Cushman & Wakefield, Life Time, Atkins free to trade; Pike, PGT deals revisions surface

By Sara Rosenberg

New York, March 12 – Cushman & Wakefield (DTZ) increased the size of its add-on first-lien term loan before breaking for trading on Monday, and deals from Life Time Inc. and Atkins Nutritionals Holdings Inc. (Simply Good Foods Co.) hit the secondary market as well.

In other news, Pike Corp. modified the spread and original issue discount on its term loan B, and PGT Inc. lowered pricing on its term loan and tightened the issue price for new money.

Also, Husky Injection Molding Systems (Titan Acquisition Ltd.), Kronos Inc., DTI Holdco Inc. (Epiq), MGM Growth Properties Operating Partnership LP, Hubbard Radio LLC and Duravant LLC revealed price talk with launch.

Furthermore, Traeger Grills (TGP Holdings III LLC), Engility Corp., Internet Brands Inc., Altisource Holdings Sarl, Certara, Fogo de Chao Inc., GreenSky LLC, Prestige Brands Inc. and DuBois Chemicals joined this week’s primary calendar.

Cushman upsizes, trades

Cushman & Wakefield lifted its add-on first-lien term loan due November 2021 to $250 million from $200 million and left pricing at Libor plus 325 basis points with a 1% Libor floor and an original issue discount of 99.28, according to a market source.

The spread and floor on the add-on loan matches existing first-lien term loan pricing.

Recommitments were due at noon ET on Monday and then the debt broke for trading with levels seen at 99 3/8 bid, 99 5/8 offered, a trader added.

UBS Investment Bank, TPG, Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Fifth Third, HSBC Securities (USA) Inc., JP Morgan Chase Bank, Bank of America Merrill Lynch, Mizuho and Morgan Stanley Senior Funding Inc. are leading the deal that will be used for general corporate purposes.

Including the add-on term loan, the first-lien term loan will total $2,636,000,000.

Cushman & Wakefield is a Chicago-based commercial real estate services company.

Life Time hits secondary

Life Time’s $200 million add-on covenant-light term loan B (B1/BB-) due June 15, 2022 freed up too, with levels seen at par 3/8 bid, par 5/8 offered, according to a trader.

Pricing on the term loan is Libor plus 275 bps with a 1% Libor floor and it was issued at par. The debt has 101 soft call protection through May 2018.

During syndication, the issue price on the loan firmed at the tight end of the 99.75 to par talk.

Deutsche Bank Securities Inc., BMO Capital Markets, Jefferies LLC, KKR Capital Markets, Macquarie Capital (USA) Inc., Mizuho and Nomura are leading the deal that will be used to repay the current $18 million drawn on the company’s revolver and to add cash to the balance sheet to provide working capital flexibility as Life Time is looking to extend the time between club openings to sale leasebacks to six months from about one month.

Closing is expected during the week of March 26.

Including the add-on, the term loan B will total $1,517,000,000.

Life Time is a Chanhassen, Minn.-based operator of sports, professional fitness, family recreation and spa destinations.

Atkins frees up

Atkins Nutritionals’ $199.5 million term loan B due July 2024 began trading as well, with levels quoted at par ˝ bid, 101 offered, a trader said.

Pricing on the term loan is Libor plus 350 bps with a 1% Libor floor and it was issued at par. The debt has 101 soft call protection for six months.

Barclays and Goldman Sachs Bank USA are leading the deal that will be used to reprice an existing term loan B down from Libor plus 400 bps with a 1% Libor floor.

Closing is expected on Friday.

Atkins is a Denver-based developer, marketer and seller of nutritional foods and snacking products.

Pike reworks loan

Back in the primary market, Pike reduced pricing on its $935 million seven-year senior secured covenant-light term loan B (B2/B) to Libor plus 350 bps from talk in the range of Libor plus 375 bps to 400 bps, and tightened the original issue discount to 99.75 from talk in the range of 99 to 99.5, according to a market source.

As before, the term loan has a 1% Libor floor and 101 soft call protection for six months.

Commitments were due at 5 p.m. ET on Monday and allocations are expected on Tuesday, the source added.

Morgan Stanley Senior Funding Inc., KeyBanc Capital Markets Inc., SunTrust Robinson Humphrey Inc. and Fifth Third Bank are leading the deal that will be used to refinance an existing term loan and preferred securities.

Pike is a Mount Airy, N.C.-based specialty construction and engineering firm.

