EagleView, Consolidated Aero free up; Sirva, naviHealth revised; Global Business accelerated

By Sara Rosenberg

New York, July 31 – EagleView Technology Corp. trimmed the spread on its first-lien term loan B and finalized the original issue discount at the tight side of guidance, and then the loan made its way into the secondary market on Tuesday, and Consolidated Aerospace Manufacturing LLC’s add-on term loan began trading as well.

In other news, Sirva Worldwide Inc. moved some funds between its first-and second-lien term loans, and widened the spread and issue price on the second-lien debt, naviHealth Inc. increased pricing on its term loan, changed the original issue discount and extended the call protection, and Global Business Travel Holdings Ltd. (Amex GBT) accelerated the commitment deadline on its term loan B.

Also, Boyd Corp., Tritech Software Systems Inc./Superion LLC/Aptean Software LLC, Veritext Corp., Navex Global Inc., Triton Solar US Acquisition Co., SunSource Holdings Inc. and Convergint (Gopher Sub Inc.) announced price talk with launch, and Allen Media LLC, RBmedia, Bracket Intermediate Holding Corp., BJ’s Wholesale Club Inc. and Capstone Logistics joined this week’s primary calendar.

EagleView updated, trades

EagleView Technology lowered pricing on its $535 million seven-year covenant-light first-lien term loan B (B2/B+) to Libor plus 350 basis points from Libor plus 375 bps and set the original issue discount at 99.5, the tight end of the 99 to 99.5 talk, while leaving the 0% Libor floor and 101 soft call protection for six months unchanged, according to a market source.

The company’s $850 million of senior secured credit facilities also include an $85 million five-year revolver (B2/B+) and a $230 million pre-placed second-lien term loan (Caa2/CCC+).

Recommitments were due at 10 a.m. ET on Tuesday and the first-lien term loan B broke for trading late in the day at par ¼ bid, 101¼ offered, a trader added.

Morgan Stanley Senior Funding Inc., Barclays, Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and Macquarie Capital (USA) Inc. are leading the deal that will help support a significant new equity investment by Clearlake Capital Group LP, refinance an existing first-lien term loan, fund a dividend to shareholders and pay related fees and expenses.

As part of the transaction, Vista Equity Partners will remain a significant owner of the company.

Closing is expected in late August.

EagleView is a Bothell, Wash.-based provider of aerial imagery and property data analytics.

Consolidated Aerospace breaks

Consolidated Aerospace Manufacturing’s $125 million add-on term loan (B+) freed up as well, with levels seen at par ¼ bid, par ¾ offered, a market source said.

Pricing on the add-on term loan is Libor plus 375 bps with a 1% Libor floor, in line with the existing term loan, and the add-on loan was sold at an original issue discount of 99.75. The debt has 101 soft call protection for six months.

On Monday, the discount on the add-on term loan was tightened from 99.5.

Citizens Bank is leading the deal that will be used to help fund the acquisition of an engine component manufacturer.

Consolidated Aerospace is a manufacturer of components principally for the aerospace industry.

Sirva reworked

Back in the primary market, Sirva Worldwide raised its seven-year first-lien term loan to $435 million from a revised amount of $415 million and an initial size of $410 million, and left pricing at Libor plus 550 bps with a 0% Libor floor and an original issue discount of 98.5, a market source remarked. The tranche has 101 soft call protection for one year.

Regarding the company’s eight-year second-lien term loan, it was scaled back to $115 million from $135 million, pricing was lifted to Libor plus 950 bps from revised talk of Libor plus 925 bps and initial talk in the range of Libor plus 875 bps to 900 bps, and the discount was revised to 92.5 from revised talk of 97.5 and initial talk in the range of 98 to 98.5, the source continued. The 0% Libor floor and call protection of 102 in year one and 101 in year two were unchanged.

Previously in syndication, pricing on the first-lien term loan was increased from Libor plus 500 bps, the discount was modified from talk in the range of 99 to 99.5 and the call protection was extended from six months.

