Genesee & Wyoming, MyEyeDr., Herbalife, BrandSafway, Veeam, Ryman, AMG and more break

By Sara Rosenberg

New York, April 5 – Genesee & Wyoming Inc. raised the size of its term loan B and trimmed pricing, MyEyeDr. (MED ParentCo. LP) lowered the spread on its first-lien term loan and revised the issue price, and Herbalife Ltd. (HLF Financing Sarl LLC) downsized its term loan B and widened the original issue discount for a second time, and then these deals freed to trade on Friday.

Also, before making their way into the secondary market, BrandSafway upsized its first-lien term loan B, cut the margin and finalized the issue price at the tight end of guidance, Veeam Software lifted its term loan B amount, reduced pricing and modified the original issue discount, and Ryman Hospitality Properties Inc. (RHP Hotel Properties LP) set pricing on its term loan B at the low end of talk.

Additionally, AMG Critical Materials NV increased the size of its add-on term loan B, APX Group Inc. (Vivint) set the spread on its term loan B at the high end of talk and the issue price at the tight side of guidance, and Restaurant Brands International Inc. changed the original issue discount on its add-on term loan, and then these deals broke for trading, and Cushman & Wakefield’s repriced term loan B began trading as well.

In more happenings, GeoStabilization International finalized the issue price on its add-on term loan at the tight end of guidance and Anticimex Inc. and Visual Comfort moved up the commitment deadlines for their term loans.

Furthermore, Aecom and Buyers Edge Platform released price talk with launch, and Savage Enterprises LLC and Thryv Inc. joined the near-term primary calendar.

Genesee reworked, frees

Genesee & Wyoming lifted its seven-year term loan B (Ba3/BB) to $2.725 billion from $2.425 billion and cut pricing to SOFR plus 200 basis points from talk in the range of SOFR plus 225 bps to 250 bps, a market source said.

The term loan still has a 0% floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Commitments were due at 11 a.m. ET on Friday and the term loan B started trading late in the day, with levels quoted at 99 5/8 bid, par 3/8 offered, a trader added.

RBC Capital Markets, Wells Fargo Securities LLC, BMO Capital Markets, TD Securities (USA) LLC, Bank of Nova Scotia and Citigroup Global Markets Inc. are leading the deal that will be used with $700 million of senior secured notes, downsized from $1 billion with the term loan upsizing, to refinance existing debt, including an existing term loan B due 2026, and to fund a shareholder distribution.

Brookfield and GIC are the sponsors.

Genesee & Wyoming is a Darien, Conn.-based provider of rail freight transportation and support services.

MyEyeDr. flexed, trades

MyEyeDr. trimmed pricing on its $1.4 billion seven-year first-lien term loan to SOFR plus 400 bps from SOFR plus 425 bps and adjusted the original issue discount to 99.5 from 99, according to a market source.

As before, the term loan has a 25 bps pricing step-down at 4.25x first-lien leverage, a 0% floor and 101 soft call protection for six months.

Recommitments were due at 11 a.m. ET on Friday and the term loan broke in the afternoon, with levels quoted at par bid, par ½ offered, another source added.

The company’s $1,550,625,000 of credit facilities (B3/B-) also include a $150,625,000 five-year revolver.

Jefferies LLC, Goldman Sachs Bank USA, UBS Investment Bank, Nomura, Golub Capital and KKR Capital Markets are leading the deal that will be used with new PIK preferred equity to refinance existing debt.

MyEyeDr. is an optometry platform.

Herbalife modified

Herbalife scaled back its senior secured five-year covenant-lite term loan B to $400 million from $500 million as its secured notes offering was increased to $800 million from $700 million, and modified the original issue discount to 93 from revised talk of 96 and initial talk of 97, a market source remarked.

Pricing on the term loan remained at SOFR plus 675 bps with a 0.5% floor, and the debt still has hard call protection of 102 in year one and 101 in year two and a 101 soft call in year three.

Previously in syndication, pricing on the term loan was raised from talk in the range of SOFR plus 550 bps to 575 bps, the call protection was revised from a 101 soft call for one year, amortization was increased to 5% per annum from 1% per annum, changes were made to documentation including to incremental, liens, restricted payment, investments, available amount usage, excess cash flow sweep, non-guarantor debt, foreign-subsidiary debt and Serta, and the public company change-of-control carve-out was removed.

Herbalife starts trading

Recommitments for Herbalife’s term loan were due at 12:30 p.m. ET on Friday and the debt freed to trade in the afternoon, with levels quoted at 94 bid, 95½ offered, another source added.

Citigroup Global Markets Inc., Rabobank, BofA Securities Inc., Citizens and Mizuho are leading the deal. As of the effective date, Jefferies Finance LLC will be term loan B administrative agent and collateral agent. Subsequent to the effective date, an agency transfer will occur pursuant to which Jefferies will transfer the agent roles to Citizens Bank.

The company is also expected to get a $400 million revolver.

