Orion Advisor, BroadStreet free to trade; Huntsworth updated; Veritas reveals guidance

By Sara Rosenberg

New York, Aug. 4 – Orion Advisor Solutions (GT Polaris Inc.) moved some funds between its first-and second-lien term loans, and tightened the spread and original issue discount on the first-lien term debt before freeing up for trading on Tuesday.

In addition, BroadStreet Partners Inc. upsized its term loan B and adjusted the issue price, and then the debt made its way into the secondary market in the afternoon, with levels quoted above its original issue discount.

Furthermore, Huntsworth plc set the original issue discount on its term loan B at the wide end of revised guidance, Veritas Technologies released price talk on its term loans with launch, and Milano Acquisition Corp. joined this week’s primary calendar.

Orion reworked, trades

Orion Advisor Solutions lifted its seven-year covenant-lite first-lien term loan to $750 million from $700 million, trimmed pricing to Libor plus 400 basis points from talk in the range of Libor plus 425 bps to 450 bps and changed the original issue discount to 99 from 98, according to a market source.

As before, the first-lien term loan has a 1% Libor floor and 101 soft call protection for six months.

With the first-lien term loan upsizing, the company scaled back its privately placed second-lien term loan to $230 million from $280 million, the source said.

The company’s $1.06 billion of credit facilities also include an $80 million revolver.

Recommitments were due at noon ET on Tuesday and the first-lien term loan broke for trading in the afternoon, with levels quoted at 99¼ bid, par offered, another source added.

Credit Suisse Securities (USA) LLC, UBS Investment Bank, BMO Capital Markets, Citizens, Evolution and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to help fund the acquisitions of Orion and Brinker Capital by Genstar Capital and Orion’s existing financial partner, TA Associates.

Orion is a provider of a tech-enabled fiduciary framework. Brinker is an investment management company.

BroadStreet tweaked, breaks

BroadStreet Partners raised its non-fungible term loan B due Jan. 20, 2027 to $225 million from $175 million and modified the original issue discount to 98 from 97, a market source remarked.

The term loan is still priced at Libor plus 375 bps with a 1% Libor floor and has 101 soft call protection for six months.

Commitments remained due at noon ET on Tuesday and the term loan began trading later in the day, with levels quoted at 98 1/8 bid, 99 1/8 offered, another source added.

RBC Capital Markets LLC, BofA Securities Inc., Barclays, BMO Capital Markets, Bank of Nova Scotia and Truist are leading the deal that will be used to repay revolver borrowings and put cash on the balance sheet.

The new loan is co-terminus with the company’s existing $1.108 billion term loan B.

BroadStreet is a Columbus, Ohio-based insurance broker.

Huntsworth sets terms

Huntsworth finalized the original issue discount on its $300 million seven-year first-lien term loan B (B2/B-) at 93, the wide end of the revised 93 to 94 talk and wide of initial talk of 96, and extended the 101 soft call protection to one year from six months, according to a market source.

Pricing on the term loan is Libor plus 600 bps with a 0% Libor floor.

Previously in syndication, pricing on the term loan was increased from Libor plus 525 bps and the floor was reduced from 0.5%.

Allocations went out late in the day on Tuesday, the source added.

RBC Capital Markets is leading the deal that will be used with a £75 million privately placed second-lien term loan to support the £575 million buyout of the company by Clayton, Dubilier & Rice, which was completed in May.

Huntsworth is a London-based leading provider of healthcare marketing and communication services.

Veritas floats talk

Veritas Technologies held its lender call on Tuesday and announced price talk on its $1.55 billion five-year term loan B and €690 million five-year term loan B at Libor/Euribor plus 525 bps to 550 bps with a 1% floor and an original issue discount of 98 to 98.5, a market source said.

Commitments are due at noon ET on Aug. 12, the source added.

BofA Securities Inc. and Morgan Stanley Senior Funding Inc. are leading the deal (B2/B) that will be used to refinance existing debt.

Veritas is a Santa Clara, Calif.-based provider of data protection and availability.

Milano on deck

Milano Acquisition, an affiliate of Veritas Capital, set a lender call for Wednesday to launch a $2.4 billion seven-year term loan B that is talked at Libor plus 425 bps to 450 bps with a 0.75% Libor floor and an original issue discount of 98, according to a market source.

J.P. Morgan Securities LLC is the left lead on the deal that will be used with an $800 million privately placed second-lien term loan and equity to fund the acquisition of DXC Technology’s U.S. State and Local Health and Human Services business (State & Local HHS) for $5 billion.

Closing is expected no later than December, subject to customary conditions, including the receipt of certain third-party consents and regulatory approvals.

U.S. State and Local Health and Human Services is an end-to-end provider of technology enabled, mission critical solutions that are fundamental to the administration and operations of health programs.

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