Acrisure, Howden Group, Monotype, PCI Pharma break; Parts Authority, Apex revise deals

By Sara Rosenberg

New York, Nov. 9 – Acrisure LLC increased the size of its incremental first-lien term loan, set the spread at the low end of talk and modified the original issue discount, and Howden Group Holdings Ltd. (Hyperion Refinance Sarl) changed the issue price on its add-on term loan B and tweaked the ticking fees, and then these deals began trading on Tuesday.

Other deals to free up during the session included Monotype Imaging Holdings Inc. and PCI Pharma Services (Packaging Coordinators Midco Inc.).

In more happenings, Parts Authority (PAI Holdco Inc.) tightened the original issue discount on its incremental first-lien term loan, and Apex Group firmed the issue price on its U.S. add-on term loan B at the narrow end of guidance, and revised the original issue discount and upsized its euro add-on term loan.

Additionally, US Foods Inc., Eversana (LSCS Holdings Inc.), Plastipak Packaging Inc., Summit Health (WP CityMD Bidco LLC), Snap One Holdings Corp., Fanatics Commerce, American Physician Partners LLC, Bright Horizons Family Solutions Inc., Cincinnati Bell Inc., Arcis Golf LLC, Ping Identity Corp., Great American Outdoors Group and Luihn VantEdge Partners LLC released price talk with launch.

Furthermore, Ascensus, Victory Capital Holdings Inc., Soliant Health, North American Bancard (NAB Holdings LLC), Hyperion Materials & Technologies, Ascend Learning LLC and NielsenIQ joined this week’s primary calendar.

Acrisure reworked, trades

Acrisure raised its non-fungible incremental first-lien term loan (B) due February 2027 to $1 billion from $600 million, finalized pricing at Libor plus 425 basis points, the low end of the Libor plus 425 bps to 450 bps talk, and moved the original issue discount to 99.25 from 99, according to a market source.

The incremental term loan still has a 0.5% Libor floor and 101 soft call protection for six months.

Commitments were due at 3 p.m. ET on Tuesday, accelerated from noon ET on Wednesday, and the incremental term loan broke for trading later in the day, with levels quoted at 99¾ bid, par ¼ offered, another source added.

JPMorgan Chase Bank and BMO Capital Markets are leading the deal that will be used to fund acquisitions.

Acrisure is a Caledonia, Mich.-based insurance brokerage.

Howden revised

Howden Group tightened the original issue discount on its fungible $550 million add-on covenant-lite term loan B (B2/B) due Nov. 12, 2027 to 99 from 98.79, and changed the ticking fees to half the margin from days 31 to 60 and the full margin thereafter, from half the margin from days 31 to 60 and the full margin and Libor floor thereafter, a market source remarked.

Pricing on the add-on term loan is Libor plus 325 bps with a 0.75% Libor floor, and the add-on and existing term loan are getting 101 soft call protection for six months.

Morgan Stanley Senior Funding Inc., Barclays, RBC Capital Markets, Lloyds, ING and NatWest are leading the deal.

Howden frees up

Recommitments for Howden Group’s add-on term loan were due at 2:30 p.m. ET on Tuesday and the debt made its way into the secondary market later in the day, with levels quoted at 99 3/8 bid, 99 7/8 offered, a trader added.

The add-on term loan will be used with an $85 million add-on to the company’s privately placed second-lien term loan and a new privately placed £390 million HoldCo PIK facility to support the acquisition of Aston Lark from Goldman Sachs Asset Management and Bowmark Capital, and add cash to the locked account.

Pro forma for the transaction, the U.S. term loan B will total $2.761 billion.

Closing is expected in the first quarter of 2022.

Howden Group is a London-based insurance intermediary group. Aston Lark is a client broker in the U.K.

Monotype hits secondary

Monotype Imaging’s $488 million term loan B due October 2026 broke for trading, with levels quoted at 99¾ bid, par ¼ offered, according to a market source.

Pricing on the term loan is Libor plus 500 bps with a 0.75% Libor floor and it was sold at an original issue discount of 99.5. The debt has 101 soft call protection for six months.

Deutsche Bank Securities Inc. and Macquarie Capital (USA) Inc. are leading the deal that will be used to reprice an existing term loan B down from Libor plus 550 bps with a 1% Libor floor.

Closing is expected on Friday.

Monotype is a Woburn, Mass.-based provider of software-enabled font content and IP licensing for enterprise and creative customers.

