Advisor, Insurity, Loparex, Mannington, Pregis, Press Ganey, SnapAV, Whatabrands ready deals

By Sara Rosenberg

New York, July 5 – A number of deals are preparing to launch during the week of July 8, including Advisor Group Inc., Insurity Inc., Loparex International Holding BV, Mannington Mills, Pregis LLC, Press Ganey Associates Inc. (Emerald TopCo Inc.), SnapAV and Whatabrands LLC.

Advisor Group on deck

Advisor Group will be holding a bank meeting at 2:30 p.m. ET in New York on Thursday to launch its proposed $1,475,000,000 of credit facilities (B1).

The facilities consist of a $225 million revolver and a $1.25 billion first-lien term loan.

UBS Investment Bank is the left lead arranger on the deal that will be used to help fund the buyout of 75% of the company by Reverence Capital Partners. Lightyear Capital and PSP Investments are expected to maintain up to a 25% stake in the company.

The company also has a commitment for a $350 million senior unsecured bridge loan for the transaction.

Leverage is expected to be around 5.5 times.

Closing is expected in the third quarter, subject to regulatory and other customary approvals.

Advisor Group is a Phoenix-based wealth management platform, which supports over 7,000 financial advisers with $268 billion of client assets.

Insurity coming soon

Insurity Inc. is scheduled to hold a bank meeting on Tuesday to launch $410 million of first-lien credit facilities, split between a $40 million five-year revolver and a $370 million seven-year first-lien term loan.

Included in the first-lien term loan is 101 soft call protection for six months.

The company is also getting a $160 million privately placed eight-year second-lien term loan.

Jefferies LLC and BofA Securities Inc. are leading the deal that will be used to help fund the buyout of the company by GI Partners.

Closing is expected in the third quarter.

Insurity is a Hartford, Conn.-based software platform for the property & casualty insurance industry.

Loparex readies deal

Loparex is set to hold a bank meeting at 10 a.m. ET on Wednesday to launch its proposed $600 million of senior secured credit facilities.

The facilities consist of a $50 million five-year revolver, a $390 million seven-year first-lien term loan and a $160 million eight-year second-lien term loan.

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.

Jefferies LLC, Barclays and Nomura are leading the deal that will be used to help fund the buyout of the company by Pamplona Capital Management from Intermediate Capital Group.

Loparex is a manufacturer of silicone release liners for customers in a diverse range of technically demanding end markets, including medical, industrial, tapes, graphics, hygiene, label and composites.

Mannington on tap

Mannington Mills is scheduled to hold a bank meeting on Wednesday to launch $425 million of credit facilities, consisting of a $125 million asset-based revolver and a $300 million seven-year term loan B.

RBC Capital Markets and SunTrust Robinson Humphrey are the joint lead arrangers on the term loan. BofA Securities Inc. is the left lead and agent on the revolver.

Proceeds will be used to refinance existing debt.

Commitments will be due and closing and funding are expected during the week of July 22.

Mannington is a Salem, N.J.-based manufacturer of flooring solutions to customers in both the commercial and residential construction markets.

Pregis launching Tuesday

Pregis plans to hold a bank meeting at 10 a.m. ET on Tuesday to launch $740 million of first-lien credit facilities.

The facilities consists of a $125 million revolver, and a $615 million seven-year covenant-lite first-lien term loan that is talked with 101 soft call protection for six months.

The company is also getting a $215 million privately placed second-lien term loan.

Credit Suisse Securities (USA) LLC, Barclays, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc. and UBS Investment Bank are leading the deal, which will be used to help fund the buyout of the company by Warburg Pincus from Olympus Partners.

Pregis is a Deerfield, Ill.-based protective packaging materials and automated systems manufacturer.

Press Ganey on deck

Press Ganey is set to hold a bank meeting at 10 a.m. ET on Tuesday to launch $1.5 billion of credit facilities, split between a $250 million revolver and a $1.25 billion seven-year first-lien term loan.

Barclays, Citigroup Global Markets Inc., Goldman Sachs Bank USA, J.P. Morgan Securities LLC, BMO Capital Markets and Deutsche Bank Securities Inc. are leading the deal that will be used to help fund the buyout of the company by Leonard Green & Partners LP and Ares Management Corp.

Other funds for the transaction will come from $453 million of second-lien notes that were privately placed with Goldman Sachs Merchant Banking Division and GIC.

Closing is expected in the third quarter, subject to customary approvals.

Press Ganey is a South Bend, Ind.-based provider of patient experience measurement and performance improvement solutions to health care organizations.

SnapAV coming soon

SnapAV will hold a bank meeting at 12:30 p.m. ET in New York on Wednesday to launch its $390 million incremental first-lien term loan (B3/B).

UBS Investment Bank, SunTrust Robinson Humphrey Inc. and BMO Capital Markets are leading the deal that will be used to help fund the acquisition of Control4 Corp. for $23.91 per share in cash, representing an aggregate value of about $680 million.

Private equity investment firm Hellman & Friedman, SnapAV’s majority shareholder since 2017, will invest additional equity as part of the transaction and be the majority shareholder of the combined company.

Closing is expected in the second half of this year, subject to customary conditions, including regulatory approvals and approval by Control4 shareholders.

SnapAV is a Charlotte, N.C.-based manufacturer and primary source of A/V, surveillance, networking and remote management products for professional integrators. Control4 is a Salt Lake City-based provider of smart home solutions.

Whatabrands plans meeting

Whatabrands is scheduled to hold a lenders’ presentation at 10 a.m. ET on Tuesday to launch $1.53 billion of senior secured credit facilities.

The facilities consist of a $200 million revolver and a $1.33 billion first-lien term loan B.

Morgan Stanley Senior Funding Inc., UBS Investment Bank and Credit Suisse Securities (USA) LLC are leading the deal that will be used to fund the buyout of Whataburger by BDT Capital Partners LLC.

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

Whatabrands is a San Antonio, Texas-based restaurant company.

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