Internet Brands revised; Charter NEX, Imprivata, SmartBear, Container Store disclose talk

By Sara Rosenberg

New York, Nov. 12 – Internet Brands on Thursday increased the size of its incremental first-lien term loan and finalized the original issue discount at the tight end of guidance.

Also, Charter NEX US Inc. released tranche size and first-lien term loan price talk with its lender call, and Imprivata, SmartBear (AOA Acquisition Holding Inc.), Container Store Group Inc. and First Brands Group LLC came out with pricing guidance with launch.

In addition, Inspire Brands (IRB Holding Corp.), symplr Software Inc., Mirion Technologies Inc., Ancestry.com and Agiliti joined the near-term primary calendar.

Internet Brands updated

Internet Brands raised its fungible incremental covenant-lite first-lien term loan due September 2024 to $400 million from $350 million and set the original issue discount at 99, the tight end of the 98.5 to 99 talk, a market source said.

The incremental term loan is priced at Libor plus 375 basis points with a 1% Libor floor, and has the same 101 soft call protection through June 2021 as the existing first-lien term loan.

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

Credit Suisse Securities (USA) LLC, KKR Capital Markets and RBC Capital Markets are leading the deal that will be used to fund tuck-in acquisitions and a shareholder distribution.

Internet Brands is an El Segundo, Calif.-based online media and software services organization.

Charter NEX details

Charter NEX held its lender call on Thursday morning and announced sizes on its debt financing pieces as well as first-lien term loan pricing guidance, according to a market source.

The company’s proposed $1.7 billion of credit facilities (B) consist of a $100 million five-year revolver and a $1.6 billion seven-year first-lien term loan, and the privately placed eight-year senior unsecured PIK toggle notes are sized at $500 million.

Talk on the first-lien term loan is Libor plus 375 bps to 400 bps with a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, the source continued.

Commitments are due at 3 p.m. ET on Nov. 20.

Jefferies LLC, Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc. and Nomura are leading the deal that will be used to refinance existing debt and fund a distribution to shareholders.

Charter NEX is a manufacturer of highly engineered specialty films, focused on the stable food and consumer end-markets.

Imprivata proposed terms

Imprivata came out with talk of Libor plus 350 bps to 375 bps with a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months on its $715 million seven-year first-lien term loan B that launched with an afternoon call, a market source remarked.

Commitments are due on Nov. 23, the source added.

Goldman Sachs Bank USA and Golub are leading the deal that will be used to refinance existing debt, finance an acquisition and fund a distribution to shareholders.

Thoma Bravo is the sponsor.

Imprivata is a Lexington, Mass.-based digital identity solutions provider in health care, facilitating access from any device and location for medical providers and integrating with leading electronic health care records.

SmartBear sets talk

SmartBear launched on its afternoon call its $385 million seven-year covenant-lite first-lien term loan (B2/B-) at talk of Libor plus 425 bps with a 0.5% Libor floor and an original issue discount of 98.5 to 99, according to a market source.

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

Commitments are due at noon ET on Nov. 20.

The company’s $565 million of credit facilities also include a $50 million revolver (B2/B-) and a $130 million privately placed second-lien term loan.

Credit Suisse Securities (USA) LLC, Antares Capital, Golub and Neuberger Berman are leading the deal that will be used to help fund Vista Equity Partners’ investment in the company. Francisco Partners will continue as an investor in the company and own a joint stake.

SmartBear is a Somerville, Mass.-based provider of software development and quality tools.

Container Store holds call

Container Store hosted a lender call during the session to launch a $200 million term loan B talked at Libor plus 500 bps with a 1% Libor floor, an original issue discount of 98 and 101 soft call protection for one year, a market source said.

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

J.P. Morgan Securities LLC is leading the deal that will be used to refinance an existing term loan B due 2023.

Container Store is a Coppell, Tex.-based retailer of organization and storage products.

First Brands OID guidance

First Brands Group announced original issue discount talk in the range of 98.5 to 99 on its fungible $220 million incremental first-lien term loan due Feb. 2, 2024 that launched with an afternoon call, according to a market source.

