Asplundh, Herschend Entertainment, Hudson River, Conservice disclose proposed terms

By Sara Rosenberg

New York, Aug. 10 – In the primary market on Monday, Asplundh Tree Expert LLC released price talk on its term loan B in connection with its lender call.

Furthermore, Herschend Entertainment Co. LLC, Hudson River Trading LLC and Conservice Midco LLC approached investors with new term loan transactions.

Asplundh sets guidance

Asplundh Tree Expert held its call on Monday and announced price talk on its $2 billion seven-year covenant-lite term loan B at Libor plus 275 basis points with a 0% Libor floor and an original issue discount of 98.5 to 99, according to a market source.

The term loan has 101 soft call protection for six months.

Commitments are due at noon ET on Aug. 18.

The company’s $2.75 billion of credit facilities (Ba1/BBB-) also include a $750 million revolver that will close simultaneously with the term loan B but is already syndicated.

Wells Fargo Securities LLC, BofA Securities, Inc., PNC and Citizens Bank are leading the deal that will be used to fund a shareholder distribution, refinance existing debt, and pay related fees and expenses.

Asplundh is a Pennsylvania-based provider of vegetation management services.

Herschend shops loan

Herschend Entertainment launched with an afternoon call a $465 million five-year term loan B (B3/B) talked at Libor plus 550 bps to 575 bps with a 1% Libor floor and an original issue discount of 96, a market source said.

The term loan is non-callable for one year, then at 101 in year two, the source added.

Commitments are due at 5 p.m. ET on Aug. 18.

J.P. Morgan Securities LLC is leading the deal that will be used to refinance existing debt and add cash to the balance sheet.

Herschend is a Peachtree Corners, Ga.-based operator of consumer entertainment attractions including amusement parks, waterparks, aquariums, adventure tours, dinner shows, lodging and the Harlem Globetrotters.

Hudson comes to market

Hudson River Trading held a lender call during the session to launch a fungible $400 million add-on term loan (Ba2/BB-) talked with an original issue discount of 98.5 to 98.75, according to a market source.

The add-on term loan is priced at Libor plus 300 bps with a 0% Libor floor and has 101 soft call protection for six months.

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

J.P. Morgan Securities LLC is leading the deal that will be used for general corporate purposes.

Hudson River is a New York-based multi-asset class quantitative trading firm.

Conservice holds call

Conservice hosted a lender call at 1 p.m. ET to launch a fungible $50 million incremental covenant-lite first-lien term loan due May 2027 that is talked with an original issue discount in the range of 97 to 97.5, a market source remarked.

Like the existing first-lien term loan, the incremental term loan is priced at Libor plus 425 bps with a 0% Libor floor and has 101 soft call protection through May 2021.

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

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to fund tuck-in acquisitions and for general corporate purposes.

Conservice is a Logan, Utah-based provider of utility management and billing software solutions to property owners and managers.

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