Heartland, Paysafe, Interior, Proofpoint break; Core, Prestige, Quikrete and more revised

By Sara Rosenberg

New York, June 10 – Heartland Dental LLC increased the size of its incremental first-lien term loan and modified the issue price, and Paysafe updated its U.S. and euro term loan tranche sizes and pricing, and then these deals freed to trade on Thursday.

Also, Interior Logic Group (Signal Parent Inc.) firmed the issue price on its incremental first-lien term loan B at the wide end of talk before breaking for trading, and Proofpoint Inc.’s first-lien term loan B made its way into the secondary market as well.

In more happenings, Core & Main Inc. trimmed pricing on its term loan and finalized the issue price at the tight end of talk, Prestige Brands Inc. lowered the spread on its term loan B-5 and set the original issue discount at the tight side of guidance, and Quikrete Holdings Inc. lifted its incremental term loan B-1 amount and firmed the issue price at the midpoint of talk.

Additionally, EverCommerce Inc. upsized its term loan, reduced pricing and revised the original issue discount, and Nuvei Corp. raised the size of its add-on term loan and changed the issue price, and set the spread on its term loan debt at the low end of guidance.

Furthermore, Ilpea Industries Inc. upsized its term loan B, firmed the spread and Libor floor at the high end of talk, and set the original issue discount at the middle of talk, Dole plc cut pricing and Libor floor on its term loan B, and finalized the issue price at the tight side of guidance, and Hertz Corp. accelerated the commitment deadline for its term loans.

Lastly, Solmax, K-Mac Holdings Corp., HDT Global, Mannington Mills Inc. and DRW Holdings LLC all released price talk with launch, and J.D. Power surfaced with new deal plans.

Heartland modified, frees

Heartland Dental raised its incremental first-lien term loan (B2/B-) due April 30, 2025 to $870 million from $660 million and adjusted the original issue discount to 99.5 from 99, according to a market source.

Pricing on the incremental term loan remained at Libor plus 400 basis points with a 0% Libor floor, and the debt still has 101 soft call protection for six months.

The term loan broke for trading in the afternoon, with levels quoted at 99 5/8 bid, par 1/8 offered, a trader added.

Jefferies LLC, KKR Capital Markets LLC, TD Securities (USA) LLC, BMO Capital Markets and Macquarie Capital (USA) Inc. are leading the deal that will be used to fund the acquisition of American Dental Partners Inc. and, due to the upsizing, to add cash to the balance sheet and refinance a 2019 incremental term loan.

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

Heartland Dental is an Effingham, Ill.-based dental support organization. American Dental is a Wakefield, Mass.-based dental support organization.

Paysafe finalized, breaks

Paysafe set its U.S. seven-year term loan B size at $628 million, trimmed pricing to Libor plus 275 bps from talk in the range of Libor plus 300 bps to 325 bps and revised the original issue discount to 99.75 from 99.5, a market source remarked.

The company also firmed its euro seven-year term loan B size at €435 million, set pricing at Euribor plus 300 bps, the low end of the Euribor plus 300 bps to 325 bps talk, and modified the issue price talk to a range of 99.75 to par from 99.5 before finalized at par, the source continued.

The U.S. term loan still has a 0.5% Libor floor, the euro term loan still has a 0% floor and both loans still have 101 soft call protection for six months

At launch, the total term loan size was described as $1.026 billion equivalent in U.S. and euro currencies.

On Thursday, the U.S. term loan began trading, with levels quoted at par bid, par ½ offered, a trader added.

JPMorgan Chase Bank and Credit Suisse are leading the deal that will be used with bonds to refinance existing debt.

Paysafe is a London-based specialized payments platform.

Interior updated, trades

Interior Logic set the original issue discount on its $230 million incremental senior secured covenant-lite first-lien term loan B (B1/B) due April 1, 2028 at 98, the wide end of the 98 to 98.5 talk, according to a market source.

Like the existing term loan, the incremental loan is priced at Libor plus 350 bps with a 0.75% Libor floor.

The incremental term loan has 101 soft call protection until Oct. 1.

During the session, the incremental term loan freed to trade, with levels quoted at 98 1/8 bid, 98 5/8 offered, another source added.

