ADT, UFC free up; B&G revised; ION, Cineworld, Excel, MKS, ECi, QualTek join calendar

By Sara Rosenberg

New York, Sept. 13 – ADT Inc. (Prime Security Services Borrower LLC) firmed the size of its term loan B within the range of talk, set the spread at the high end of guidance and revised the Libor floor before breaking for trading on Friday, and UFC’s add-on term loan B surfaced in the secondary too.

In more happenings, B&G Foods Inc. finalized pricing on its term loan B at the low end of talk and tightened the original issue discount.

Also, ION Corporates, Cineworld Group plc, Excel Fitness Holdings Inc., MKS Instruments Inc., ECi Software Solutions and QualTek USA LLC emerged with new loan plans.

ADT updated, trades

ADT set the size of its seven-year senior secured term loan B (Ba3/BB-) at $3.11 billion from talk in the range of $3.025 billion to $3.275 billion, firmed pricing at Libor plus 325 basis points, the wide end of the Libor plus 300 bps to 325 bps talk, and changed the Libor floor to 1% from 0% according to a market source.

As before, the term loan has an original issue discount of 99 and 101 soft call protection for six months.

On Friday, the term loan B freed to trade and levels were seen at 99 bid, 99¼ offered, a trader added.

Barclays is leading the deal that will be used with $600 million of senior secured notes to refinance an existing first-lien senior secured term loan due 2022 priced at Libor plus 275 bps with a 1% Libor floor and first-lien senior secured notes due 2020, and to pay associated fees, expenses and early call premiums.

The note offering was originally talked with a size in the range of $500 million to $750 million and then talked at $500 million, before firming at $600 million.

ADT is a Boca Raton, Fla.-based provider of monitored security and interactive home and business automation solutions.

UFC hits secondary

UFC’s fungible $465 million add-on first-lien term loan B (B2/B) due April 2026 began trading too, with levels quoted at par 1/8 bid, par ½ offered, a trader said.

Pricing on the add-on term loan is Libor plus 325 bps with a 1% Libor floor, in line with pricing on the existing $1.869 billion first-lien term loan B, and the new debt was issued at par. The add-on loan and the existing term loan B are getting 101 soft call protection for six months.

On Thursday, the issue price talk on the add-on term loan was tightened from talk in the range of 99.5 to 99.75.

Goldman Sachs Bank USA and KKR Capital Markets are leading the deal that will be used to redeem outstanding preferred equity.

UFC is a Las Vegas-based mixed martial arts organization and pay-per-view event provider.

B&G tweaks loan

Back in the primary market, B&G Foods firmed the spread on its $450 million seven-year covenant-lite term loan B (Ba2/BB) at Libor plus 250 bps, the tight end of the Libor plus 250 bps to 275 bps talk, and adjusted the original issue discount to 99.5 from 99, a market source remarked.

The term loan still has a 0% Libor floor and 101 soft call protection for six months.

Final commitments were due at 5 p.m. ET on Friday, the source added.

Barclays is the left lead on the deal that will be used with $550 million of senior notes to refinance the company’s existing $700 million of 4 5/8% senior notes due 2021, to pay down revolver borrowings and to pay related fees and expenses.

The note offering was upsized recently from $450 million.

B&G Foods is a Parsippany, N.J.-based manufacturer, seller and distributor of shelf-stable food, frozen food and household products.

ION refinancing

ION Corporates scheduled a bank meeting for 10 a.m. ET in New York on Tuesday and a bank meeting in London on Sept. 19 to launch a $1.75 billion equivalent U.S. dollar and euro six-year first-lien term loan (B2/B), a market source said.

The term loan debt has a 0% floor and 101 soft call protection for six months, the source added.

Commitments are due at 5 p.m. ET/5 p.m. GMT on Oct. 1.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to refinance existing debt and pay related fees and expenses.

ION is a provider of software and solutions focused on corporate treasury and commodities management.

Cineworld on deck

Cineworld set a lender call for 1:30 p.m. ET on Monday to launch a $650 million seven-year incremental term loan B (B1/BB-) that includes 101 soft call protection for six months, according to a market source.

Commitments are due at 11 a.m. ET on Sept. 20, the source continued.

HSBC Bank plc is the left lead on the deal, BofA Securities, Inc. and Barclays are joint lead arrangers and joint bookrunners, and Barclays is the agent.

The new debt will be used to partially refinance the company’s existing euro term loan B and drawings on the revolver.

Cineworld is a London-based cinema operator.

MKS plans call

MKS Instruments will hold a lender call at 10:30 a.m. ET on Monday to launch an $896.8 million first-lien term loan B-6 due Feb. 1, 2026, a market source remarked.

Commitments are due at noon ET on Sept. 25, the source added.

Barclays is leading the deal that will be used to reprice an existing $298.5 million first-lien term loan B-4 and an existing $648.4 million first-lien term loan B-5 and extend the maturity of the B-4 loan to match the Feb. 1, 2026 maturity of the B-5 loan.

MKS is an Andover, Mass.-based provider of instruments, subsystems and process control solutions that measure, control, power, monitor and analyze critical parameters of advanced manufacturing processes.

Excel coming soon

Excel Fitness scheduled a bank meeting for 11 a.m. ET on Tuesday to launch $270 million of credit facilities, according to a market source.

The facilities consist of a $10 million five-year revolver and a $260 million seven-year first-lien term loan, the source said.

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

Jefferies LLC, Fifth Third Bank and BMO Capital Markets are leading the deal that will be used to refinance the company’s existing credit facility, fund cash to the balance sheet for growth, pay a distribution to shareholders and pay transaction related fees and expenses.

Excel Fitness is an operator and developer of Planet Fitness clubs.

ECi readies deal

ECi Software Solutions emerged with plans to hold a lender call at 2 p.m. ET on Monday to launch $124 million of incremental term loans, a market source said.

The debt consists of a fungible $96 million incremental first-lien term loan and a fungible $28 million incremental second-lien term loan, the source added.

The incremental and existing first-lien term loan are getting 101 soft call protection for six months.

Commitments are due on Sept. 23.

Golub Capital is leading the deal.

ECi is a Fort Worth-based provider of enterprise resource planning software solutions to small- and medium-sized businesses across the distribution, field services, building and construction and manufacturing industries.

QualTek joins calendar

QualTek will hold a lender call at 10 a.m. ET on Tuesday to launch a new loan deal to prospective lenders, according to a market source.

Citigroup Global Markets Inc. and Fifth Third Bank are leading the transaction.

QualTek is a King of Prussia, Pa.-based provider of turnkey services to the North American telecommunications, infrastructure and power industries.

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