PGT tweaks deal

PGT cut the spread on its roughly $224 million term loan B (B2/B+) to Libor plus 350 bps from Libor plus 375 bps and revised the issue price for new money to par from 99.75, a market source remarked.

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

Recommitments were due by the end of the day on Monday, the source added.

SunTrust Robinson Humphrey Inc. is leading the deal that will be used to reprice an existing term loan down from Libor plus 475 bps with a 1% Libor floor.

PGT is a Venice, Fla.-based manufacturer and supplier of residential impact-resistant windows and doors.

Husky releases guidance

Husky Injection Molding Systems held its bank meeting on Monday morning and announced price talk of Libor plus 325 bps to 350 bps with a 0% Libor floor and an original issue discount of 99.5 on its $2 billion seven-year covenant-light term loan B (B2/B), 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 Thursday.

Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Goldman Sachs Bank USA, Barclays and BMO Capital Markets are leading the loan that will be used with $750 million of senior notes to help fund the buyout of the company by Platinum Equity from Berkshire Partners and Omers Private Equity for $3.85 billion.

Closing is expected in the second quarter, subject to regulatory approval.

Husky is a Bolton, Ont.-based supplier of injection molding equipment and services to the plastics industry.

Kronos launches

Kronos launched with a lender call at 1 p.m. ET a $2,327,000,000 term loan B due Nov. 1, 2023 talked at Libor plus 300 bps with a step-down to Libor plus 275 bps at 4 times net first-lien leverage, a 0% Libor floor, a par issue price and 101 soft call protection for six months, a market source remarked.

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

Nomura, Jefferies LLC and Macquarie Capital (USA) Inc. are leading the deal that will be used to reprice an existing term loan B down from Libor plus 350 bps with a step-down to Libor plus 325 bps at 4.25 times net first-lien leverage and a 1% Libor floor.

Kronos is a Chelmsford, Mass.-based provider of workforce management software.

DTI details emerge

DTI Holdco held its call in the afternoon, launching a $1.18 billion covenant-light term loan B due Sept. 30, 2023 at talk of Libor plus 450 bps to 475 bps with a 1% Libor floor, an original issue discount of 99.75 to par and 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on Friday, the source said.

Bank of America Merrill Lynch is leading the deal that will be used to refinance an existing term loan B priced at Libor plus 525 bps with a 1% Libor floor.

DTI is a Kansas City, Kan.-based provider of integrated technology and services for the legal profession.

MGM Growth holds call

MGM Growth Properties surfaced in the morning with plans to hold a lender call at 2 p.m. ET to launch a $1,818,000,000 seven-year covenant-light term loan B and, in the afternoon, talk on loan was announced at Libor plus 175 bps to 200 bps with a 0% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on Friday, the source said.

Bank of America Merrill Lynch is the left lead on the deal that will be used to amend and extend an existing term loan B due April 25, 2023.

MGM Growth Properties is a Las Vegas-based real estate investment trust engaged in the acquisition, ownership and leasing of large-scale destination entertainment and leisure resorts.

Hubbard terms surface

Hubbard Radio held its call in the morning, launching its $252 million seven-year extended term loan B and $40 million seven-year incremental term loan B at talk of Libor plus 300 bps to 325 bps with a 1% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months, a market source said.

The incremental term loan B has a ticking fee of half the margin from days 31 to 60 and the full margin thereafter.

The company’s $302 million of senior secured credit facilities (B1) also include a $10 million revolver.

Commitments/consents are due at noon ET on March 21, the source added.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to extend the company’s existing revolver and term loan B, and to fund the acquisition of two radio stations in St. Louis, KSHE-FM and KPNT-FM, from Emmis Communications and pay related fees and expenses.

Hubbard Radio is a St. Paul, Minn.-based broadcasting company.

Duravant floats OIDs

Duravant revealed original issue discount on its $185 million of incremental fungible term loans with its morning lender call, according to a market source.

The fungible $150 million incremental first-lien term loan due July 19, 2024 is talked at an original issue discount of 99.75 and the fungible $35 million incremental second-lien term loan due July 19, 2025 is talked at a discount of 99.5, the source said.

Pricing on the loans match existing term loan pricing at Libor plus 325 bps with a 1% Libor floor on the first-lien and Libor plus 725 bps with a 1% Libor floor on the second-lien.

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

Jefferies LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Antares Capital and Societe Generale are leading the deal that will be used to fund the acquisition of Key Technology Inc., a Walla Walla, Wash.-based designer and manufacturer of digital sorting, inspection, conveying and processing equipment, for $26.75 in cash, in a transaction valued at about $175 million.