Sirva lead banks

Barclays, Deutsche Bank Securities Inc. and Bank of America Merrill Lynch are leading Sirva’s $610 million of credit facilities, which also include a $60 million five-year revolver.

Proceeds will be used to help fund the buyout of the company by Madison Dearborn Partners from Aurora Resurgence and Equity Group Investments and Sirva’s concurrent acquisition of Team Relocation.

Closing is expected this summer, subject to regulatory approvals.

Sirva is an Oakbrook Terrace, Ill.-based relocation and moving service provider.

naviHealth changes emerge

naviHealth increased pricing on its $425 million seven-year first-lien term loan to Libor plus 500 bps from talk in the range of Libor plus 425 bps to 450 bps, widened the original issue discount to 96 from 99 and extended the 101 soft call protection to one year from six months, according to a market source.

Additionally, amortization was changed to 1% per annum in years one and two, 2.5% per annum in years three and four and 5% per annum thereafter, from 1% per annum, and the MFN was revised to 50 bps with no sunset for incremental term loans incurred under any incurrence basket, regardless of whether or not the loan is syndicated, subject to an outside maturity carve-out of 24 months, from 75 bps for six months for syndicated loans incurred under the ratio basket that mature within 12 months of the original first-lien term loan, subject to an outside maturity carve-out of 12 months, the source said.

Changes were also made to the excess cash flow sweep, asset sales, EBITDA definition, incremental, cash netting, negative covenants and re-designation of an unrestricted subsidiary as a restricted subsidiary.

The term loan still has a 0% Libor floor.

naviHealth getting revolver

Along with the term loan, naviHealth’s $525 million of credit facilities (B-) include a $100 million five-year revolver.

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

Barclays, Morgan Stanley Senior Funding Inc., MUFG, Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch, Deutsche Bank Securities Inc. and Natixis are leading the deal that will be used to fund a joint investment in the company by Clayton, Dubilier & Rice and Cardinal Health Inc.

Per the agreement, Clayton, Dubilier & Rice will acquire about a 55% ownership stake in naviHealth while Cardinal Health will retain around a 45% interest in the business. Also, Cardinal Health will have a call right to reacquire the business.

Closing is expected in the third quarter, subject to customary conditions.

naviHealth is a Brentwood, Tenn.-based manager of post-acute benefits for health plans and a value-based care partner to health systems and providers.

Global Business moves deadline

Global Business Travel Holdings moved up the commitment deadline on its $250 million seven-year covenant-light term loan B (BBB-/BBB) to noon ET on Thursday from noon ET on Friday, according to a market source.

Talk on the term loan is Libor plus 275 bps to 300 bps with a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Morgan Stanley Senior Funding Inc. and Goldman Sachs Bank USA are leading the deal that will be used with cash on hand to fund the acquisition of Hogg Robinson Group plc, to repurchase some of Hogg Robinson’s debt, to pay related fees and expenses and for other general corporate purposes.

Global Business Travel is a travel management company. Hogg Robinson is a B2B services company specializing in travel management.

Boyd discloses talk

In more primary happenings, Boyd held its bank meeting on Tuesday morning and released price talk on its $1.2 billion seven-year covenant-light first-lien term loan (B2/B-) and $415 million eight-year covenant-light second-lien term loan (Caa2/CCC+), a market source remarked.

Talk on the first-lien term loan is Libor plus 375 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, and talk on the second-lien term loan is Libor plus 750 bps to 775 bps with a 0% Libor floor, a discount of 99 and call protection of 102 in year one and 101 in year two.

The term loans have a ticking fee of half the margin from days 31 to 60 and the full margin thereafter.

Commitments are due on Aug. 14, the source added.

Goldman Sachs Bank USA, J.P. Morgan Securities LLC, RBC Capital Markets, Barclays, Citigroup Global Markets Inc., UBS Investment Bank, KeyBanc Capital Markets, Societe Generale and ING Capital are leading the $1,615,000,000 of term loans, with Goldman left on the first-lien loan and JPMorgan left on the second-lien loan.

