Virtu, Fiserv, RBmedia, Zotec, GVC break; Allegiant, Cole-Parmer, APX/Vivint updated

By Sara Rosenberg

New York, Feb. 10 – Virtu Financial LLC (VFH Parent LLC) modified the issue price on its term loan before freeing up for trading on Monday, and deals from Fiserv Investment Solutions Inc., RBmedia, Zotec Partners and GVC Holdings emerged in the secondary market as well.

In more happenings, Allegiant Travel Co. firmed the issue price on its incremental first-lien term loan B at the narrow side of talk, Cole-Parmer Instrument Co. LLC set the issue price on its incremental term loan at the tight end of guidance, and APX/Vivint reduced the size of its term loan and widened price talk.

Also, Astra, Meredith Corp., Wastequip LLC (Patriot Container Corp.) and Plastipak Holdings Inc. released price talk with launch, and Thryv Inc., American Express Global Business Travel and Circor International Inc. joined this week’s primary calendar.

Virtu tweaked, trades

Virtu Financial changed the issue price on its $1.925 billion first-lien term loan (Ba3/B+/BB-) due March 2026 to 99.875 for new lenders and to par with a 12.5 bps consent fee for existing lenders, from 99.75, according to a market source.

As before, the term loan is priced at Libor plus 300 basis points with no step-down and a 0% Libor floor, and has 101 soft call protection for six months.

On Monday, the term loan broke for trading, with levels quoted at par bid, par 3/8 offered, the source said.

Jefferies LLC is leading the deal that will be used to reprice an existing term loan down from Libor plus 350 bps with a 25 bps leverage-based step-down.

Virtu is a New York-based financial services firm that leverages technology to deliver liquidity to the global markets and trading solutions to their clients.

Fiserv frees up

Fiserv Investment Solutions’ $315 million seven-year senior secured covenant-lite first-lien term loan B (B2/B) broke for trading, with levels quoted at par ¼ bid, 101 offered, a market source remarked.

Pricing on the term loan B is Libor plus 475 bps with a 0% Libor floor and it was sold at an original issue discount of 99.5. The loan has 101 soft call protection for six months.

During syndication, the term loan was upsized from $305 million, pricing firmed at the low end of revised talk of Libor plus 475 bps to 500 bps and down from initial talk in the range of Libor plus 525 bps to 550 bps, and the discount was changed from 99. Also, revisions were made to the MFN, asset sale sweep and incremental, and a requirement was added for quarterly lender calls.

Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are leading the deal that will be used to help fund the acquisition of up to 60% of Fiserv Inc.’s Investment Services business by Motive Partners. Retaining a 40% equity interest in the business, Fiserv will receive about $510 million in net after-tax proceeds. The extra term loan proceeds raised through the upsizing is being used to reduce the equity commitment from Motive and Fiserv.

Closing is expected this week.

Fiserv Investment is a technology provider for segments of the wealth and asset management industry.

RBmedia breaks

RBmedia’s fungible $350 million add-on first-lien term loan B (B3/B-) due Aug. 31, 2025 and repriced $331 million first-lien term loan B due Aug. 31, 2025 freed up too, with levels seen at par bid, par ¾ offered, according to a trader.

Pricing on the term loan debt is Libor plus 425 bps with a 25 bps step-down at 0.5x turn inside closing date first-lien net leverage and a 0% Libor floor. The add-on was sold at an original issue discount of 99.75, and the repricing was issued at par for existing money and at 99.75 for new money. The term loan debt has 101 soft call protection for six months.

During syndication, pricing on the add-on term loan was lowered from Libor plus 450 bps, the step-down was added and the discount was tightened from 99.5, and the repricing was added to the transaction.

Goldman Sachs Bank USA, KKR Capital Markets, Morgan Stanley Senior Funding Inc., ING Capital Markets and SunTrust Robinson Humphrey Inc. are leading the deal.

The add-on term loan will be used to fund the acquisition of OverDrive Inc., a digital reading platform, by KKR from Rakuten USA, and the repricing will take the existing term loan down from Libor plus 450 bps.

RBmedia is a Landover, Md.-based digital audiobook and related spoken-word content producer.

