Canister, Chesapeake Energy, JBS, Herbalife, Walker & Dunlop, Cabot float price talk

By Sara Rosenberg

New York, Dec. 4 – In the primary market on Wednesday, Canister International Group Inc. and Chesapeake Energy Corp. released price talk on their term loans with launch, and JBS USA Lux SA, Herbalife Nutrition Ltd., Walker & Dunlop Inc. and Cabot Microelectronics Corp. approached lenders with repricing transactions.

Furthermore, AmWINS Group Inc., Berry Global Group Inc., Horizon Therapeutics plc and Everi Payments joined this week’s calendar.

Canister sets guidance

Canister International Group held its bank meeting on Wednesday afternoon and, a few hours before the event began, talk on its $445 million seven-year covenant-lite first-lien term loan was announced at Libor plus 500 basis points to 525 bps with a 0% Libor floor and an original issue discount of 98.5, according to a market source.

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

The company’s $525 million of credit facilities (B2/B) also include an $80 million revolver.

Commitments are due at 5 p.m. ET on Dec. 17.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., BNP Paribas Securities Corp., RBC Capital Markets, BMO Capital Markets and Stifel are leading the deal that will be used to help fund the buyout of the company by Cerberus.

Canister is a designer and manufacturer of plastic and aluminum closures and capping equipment.

Chesapeake launches

Chesapeake Energy hosted a lender call at 2 p.m. ET to launch an up to $1.5 billion 4.5-year secured first-lien last-out term loan talked at Libor plus 800 bps with an original issue discount of 97 to 98, a market source said.

The term loan is non-callable for 1.5 years, then at 105 and then at 102.5.

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

J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc., BofA Securities, Inc. and MUFG are leading the deal that will be used to fund a tender offer for unsecured notes issued by Brazos Valley Longhorn LLC and Brazos Valley Longhorn Finance Corp., each a wholly owned subsidiary of Chesapeake, and to fund the retirement of Brazos Valley’s existing secured revolver.

Closing on the term loan is subject to the receipt of commitments from lenders, the negotiation and execution of definitive loan documents, the success of the consent solicitation and other conditions.

Chesapeake is an Oklahoma City-based oil and natural gas company.

JBS comes to market

JBS USA held a lender call at 10 a.m. ET to launch a $1.891 billion senior secured term loan B (Ba2/BBB-) due May 1, 2026 talked at Libor plus 200 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, according to a market source.

RBC Capital Markets is leading the deal that will be used to reprice an existing term loan B down from Libor plus 250 bps.

JBS is a Greeley, Colo.-based animal protein products processing company.

Herbalife seeks repricing

Herbalife launched in the morning without a call a $742.5 million senior secured first-lien term loan B (Ba1/BB+) due August 2025 at talk of Libor plus 275 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, a market source remarked.

Consents and new money commitments are due at 4 p.m. ET on Dec. 11, the source added.

Jefferies LLC is leading the deal that will be used to reprice an existing term loan B down from Libor plus 325 bps.

Herbalife is a Los Angeles-based nutrition and weight management company.

Walker reveals talk

Walker & Dunlop came out with talk of Libor plus 200 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months on its $298 million term loan B that launched with an afternoon call, a market source said.

Commitments are due on Tuesday, the source added.

J.P. Morgan Securities LLC and Wells Fargo Securities LLC are leading the deal that will be used to reprice an existing term loan B down from Libor plus 225 bps. Wells Fargo is the administrative agent.

Walker & Dunlop is a Bethesda, Md.-based provider of commercial real estate financial services.

Cabot holds call

Cabot Microelectronics hosted a lender call during the session to launch a $957 million term loan B due November 2025 talked at Libor plus 200 bps with a 0% Libor floor, an original issue discount of 99.875 to par and 101 soft call protection for six months, according to a market source.

J.P. Morgan Securities LLC and HSBC Securities (USA) Inc. are leading the deal that will be used to reprice an existing term loan B down from Libor plus 225 bps.

Cabot is an Aurora, Ill.-based supplier of chemical mechanical planarization polishing slurries and CMP pads to the semiconductor industry.

AmWINS joins calendar

AmWINS Group emerged with plans to hold a lender call at 10:30 a.m. ET on Thursday to launch a fungible $250 million add-on first-lien term loan B, a market source remarked.

Current term loan pricing is Libor plus 275 bps with a 1% Libor floor.

Goldman Sachs Bank USA, Barclays, J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc. and Wells Fargo Securities LLC are leading the deal that will be used with a $250 million note offering and cash on hand to fund a dividend to shareholders.

AmWINS is a Charlotte, N.C.-based specialty insurance broker.

Berry readies deal

Berry Global Group set a lender call for 10 a.m. ET on Thursday to launch $4.626 equivalent of term loans, according to a market source.

The debt consists of a $3.85 billion term loan Y and a $776 million equivalent term loan Z, the source said.

Commitments are due at 10 a.m. ET on Dec. 12.

Goldman Sachs Bank USA is leading the deal that will be used with $800 million of other secured debt to refinance/reprice an existing $4.25 billion term loan U and an existing $1.176 billion equivalent term loan V.

Berry is an Evansville, Ind.-based manufacturer and marketer of plastic packaging products, plastic film products, specialty adhesives and coated products.

Horizon on deck

Horizon Therapeutics scheduled a call for 11 a.m. ET on Thursday to launch a loan deal to current and prospective lenders, a market source said.

Citigroup Global Markets Inc. is leading the transaction.

Horizon Therapeutics is a Dublin-based biopharmaceutical company.

Everi plans call

Everi Payments set a call for 11:30 a.m. ET on Thursday for loan lenders, according to a market source.

Jefferies LLC is leading the deal (//BB+).

The company revealed in a 424B5 filed with the Securities and Exchange Commission on Wednesday that it plans to amend its term loan due May 9, 2024 to reduce pricing from the current rate of Libor plus 300 bps with a 1% Libor floor and add 101 soft call protection for six months.

As of Sept. 30, there was $782 million outstanding under the term loan.

The company also said that it is offering 10 million shares of its common stock and expects to use the net proceeds to refinance a portion of its existing debt, which may include the repayment of some term loan borrowings and/or the redemption of some notes due 2025.

Everi is a Las Vegas-based provider of video and mechanical reel gaming content and solutions, integrated gaming payment solutions and compliance and efficiency software solutions.

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