Citigroup Global Markets Inc., Goldman Sachs Bank USA, BofA Securities Inc., RBC Capital Markets and US Bank are leading the deal that will be used to fund the acquisition of Residential Design Services from Select Interior Concepts Inc. for about $215 million.

Closing is expected in late June.

Interior Logic is an Irvine, Calif.-based provider of interior design, supply chain and installation management solutions to single-family homebuilders.

Proofpoint hits secondary

Proofpoint’s $2.6 billion seven-year first-lien term loan B (B2/B-/BB-) began trading, with levels quoted at 99¾ bid, par ¼ offered, a trader said.

Pricing on the first-lien term loan is Libor plus 325 bps with a 0.5% Libor floor and it was sold at an original issue discount of 99.5. The debt has 101 soft call protection for six months and a ticking fee of half the margin from days 61 to 90 and the full margin thereafter.

During syndication, pricing on the first-lien term loan was lowered from talk in the range of Libor plus 350 bps to 375 bps and the discount was revised from 99.

The company is also getting an $800 million privately placed second-lien term loan.

Goldman Sachs Bank USA, Macquarie Capital (USA) Inc., BofA Securities Inc., RBC Capital Markets, Barclays, HSBC Securities (USA) Inc., Jefferies LLC, UBS Investment Bank, Antares Capital, Ares, BMO Capital Markets, Golub, Mizuho, KKR Capital Markets, Stone Point and Thoma Bravo Credit are leading the deal.

Proofpoint being acquired

Proofpoint will use its new term loans to help fund its buyout by Thoma Bravo for $176.00 per share in cash in a transaction that is valued at $12.3 billion.

Closing is expected in the third quarter, subject to customary conditions, including approval by Proofpoint shareholders and receipt of regulatory approvals.

Proofpoint is a Sunnyvale, Calif.-based cybersecurity and compliance company.

Core & Main tweaked

Back in the primary market, Core & Main cut pricing on its $1.5 billion seven-year term loan (Ba3/B+) to Libor plus 250 bps from Libor plus 275 bps and firmed the original issue discount at 99.75, the tight end of the 99.5 to 99.75 talk, according to a market source.

The term loan still has a 0% Libor floor and 101 soft call protection for six months.

Recommitments were due at 1 p.m. ET on Thursday, the source added.

JPMorgan Chase Bank is leading the deal that will be used with cash on hand and an initial public offering of common stock to redeem $300 million of senior PIK toggle notes, to redeem $750 million of senior notes, to repay a $1.261 billion senior term loan and for general corporate purposes.

Core & Main is a St. Louis-based distributor of water, wastewater, storm drainage and fire protection products, and related services.

Prestige revised

Prestige Brands trimmed pricing on its $600 million seven-year senior secured term loan B-5 (Ba2/BB) to Libor plus 200 bps from talk in the range of Libor plus 225 bps to 250 bps and finalized the original issue discount at 99.5, the tight end of the 99 to 99.5 talk, a market source said.

As before, the term loan has a 0.5% Libor floor and 101 soft call protection for six months.

Recommitments were due at 11 a.m. ET on Thursday and allocations went out later in the day, the source added.

Barclays is the left lead on the deal that will be used to fund the acquisition of a portfolio of over-the-counter brands from Akorn Operating Co. LLC for $230 million in cash and refinance an existing senior secured term loan B.

Closing is expected on July 1.

Prestige Brands is a Tarrytown, N.Y.-based marketer and distributor of over-the-counter health care and household cleaning products.

Quikrete upsized

Quikrete upsized its seven-year incremental covenant-lite term loan B-1 to $1.7 billion from $1.5 billion and finalized the original issue discount at 99.25, the midpoint of the 99 to 99.5 talk, according to a market source.

Pricing on the term loan remained at Libor plus 300 bps with a 0% Libor floor, and the debt still has 101 soft call protection for six months and a ticking fee of half the margin from days 31 to 60 and the full margin plus Libor thereafter.

Recommitments are due at 10 a.m. ET on Friday and allocations are expected thereafter, the source added.

