High Liner breaks; S&S revised; Canada Goose moves deadline, Triton, Aadvantage set talk

By Sara Rosenberg

New York, March 8 – High Liner Foods Inc.’s term loan B made its way into the secondary market on Monday, with the debt bid in line with its issue price.

Moving to the primary market, S&S Holdings LLC widened spread and original issue discount talk on its first-and second-lien term loans, and Canada Goose Inc. accelerated the commitment deadline for its first-lien term loan.

Also, Triton Water Holdings Inc., Aadvantage Loyalty IP Ltd. (American Airlines Inc.) and Cross Insurance released price talk with launch.

Furthermore, MBCC Group, Yesway (BW Gas & Convenience Holdings LLC), American Medical Technologies, Convergint (DG Investment Intermediate Holdings 2 Inc.), Cambium Learning Group, AdThrive (CMI Marketing Inc.) and American Public Education Inc. emerged with new deal plans.

High Liner frees up

High Liner Foods’ roughly $265 million term loan B (B3/B) due Oct. 15, 2026 broke for trading on Monday, with levels quoted at par bid, par ¾ offered, according to a trader.

Pricing on the term loan is Libor plus 375 basis points with a 0.75% Libor floor and it was issued at par. The debt has 101 soft call protection for six months.

RBC Capital Markets is leading the deal that will be used to reprice an existing term loan B down from Libor plus 425 bps with a 1% Libor floor.

Closing is expected on Wednesday.

At launch, the term loan was sized at around $285 million but there was a paydown on March 1 for about $20 million, bringing it down to roughly $265 million.

High Liner is a Lunenburg, N.S.-based processor and marketer of frozen seafood.

S&S reworked

Meanwhile, in the primary market, S&S Holdings lifted pricing on its $600 million seven-year first-lien term loan (B2/B-) to Libor plus 500 bps from talk in the range of Libor plus 425 bps to 450 bps, changed original issue discount talk to a range of 97 to 97.5 from 99 and extended the 101 soft call protection to one year from six months, according to a market source.

Also, the company increased pricing on its $200 million eight-year second-lien term loan (Caa1/CCC) to Libor plus 875 bps from Libor plus 825 bps and modified the discount to 96.5 from talk in the range of 98 to 98.5, the source said.

In addition, some changes were made to documentation.

As before, the term loans have a 0.5% Libor floor and the second-lien term loan has call protection of 102 in year one and 101 in year two.

The company’s $1.025 billion of credit facilities also include a $225 million five-year ABL revolver.

S&S lead banks

Barclays, Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, BMO Capital Markets, BNP Paribas Securities Corp., Citizens, Natixis and Truist are leading S&S Holdings’ credit facilities.

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

The new debt that will be used to help fund the buyout of the company by Clayton, Dubilier & Rice.

Closing is expected this quarter.

S&S Holdings is a Bolingbrook, Ill.-based distributor of imprintable apparel and accessories.

Canada Goose accelerated

Canada Goose moved up the commitment deadline for its $300 million covenant-lite first-lien term loan due October 2027 to 5 p.m. ET on Monday from noon ET on Tuesday, a market source remarked.

Talk on the term loan is Libor plus 350 bps with a 0.75% Libor floor, a par issue price and 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to reprice an existing term loan down from Libor plus 425 bps with a 0.75% Libor floor.

Canada Goose is a Toronto-based maker of performance luxury apparel.

Triton Water guidance

Triton Water Holdings held its call on Monday and announced talk on its $1.8 billion seven-year covenant-lite first-lien term loan B (B1/B) at Libor plus 375 bps with a 25 bps pricing step-down at 0.5x inside closing date first-lien net leverage and a 25 bps step-down upon the consummation of a qualifying initial public offering, a 0.5% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months, according to a market source.

The company’s $2.15 billion of senior secured credit facilities also include a $350 million ABL revolver.

Commitments are due at noon ET on March 18, the source added.

Morgan Stanley Senior Funding Inc., BofA Securities Inc., Jefferies LLC, RBC Capital Markets, Mizuho and Credit Suisse Securities (USA) LLC are leading the deal that will be used to help fund the $4.3 billion buyout of Triton (Nestle Waters North America) by One Rock Capital Partners LLC and Metropoulos & Co. from Nestle SA.

Closing is expected in the Spring, subject to customary conditions.

Triton is a Stamford, Conn., provider of bottled water.

Aadvantage sets talk

Aadvantage launched an afternoon call a $2.5 billion seven-year senior secured term loan (Ba2//BB) talked at Libor plus 500 bps to 525 bps with a 1% Libor floor, an original issue discount of 98 and call protection of non-callable for three years, then at 104 in year four and 102 in year five, a market source said.

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

Barclays, Goldman Sachs Bank USA and Citigroup Global Markets Inc. are the lead bookrunners on the deal. Other bookrunners include BofA Securities Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., ICBC, JPMorgan Chase Bank, Morgan Stanley Senior Funding Inc., SMBC, BNP Paribas Securities Corp., Credit Agricole, HSBC Securities (USA) Inc., MUFG, Standard Chartered, US Bancorp and BOK.

