Victory revised; MagicLab, Zekelman, Whatabrands, First Eagle, Rohm, Eastern Power set talk

By Sara Rosenberg

New York, Jan. 13 – Victory Capital Holdings Inc. on Monday lowered pricing on its term loan B and moved up the commitment deadline, and MagicLab, Zekelman Industries, Whatabrands LLC, First Eagle Investment Management LLC, Rohm, Eastern Power LLC and HALO Branded Solutions all announced price talk with launch.

Additionally, BroadStreet Partners Inc., viagogo, VICI Properties 1 LLC, Fluidra (Zodiac Pool Solutions LLC), Novaria Group and American Airlines Inc. joined this week’s primary calendar.

Victory cuts spread

Victory Capital trimmed pricing on its $952 million term loan B (Ba3/BB-) due July 1, 2026 to Libor plus 250 basis points from Libor plus 275 bps and accelerated the commitment deadline to noon ET on Tuesday from noon ET on Wednesday, a market source remarked.

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

RBC Capital Markets and Barclays are leading the deal that will be used to reprice an existing term loan B down from Libor plus 325 bps. Barclays is the administrative agent.

Victory Capital is a Brooklyn, Ohio-based asset management firm.

MagicLab details surface

MagicLab held its bank meeting on Monday and launched to investors a $500 million seven-year covenant-lite senior secured term loan B (B1/B+/BB) at talk of Libor plus 375 bps to 400 bps with a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on Jan. 24, the source said.

Citigroup Global Markets Inc., Barclays, HSBC Securities (USA) Inc., RBC Capital Markets and SMBC are leading the deal that will be used to help fund the acquisition of a majority stake in the company by Blackstone.

The transaction values the company at about $3 billion.

Closing is targeted for Jan. 29.

MagicLab builds and operates dating and social networking apps, including Bumble and Badoo.

Zekelman reveals talk

Zekelman Industries released with its afternoon bank meeting talk on its $900 million first-lien term loan (Ba3/BB) due 2027 at Libor plus 225 bps to 250 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, a market source said.

Commitments are due at noon ET on Jan. 24, the source added.

Goldman Sachs Bank USA and BofA Securities, Inc. are leading the deal that will be used to refinance existing debt.

Zekelman Industries is a Chicago-based manufacturer of industrial steel pipe and tubular products.

Whatabrands launches

Whatabrands held its call in the morning, launching its $1,326,675,000 covenant-lite first-lien term loan B (B1/B+) due Aug. 3, 2026 at talk of Libor plus 275 bps to 300 bps with a 0% Libor floor, an original issue discount of 99.875 and 101 soft call protection for six months, according to a market source.

Commitments are due at 5 p.m. ET on Thursday, the source said.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to reprice an existing term loan B down from Libor plus 325 bps.

Whatabrands is a San Antonio-based restaurant company.

First Eagle guidance

First Eagle Investment Management came out with original issue discount talk of 99.75 on its $300 million incremental term loan B (Ba2) that launched with a morning call, a market source said.

The incremental term loan is priced at Libor plus 275 bps with a 0% Libor floor.

Commitments are due on Thursday, the source added.

HSBC Securities (USA) Inc. is leading the deal, which will be used to help fund the acquisition of THL Credit Advisors LLC, a Boston-based alternative credit manager.

Closing is expected this quarter, subject to regulatory approvals and other customary conditions.

First Eagle is a New York-based investment firm.

Rohm hits market

Rohm launched during the session a $612 million term loan B (B2/B/B) due July 31, 2026 and a €977 million term loan B (B2/B/B) due July 31, 2026 talked at Libor/Euribor plus 500 bps with a 0% floor and an original issue discount of 95, according to a market source.

Commitments are due at the close of business on Jan. 28, the source said.

Barclays, Deutsche Bank and Goldman Sachs are the bookrunners on the deal, with Barclays the left lead on the U.S. piece. Mandated lead arrangers include BofA Securities, Inc., RBC Capital Markets, HSBC, NatWest, Bank of China and Helaba.

This transaction is a sell-down of the loans that were obtained last year for the buyout of Evonik Industries AG’s methacrylates business by Advent International for €3 billion.

