 9:30 a.m. ET in New York on Thursday to launch a $225 million six-year first-lien term loan (B+) that is talked at Libor plus 500 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, a market source remarked.

Commitments are due at 5 p.m. ET on Oct. 19, the source added.

Credit Suisse is leading the deal that will be used to refinance existing debt and for general corporate purposes.

MRO Holdings is a provider of maintenance and repair services to the airline and freight carrier industries.

International Car closes

In other news, the buyout of International Car Wash Group by Roark Capital Group from TDR Capital LLP has been completed, according to a news release.

To help fund the transaction, International Car Wash got $725 million of senior secured credit facilities that include a $75 million revolver (B1/B), a $475 million seven-year first-lien term loan and a $175 million eight-year second-lien term loan (Caa1/CCC+).

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

The second-lien term loan is priced at Libor plus 750 bps with a 1% Libor floor and was issued at a discount of 98.5. This 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 $450 million, the spread was reduced from talk of Libor plus 375 bps to 400 bps and the discount was tightened from 99.5, and the second-lien term loan was downsized from $200 million while pricing was trimmed from talk of Libor plus 775 bps to 800 bps.

Goldman Sachs, Jefferies LLC, Barclays and Credit Suisse led the deal for the High Wycombe, England-based car wash operator.

Ten-X buyout wraps

The purchase of Ten-X LLC by Thomas H. Lee Partners LP has closed, a news release said.

To help fund the buyout, Ten-X got $605 million of credit facilities that include a $45 million five-year revolver (B2/B), a $450 million seven-year covenant-light first-lien term loan (B2/B) and a $110 million privately placed second-lien term loan (Caa2/CCC+).

Pricing on the 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. The debt has 101 soft call protection for six months.

During syndication, the spread on the first-lien term loan firmed at the low end of the Libor plus 400 bps to 425 bps talk.

Antares Capital, Guggenheim Securities, Citizens Bank, KeyBanc Capital Markets and Sumitomo Mitsubishi Banking Corp. led the deal.

Ten-X is an Irvine, Calif.-based provider of an online real-estate marketplace.

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