PCI Pharma breaks

PCI Pharma Services’ fungible $570 million incremental first-lien term loan due November 2027 began trading too, with levels quoted at par 1/8 bid, par ½ offered, a market source said.

Pricing on the incremental first-lien term loan is Libor plus 375 bps with a 25 bps leverage-based step-down and a 25 bps IPO-based step-down, and a 0.75% Libor floor, in line with existing pricing. The new debt was sold at an original issue discount of 99.75.

The company is also getting a fungible $80 million privately placed incremental second-lien term loan due November 2029 priced at Libor plus 700 bps with a 0.75% Libor floor, a reduction from current pricing of Libor plus 825 bps with a 1% Libor floor.

During syndication, the incremental first-lien term loan was upsized from $510 million as the second-lien term loan was downsized from $140 million, and the discount on the first-lien loan was revised from 99.5.

Jefferies LLC, RBC Capital Markets and Antares Capital are leading the deal that will be used with new cash equity to fund the acquisition of Lyophilization Services of New England Inc., a Bedford, N.H.-based contract development and manufacturing organization, from Permira.

PCI is a Philadelphia-based provider of outsourced pharmaceutical services.

Parts Authority tweaked

Back in the primary market, Parts Authority revised the original issue discount on its fungible $100 million incremental first-lien term loan due Oct. 28, 2027 to 99.75 from 99.5, according to a market source.

The incremental first-lien term loan is priced at Libor plus 375 bps with a 25 bps step-down based on leverage and a 25 bps step-down upon an initial public offering, and a 0.75% Libor floor, in line with existing first-lien term loan pricing.

Recommitments were due at noon ET on Tuesday, the source added.

Jefferies LLC is leading the deal that will be used to fund a distribution to shareholders.

Pro forma for the transaction, the first-lien term loan will total about $747 million.

Parts Authority second-lien

With the incremental loan, Parts Authority is repricing its existing second-lien term loan to Libor plus 750 bps from Libor plus 825 bps, and upsizing its ABL revolver by $75 million and removing the existing 0.5% Libor floor.

Also, the company is amending its credit agreement to allow for the shareholder distribution, and make additional documentation changes to reset and increase various baskets related to incremental capacity, excess cash flow sweep and asset sale sweep.

Lenders were offered a 10 bps consent fee.

Parts Authority is a Lake Success, N.Y.-based automotive aftermarket replacement parts distribution platform serving the do-it-for-me and do-it-yourself e-commerce segments of the automotive aftermarket.

Apex tweaked

Apex Group set the original issue discount on its $465 million add-on covenant-lite term loan B due July 2028 at 99.5, the tight end of the 99 to 99.5 talk, a market source said.

Furthermore, the company upsized its euro add-on covenant-lite term loan B due July 2028 to €310 million from €225 million and adjusted the discount to 99.75 from talk in the range of 99.25 to 99.5, the source continued.

The U.S. term loan is priced at Libor plus 375 bps with a 0.5% Libor floor, and the euro term loan is priced at Euribor plus 400 bps with a 0% floor.

Recommitments were due at noon ET on Tuesday, the source added.

BofA Securities Inc. is the physical bookrunner on the deal that will be used with a pre-placed second-lien term loan to fund the acquisition of Sanne Group, a provider of asset management services, for 920 pence in cash per share, or about £1.51 billion. The upsizing will be used for general corporate purposes and bolt on acquisitions.

Apex is a provider of fund administration services, financial and corporate solutions.

US Foods sets talk

US Foods hosted its lender call on Tuesday afternoon and announced price talk on its $900 million seven-year incremental senior secured covenant-lite term loan B (B1/BB) at Libor plus 275 bps with a 0% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months.

Commitments are due at noon ET on Nov. 17.

Wells Fargo Securities LLC is the left lead on the deal that will be used with about $400 million of cash on hand and proceeds from new senior unsecured debt to repay an existing term loan due June 27, 2023.

KKR is the sponsor.

US Foods is a Rosemont, Ill.-based foodservice distributor.

Eversana guidance

Eversana revealed price talk on its $690 million seven-year first-lien term loan (B2/B-) and $290 million eight-year second-lien term loan (Caa2/CCC) in connection with its afternoon call, a market source remarked.