Rohm, formerly known as Madrid, is a provider of methacrylate solutions to a variety of end markets, including paints and coatings, construction, automotive and health care.

Eastern Power extending

Eastern Power held a lender call at 2 p.m. ET to launch a $1,218,245,767 first-lien term loan B due Oct. 2, 2025 talked at Libor plus 375 bps with a 1% Libor floor and 101 soft call protection for six months, a market source said.

Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA and MUFG are leading the deal that will be used to amend and extend by two years an existing term loan B priced at Libor plus 375 bps with a 1% Libor floor.

Lenders are being offered a 25 bps amendment fee, the source added.

Commitments/consents are due at 5 p.m. ET on Thursday.

Eastern Power is an owner of gas-fired electric generating stations.

HALO seeks incremental

HALO Branded Solutions held a lender call launching a $30 million incremental term loan talked with an original issue discount of 98.8, according to a market source.

The incremental term loan is priced at Libor plus 450 bps with a 0% Libor floor.

Commitments are due on Jan. 24, the source said.

Antares Capital is leading the deal, which will be used to support the company’s continuing acquisition strategy.

HALO is a Sterling, Ill.-based marketing services platform that distributes promotional products and provides employee recognition services.

BroadStreet joins calendar

Also in the primary market, BroadStreet Partners emerged with plans to hold a lender call at 11 a.m. ET on Tuesday to launch a $1.111 billion seven-year term loan B, according to a market source.

RBC Capital Markets LLC, BMO Capital Markets, Barclays, Bank of Nova Scotia and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to refinance an existing $866 million term loan B and fund acquisitions.

Ontario Teachers’ Pension Plan and Century Equity Partners are the sponsors.

BroadStreet is a Columbus, Ohio-based insurance broker.

viagogo schedules meeting

viagogo intends to hold a bank meeting at 11 a.m. ET on Wednesday to launch a $1.475 billion seven-year first-lien term loan B (Ba3/B+) that is talked at Libor plus 400 bps with a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months a market source said.

Commitments are due on Jan. 28, the source added.

J.P. Morgan Securities LLC is leading the deal, which will be used with preferred equity financings to fund the acquisition of StubHub, a ticket marketplace, from eBay Inc. for $4.05 billion.

Closing is expected this quarter, subject to regulatory approval and customary conditions.

viagogo is a Geneva-based online resale ticket marketplace.

VICI readies deal

VICI Properties scheduled a lender call for 10 a.m. ET on Tuesday to launch a repricing of its existing $2.1 billion covenant-lite first-lien term loan B due December 2024 that is talked at Libor plus 175 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, a market source remarked.

Commitments/consents are due at 5 p.m. ET on Jan. 21, the source added.

Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA and others to be named are leading the deal.

The repricing will take the existing term loan B spread down from Libor plus 200 bps.

VICI is a New York-based real estate investment trust that owns gaming, hospitality and entertainment destinations.

Fluidra on deck

Fluidra set a lender call for 11 a.m. ET on Tuesday to launch a $492 million first-lien term loan (Ba3/BB) due July 2025, according to a market source.

The term loan is talked with a 0% Libor floor and 101 soft call protection for six months, the source said.

Commitments are due at 5 p.m. ET on Jan. 21.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc. and BBVA are leading the deal that will be used to reprice an existing term loan.

Fluidra is a Sabadell, Spain-based provider of pool equipment and solutions.

Novaria coming soon

Novaria Group scheduled a bank meeting for Tuesday to launch $260 million of credit facilities, a market source said.

The facilities consist of a $40 million revolver and a $220 million term loan B, the source added.

RBC Capital Markets and KKR Capital Markets are leading the deal that will be used to help fund the buyout of the company by KKR from Rosewood Private Investments and Tailwind Advisors.

Closing is expected this quarter, subject to regulatory approvals and other customary conditions.

Novaria is a Fort Worth-based manufacturer of specialty aerospace hardware.

American Airlines sets call

American Airlines will hold a call at 10:30 a.m. ET on Tuesday to launch a new loan transaction to current and prospective lenders, according to a market source.

Citigroup Global Markets Inc. is leading the transaction.

American Airlines is a Fort Worth-based airline company.

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