Wells Fargo Securities LLC is leading the deal that will be used to help fund the acquisition of Forterra Inc. for $24.00 per share in an all-cash transaction valued at $2.74 billion, including outstanding debt. The upsize to the term loan B-1 will be used as purchase consideration at close, reducing a term loan B-2 commitment dollar-for-dollar.

Closing is expected in the fourth quarter, subject to regulatory approval and other customary conditions.

Quikrete is an Atlanta-based buildings materials company. Forterra is an Irving, Tex.-based manufacturer of water and drainage infrastructure pipe and products.

EverCommerce reworked

EverCommerce increased its seven-year term loan to $350 million from $300 million, lowered pricing to Libor plus 325 bps from talk in the range of Libor plus 350 bps to 375 bps and moved the original issue discount to 99.5 from 99, according to a market source.

The 0.5% Libor floor and 101 soft call protection for six months on the term loan were unchanged.

Recommitments were due at the end of the day on Thursday and allocations are expected on Friday, the source added.

KKR Capital Markets and RBC Capital Markets are leading the deal that will be used for a recapitalization in connection with the company’s initial public offering of common stock.

EverCommerce is a Denver-based service commerce platform.

Nuvei changes emerge

Nuvei raised its add-on term loan to $300 million from $200 million and revised the original issue discount to 99.75 from 99.5, a market source said.

Additionally, pricing on the add-on term loan and repricing of the company’s existing $212 million term loan was set at Libor plus 250 bps, the low end of the Libor plus 250 bps to 275 bps talk, the source added.

As before, the term loan debt has a 0.5% Libor floor and 101 soft call protection for six months, and the repricing has a par issue price.

Recommitments were due at 5 p.m. ET on Thursday.

BMO Capital Markets is leading the deal.

The add-on term loan will be used for acquisition financing and general corporate purposes, and the repricing will take the existing term loan down from Libor plus 400 bps with a 0.75% Libor floor.

Nuvei is a Montreal-based payment technology company.

Ilpea updated

Ilpea Industries lifted its seven-year term loan B to $225 million from $220 million, firmed pricing at Libor plus 450 bps, the high end of the Libor plus 425 bps to 450 bps talk, set the Libor floor at 0.75%, the wide end of the 0.5% to 0.75% talk, and finalized the original issue discount at 99.25, the midpoint of the 99 to 99.5 talk, according to a market source.

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

Recommitments were due on Thursday and allocations are expected early next week, the source added.

PNC Bank is leading the deal that will be used to refinance existing debt, to fund a dividend and for general corporate purposes.

Closing is targeted for June 18.

Ilpea is a Scottsburg, Ind.-based producer of custom plastic extrusions for the appliance and construction industries.

Dole flexes

Dole lowered pricing on its $540 million term loan B due 2028 to Libor plus 200 bps from talk in the range of Libor plus 225 bps to 250 bps, cut the Libor floor to 0% from 0.5% and firmed the original issue discount at 99.5, the tight end of the 99 to 99.5 talk, according to a market source.

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

The company’s $1.44 billion of credit facilities (Ba3/BB+) also include a $600 million revolver due 2026 and a $300 million term loan A due 2026, the source said.

BofA Securities Inc., Rabobank and Goldman Sachs Bank USA are leading the term loan B.

Proceeds will be used to help fund the merger of Dole Food Co. Inc. and Total Produce plc to create Dole plc and refinance existing debt at the companies. Total Produce shareholders will receive 82.5% of Dole plc shares and Castle & Cooke Inc. shareholders, which own a 55% interest in Dole’s parent company, will receive 17.5% of Dole plc shares.

Closing is subject to approval by Total Produce shareholders, regulatory approvals and customary conditions.

Dole plc is a Dublin, Ireland-based fresh produce company.

Hertz accelerated

Hertz moved up the commitment deadline for its $1.3 billion seven-year senior secured first-lien term loan B (B2/B+) and up to $245 million seven-year senior secured first-lien term loan C (B2/BB-) to 5 p.m. ET on Friday from noon ET on Tuesday, a market source remarked.

Talk on the term loans is Libor plus 375 bps to 400 bps with a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

Barclays is the left lead on the deal that will be used to help fund the company’s plan of reorganization.

Hertz is an Estero, Fla.-based car rental company.