Proceeds from the credit facilities and notes will be used to refinance an existing term loan B due August 2025 with an outstanding balance of $650.6 million as of Dec. 31, to refinance an existing term loan A and revolver and to repay a portion of the company’s 2025 senior notes.

Closing is expected in mid-April.

Herbalife is a Los Angeles-based health and wellness company.

BrandSafway revised, frees

BrandSafway increased its first-lien term loan B due August 2030 to $1.478 billion from $1.428 billion, lowered pricing to SOFR plus 450 bps from talk in the range of SOFR plus 475 bps to 500 bps and firmed the issue price at par, the tight end of the 99.875 to par talk, according to a market source.

The term loan still has a 0.5% floor and 101 soft call protection for six months.

Recommitments were due at noon ET on Friday and the term loan broke in the afternoon, with levels quoted at par 1/8 bid, par 5/8 offered, another source added.

Goldman Sachs Bank USA, JPMorgan Chase Bank, Barclays, Natixis, ING, Societe Generale, Deutsche Bank Securities Inc., Credit Agricole, UBS Investment Bank, Morgan Stanley Senior Funding Inc. and SMBC are leading the deal that will be used to reprice an existing $1.328 billion term loan B down from SOFR plus 550 bps with a 0.5% floor, and the fungible $150 million add-on being raised will be used to repay revolver borrowings.

BrandSafway, backed by CD&R and Brookfield, is an Atlanta-based provider of specialty craft services to industrial, commercial and infrastructure markets.

Veeam tweaked, breaks

Veeam Software upsized its term loan B due April 2031 (B2/B) to $2 billion from $1.96 billion, reduced pricing to SOFR plus 325 bps from SOFR plus 350 bps and tightened the original issue discount to 99.75 from 99.5, a market source remarked.

As before, the term loan has a 0% floor and 101 soft call protection for six months.

The term loan B made its way into the secondary market during the session, with levels quoted at par 1/8 bid, par ½ offered, another source added.

JPMorgan Chase Bank is leading the deal that will be used to refinance the company’s existing term loan B and seller note.

Veeam Software is a Columbus, Ohio-based provider of backup solutions that deliver cloud data management.

Ryman finalized, trades

Ryman Hospitality firmed pricing on its $295 million term loan B due May 18, 2030 at SOFR plus 225 bps, the low end of the SOFR plus 225 bps to 250 bps talk, according to a market source.

The term loan still has a 0% floor, a par issue price and 101 soft call protection for six months.

During the session, the term loan B freed to trade, with levels quoted at par bid, par ½ offered, another source added.

Wells Fargo Securities LLC is the left lead on the deal that will be used to reprice an existing term loan down from SOFR plus 275 bps with a 0% floor.

Ryman is a Nashville-based real estate investment trust that owns and operates a portfolio of large, group-oriented hotels in urban and resort markets.

AMG upsized, frees

AMG Critical Materials raised its fungible add-on senior secured term loan B due November 2028 (Ba2/BB-) to $100 million from $50 million, and left the original issue discount at 99.03, a market source said.

Pricing on the add-on term loan is SOFR+CSA plus 350 bps with a 0.5% floor, in line with existing term loan B pricing, and entire term loan B is getting 101 soft call protection for six months. CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Commitments were due at 2 p.m. ET on Friday, accelerated from 5 p.m. ET on Tuesday, and the add-on term loan broke in the afternoon, with levels quoted at 99¼ bid, 99¾ offered, a source added.

HSBC Securities (USA) Inc. and Citigroup Global Markets Inc. are leading the deal that will be used for lithium resource development including via mergers and acquisitions, and for general corporate purposes.

AMG Critical, which has corporate offices in Amsterdam and Wayne, Pa., is a producer and developer of high value add/engineered energy storage materials such as lithium and vanadium serving various end markets.

APX firmed, breaks

APX Group finalized pricing on its $1.316 billion term loan B due July 9, 2028 at SOFR plus 275 bps, the high end of the SOFR plus 250 bps to 275 bps talk, and firmed the issue price at par, the tight end of the 99.875 to par talk, according to a market source.

The term loan still has a 0.5% floor, 101 soft call protection for six months and no CSA.

During the session, the term loan broke for trading, with levels quoted at par 1/8 bid, par ½ offered, another source added.

BofA Securities Inc. is the left lead on the deal that will be used to reprice an existing term loan down from SOFR+CSA plus 325 bps with a 0.5% floor. Current CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

APX is a smart home platform company. To date, the company has maintained a stand-alone debt capital structure as wholly-owned non-guarantor subsidiary of NRG.

Restaurant tightened, trades

Restaurant Brands modified the original issue discount on its fungible $750 million add-on senior secured covenant-lite term loan due Sept. 21, 2030 (BB+) to 99.875 from 99.75, a market source remarked.

Pricing on the term loan is SOFR plus 225 bps with a 0% floor.

On Friday, the add-on term loan hit the secondary market, with levels quoted at 99 7/8 bid, par 1/8 offered, another source added.