The debt will help fund Boyd’s buyout by Goldman Sachs Merchant Banking from Genstar Capital.

Boyd is a Pleasanton, Calif.-based provider of highly engineered thermal management and environmental sealing solutions.

Tritech/Superion/Aptean launches

Tritech/Superion/Aptean announced talk of Libor plus 375 bps to 400 bps with a 0% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months on its $895 million seven-year covenant-light first-lien term loan (B) with its afternoon bank meeting, according to a market source.

Commitments are due on Aug. 10, the source said.

The company’s $1.4 billion of credit facilities also include a $125 million five-year revolver (B) and a $380 million privately placed eight-year second-lien term loan (CCC).

Antares Capital, Macquarie Capital (USA) Inc. and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to help fund the merger of Tritech, which is currently owned by Bain Capital Private Equity, with Superion and Aptean, which are both owned by Vista Equity Partners.

The combined company, jointly owned by Bain Capital and Vista Equity, will be a software provider to municipalities and public safety agencies.

Closing is expected in the third quarter, subject to customary conditions.

Veritext sets guidance

Veritext came out with price talk on its $300 million seven-year first-lien term loan (B), $50 million delayed-draw first-lien term loan (B) and $105 million eight-year second-lien term loan (CCC+) shortly before its morning bank meeting kicked off, a market source said.

Talk on first-lien term loan debt is Libor plus 375 bps with a 0% Libor floor and an original issue discount of 99.5, and talk on the second-lien term loan is Libor plus 725 bps with a 0% Libor floor and a discount of 99, the source added.

The first-lien term loan has 101 soft call protection for six months, the second-lien term loan has hard call protection of 102 in year one and 101 in year two, and the delayed-draw term loan has a 24 month commitment period and a ticking fee of half the spread from days 61 to 120 and the full spread thereafter.

Veritext’s $495 million of senior secured credit facilities also include a $40 million five-year revolver (B).

Commitments are due at noon ET on Aug. 14.

Jefferies LLC, BNP Paribas Securities Corp. and Macquarie Capital (USA) Inc. are leading the deal that will be used to help fund the buyout of the company by Leonard Green & Partners LP.

Veritext is a Livingston, N.J.-based provider of deposition and litigation support solutions.

Navex comes to market

Navex had its lender presentation in the morning and released price talk on its $410 million seven-year covenant-light first-lien term loan and $154 million eight-year covenant-light second-lien term loan, according to a market source.

The first-lien term loan is talked at Libor plus 375 bps to 400 bps with a 0% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months, and the second-lien term loan is talked at Libor plus 750 bps to 775 bps with a 0% Libor floor, a discount of 99 and hard call protection of 102 in year one and 101 in year two, the source said.

The company’s $639 million of senior secured credit facilities also include a $75 million five-year revolver.

Commitments are due on Aug. 13, the source added.

Morgan Stanley Senior Funding Inc., Antares Capital, Golub Capital LLC and Macquarie Capital (USA) Inc. are leading the deal that will help fund the buyout of the company by BC Partners from Vista Equity Partners, which will retain a minority stake, refinance existing debt, and pay transaction related fees and expenses.

Navex is a Portland, Ore.-based provider of ethics and compliance software, content and services.

Triton floats terms

Triton launched at its morning bank meeting its $415 million seven-year covenant-light term loan B (B3/B/BB) at talk of Libor plus 525 bps to 550 bps with a 0% Libor floor and an original issue discount of 98.5 to 99, a market source said.

Commitments are due at noon ET on Aug. 13, the source said.

Bank of America Merrill Lynch, Societe Generale, Natixis and Goldman Sachs Bank USA are leading the deal that will be used to help fund the buyout of the company by Permira and to pay related fees and expenses.

Triton is a provider of video infrastructure technology.

SunSource OID talk

SunSource released original issue discount talk of 98.75 on its fungible $295 million incremental 6.5-year first-lien term loan (B2/B) that launched with an afternoon call, according to a market source.