Duravant is a Downers Grove, Ill.-based automation and engineered equipment company serving the food processing, packaging and material handling sectors.

Traeger joins calendar

Also in the primary market, Traeger Grills will hold a lender call at 1 p.m. ET on Tuesday to launch $47 million incremental first-lien term loan (B-) due September 2024 and a repricing of its existing $254 million first-lien term loan (B-) due September 2024 and $40 million delayed-draw first-lien term loan due September 2024, a market source said.

Talk on the term loan debt is Libor plus 425 bps to 450 bps with a 1% Libor floor, an original issue discount of 99.75 on the incremental, a par issue price and 25 bps amendment fee on the repricing, and 101 soft call protection for six months, the source added.

Commitments are due at 5 p.m. ET on March 20.

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

The incremental loan will be used to fund an earn-out payment and the repricing will take the existing first-lien term loan debt down from Libor plus 500 bps with a 1% Libor floor.

Traeger is a Salt Lake City-based designer of outdoor cooking products.

Engility coming soon

Engility scheduled a lender call for 11 a.m. ET on Tuesday to launch a $75 million incremental senior secured term loan B-2, and repricings of its existing $528 million senior secured term loan B-2 and $175 million senior secured term loan B-1, a market source remarked.

Morgan Stanley Senior Funding Inc. leading the deal.

The incremental loan will be used to repay a portion of the term loan B-1, the source said.

Engility is a Chantilly, Va.-based provider of integrated services for the U.S. government.

Internet Brands on deck

Internet Brand set a lender call for 1 p.m. ET on Tuesday to launch a fungible $305 million covenant-light incremental first-lien term loan due September 2024 that is talked at Libor plus 375 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection through March 15, 2018, according to a market source.

The spread, floor and call protection on the incremental loan matches the existing first-lien term loan.

Commitments are due at 5 p.m. ET on Wednesday, the source said.

Credit Suisse Securities (USA) LLC and KKR Capital Markets are leading the deal that will be used to refinance a revolver draw and to fund tuck-in acquisitions.

Internet Brands is an El Segundo, Calif.-based provider of vertically focused online media and software services.

Altisource plans B loan

Altisource scheduled a lender presentation for 10:30 a.m. ET on Wednesday to launch a $414 million senior secured term loan B, a market source remarked.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to refinance an existing term loan B.

Altisource is a Luxembourg-based service provider and marketplace for the real estate and mortgage industries.

Certara readies deal

Certara will hold a lender call at 11 a.m. ET on Tuesday to launch a fungible $40 million incremental first-lien term loan (B) due Aug. 15, 2024 and a repricing of its existing $274,375,000 first-lien term loan (B) due Aug. 15, 2024, a market source said.

All of the first-lien term loan debt is getting 101 soft call protection for six months, the source added.

Jefferies LLC is leading the deal.

The incremental loan will be used to fund an acquisition.

Certara is a Princeton, N.J.-based provider of technology-driven decision support solutions for drug development.

Fogo de Chao sets timing

Fogo de Chao scheduled a bank meeting for 10 a.m. ET in New York on Tuesday to launch its previously announced $340 million of senior secured credit facilities, a market source remarked.

The facilities consist of a $40 million revolver and a $300 million seven-year covenant-light first-lien term loan.

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

Commitments are due at 5 p.m. ET on March 27.

Credit Suisse Securities (USA) LLC and Wells Fargo Securities LLC are leading the deal that will be used with up to $278 million in equity to fund the buyout of the company by Rhone Capital for $15.75 per share, or about $560 million.

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

Fogo de Chao is a Dallas-based steakhouse chain.

GreenSky hops on calendar

GreenSky set a lender meeting for Tuesday to launch a $350 million seven-year term loan B talked at Libor plus 325 bps to 350 bps with a 0% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months, according to a market source.

JP Morgan Chase Bank is leading the deal that will be used to refinance an existing term loan.

GreenSky is an Atlanta-based financial technology company.

Prestige Brands plans call

Prestige Brands will hold a lender call at 10:30 a.m. ET on Tuesday regarding its existing senior secured term loan B-4, according to a market source.

Morgan Stanley Senior Funding Inc., Barclays, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and RBC Capital Markets LLC are leading the transaction.

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

DuBois refinancing

DuBois Chemicals emerged with plans to hold a lender call on Wednesday to launch a loan refinancing, a market source said.

Antares Capital is leading the deal.

DuBois Chemicals, a portfolio company of The Jordan Co., is a Sharonville, Ohio-based provider of specialty cleaning chemical solutions.

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