BrightSpring, Brooks free up; Millennium, ISS, Orchid, Mirion, Avison reveal price talk

By Sara Rosenberg

New York, Feb. 12 – BrightSpring Health Services (Phoenix Guarantor Inc.) added a delayed-draw term loan to its capital structure and finalized the spread on its first-lien term loan B at the low end of talk, and Brooks Automation Inc. firmed pricing on its term loan B at the wide side of guidance and tightened the issue price, and then both of these deals broke for trading on Tuesday.

In more happenings, Millennium Trust Co. (Minotaur Acquisition Inc.), Institutional Shareholder Services Inc. (ISS), Orchid Orthopedic Solutions, Mirion Technologies Inc. and Avison Young Inc. released price talk with launch.

BrightSpring tweaks deal

BrightSpring Health Services added a $150 million delayed-draw covenant-light term loan to its transaction that is available for six months and has a ticking fee of the full margin starting on day 31, according to a market source.

Pricing on the delayed-draw term loan is Libor plus 450 basis points with a 0% Libor floor and an original issue discount of 98.5.

The company also finalized the spread on its $1.65 billion seven-year covenant-light term loan B at Libor plus 450 bps, the low end of the Libor plus 450 bps to 475 bps, the source said. This tranche still has a 0% Libor floor, an original issue discount of 98.5 and 101 soft call protection for six months.

In addition, some documentation changes were made to the credit agreement, the source continued.

The company’s credit facilities (B1/B) also include a $187.5 million five-year revolver.

Recommitments were due at noon ET on Tuesday.

BrightSpring hits secondary

By late day, BrightSpring’s credit facilities freed to trade, with the strip of term loan B and delayed-draw term loan debt quoted at 99 bid, 99½ offered, a trader added.

Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC, Jefferies LLC, KKR Capital Markets LLC and Credit Agricole Corporate and Investment Bank are leading the deal.

The new debt will be used to fund the merger of PharMerica and BrightSping under KKR and Walgreens Boots Alliance ownership. As part of the transaction, Onex Corp. is selling its interest in BrightSpring.

Closing is expected in late February or early March.

BrightSpring is a Louisville, Ky.-based health care services provider. PharMerica is a provider of pharmacy services.

Brooks updated, trades

Brooks Automation set the spread on its $349,125,000 million senior secured covenant-light term loan B due Oct. 4, 2024 at Libor plus 300 bps, the high end of the Libor plus 275 bps to 300 bps talk, and changed the original issue discount to 99 from talk in the range of 98 to 98.5, a market source remarked.

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

Recommitments were due at 11 a.m. ET on Tuesday and then the loan began trading, with levels quoted at 99½ bid, 100¼ offered, a trader added.

Morgan Stanley Senior Funding is leading the deal that will be used for general corporate purposes, including the previous acquisition of Genewiz Group, a South Plainfield, N.J.-based genomics service provider, and to refinance existing debt.

Closing is expected on Friday.

Brooks is a Chelmsford, Mass.-based provider of automation and cryogenic solutions.

Millennium Trust guidance

Millennium Trust held its bank meeting on Tuesday morning and, shortly before the event kicked off, price talk on its $610 million seven-year covenant-light first-lien term loan (B2/B) was announced at Libor plus 475 bps to 500 bps with a 0% Libor floor and an original issue discount of 98, according to a market source.

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

Commitments are due at 5 p.m. ET on Feb. 26.

The company’s $945 million of credit facilities also include a $90 million revolver (B2/B) and a $245 million privately placed second-lien term loan (Caa2/CCC).

Credit Suisse Securities, Antares Capital, BNP Paribas Securities Corp., SunTrust Robinson Humphrey Inc. and Deutsche Bank Securities Inc. are leading the deal, which will be used to help fund the buyout of the company by Abry Partners from Parthenon Capital Partners, who will retain a minority stake in Millennium.

Closing is subject to customary conditions and regulatory approvals.

Millennium is an Oak Brook, Ill.-based provider of technology-enabled retirement services and institutional custody solutions.

Institutional Shareholder talk

Institutional Shareholder Services disclosed price talk on its $495 million seven-year first-lien term loan and $200 million eight-year second-lien term loan in connection with its bank meeting that took place during the session, a market source remarked.

The first-lien term loan is talked at Libor plus 450 bps with a 25 bps step-down when net first-lien leverage is less than 4.5 times, a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, and the second-lien term loan is talked at Libor plus 850 bps with a 0% Libor floor, a discount of 98 to 98.5 and hard call protection of 102 in year one and 101 in year two, the source added.

The company’s $735 million of credit facilities also include a $40 million five-year revolver.

Commitments are due on Feb. 26.

Antares Capital and Golub Capital are leading the deal that will be used to refinance existing debt and fund the acquisition of Strategic Insights.

ISS is a Rockville, Md.-based provider of corporate governance and investment solutions to financial market participants. Strategic Insights is a New York-based provider of critical and proprietary data, business, intelligence, research and marketing services to the asset management community.

Orchid proposed terms

Orchid Orthopedic Solutions came out with guidance of Libor plus 425 bps to 450 bps with a 25 bps leverage-based step-down, a 0% Libor floor and an original issue discount of 99 on its $485 million seven-year first-lien term loan that launched with a morning bank meeting, a market source said.

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

Commitments are due on Feb. 26, the source added.

The company’s $745 million of credit facilities also include a $100 million revolver and a $160 million eight-year privately placed second-lien term loan.

Jefferies, Credit Suisse Securities and Citigroup Global Markets Inc. are leading the deal that will be used to help fund the buyout of the company by Nordic Capital Partners from Altor Fund III, who will retain a significant minority holding in Orchid Orthopedic.

Closing is subject to customary regulatory approvals.

Orchid Orthopedic is a Holt, Mich.-based designer and manufacturer of medical devices.

Mirion holds meeting

Mirion Technologies held its bank meeting in the morning, launching its $450 million seven-year covenant-light first-lien term loan B at talk of Libor plus 450 bps with a 0% Libor floor, an original issue discount of 98.5 and 101 soft call protection for six months, according to a market source.

Commitments are due on Feb. 28, the source said.

The company is also getting a $90 million revolver and a privately placed €125 million first-lien term loan B.

Morgan Stanley Senior Funding and Goldman Sachs Bank USA are the joint lead arrangers and global bookrunners on the senior secured deal, and J.P. Morgan Chase Bank and HSBC Securities (USA) Inc. are bookrunners.

The new credit facilities will be used to refinance existing debt and pay related fees and expenses.

Mirion Technologies is a provider of radiation detection, measurement, analysis, and monitoring products to nuclear power, medical, military and homeland security markets.

Avison launches

Avison Young released talk with its morning bank meeting on its $325 million seven-year covenant-light first-lien term loan, a market source remarked.

The loan is talked at Libor plus 500 bps with a 0% Libor floor and an original issue discount of 98, the source added, and has 101 soft call protection for six months.

The company’s $385 million of credit facilities (B2/B) also include a $60 million revolver.

Commitments are due at 5 p.m. ET on Feb. 26.

Credit Suisse Securities, CIBC and Bank of America Merrill Lynch are leading the deal that will be used to help fund the recently completed acquisition of GVA, a U.K.-based real estate advisory business.

Avison Young is a Toronto-based commercial real estate services firm.

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