ADT, KAR, CoAdvantage, Waystar, OEConnection, Advanced Computer join primary calendar

By Sara Rosenberg

New York, Sept. 3 – A number of companies surfaced with plans to launch loan transactions this week, including ADT Inc. (Prime Security Services Borrower LLC), KAR Auction Services Inc., CoAdvantage (AQ Carver Buyer Inc.), Waystar, OEConnection LLC and Advanced Computer Software Group Ltd.

ADT scheduled a lender call for 11 a.m. ET on Thursday to launch a $3.025 billion to $3.275 billion senior secured term loan B, a market source said.

Barclays is leading the deal that will be used with $500 million to $750 million of first-lien senior secured notes to refinance an existing first-lien senior secured term loan due 2022 and first-lien senior secured notes due 2020, and to pay associated fees, expenses and early call premiums.

ADT is a Boca Raton, Fla.-based provider of monitored security and interactive home and business automation solutions.

KAR coming soon

KAR Auction Services will hold a lender call at 11 a.m. ET on Thursday to launch a $950 million seven-year term loan B (BB-) that is talked at Libor plus 250 basis points to 275 bps with a 0% 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 Sept. 13, the source said.

J.P. Morgan Securities LLC, BofA Securities, Inc., Goldman Sachs Bank USA, Barclays, Credit Suisse Securities (USA) LLC, Fifth Third Bank and U.S. Bank are leading the deal, which will be used to refinance existing bank debt and add cash to the balance sheet.

KAR is a Carmel, Ind.-based provider of technology-driven remarketing solutions to the wholesale used vehicle industry.

CoAdvantage readies deal

CoAdvantage scheduled a bank meeting for 10 a.m. ET in New York on Thursday to launch $500 million of credit facilities, a market source remarked.

The facilities consist of a $45 million revolver, a $325 million seven-year covenant-lite first-lien term loan that has a 0% Libor floor and 101 soft call protection for six months, and a $130 million eight-year covenant-lite second-lien term loan that has a 0% Libor floor and hard call protection of 102 in year one and 101 in year two, the source added.

Deutsche Bank Securities Inc., Antares Capital and Madison Capital are leading the deal, which will be used to help fund the buyout of the company by Aquiline Capital Partners from investment funds managed by Morgan Stanley Capital Partners.

Closing is subject to customary conditions, including regulatory approvals.

CoAdvantage is a Tampa, Fla.-based professional employer organization and a provider of strategic human resource solutions.

Waystar plans meeting

Waystar will hold a bank meeting at 11 a.m. ET on Wednesday to launch an $825 million seven-year first-lien term loan talked at Libor plus 425 bps with a 0% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months, a market source said.

Commitments are due on Sept. 18, the source added.

J.P. Morgan Securities LLC is leading the deal that will be used to help fund the acquisition of a majority stake in the company by EQT VIII Fund and Canada Pension Plan Investment Board from Bain Capital Private Equity in a transaction that values Waystar at $2.7 billion. Bain Capital will retain a minority stake in the company.

Closing is expected this year, subject to customary conditions and approvals.

Waystar, which was formed in 2017 through the combination of Navicure and ZirMed, is a provider of revenue cycle technology.

OEConnection joins calendar

OEConnection set a bank meeting in New York for Thursday to launch $472 million of first-lien credit facilities, according to a market source.

The facilities consist of a $50 million five-year revolver and a $422 million seven-year covenant-lite first-lien term loan, the source said.

Antares Capital, Golub Capital and Capital One Bank are leading the debt that will be used to help fund the buyout of the company by Genstar Capital from Providence Equity Partners LLC. Current investors Ford Motor Co. and General Motors will each retain their minority investments in the company.

The company is also getting a $185 million privately placed second-lien term loan.

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

OEConnection is a Cleveland-based provider of SaaS solutions that help drive genuine original equipment parts sales and services across the entire automotive system.

Advanced Computer on deck

Advanced Computer Software Group emerged with plans to hold a lenders’ presentation at 2 p.m. ET in New York on Thursday to launch a $407 million first-lien term loan B, a market source said.

The company is also getting a £75 million revolver and a £200 million first-lien term loan B, the source added.

Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA and Macquarie Capital (USA) Inc. are leading the deal that will be used to fund the refinancing and recapitalization of the company and pay related fees and expenses.

Advanced Computer is a U.K.-based provider of software and IT services.

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