Cision, Scientific Games, Asurion, SnapAV break; Eyemart, Compuware, MedRisk tweak deals

By Sara Rosenberg

New York, July 31 – Cision’s U.S. and euro term loans made their way into the secondary market on Monday above their original issue discounts, and Scientific Games Corp., Asurion LLC and SnapAV (Wirepath LLC) began trading as well.

Moving to the primary market, Eyemart Express LLC tightened the spread and original issue discount on its term loan, Compuware Corp. increased the size of its add-on first-lien term loan and modified the issue price, and MedRisk LLC trimmed pricing on its credit facilities.

Also, Evoqua Water Technologies (EWT Holdings III Corp.) moved up the commitment deadline on its term loan debt, and DuPage Medical Group, Big River Steel, PolyOne Corp., TMS International Corp., Delos Finance Sarl and Raycom Media Inc. released price talk with launch.

In addition, Nature’s Bounty Co. (Alphabet Holding Co. Inc.), Internet Brands Inc., TruGreen LP, Shutterfly Inc., Sandvine Corp. (PNI Canada Acquireco Corp.), Navios Maritime Partners LP, Constellis Holdings LLC and Aptos Inc. joined this week’s primary calendar.

Cision frees up

Cision’s term debt broke for trading on Monday, with the $960 million senior secured covenant-light first-lien term loan B (B2/B) due June 2023 quoted at par ¾ bid, 101¼ offered, according to a market source.

The company is also getting a €250 million senior secured covenant-light first-lien term loan B (B2/B) due June 2023 that was quoted at par 7/8 bid, 101 3/8 offered, the source said.

Pricing on the term loans is Libor/Euribor plus 425 basis points with a 25 bps step-down upon senior secured net leverage of less than 4 times and a 0% floor. The debt was sold at an original issue discount of 99.75 and has 101 soft call protection for six months.

During syndication, pricing on the term loans was lowered from Libor/Euribor plus 450 bps, the step-down was added and the discounts were tightened to 99.

Deutsche Bank Securities Inc., Barclays and RBC Capital Markets are leading the deal that will be used to refinance an existing first-lien term loan, repay $38 million of revolver borrowings and $76 million of second-lien term loan debt, add $4 million of cash to the balance sheet, and cover fees and expenses.

Total debt to pro forma adjusted EBITDA will be 4.7 times, and net debt will be 4.5 times.

Cision, a Chicago-based media intelligence company, expects to close on the loans late this week.

Scientific Games tops OID

Scientific Games’ $3,283,000,000 term loan B-4 (Ba3/B+) due August 2024 also hit the secondary market, with levels quoted par ¾ bid, 101¼ offered, a market source remarked.

Pricing on the loan is Libor plus 325 bps with a 0% Libor floor and it was sold at an original issue discount of 99.5.

During syndication, pricing on the term loan was lowered from Libor plus 350 bps.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, Fifth Third Bank, Goldman Sachs Bank USA, Macquarie Capital (USA) Inc. and PNC are leading the deal that will be used to refinance/extend an existing term loan B-3 due October 2021.

Scientific Games is a New York-based developer of technology-based products and services and associated content for gaming and lottery markets.

Asurion breaks

Asurion’s $2.6 billion first-lien term loan (Ba3) due August 2022 began trading, with levels quoted at par 1/8 bid, par 5/8 offered, according to a market source.

Pricing on the term loan is Libor plus 275 bps with a 0% Libor floor and it was issued at par. The debt has 101 soft call protection for six months.

During syndication, pricing on the term loan firmed at the low end of the Libor plus 275 bps to 300 bps talk and the discount was set at the tight end of the 99.75 to par talk.

Bank of America Merrill Lynch is leading the deal that will be used to reprice an existing term loan from Libor plus 325 bps with a 1% Libor floor.

Asurion is a Nashville-based provider of technology protection services.

SnapAV starts trading

SnapAV’s credit facilities freed to trade too, with the $265 million seven-year term loan quoted at par bid, par ¾ offered on the break and then it rose to par 3/8 bid, par 7/8 offered, a market source said.

Pricing on the term loan is Libor plus 525 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, pricing on the term loan was reduced from Libor plus 550 bps, the discount was tightened from 99, and the company removed from documentation the two-year long maturity MFN carve-out and the $10 million early maturity incremental basket.

The company’s $315 million of senior secured credit facilities (B2/B) also include a $50 million five-year revolver.