Talk on the first-lien term loan is Libor plus 450 bps to 475 bps with a 0.5% Libor floor and an original issue discount of 99, and talk on the second-lien term loan is Libor plus 775 bps to 800 bps with a 0.5% Libor floor and a discount of 98.5, the source continued.

The first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has hard call protection of 102 in year one and 101 in year two.

The company’s $1.07 billion of credit facilities also include a $90 million five-year revolver.

Commitments are due at noon ET on Nov. 19, the source added.

Jefferies LLC, KeyBank Capital Markets and RBC Capital Markets are leading the deal that will be used to fund the acquisition of Intouch Group, an agency network serving the pharmaceutical industry.

Closing is expected by the end of the year.

Eversana is a provider of global services to the life sciences industry.

Plastipak launches

Plastipak Packaging released talk of Libor plus 275 bps to 300 bps with a 0.5% Libor floor and an original issue discount of 99.5 on its $850 million seven-year covenant-lite term loan B (Ba3/B+) that launched with a call in the morning, a market source said.

The term loan has 101 soft call protection for six months.

Commitments are due at noon ET on Nov. 17.

Wells Fargo Securities LLC is the left lead on the deal, which will be used to refinance existing debt and pay related fees and expenses.

Plastipak is a Plymouth, Mich.-based manufacturer and recycler of rigid plastic packaging containers and preforms.

Summit proposed terms

Summit Health launched on its morning call its $1.684 billion seven-year first-lien term loan (B1/B) at talk of Libor plus 325 bps with a 0.5% Libor floor, according to a market source.

The term loan includes an $800 million fungible incremental tranche talked with an original issue discount of 99.5 and $884 million for a repricing and extension of an existing term loan talked with a discount of 99.875, the source said.

The term loan debt has 101 soft call protection for six months.

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

Credit Suisse Securities (USA) LLC, Barclays, Goldman Sachs Bank USA, Jefferies LLC, Mizuho, ING, KeyBanc Capital Markets, Golub Capital and Regions Bank are leading the deal.

Proceeds will fund tuck-in acquisitions and refinance existing debt. The existing term loan is being repriced from Libor plus 375 bps with a 0.75% Libor floor and extended from August 2026.

Summit is physician-owned multispecialty and urgent care medical practice.

Snap One talk

Snap One came out with talk of Libor plus 400 bps with a 25 bps step-down at 3.25x first-lien net leverage, a 0.5% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months on its $465 million seven-year senior secured covenant-lite first-lien term loan B (B) shortly before its 11 a.m. ET lender call began, a market source remarked.

Commitments are due at noon ET on Nov. 23, the source added.

Morgan Stanley Senior Funding Inc., JPMorgan Chase Bank, Jefferies LLC, UBS Investment Bank, BofA Securities Inc., BMO Capital Markets, Raymond James and Truist are leading the deal that will be used to refinance existing debt and pay related fees and expenses.

Snap One is a Charlotte, N.C.-based provider of a suite of products, services and software to professional do-it-for-me integrators.

Fanatics holds call

Fanatics Commerce launched on its morning call its $500 million seven-year senior secured term loan B (Ba3/BB-) at talk of Libor plus 325 bps to 350 bps with a 0.5% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on Nov. 18, the source added.

Citigroup Global Markets Inc. is leading the deal that will be used to fund the growth of the company through investment into new, highly synergistic verticals and fan products, and for general corporate purposes.

Closing is expected this month.

Fanatics Commerce is a Jacksonville, Fla.-based designer, manufacturer and distributor of fan gear, jerseys, headwear and hardgoods.

American Physician launches

American Physician Partners disclosed talk of SOFR +CSA plus 475 bps to 500 bps with a 0.75% floor and an original issue discount of 99 on its $520 million seven-year covenant-lite first-lien term loan B (B3/B-) that launched with a call in the afternoon, a market source said.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, the source added.

The term loan has 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on Nov. 22.

Deutsche Bank Securities Inc., Regions Bank and Nomura are leading the deal, which will be used to refinance existing debt and fund acquisitions under letters of intent.

American Physician is a Brentwood, Tenn.-based emergency department management platform.

Bright Horizons talk

Bright Horizons Family Solutions launched on its call its $600 million seven-year term loan B at talk of Libor plus 225 bps with a 0.75% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan B has 101 soft call protection for six months.

The company’s $1 billion of term loans (B1/BB-) also include a $400 million term loan A.

Commitments are due at 5 p.m. ET on Nov. 18, the source added.

