NVA, Bomgar changes surface; Verra Mobility accelerated; CLEAResult, WorldStrides set talk

By Sara Rosenberg

New York, July 17 – In the primary market on Tuesday, NVA Holdings Inc. upsized its incremental covenant-light term loan B, Bomgar increased the size of its incremental first-lien term loan and Verra Mobility Inc. moved up the commitment deadline on its incremental term loan B.

Also, CLEAResult and WorldStrides disclosed price talk with launch, and Anastasia Beverly Hills, EagleView Technologies and Franklin Square Holdings joined this week’s primary calendar.

NVA tweaks deal

NVA Holdings increased its fungible incremental covenant-light term loan B due Feb. 2, 2025 to $225 million from $175 million and finalized the original issue discount at 98.5 versus talk in the 98.5 area, a market source remarked.

Pricing on the incremental loan is Libor plus 275 basis points with a 1% Libor floor and the debt has 101 soft call protection until Aug. 2, all of which matches the existing term loan.

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

Bank of America Merrill Lynch, RBC Capital Markets, Jefferies LLC and Nomura are leading the deal that will be used to fund acquisitions under signed letters of intent, to refinance revolving credit facility borrowings and to add cash to the balance sheet for future acquisitions.

NVA is an Agoura Hills, Calif.-based owner of independent freestanding veterinary hospitals.

Bomgar upsizes

Bomgar lifted its incremental first-lien term loan to $115 million from $105 million, according to a market source.

As before, pricing on the incremental term loan is Libor plus 400 bps with a 0% Libor floor, and the debt is talked with an original issue discount of 99.5.

Recommitments were due at 2 p.m. ET on Tuesday, the source said.

Jefferies LLC is leading the deal that will be used to help fund the acquisition of Avecto, a provider of endpoint privilege management.

Closing is expected on July 31.

Bomgar is a provider of remote support and privileged access management solutions to enterprise customers.

Verra revises timing

Verra Mobility accelerated the commitment deadline on its fungible $70 million incremental covenant-light term loan B (B2) due March 1, 2025 to 5 p.m. ET on Wednesday from noon ET on Thursday, a market source said.

Pricing on the incremental loan is Libor plus 375 bps with a 0% Libor floor, in line with existing term loan pricing.

The incremental term loan is talked with an original issue discount of 99.5 to 99.75 and has 101 soft call protection for six months.

Bank of America Merrill Lynch is the left lead on the deal that will be used to refinance a portion of the company’s second-lien term loan as part of the agreement to merge with Gore Holdings II, and to pay related fees and expenses.

Upon closing of the merger, Verra Mobility will be a publicly listed company, with an anticipated initial enterprise value of about $2.4 billion or 11 times estimated 2018 pro forma adjusted EBITDA of about $219 million.

Verra Mobility, formerly known as ATS Consolidated Inc., is a Mesa, Ariz.-based provider of tech-enabled smart transportation solutions.

CLEAResult sets guidance

CLEAResult held its bank meeting on Tuesday morning and announced price talk on its $425 million seven-year first-lien term loan (B1/B) and $150 million eight-year second-lien term loan (Caa1/CCC+), a market source remarked.

The first-lien term loan is talked at Libor plus 375 bps to 400 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, and the second-lien term loan is 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.

The company’s $660 million of credit facilities also include an $85 million revolver (B1/B).

Commitments are due at noon ET on July 31.

Goldman Sachs Bank USA, UBS Investment Bank, Credit Suisse Securities (USA) LLC and KeyBanc Capital Markets are leading the deal, with Goldman left on the first-lien loan and UBS left on the second-lien loan.

The new debt will be used to help fund the buyout of the company by TPG Growth and Rise Fund from General Atlantic, which is expected to close later this year, subject to customary conditions and regulatory approval.

CLEAResult is an Austin, Texas-based provider of energy efficiency solutions for utility companies.

WorldStrides reveals talk

WorldStrides came out with original issue discount talk of 99 on its fungible $85 million add-on senior secured term loan B due December 2024 that launched with a morning lender call, a market source said.

The add-on term loan is priced at Libor plus 400 bps with a step-down to Libor plus 375 bps at 5.1 times first-lien net leverage and a 1% Libor floor, in line with the existing term loan B, and has 101 soft call protection for six months.

Commitments are due on Monday, the source added.

Goldman Sachs Bank USA is leading the deal that will be used to fund the acquisition of Envision.

WorldStrides is a Charlottesville, Va.-based educational student travel and study abroad organization.

Anastasia readies deal

Anastasia Beverly Hills set a bank meeting for 10:30 a.m. ET in New York on Thursday to launch a $650 million term loan B, according to a market source.

RBC Capital Markets, Goldman Sachs Bank USA, UBS Investment Bank and Deutsche Bank Securities Inc. are leading the deal that will be used to help fund TPG Capital’s strategic minority investment in the company.

Anastasia Beverly Hills is a beauty company.

EagleView coming soon

EagleView Technologies will hold a lender presentation at 11 a.m. ET on Thursday to launch $620 million of senior secured credit facilities, a market source remarked.

The facilities consist of an $85 million revolver and a $535 million first-lien term loan, the source continued.

In addition, the company is getting a $230 million pre-placed second-lien term loan.

Morgan Stanley Senior Funding Inc., Barclays, Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and Macquarie Capital (USA) Inc. are leading the deal that will be used to help support a significant new equity investment by Clearlake Capital Group LP.

Vista Equity Partners will remain a significant owner of the company.

Closing is expected in the third quarter.

EagleView is a Bothell, Wash.-based provider of aerial imagery and property data analytics.

Franklin Square on deck

Franklin Square Holdings scheduled a bank meeting for Wednesday to launch a $450 million seven-year term loan B talked at Libor plus 275 bps to 300 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 5 p.m. ET on July 26, the source said.

J.P. Morgan Securities LLC is leading the deal that will be used to refinance an existing term loan A and for general corporate purposes.

Franklin Square is a Philadelphia-based investment company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.