UBS Investment Bank and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to help fund the buyout of the company by Hellman & Friedman LLC from General Atlantic.

Closing is expected in the third quarter.

SnapAV is a Charlotte, N.C.-based manufacturer of audio, video, networking, power and surveillance products for residential and commercial A/V integrators.

Eyemart cuts pricing

Over in the primary market, Eyemart Express lowered pricing on its $355 million seven-year covenant-light first-lien term loan (B1/B) to Libor plus 300 bps from Libor plus 325 bps and revised the original issue discount to 99.75 from 99.5, according to a market source.

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

Recommitments are due at noon ET on Tuesday, the source said.

Barclays and Wells Fargo Securities LLC are leading the deal that will be used to refinance existing debt, fund a distribution to shareholders and pay related fees and expenses.

Eyemart is a Farmers Branch, Texas-based optical retailer.

Compuware reworked

Compuware raised its add-on first-lien term loan to $220 million from $200 million and revised the issue price to par from 99.75, a market source said.

The add-on term loan is priced at Libor plus 425 bps with a 1% Libor floor, in line with existing term loan pricing, and all of the debt is getting 101 soft call protection for six months.

Recommitments were due at 4 p.m. ET on Monday, the source added.

Jefferies LLC is leading the deal that will be used with balance sheet cash to pay down a portion of the company’s existing second-lien term loan at the 101 call premium.

Compuware is a Detroit-based technology performance company.

MedRisk flexes lower

MedRisk cut pricing on its roughly $170 million term loan due March 2023 and $15 million revolver due March 2021 to Libor plus 400 bps from Libor plus 425 bps, according to a market source.

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

Antares Capital is leading the deal that will be used with excess cash to refinance a $200 million term loan and a $15 million revolver.

Closing is expected on Tuesday, the source said.

MedRisk is a King of Prussia, Pa.-based provider of outpatient physical medicine network services to the U.S. workers’ compensation industry.

Evoqua changes deadline

Evoqua accelerated the commitment deadline on its $80 million tack-on first-lien term loan (B2/B) due Jan. 15, 2021 and repricing of its $183 million incremental first-lien term loan (B2/B) due Jan. 15, 2021 to 5 p.m. ET on Tuesday from 5 p.m. ET on Thursday, a market source remarked.

Talk on the tack-on loan and repriced loan is Libor plus 375 bps with a 1% Libor floor and 101 soft call protection for six months. The tack-on loan is talked with an original issue discount of 99.75 and the repricing is offered at par.

Credit Suisse Securities (USA) LLC is leading the deal.

Proceeds from the tack-on loan will be used to repay revolving credit facility borrowings and for general corporate purposes, and the repricing will take the incremental term loan down from Libor plus 450 bps with a 1% Libor floor.

The tack-on loan and the repriced loan will be fungible with the company’s existing $636 million term loan that is priced at Libor plus 375 bps with a 1% Libor floor.

Evoqua is a Warrendale, Pa.-based provider of equipment and services for water treatment.

DuPage discloses talk

Also in the primary market, DuPage Medical Group held its bank meeting on Monday, and with the event price talk on its $430 million seven-year first-lien term loan (B1/B) and $190 million eight-year second-lien term loan (Caa1/CCC+) was announced, according to a market source.

Talk on the first-lien term loan is Libor plus 375 bps with a 0.75% Libor floor and an original issue discount of 99.5, and talk on the second-lien term loan is Libor plus 775 bps with a 0.75% Libor floor and a discount of 99, the source said.

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

Commitments are due at 5 p.m. ET on Aug. 14.

Credit Suisse Securities (USA) LLC, Barclays, Nomura, Citizens Bank and Citigroup Global Markets Inc. are leading the $620 million in term loans that will be used for acquisition financing and to refinance existing debt.

DuPage is a Downers Grove, Ill.-based multi-specialty physician group.

Big River Steel guidance

Big River Steel came out with talk of Libor plus 525 bps with a 1% Libor floor, an original issue discount of 98.5 to 99 and 101 soft call protection for 24 months on its $500 million six-year senior secured term loan B (B3/B) that launched with an afternoon bank meeting, a market source said.

Commitments are due on Aug. 11.

The company’s $725 million of credit facilities also include a $225 million ABL facility.

Goldman Sachs Bank USA is leading the deal that will be used with new senior secured notes to refinance existing debt and for general corporate purposes.