BofA Securities Inc., JPMorgan Chase Bank and Citizens Bank are leading the deal that will be used to refinance an existing term loan B due 2023.

Bright Horizons is a Newton, Mass.-based provider of early education and child care, back-up care and workforce education services.

Cincinnati proposed terms

Cincinnati Bell launched on its afternoon call its $850 million seven-year term loan B-2 (B1/B+) at talk of SOFR +CSA plus 325 bps to 350 bps with a 0.5% floor, an original issue discount of 99 and 101 soft call protection for six months, a market source remarked.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

Commitments are due at noon ET on Nov. 17, the source added.

The company is also getting a $300 million term loan B-1 that is not on offer.

Goldman Sachs Bank USA, Regions Capital, Societe Generale, CoBank, MUFG, Fifth Third Bank and PNC are leading the deal that will be used to help refinance an existing first-lien term loan and 2024 and 2025 senior secured notes.

Cincinnati Bell is a Cincinnati-based provider of integrated entertainment and communication services and IT solutions.

Arcis Golf guidance

Arcis Golf held its call in the morning, launching its $300 million seven-year covenant-lite term loan B (B2/BB-) at talk of Libor plus 425 bps to 450 bps with a 0.5% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months.

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

Deutsche Bank Securities Inc. is the left lead on the deal that will be used to refinance existing debt.

Arcis, privately held by Atairos and Fortress Investment Group, is a Dallas-based owner and operator of golf private and daily fee clubs.

Ping holds call

Ping Identity held its call in the afternoon, launching its $300 million term loan (B-) at talk of SOFR +CSA plus 425 bps with a 0.5% floor and an original issue discount of 99 to 99.5, according to a market source.

The term loan has 101 soft call protection for six months.

Commitments are due at noon ET on Nov. 18, the source added.

BofA Securities Inc., RBC Capital Markets and Wells Fargo Securities LLC are leading the deal that will be used to repay revolver borrowings and add cash to the balance sheet for acquisitions.

Ping Identity is a Denver-based software company.

Great American repricing

Great American Outdoors launched on a 2 p.m. ET call a $4.466 billion term loan B due 2028 talked at Libor plus 375 bps to 400 bps with a 0.75% Libor floor, a par issue price and 101 soft call protection for six months, a market source said.

Commitments are due at 5 p.m. ET on Nov. 17, the source added.

JPMorgan Chase Bank is leading the deal that will be used to reprice an existing term loan down from Libor plus 425 bps with a 0.75% Libor floor.

Great American Outdoors is a Springfield, Mo.-based outdoor retailer that owns Cabela’s and Bass Pro Shops, White River Marine Group and Our Nature Resorts.

Luihn VantEdge launches

Luihn VantEdge Partners announced price talk on its $280 million seven-year covenant-lite first-lien term loan and $65 million eight-year covenant-lite second-lien term loan with its afternoon lender call, according to a market source.

Talk on the first-lien term loan is Libor plus 450 bps with a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, and talk on the second-lien term loan is Libor plus 750 bps with a 0.5% Libor floor, a discount of 98.5, and call protection of 102 in year one and 101 in year two, the source said.

Commitments are due on Nov. 23.

Citizens Bank is leading the deal that will be used to fund an acquisition and refinance existing debt.

VantEdge Partners LLC is the sponsor.

Luihn VantEdge is a Morrisville, N.C.-based owner and operator of 172 restaurants (primarily Taco Bell units) across five states.

CM Group deadline

CM Group (CMFPL Aus and Finco US) set a commitment deadline of Nov. 19 for its $635 million of credit facilities that launched with a call in the morning, a market source remarked.

The facilities consist of a $45 million five-year revolver and a $590 million seven-year first-lien term loan (B2/B).

As previously reported, the term loan is talked at Libor plus 500 bps to 525 bps with a 0.75% Libor floor, an original issue discount of 98.5 and 101 soft call protection for six months.

Jefferies LLC, CIBC, Fifth Third Bank and Golub Capital are leading the deal that will be used to fund the combination of CM Group with Cheetah Digital and refinance the stand-alone debt at each entity.

The existing owners of CM Group, including Insight Partners, will remain majority owners of the combined company. Vector Capital, which was previously a majority owner of Cheetah Digital, will become a substantial minority owner of the combined company.

CM Group is a Nashville-based owner of marketing technology brands. Cheetah Digital is a Chicago-based cross channel customer engagement solution provider.