Solmax proposed terms

Solmax held its lender call on Thursday morning and announced price talk on its $535 million seven-year senior secured term loan (B2/B) at Libor plus 475 bps with a 0.75% Libor floor and an original issue discount in the 99 area, 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 June 24, the source added.

Barclays and TD Securities (USA) LLC are the bookrunners on the deal and joint lead arrangers with HSBC Securities (USA) Inc. and BMO Capital Markets.

The loan will be used to fund the acquisition of TenCate Geosynthetics from Koninklijke Ten Cate and refinance existing Solmax debt. Caisse de depot et placement du Québec and Fonds de solidarite FTQ, Solmax’s financial partners, are both investing in this transaction.

Closing is expected this quarter, subject to customary approvals by regulatory authorities.

Solmax is a Quebec-based producer of polyethylene geomembranes for industrial and environmental applications. TenCate is a provider of geosynthetics and industrial fabrics.

K-Mac holds call

K-Mac Holdings launched on a morning call $645 million of credit facilities, split between a $60 million revolver (B2/B-), a $480 million first-lien term loan (B2/B-) and a $105 million second-lien term loan (Caa2/CCC), a market said.

Talk on the first-lien term loan is Libor plus 350 bps to 375 bps with a 0.5% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, and talk on the second-lien term loan is Libor plus 675 bps to 700 bps with a 0.5% Libor floor, a discount of 99.5 and hard call protection of 102 in year one and 101 in year two, the source added.

Commitments are due at noon ET on June 23.

BMO Capital Markets, Goldman Sachs Bank USA, KKR Capital Markets and RBC Capital Markets are leading the deal that will be used to help fund the buyout of the company by Mubadala Capital.

K-Mac is a Fort Smith, Ark.-based owner and operator of Taco Bell restaurants.

HDT releases talk

HDT Global held its call in the afternoon, launching its $280 million term loan B (B1/B) at talk of Libor plus 525 bps to 550 bps with a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on June 24, the source added.

RBC Capital Markets, Barclays and Societe Generale are leading the deal that will be used to help fund the buyout of the company by Nexus Capital Management LP from Charlesbank Capital Partners.

Closing is expected this quarter, subject to regulatory approvals and other customary conditions.

HDT is a Solon, Ohio-based manufacturer of highly engineered, mission‐capable infrastructure solutions across defense, aerospace and government markets.

Mannington guidance

Mannington Mills came out with talk of Libor plus 350 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months on its roughly $261 million term loan B that launched with a call in the morning, a market source remarked.

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

RBC Capital Markets is the left lead on the deal, which will be used to reprice an existing term loan B down from Libor plus 400 bps with a 0% Libor floor.

Mannington Mills is a Salem, N.J.-based manufacturer of flooring products for the commercial and residential construction markets.

DRW details surface

DRW Holdings launched on its afternoon call a fungible $75 million senior secured incremental first-lien term loan due March 1, 2028 talked with an original issue discount of 99.25 to 99.5, according to a market source.

Pricing on the incremental term loan is Libor plus 375 bps with a 0% Libor floor, in line with existing term loan pricing, and the incremental term loan has 101 soft call protection until Sept. 1.

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

Jefferies LLC is leading the deal that will be used to increase trading capital and for general corporate purposes.

Pro forma for the transaction, the first-lien term loan will total $575 million.

DRW is a technology-driven electronic trading firm.

J.D. Power joins calendar

J.D. Power will hold a lender call at noon ET on Monday to launch $450 million of term loans, a market source said.

The debt is split between a $410 million incremental first-lien term loan and a $40 million incremental second-lien term loan, the source added.

RBC Capital Markets and KKR Capital Markets are leading the deal, with RBC the left lead on the first-lien loan and KKR the left lead on the second-lien loan.

The loans will be used to fund an acquisition and refinance a $100 million term loan B-1.

The company currently has a $1.212 billion first-lien term loan and a $415 million second-lien term loan, in addition to the term loan B-1 that is being refinanced.

J.D. Power, a Thoma Bravo portfolio company, is a Troy, Mich.-based provider of automobile transactional data, valuation tools, vehicle feature information and consumer analytics to the automotive industry.

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