Big River Steel is an Osceola, Ark.-based owner and operator of a technologically-advanced flat-rolled steel mini-mill located in Northeast Arkansas.

PolyOne details surface

PolyOne launched on its call a $640.7 million senior secured covenant-light term loan B due Nov. 12, 2022 talked at Libor plus 200 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, a market source remarked.

Citigroup Global Markets Inc. is 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.

Cashless roll commitments are due at 5 p.m. ET on Aug. 9, new money commitments are due at 5 p.m. ET on Aug. 10 and closing is expected during the week of Aug. 14, the source added.

PolyOne is an Avon Lake, Ohio-based provider of specialized polymer materials, services and solutions.

TMS holds call

TMS International held a call in the morning to launch a $465 million seven-year first-lien term loan (B1/BB-) talked at Libor plus 325 bps with a 1% Libor floor, an original issue discount of 99.5 to 99.75 and 101 soft call protection for six months, a market source said.

J.P. Morgan Securities LLC is leading the deal that will be used to refinance existing debt.

TMS is a Glassport, Pa.-based provider of mill services for steelmakers.

Delos launches loan

Delos Finance launched without a call a $1.5 billion term loan B due October 2023 talked at Libor plus 200 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 3 p.m. ET on Thursday, the source said.

Deutsche Bank Securities Inc. and RBC Capital Markets 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.

Delos is a subsidiary of AerCap Holdings NV, a Dublin-based commercial aircraft leasing company.

Raycom reveals price talk

Raycom Media disclosed talk of Libor plus 275 bps with a 0% Libor floor and an original issue discount of 99.5 on its $400 million term loan B that launched with an afternoon meeting, according to a market source.

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

Commitments are due on Aug. 14.

Wells Fargo Securities LLC is leading the dealthat will be used to refinance existing debt.

Raycom is a Montgomery, Ala.-based broadcaster and owner and operator of television stations.

Nature’s Bounty coming soon

Nature’s Bounty scheduled a bank meeting for 10 a.m. ET in New York on Tuesday to launch $2.25 billion of credit facilities, a market source said.

The facilities consist of a $350 million ABL revolver, a $1.4 billion seven-year covenant-light first-lien term loan talked at Libor plus 350 bps to 375 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, and a $500 million eight-year covenant-light second-lien term loan talked at Libor plus 750 bps to 775 bps with a 0% Libor floor, a discount of 99 and call protection of 102 in year one and 101 in year two, the source added.

Commitments are due at noon ET on Aug. 11.

Credit Suisse Securities (USA) LLC, Jefferies LLC, Morgan Stanley Senior Funding Inc., RBC Capital Markets, HSBC Securities (USA) Inc., Mizuho, Macquarie Capital (USA) Inc. and KKR Capital Markets are leading the deal that will be used with equity to fund the buyout of the company by KKR from The Carlyle Group. Carlyle will retain a significant stake in the company.

Closing is expected by year end, subject to regulatory approvals and customary conditions.

Nature’s Bounty is a Ronkonkoma, N.Y.-based manufacturer of health and wellness products.

Internet Brands on deck

Internet Brands set a bank meeting for 1 p.m. ET on Tuesday to launch $1.69 billion in term loans split between a $1.04 billion seven-year covenant-light first-lien term loan and a $650 million eight-year covenant-light second-lien term loan, according to a market source.

Both loans have a 0% Libor floor, the first-lien term loan has 101 soft call protection for six months and the second-lien term loan has call protection of 102 in year one and 101 in year two, the source said.

Credit Suisse Securities (USA) LLC, RBC Capital Markets LLC, Citigroup Global Markets Inc., Bank of America Merrill Lynch and KKR Capital Markets LLC are leading the deal, with Credit Suisse the left lead on the first-lien loan and RBC the left lead on the second-lien loan.

Commitments are due at 5 p.m. ET on Aug. 15.

Internet Brands A&E

In addition to the new term loans, Internet Brands is looking to amend and extend its existing first-lien term loan to make it fungible with the new tranche, the source added.

Proceeds from the new term loans and equity will be used to help fund the acquisition of WebMD Health Corp. for $66.50 per share, or about $2.8 billion.

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

The borrowers are MH Sub I LLC and Micro Holding Corp.

Internet Brands, a KKR portfolio company, is an El Segundo, Calif.-based provider of vertically focused online media and software services. WebMD is a New York-based provider of health information services.