The term loans will be used with $2.5 billion of senior secured notes due 2026 and $2.5 billion of senior secured notes due 2029 to fund reserve accounts for the new debt and to make an intercompany loan to American Airlines, which will be used to repay a Treasury term loan and for general corporate purposes.

AAdvantage is American Airlines’ customer loyalty program. American Airlines is a Fort Worth, Tex.-based airline company.

Cross launches

Cross Insurance held a lender call at noon ET to launch a $100 million add-on first-lien term loan B and a repricing of its existing $350 million first-lien term loan B that are talked at Libor plus 400 bps to 425 bps with a 0.75% 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 added.

JPMorgan Chase Bank is leading the deal.

The add-on term loan will be used to fund a share repurchase, for general corporate purposes and for acquisition financing.

Cross Insurance is an insurance broker.

MBCC readies loans

MBCC Group set a lender call for 10 a.m. ET on Tuesday to launch a $570 million covenant-lite term loan B due September 2027 and a call for 5:30 a.m. ET on Tuesday to launch a €1.1 billion covenant-lite term loan B due September 2027, according to a market source.

Price talk on the euro term loan is Euribor plus 350 bps to 375 bps with a 0% floor and an original issue discount of 99.75, the source said. Talk on the U.S. term loan is not yet available.

Both term loans have 101 soft call protection for six months.

Commitments are due at noon ET on March 18, the source added.

MBCC refinancing

MBCC Group will use the new debt to refinance a privately placed U.S. term loan and reprice an existing euro term loan down from Euribor plus 450 bps with a 0% floor.

Deutsche Bank Securities Inc. is the active bookrunner on the U.S. term loan, and Barclays and Deutsche Bank are the active bookrunners on the euro term loan. Passive bookrunners include Goldman Sachs, Intesa, JPMorgan Chase Bank, UBS Investment Bank and Unicredit. US Bank is the administrative agent.

MBCC Group, previously known as Skyscraper, is a Mannheim, Germany-based producer of performance solutions for the construction market.

Yesway joins calendar

Yesway will hold a lender call at 11 a.m. ET on Wednesday to launch a $410 million seven-year term loan B (B1/B+) talked at 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, a market source remarked.

JPMorgan Chase Bank is leading the deal that will be used to refinance existing debt.

Yesway is a Fort Worth, Tex.-based convenience stores operator.

American Medical on deck

American Medical Technologies scheduled a lender call for Wednesday to launch $320 million of credit facilities (B1/B-), according to a market source.

The facilities consist of a $40 million revolver and a $280 million term loan B, the source said.

Truist and Regions Bank are leading the deal that will be used to fund the acquisition of RestorixHealth, a White Plains, N.Y.-based wound care management company.

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

American Medical, a portfolio company of One Equity Partners and The Silverfern Group, is an Irvine, Calif.-based provider of wound care, ostomy, urology and tracheostomy supplies and services to long term and post-acute care facilities.

Convergint coming soon

Convergint will hold a lender call at 10 a.m. ET on Tuesday to launch $1.565 billion of credit facilities, a market source said.

The facilities consist of a $150 million revolver, a $1.11 billion seven-year covenant-lite first-lien term loan, of which $180 million is delayed-draw, and a $305 million eight-year covenant-lite second-lien term loan, the source continued.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

Commitments are due at 5 p.m. ET on March 17, the source added.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to refinance existing debt and fund a distribution.

Convergint is a Schaumberg, Ill., service-based security systems integrator.

Cambium plans call

Cambium Learning Group set a lender call for 1 p.m. ET on Tuesday to launch a fungible $350 million add-on first-lien term loan, according to a market source.

RBC Capital Markets leading the deal that will be used to refinance $348 million of existing second-lien term loans.

Pro forma for the transaction, the first-lien term loan will total about $1.3 billion.

Cambium is a Dallas-based end-to-end provider of K-12 instructional and assessment solutions.

AdThrive readies deal

AdThrive scheduled a lender call for 10 a.m. ET on Tuesday to launch $445 million of senior secured credit facilities, a market source remarked.

The facilities consist of a $60 million revolver and a $385 million term loan B, the source added.

Morgan Stanley Senior Funding Inc. is the left lead on the deal that will be used to refinance existing debt, to pay a dividend to the shareholders, and to pay fees and expenses related to the financing.

AdThrive is an ad management firm.

American Public on deck

American Public Education set a lender call for 11 a.m. ET on Friday to launch its previously announced $195 million of senior secured credit facilities, according to a market source.

The facilities consist of a $20 million five-year revolver and a $175 million six-year term loan B.

Macquarie Capital (USA) Inc. and Truist are leading the deal that will be used to help fund the acquisition of Rasmussen University for $329 million, split between $300 million in cash and $29 million of non-voting preferred stock.

Closing is expected by the middle of the third quarter, subject to review by the Department of Education, approval by the Higher Learning Commission and approval of or notices to other regulatory and accrediting bodies.

American Public is a Charles Town, W.V.-based provider of higher learning. Rasmussen is a nursing- and health sciences-focused institution.

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