Zotec tops OID

Zotec Partners’ $315 million first-lien term loan B (B2/B-) due February 2024 emerged in the secondary market, with levels quoted at par ¼ bid, par ¾ offered, a trader said.

Pricing on the term loan is Libor plus 375 bps with a 1% Libor floor and it was sold at an original issue discount of 99.75. The debt has 101 soft call protection for six months.

During syndication, the term loan was upsized from $292 million, the spread was reduced from Libor plus 400 bps and the discount finalized at the tight end of the 99.5 to 99.75 talk.

Goldman Sachs Bank USA is leading the deal that will be used to refinance an existing term loan B, and the funds from the recent upsizing will be used to partially pre-fund capital expenditures related to the construction of a new headquarters, add cash to the balance sheet to improve liquidity and for general corporate purposes.

Zotec Partners is a Carmel, Ind.-based provider of comprehensive revenue cycle management solutions for hospitals and office-based physician practices.

GVC hits secondary

GVC Holdings’ $786 million covenant-lite first-lien term loan (Ba2/BB/BB+) due March 2024 began trading too, with levels quoted at par 1/8 bid, par ½ offered, according to a market source.

Pricing on the term loan is Libor plus 225 bps with a 1% Libor floor and it was issued at par. The debt has 101 soft call protection for six months.

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

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to reprice an existing term loan down from Libor plus 250 bps.

GVC is an Isle of Man-based sports betting and gaming group.

Allegiant firms

Back in the primary market, Allegiant Travel set the issue price on its $100 million incremental first-lien term loan B due Feb. 5, 2024 at par, the tight end of the 99.75 to par talk, a market source remarked.

As before, the incremental loan and repriced $445.5 million first-lien term loan B due Feb. 5, 2024 are priced at Libor plus 300 bps with a 0% Libor floor and have 101 soft call protection for six months.

Barclays, Credit Agricole and Goldman Sachs Bank USA are leading the deal.

The incremental term loan will be used to repay revolver borrowings and for general corporate purposes, and the repricing will take the existing term loan B down from Libor plus 450 bps.

The final term loan amount is slightly smaller than at launch due to an amortization payment that occurred last week, causing the facility to decrease by $1.125 million.

Closing is expected on Friday.

Allegiant is a Las Vegas-based provider of affordable and convenient leisure travel.

Cole-Parmer updated

Cole-Parmer finalized the issue price on its $105 million incremental first-lien term loan due Nov. 4, 2026 at par, the tight end of the 99.75 to par talk, according to a market source.

The first-lien term loan is priced at Libor plus 425 bps with a 25 bps leverage-based step-down and a 0% Libor floor.

Commitments are due at 1 p.m. ET on Tuesday, moved up from Wednesday, the source said.

Jefferies LLC is leading the deal that will be used to fund an acquisition.

Cole-Parmer is a Vernon Hills, Ill.-based provider of fluid handling, test & measurement, environmental and biosciences instrumentation and associated consumables.

APX/Vivint revised

APX/Vivint scaled back its term loan due June 2025 to $900 million from $1.325 billion, lifted price talk to a range of Libor plus 475 bps to 500 bps from Libor plus 450 bps and changed original issue discount talk to a range of 99 to 99.5 from just 99.5, a market source remarked.

Commitments were scheduled to be due on Monday and allocations are targeted for Tuesday, the source added.

BofA Securities, Inc. and Credit Suisse Securities (USA) LLC are leading the deal that will be used to extend an existing $800 million term loan B, to help repay notes and revolver borrowings, and to add cash to the balance sheet.

The company announced a $500 million senior secured notes offering on Monday that will also be used to help with the refinancing.

APX/Vivint is a Provo, Utah-based smart home services provider.

Astra discloses talk

Astra held its bank meeting on Monday and announced talk on its $325 million seven-year first-lien term loan (B2/B-) at Libor plus 500 bps with a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, a market source said.

Commitments are due on Feb. 24, the source added.

The company’s $475 million of credit facilities also include a $40 million revolver (B2/B-) and an already placed $110 million second-lien term loan (Caa2/CCC).