TruGreen to shop loan

TruGreen will hold a lender call on Tuesday to launch an $800 million term loan (B) due April 2023 talked at Libor plus 425 bps to 450 bps with a 1% 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 Aug. 10, the source said.

J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, ING Capital Markets, Natixis, Rabobank, Goldman Sachs Bank USA and SMBC are leading the deal that will be used to refinance an existing term loan and fund a dividend.

TruGreen is a Memphis, Tenn.-based lawn care company.

Shutterfly readies deal

Shutterfly emerged with plans to host a lenders’ presentation at 10:30 a.m. ET on Tuesday to launch $500 million of senior secured credit facilities, a market source remarked.

The facilities consist of a $200 million revolver and a $300 million delayed-draw term loan B, the source added.

Morgan Stanley Senior Funding Inc., SunTrust Robinson Humphrey Inc., BMO Capital Markets Corp., MUFG, U.S. Bank and Wells Fargo Securities LLC are leading the deal that will be used for general corporate purposes including to refinance existing debt.

Shutterfly is a Redwood City, Calif.-based online retailer and manufacturer of personalized products and services.

Sandvine plans meeting

Sandvine scheduled a bank meeting for Tuesday to launch a $400 million first-lien term loan (B3/B-) talked at Libor plus 450 bps to 475 bps with one leverage-based step-down, a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, a market source said.

Commitments are due on Aug. 15, the source added.

J.P. Morgan Securities LLC and Societe Generale are leading the deal that will be used to help fund the acquisition of Sandvine by Francisco Partners for C$4.40 per share, or about C$562 million, and merger with Procera Networks Inc., a current portfolio company of Francisco Partners.

Closing is subject to shareholder approval, court approval and regulatory approvals.

Sandvine is Waterloo, Ont.-based provider of network policy control solutions. Procera is a Fremont, Calif.-based provider of network visibility and control across mobile and fixed broadband networks.

Navios joins calendar

Navios Maritime Partners set a lender call for 11 a.m. ET on Tuesday to launch a $53 million incremental first-lien term loan B, according to a market source.

Morgan Stanley Senior Funding Inc. and S. Goldman Advisors LLC are leading the deal that will be used to fund the acquisition of vessels.

Navios Maritime is a Monaco-based seaborne shipping and logistics company.

Constellis deal emerges

Constellis scheduled a lender call for 2 p.m. ET on Tuesday to launch a $95 million incremental first-lien term loan due April 2024, a market source said.

The incremental term loan is priced at Libor plus 500 bps with a 1% Libor floor and has 101 soft call protection through April 2018, all of which matches the existing term loan, the source added.

Original issue discount talk on the incremental loan is still to be determined.

Commitments are due on Aug. 8.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc. and Barclays are leading the deal that will fund the acquisition of Omniplex World Services Corp. from Altamont Capital Partners.

Closing is expected in August, subject to Defense Security Service review and other customary conditions.

Constellis is a Reston, Va.-based provider of operational support and risk management services to government and commercial clients. Omniplex is a Chantilly, Va.-based provider of protective and investigative services.

Aptos readies incremental

Aptos will hold a lender call on Thursday to launch an $83 million incremental term loan B, according to a market source.

Macquarie Capital (USA) Inc. and Antares Capital are leading the deal that will be used to fund the acquisition of TXT Retail, an Italy-based provider of end-to-end merchandise lifecycle management solutions for the apparel, luxury, specialty and general retail sectors.

Closing is expected in September, subject to customary conditions.

Aptos is an Atlanta-based retail technology solutions company.

CareerBuilder closes

In other news, the buyout of CareerBuilder LLC by Apollo Global Management LLC and Ontario Teachers’ Pension Plan Board has been completed, a news release said.

To help fund the transaction, CareerBuilder got $400 million of credit facilities (B2/B) that include a $50 million revolver and a $350 million six-year covenant-light first-lien term loan.

Pricing on the term loan is Libor plus 675 bpswith a 1% Libor floor and it was sold at an original issue discount of 97. The term loan has 101 soft call protection for one year.

During syndication, pricing on the term loan was increased from Libor plus 600 bps, the discount widened from talk in the range of 98 to 99 and the call protection was extended from six months.

Credit Suisse Securities (USA) LLC, Barclays, Deutsche Bank Securities Inc., Citigroup Global Markets Inc. and Goldman Sachs Bank USA led the deal.

CareerBuilder is a Chicago-based end-to-end human capital solutions company.

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