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Omnia Partners updates pricing on first- and second-lien term loans
By Sara Rosenberg
New York, May 16 – Omnia Partners Inc. set pricing on its $390 million seven-year first-lien term loan (B2/B) at Libor plus 375 basis points, the low end of the Libor plus 375 bps to 400 bps talk, and lowered pricing on its $145 million eight-year second-lien term loan (Caa2/CCC+) to Libor plus 750 bps from talk in the range of Libor plus 775 bps to 800 bps, according to a market source.
Also, a pricing step-down was added to the first-lien term loan to Libor plus 350 bps at 4.5 times first-lien leverage and the original issue discount was tightened to 99.75 from 99.5, the source said.
Furthermore, the MFN sunset was removed.
Unchanged on the first-lien term loan was the 0% Libor floor and 101 soft call protection for six months.
The second-lien term loan still has a 0% Libor floor, a discount of 99 and call protection of 102 in year one and 101 in year two.
The company’s $565 million of credit facilities also include a $30 million five-year revolver (B2/B).
Barclays, Ares, Jefferies LLC and Fifth Third are the bookrunners on the deal.
Recommitments were scheduled to be due at 12:30 p.m. ET on Wednesday, the source added.
Proceeds will be used to help fund the acquisition of Communities Program Management LLC and to refinance existing debt.
Closing is expected in the second quarter, subject to customary conditions.
TA Associates is the sponsor.
Omnia is a Franklin, Tenn.-based group purchasing organization. Communities Program Management is the organization that staffs and manages the operations of the U.S. Communities Government Purchasing Alliance, which provides procurement resources and solutions to local and state government agencies, school districts, higher education and nonprofits.
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