UBS, Deutsche Bank Securities Inc. and Barclays are leading the deal that will be used to help fund the acquisition of Campus Management Acquisition Corp. and Edcentric Holdings LLC by Veritas Capital from Leeds Equity Partners LLC. Leeds Equity will continue as an investor in the combined entity (Astra) in partnership with Veritas.

Closing is expected in the first quarter.

Campus Management is a provider of cloud-based student information systems, customer relationship management and enterprise resource planning solutions. Edcentric is a SaaS platform providing data-driven solutions around student and alumni engagement, retention and compliance.

Meredith details emerge

Meredith launched on its afternoon call a $1.063 billion term loan due Jan. 31, 2025 talked at Libor plus 225 bps to 250 bps with 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.

RBC Capital Markets is leading the deal that will be used to reprice an existing term loan down from Libor plus 275 bps.

Closing is expected on Feb. 19.

Meredith is a Des Moines-based media and marketing company.

Wastequip guidance

Wastequip came out with talk of Libor plus 400 bps with a 1% Libor floor and an original issue discount of 99 to 99.5 on its fungible $145 million incremental term loan B due March 20, 2025 that launched with a call during the session, according to a market source.

In connection with this transaction, pricing on the company’s existing term loan B is being lifted from Libor plus 350 bps to match the incremental loan pricing, the source said.

The incremental term loan and the existing term loan B are getting 101 soft call protection for six months.

Commitments are due at noon ET on Feb. 14.

Barclays is leading the deal that will be used to fund a tuck-in acquisition, fund a distribution to existing shareholders and repay revolver drawings.

Wastequip, an H.I.G. Capital portfolio company, is a Charlotte, N.C.-based manufacturer of waste and recycling equipment.

Plastipak holds call

Plastipak held a lender call at 3 p.m. ET to launch a fungible $165 million add-on covenant-lite term loan B due Oct. 14, 2024 talked with an original issue discount of 99 to 99.25, a market source said.

The add-on term loan is priced at Libor plus 250 bps with no floor, in line with the existing term loan B, and is getting 101 soft call protection for six months.

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

Wells Fargo Securities LLC is the left lead on the deal that will be used to pay down revolver borrowings after fully redeeming Goldman Sachs remaining equity stake for $143 million.

Plastipak is a Plymouth, Mich.-based designer, manufacturer and supplier of rigid plastic packaging containers.

Thryv readies deal

Thyrv set a bank meeting for 1 p.m. ET in New York on Wednesday to launch $1.06 billion of credit facilities, according to a market source.

The facilities consist of a $200 million ABL revolver and an $860 million five-year first-lien term loan.

Talk on the term loan is Libor plus 850 bps with a 1% Libor floor, an original issue discount of 98.5, and call protection of 102 in year one and 101 in year two, the source continued.

Commitments are due at 5 p.m. ET on Feb. 24.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to refinance existing debt and for acquisition financing.

Thryv is a Dallas-based provider of local small business lead generation solutions and management software.

American Express on deck

American Express Global Business Travel scheduled a bank meeting for 10 a.m. ET in New York on Tuesday to launch $1.37 billion of credit facilities, a market source said.

The facilities consist of a $150 million revolver, and a $1.22 seven-year covenant-lite first-lien term loan split between a $615 million funded tranche and a $605 million delayed-draw tranche, the source added.

The term loan has a 0% Libor floor and 101 soft call protection for six months, and the delayed-draw ticking fee is half the spread from days 46 to 90 and the full spread thereafter.

Commitments are due at 5 p.m. ET on Feb. 26.

Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA, UBS Investment Bank, BofA Securities Inc. and Kookmin are leading the deal that will be used to fund a shareholder distribution and for acquisition financing.

American Express Global Business Travel is a travel management company.

Circor joins calendar

Circor International will hold a lender call at 10 a.m. ET on Tuesday to launch a $492 million term loan B, according to a market source.

Citizens Bank is leading the deal that will be used to reprice an existing term loan B down from Libor plus 350 bps with a 1% Libor floor. Deutsche Bank Securities Inc. is the administrative agent.

Circor is a Burlington, Mass.-based designer, manufacturer and marketer of highly engineered products and sub-systems for markets including oil & gas, power generation and aerospace & defense.

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