Nuvei Technologies sets talk; Electronics for Imaging kicks off $1.1 billion two-part deal

By Paul A. Harris

Portland, Ore., June 10 – In Monday's leveraged loan market Nuvei Technologies Corp. set price talk in its two-part term loan package.

And Electronics for Imaging set a June 17 bank meeting for $1.1 billion of term loans.

Nuvei Technologies sets price talk

Nuvei Technologies set price talk in its two-part term loan package on Monday, according to a market source.

A $619 million first-lien term loan is talked with a 425 basis points to 450 bps spread to Libor, a 0% Libor floor and an original issue discount of 99. The deal features six months of soft call protection. The loan has 1% annual amortization.

A $225 million second-lien term loan is talked with an 850 bps spread to Libor, a 0% Libor floor and an original issue discount of 98. The second-lien paper comes with hard calls at 102 and 101.

Commitments are due at 5 p.m. ET June 24.

BMO Capital Markets is the lead arranger on the deal.

The $894 million credit facility also has a $50 million revolver.

Proceeds will be used to fund the acquisition of SafeCharge International Group Ltd. for $5.55 per ordinary share, valuing SafeCharge’s fully diluted share capital at about $889 million.

Nuvei is a Montreal-based payment technology company. SafeCharge is a Guernsey-based provider of omni-channel payments services.

Electronics bank meeting

Electronics for Imaging is in the market with $1.1 billion of term loans set to be presented to investors at a bank meeting scheduled for 1 p.m. ET on June 17, according to a market source.

The deal includes an $875 million seven-year first-lien term loan and a $225 million eight-year second-lien term loan.

RBC Capital Markets LLC, KKR Capital Markets, Deutsche Bank Securities Inc., Barclays, Credit Suisse Securities (USA) LLC and Macquarie Capital are the joint lead arrangers.

RBC is left lead on the first-lien tranche. KKR is left lead on the second-lien tranche.

The credit facility also includes a $100 million revolver.

Proceeds will be used to fund the buyout of the digital imaging solutions provider for the printing, packaging and imaging industries by Siris Capital Group.

On April 15 Siris Capital entered into a definitive agreement to acquire Electronics for Imaging for $37 per share.

Hilton launches extension

Hilton Worldwide Holdings Inc. was scheduled to launch a proposal to extend the maturity of $2.869 billion of term loan B paper (Baa3/BBB-) to seven years on a Monday investor call, according to a market source.

The deal comes with a 175 bps spread to Libor and 101 soft call protection for six months.

Price talk is for a 25 bps to 50 bps discount plus an extension fee.

Commitments are due at 5 p.m. ET Friday.

Deutsche Bank Securities Inc. is the left bookrunner. Goldman Sachs & Co. is the joint bookrunner.

The deal comes with no financial covenants.

Hilton also priced an upsized $1 billion issue of 4 7/8% notes due January 2030 in a quick-to-market Monday junk bond deal.

United Planet Fitness final pricing

United Planet Fitness Partners (United PF Holdings LLC) set final pricing in its multi-tranche bank loan, according to a market source.

A $475 million funded seven-year first-lien term loan and a $65 million delayed-draw seven-year first-lien term loan (B1/B) are priced at Libor plus 450 bps.

The funded tranche was upsized to $475 million from $465 million, and the delayed-draw tranche was downsized to $65 million from $75 million.

The first-lien term loan debt, which is being sold as a strip, priced at the high end of the Libor plus 425 bps to 450 bps talk, and the 101 soft call protection was extended to one year from six months, the source said.

A $110 million eight-year second-lien term loan (Caa1/CCC+) priced with an 850 bps spread to Euribor at 98.5, which was at the high end of the Libor plus 825 bps to 850 bps talk, and the call protection was changed to 103 in year one, 102 in year two and 101 in year three from 102 in year one and 101 in year two.

There were some documentation changes made to the credit agreement as well.

As before, the first-lien term loan debt has a 0% Libor floor and an original issue discount of 99, and the second-lien term loan has a 0% Libor floor and a discount of 98.5.

The company’s $670 million of credit facilities also include a $20 million five-year revolver (B1/B).

Jefferies LLC and Fifth Third are the lead arrangers on the deal.

Proceeds will be used to refinance existing debt and fund club acquisitions.

United Planet Fitness Partners is an Austin, Tex.-based operator of Planet Fitness Clubs in the United States.

RCN talks first-lien deal

RCN (Radiate Holdco LLC) talked its non-fungible $300 million incremental first-lien term loan due February 2024 (B1/B) at Libor plus 325 bps with a 0.75% Libor floor and an original issue discount of 98.5 to 99.03, according to a market source.

The deal features 101 soft call protection for six months and a 1% annual amortization rate.

Commitments are due June 18.

Guggenheim Securities, Bank of America Merrill Lynch, Barclays, Goldman Sachs Bank USA, J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc., Nomura and SocGen are the lead arrangers on the deal. TPG Capital BD is a co-manager.

Proceeds will be used to fund a shareholder distribution.

RCN is a cable operator.

US Anesthesia sets lender call

US Anesthesia Partners scheduled a lender call for 1 p.m. ET Tuesday to launch a $200 million add-on senior secured first-lien term loan, according to a market source.

Goldman Sachs & Co. is the left bookrunner. Barclays, JP Morgan Securities LLC, Morgan Stanley & Co., BMO Securities, Capital One and Antares Capital are the joint bookrunners.

Proceeds will be used to fund tuck-in and platform acquisitions and to pay off the revolving credit facility.

The borrower is a physician-service organization providing anesthesia and pain management services.

Cheplapharm trims discount

Cheplapharm Arzneimittel GmbH reversed flexed pricing on its €980 million covenant-lite term loan B-3 (B1) due July 2025, eliminating the original issue discount, according to a market source.

The new price is par, up from 99.5.

The deal is in the market with spread talk of Euribor plus 400 bps and a 0% floor.

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

Deutsche Bank, HSBC and UniCredit are the physical bookrunners on the deal. JPMorgan is a passive bookrunner. Deutsche is the agent.

New money commitments are due at the 7 a.m. ET on Tuesday, an acceleration of timing that previously had books remaining open until the London close of business.

Proceeds will be used to refinance and amend existing term loan B-1 and term loan B-2 debt and to repay drawn revolving credit facility borrowings.

Cheplapharm is a Greifswald, Germany-based pharmaceutical company.

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