Like the existing term loan, the incremental term loan is priced at Libor plus 750 bps with a 1% Libor floor and has the same 102, 101 hard call protection.

Commitments are due at 3 p.m. ET on Nov. 20, the source added.

Jefferies LLC is leading the deal that will be used to fund an acquisition.

Pro forma for the transaction, the first-lien term loan size will total $1.798 billion.

First Brands, formerly known as Trico Group, is an automotive aftermarket platform offering a comprehensive solution for consumable maintenance and mission-critical repair parts.

Inspire readies deal

In more primary happenings, Inspire Brands emerged with plans to hold a lender call at 9:30 a.m. ET on Friday to launch a $2.575 billion seven-year senior secured first-lien term loan B (B2/B), a market source remarked.

Barclays, Capital One, Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, Golub, KeyBanc Capital Markets, Rabobank, Truist and Wells Fargo Securities LLC are leading the deal.

The new loan will be used with cash on hand and equity from Inspire Brands’ sponsor, Roark Capital Management LLC, to fund the acquisition of Dunkin’ Brands Group Inc. for $106.50 per share in cash in a transaction valued at about $11.3 billion, including the assumption of Dunkin’ Brands’ debt.

Closing is expected by the end of the year.

Inspire Brands is an Atlanta-based multi-brand restaurant company. Dunkin’ Brands is a Canton, Mass.-based franchisor of quick service restaurants.

symplr on deck

symplr set a lender call for 9:30 a.m. ET on Friday to launch a $680 million seven-year covenant-lite first-lien term loan that includes 101 soft call protection for six months, according to a market source.

Commitments are due on Nov. 20, the source added.

The company is also getting a $250 million privately placed second-lien term loan.

Credit Suisse Securities (USA) LLC is the left lead on the deal. Goldman Sachs Bank USA, Antares Capital, Ares, Deutsche Bank Securities Inc., Golub Capital and Jefferies LLC are involved as well.

The new loans will be used to refinance existing debt and to fund the acquisition of TractManager, a Dallas-based healthcare-specific application suite, from Arsenal Capital Partners.

symplr, a portfolio company of Clearlake Capital Group LP and SkyKnight Capital, is a Houston-based healthcare governance, risk management and compliance software-as-a-service platform.

Mirion joins calendar

Mirion Technologies will hold a lender call at 9:30 a.m. ET on Friday to launch a fungible $210 million add-on covenant-lite first-lien term loan B due March 6, 2026 talked with an original issue discount of 98.8, a market source said.

The add-on term loan is priced at Libor plus 400 bps with a 0% Libor floor.

Commitments are due at noon ET on Nov. 20, the source added.

Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA and HSBC Securities (USA) Inc. are leading the deal that will be used to fund the acquisition of Sun Nuclear and to pay related fees and expenses.

Mirion Technologies is a San Ramon, Calif.-based provider of radiation detection, measurement, analysis and monitoring solutions to the nuclear power, defense, medical and research end markets.

Ancestry coming soon

Ancestry scheduled a lender call for 11 a.m. ET on Friday to launch a new loan transaction, according to a market source.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to help fund the buyout of the company by Blackstone from Silver Lake, GIC, Spectrum Equity, Permira and other equity holders for a total enterprise value of $4.7 billion. Current Ancestry investor GIC will continue to retain a significant minority stake in the company.

Ancestry is a Lehi, Utah-based provider of digital family history services and consumer genomics.

Agiliti plans add-on

Agiliti will hold a lender call at 11 a.m. ET on Monday to launch a $200 million add-on term loan due 2026 talked with an original issue discount in the range of 98.5 to 99, a market source remarked.

Pricing on the add-on term loan is Libor plus 300 bps with a step-down to Libor plus 275 bps at 3.75x net first-lien leverage and a 0.75% Libor floor.

Commitments are due at noon ET on Nov. 20, the source added.

J.P. Morgan Securities LLC is leading the deal that will be used to fund a tuck-in acquisition.

Agiliti is a Minneapolis-based provider of health care technology management and service solutions.

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