JPMorgan Chase Bank is leading the deal that will be used with about $200 million of cash on hand to fund the acquisition of Carrols Restaurant Group Inc. for $9.55 per share in an all-cash transaction. This implies a total enterprise value of about $1 billion. Restaurant Brands and its affiliates currently hold about 15% of Carrols’ outstanding equity.

Closing is expected in the second quarter, subject to customary conditions, including regulatory approval and Carrols stockholder approval.

Restaurant Brands is a Toronto-based quick service restaurant company. Carrols is a Syracuse, N.Y.-based franchisee of Burger King and Popeyes restaurants.

Cushman hits secondary

Cushman & Wakefield’s $998 million term loan B due 2030 began trading as well, with levels quoted at par bid, par 3/8 offered, according to a market source.

Pricing on the term loan is SOFR plus 375 bps with a 0.5% floor and it was issued at par. The loan has 101 soft call protection for six months.

JPMorgan Chase Bank is leading the deal that will be used to reprice an existing term loan B down from SOFR plus 400 bps with a 0.5% floor.

Cushman & Wakefield is a Chicago-based commercial real estate services company.

GeoStabilization updated

GeoStabilization set the issue price on its fungible $45 million add-on term loan at par, the tight end of the 99.5 to par talk, a market source said.

Pricing on the add-on term loan is SOFR plus 525 bps with a 0% floor.

Allocations went out on Friday, the source added.

KKR Capital Markets and UBS Investment Bank are leading the deal that will be used for acquisition financing.

GeoStabilization is a provider of highly specialized, mission-critical, and non-discretionary geohazard mitigation solutions.

Anticimex accelerated

Anticimex changed the commitment deadline for its $402 million covenant-lite term loan B due November 2028 (B2/B) to 5 p.m. ET on Monday from 2 p.m. ET on Tuesday, according to a market source.

In addition, it was clarified that the term loan includes a 25 bps step-down at 4.5x first-lien net leverage, with a six months holiday period, the source said.

Current first-lien net leverage is 4.9x.

Talk on the term loan is still SOFR plus 375 bps with a 0.5% floor, an original issue discount of 99.75 and 101 soft call protection for six months.

Deutsche Bank Securities Inc. is the sole physical bookrunner on the deal. BNP Paribas Securities Corp., Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc., Nordea and SEB are joint bookrunners. DNB is the Nordic bookrunner. Global Loan Agency Services Ltd. is the agent.

The term loan will be used by the Stockholm-based preventive pest control company to repay revolver borrowings, for general corporate purposes and to reprice an existing $202 million term loan B-5.

Visual Comfort timing

Visual Comfort accelerated the commitment deadline for its fungible $275 million first-lien term loan B due July 2028 to 11 a.m. ET on Monday from noon ET on Tuesday, a market source remarked.

Pricing on the term loan B is SOFR plus 350 bps, stepping up from SOFR plus 300 bps, with a 0.5% floor, and the new debt is talked with an original issue discount of 99.04.

The term loan B is getting 101 soft call protection for six months.

Goldman Sachs Bank USA is the left lead on the deal that will be used to refinance an existing second-lien term loan.

Visual Comfort is a Houston-based provider of decorative and functional lighting products.

Aecom details emerge

Aecom held its lender call on Friday morning and launched a $700 million seven-year first-lien term loan B (Baa3) at talk of SOFR plus 187.5 bps to 200 bps with a 0% floor and an original issue discount of 99.5, according to a market source.

The term loan B has 101 soft call protection for six months and no CSA.

The company also plans on getting a new term loan A.

BofA Securities Inc. is the left lead on the deal that will be used to refinance the company’s existing first-lien credit facilities and add cash to the balance sheet.

Aecom is a Dallas-based provider of professional infrastructure consulting services.

Buyers Edge guidance

Buyers Edge Platform held its lender call in the morning, launching its $550 million seven-year term loan B (B1/B) at talk of SOFR plus 400 bps with a 0% floor and an original issue discount of 99 to 99.5, a market source said.

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

Commitments are due at 5 p.m. ET on April 15, the source added.

JPMorgan Chase Bank, BofA Securities Inc., Truist Securities, Wells Fargo Securities LLC and GA Credit are leading the deal that will be used to refinance existing debt, fund a distribution and add cash to the balance sheet.

Buyers Edge is a Waltham, Mass.-based provider of procurement, supply chain management and software services to foodservice operators.

Savage readies deal

Savage Enterprises set a lender call for 11 a.m. ET on Monday to launch a $275 million incremental senior secured first-lien term loan B, according to a market source.

Morgan Stanley Senior Funding Inc. is the left lead on the deal that will be used to support an acquisition to be announced in the week of April 8.

Savage Enterprises is a Salt Lake City-based supply chain provider.

Thryv joins calendar

Thryv scheduled a lender call for 10 a.m. ET on Thursday to launch a $350 million term loan B, a market source remarked.

Citizens Bank is leading the deal that will be used to refinance the company’s existing term loan B due 2026.

Thryv is a Dallas-based software and marketing services company.

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