Ascensus on deck

Ascensus set a lender call for 9:30 a.m. ET on Wednesday to launch $850 million of term loans, according to a market source.

The debt is split between a $750 million incremental first-lien term loan B and a $100 million incremental second-lien term loan, the source said.

Goldman Sachs Bank USA, Stone Point and KKR Capital Markets LLC are leading the deal that will be used to help fund the acquisition of Newport Group.

Closing is expected in the first quarter of 2022, subject to regulatory approvals and other customary conditions.

Ascensus is a Dresher, Pa.-based tech-enabled solutions provider focused on recordkeeping and administration in the U.S. tax advantages savings market. Newport Group is a Walnut Creek, Calif.-based retirement services provider.

Victory coming soon

Victory Capital will hold a lender call at noon ET on Wednesday to launch its $505 million seven-year senior secured incremental first-lien term loan B (Ba2/BB-), a market source said.

The incremental term loan has 101 soft call protection for six months, the source added.

BofA Securities Inc. and RBC Capital Markets are leading the deal that will be used to fund the acquisition of WestEnd Advisors LLC for $480 million.

Closing is expected this year, subject to customary approvals, conditions and consents.

Victory Capital is a San Antonio-based global asset management firm. WestEnd is a Charlotte, N.C.-based investment management firm.

Soliant joins calendar

Soliant Health scheduled a lender call for 11 a.m. ET on Wednesday to launch a fungible $180 million add-on term loan (B+) due 2028 talked with an original issue discount of 99 to 99.5, according to a market source.

Pricing on the add-on term loan is Libor plus 425 bps with a 0.75% Libor floor.

The add-on term loan has 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on Nov. 18, the source added.

JPMorgan Chase Bank is leading the deal that will be used to fund a dividend.

Soliant is an Atlanta-based provider of health care jobs and staffing services.

NAB readies deal

North American Bancard set a lender call for 11 a.m. ET on Wednesday to launch $900 million of credit facilities, a market source remarked.

The facilities consist of a $125 million revolver and a $775 million seven-year covenant-lite first-lien term loan, the source added.

Pricing on the term loan will be a SOFR+CSA rate.

The term loan has 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on Nov. 17.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to repay existing debt and fund a distribution to shareholders.

North American Bancard is a Troy, Mich.-based provider of payment processing solutions.

Hyperion on deck

Hyperion Materials & Technologies scheduled a lender call for Wednesday to launch a fungible $50 million add-on covenant-lite first-lien term loan due 2028, according to a market source.

UBS Investment Bank and KKR Capital Markets are leading the deal that will be used to fund the acquisition of Aggressive Grinding Service, a Pennsylvania-based precision carbide and ceramic grinding company.

Hyperion Materials, a portfolio company of KKR, is a Worthington, Ohio-based materials science company that develops hard and super-hard materials for a wide range of industries and applications.

Ascend plans call

Ascend Learning set a lender call for 2 p.m. ET on Wednesday to launch $2.76 billion of term loans, a market source said.

The debt consists of a $2.005 billion seven-year first-lien term loan with 101 soft call protection for six months, and a $755 million eight-year second-lien term loan with hard call protection of 102 in year one and 101 in year two, the source added.

Barclays and Goldman Sachs Bank USA are leading the deal, with Barclays the left lead and agent on the first-lien term loan and Goldman the left lead and agent on the second-lien term loan.

The loans will be used to refinance the company’s existing capital structure and fund a distribution to shareholders.

Ascend Learning is a provider of educational content, software and analytics solutions.

NielsenIQ joins calendar

NielsenIQ will hold a lender call at 10:30 a.m. ET on Wednesday to launch a repricing of its existing $945 million term loan B due March 2028, a €100 million to €150 million add-on term loan B and a repricing of its existing €628 million term loan B due March 2028, according to a market source.

The term loans are getting 101 soft call protection for six months, the source said.

BofA Securities Inc. and UBS Investment Bank are leading the deal, with BofA the left lead on the U.S. loan and UBS the left lead on the euro loan.

The add-on term loan will be used to repay revolver borrowings and add cash to the balance sheet.

Current pricing on the U.S. and euro term loan is Libor/Euribor plus 400 bps with a 0% floor.

NielsenIQ is a Chicago-based provider of actionable information to consumer packaged goods manufacturers and retailers.

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