The incremental term loan is priced in line with the existing term loan at Libor plus 375 bps with a 1% Libor floor.

Commitments are due at noon ET on Aug. 9, the source said.

Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Natixis, ING and UBS Investment Bank are leading the deal that will be used to help fund the acquisition of United Distribution Group Inc.

Other funds for the transaction are expected to come from a $75 million incremental ABL revolver and $85 million of incremental equity from Clayton, Dubilier & Rice.

Closing is expected in August.

SunSource is an Addison, Ill.-based distributor of fluid power and fluid process components and systems. United Distribution is a Bristol, Tenn.-based distributor of industrial supplies and services.

Convergint holds call

Convergint emerged in the morning with plans to hold a lender call at 1:30 p.m. ET to launch a $55 million incremental first-lien term loan due Feb. 1, 2025 talked with an original issue discount of 98.75, a market source remarked.

Like the existing first-lien term loan, the incremental loan is priced at Libor plus 300 bps with a 0.75% Libor floor.

Commitments are due at 10 a.m. ET on Friday, the source added.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to repay revolver borrowings and for general corporate purposes.

Convergint is a Schaumberg, Ill., service-based security systems integrator.

Allen Media on deck

Allen Media will hold a bank meeting at 10 a.m. ET in New York on Wednesday to launch a $500 million seven-year term loan B that has a 0% Libor floor and 101 hard call protection for one year, according to a market source.

Commitments are due at noon ET on Aug. 10.

Deutsche Bank Securities Inc. and Jefferies LLC are leading the deal that will be used to support the Target Acquisition, repay existing debt, issue a dividend to management and fund cash to the balance sheet, the source added.

Allen Media is a media, content and technology company with a differentiated set of lifestyle and entertainment businesses across a variety of platforms.

RBmedia readies deal

RBmedia scheduled a bank meeting for 1 p.m. ET in New York on Wednesday to launch $365 million of credit facilities, a market source said.

The facilities consist of a $30 million revolver and a $335 million first-lien term loan, the source added.

Goldman Sachs Bank USA, KKR Capital Markets and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to help fund the buyout of the company by KKR from Shamrock Capital.

RBmedia is a Landover, Md.-based digital audiobook and related spoken-word content producer.

Bracket coming soon

Bracket Intermediate set a bank meeting for 9 a.m. ET on Wednesday to launch $585 million of first-lien credit facilities, according to a market source.

The facilities consist of a $40 million revolver, and a $545 million seven-year first-lien term loan talked at Libor plus 375 bps with one step-down, an original issue discount of 99.5 and 101 soft call protection for six months, the source said.

The company is also getting a privately placed $230 million second-lien term loan.

Jefferies LLC, Antares Capital and Barclays are leading the deal that will be used to help fund the acquisition of CRF Health Group Ltd., a provider of eCOA and eConsent solutions for the life sciences industry, from Vitruvian Partners.

Closing is expected by the end of the year, subject to customary conditions and regulatory approvals.

Bracket, a Genstar Capital portfolio company, is a provider of software and technology-enabled solutions utilized in clinical trials.

BJ’s joins calendar

BJ’s Wholesale Club scheduled a lender call for 1 p.m. ET on Wednesday to launch a $1,643,000,000 first-lien term loan due Feb. 3, 2024 that has 101 soft call protection for six months, a market source remarked.

Commitments are due at noon ET on Aug. 7, the source added.

Nomura is the left lead on the deal that will be used to reprice an existing first-lien term loan, which is being reduced from $1,893,000,000 with excess proceeds from a recently priced initial public offering and borrowings under an ABL credit facility.

BJ’s is a Westborough, Mass.-based operator of warehouse clubs.

Capstone plans loan

Capstone Logistics set a lender call for 11 a.m. ET on Thursday to launch an $80.5 million add-on senior secured term loan B, according to a market source.

Goldman Sachs Bank USA is leading the deal that will be used for mergers and acquisitions.

Capstone is a Norcross, Ga.-based provider of outsourced supply chain services.

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