nThrive, Allied, Internet, Bright Horizons, Arcis, Victory, NielsenIQ, TRC and more break

By Sara Rosenberg

New York, Nov. 19 – nThrive Inc. adjusted the issue price on its first-lien term loan and removed a margin step-down, and finalized the spread on its second-lien term loan at the low end of talk, Allied Universal Holdco LLC increased the size of its incremental first-lien term loan and firmed the original issue discount at the tight side of guidance, and Internet Brands modified its transaction to an incremental first-lien term loan from a new first-lien term loan and tweaked pricing, and then these deals broke for trading on Friday.

Also, before freeing up, Bright Horizons Family Solutions Inc. tightened the Libor floor and issue price on its term loan B, Arcis Golf LLC set the spread on its term loan B at the low end of talk, removed a step-down and made some changes to documentation, and Victory Capital Holdings Inc. firmed pricing on its incremental first-lien term loan B at the tight side of guidance.

In addition, NielsenIQ downsized its U.S. term loan B, upsized its add-on euro term loan B and set issue prices on all of its debt at the tight end of talk, TRC Cos. Inc. (Energize Holdco LLC) set pricing on its second-lien term loan at the high end talk, and Claros Mortgage Trust Inc. firmed the spread on its term loan at the low side of revised guidance, and these deals began trading as well.

Other deals to make their way into the secondary market during the session included Hard Rock Northern Indiana (Spectacle Gary Holdings LLC), ProAmpac, Savers Inc., Soliant Health and Columbus McKinnon Corp.

In more happenings, PetVet Care Centers LLC upsized its incremental first-lien term loan B-3 and tightened issue prices on its first- and second-lien tranches, and Verra Mobility Corp. and EverCommerce Inc. revised the original issue discounts on their add-on term loans.

nThrive updated

nThrive changed the original issue discount on its $1.265 billion seven-year first-lien term loan (B2/B/B+) to 99.5 from 99 and removed a 25 bps step-down at 1x inside closing date first-lien leverage, a market source said.

In addition, the company firmed pricing on its $460 million eight-year second-lien term loan (Caa2/CCC/CCC) at Libor plus 675 bps, the low end of the Libor plus 675 bps to 700 bps talk, and revised MFN to 50 bps for 12 months from 100 bps for six months, the source continued.

As before, the first-lien term loan is priced at Libor plus 400 basis points with a 25 bps step-down at 0.5x inside closing date first-lien leverage and a 25 bps step-down upon an initial public offering, and a 0.5% Libor floor, and has 101 soft call protection for six months, and the second-lien term loan has a 0.5% Libor floor, a discount of 98.5 and call protection of 102 in year one and 101 in year two.

JPMorgan Chase Bank, Deutsche Bank Securities Inc., Golub, Barclays, BMO Capital Markets, Credit Suisse Securities (USA) LLC and Jefferies LLC are leading deal, with JPMorgan the left lead on the first-lien term loan and Deutsche Bank the left lead on the second-lien term loan.

nThrive frees up

Recommitments for nThrive’s term loans were due at 11 a.m. ET on Friday and the debt began trading later in the day, with the first-lien term loan quoted at 99 5/8 bid, par offered, another source added.

The loans will be used with equity to fund the acquisition of TransUnion Healthcare Inc., the health care data and analytics business of TransUnion, for $1.735 billion in cash.

Closing is expected in the fourth quarter, subject to the customary conditions and regulatory approvals.

nThrive is a health care revenue cycle management software-as-a-service platform backed by Clearlake Capital Group LP.

Allied upsized, trades

Allied Universal raised its fungible incremental first-lien term loan (B2/B) due May 2028 to $1 billion from $850 million and finalized the original issue discount at 99.5, the tight end of the 99.25 to 99.5 talk, according to a market source.

Pricing on the incremental term loan is Libor plus 375 bps with a 0.5% Libor floor, in line with existing pricing.

Recommitments were due at 10:35 a.m. ET on Friday and the incremental term loan began trading in the afternoon, with levels quoted at 99½ bid, 99 7/8 offered, another source added.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to repay revolver and ABL borrowings, and to add cash to the balance sheet.

Allied Universal is a Santa Ana, Calif.-based provider of security services.

Internet restructured, frees

Internet Brands changed its transaction to a fungible $1 billion incremental covenant-lite first-lien term loan (B2/B) due September 2024 priced at Libor plus 375 bps with a 1% Libor floor and an original issue discount of 99.75, from a $4.805 billion covenant-lite first-lien term loan due Aug. 23, 2028 talked at Libor plus 375 bps with a 0.5% Libor floor and a discount of 99.5, a market source remarked.

The incremental term loan is getting 101 soft call protection for six months.

Recommitments were due at noon ET on Friday and the incremental term loan broke later in the day, with levels quoted at par bid, par 3/8 offered, another source added.

Credit Suisse Securities (USA) LLC, KKR Capital Markets, RBC Capital Markets, Macquarie Capital (USA) Inc. and Mizuho are leading the deal that will be used to fund a shareholder distribution.

The company will no longer be refinancing its existing first-lien term loan due September 2024 that is priced at Libor plus 375 bps with a 1% Libor floor.

Internet Brands is an El Segundo, Calif.-based provider of SaaS and traffic driven marketplace/media offering across health, legal and media verticals.

Bright Horizons tweaked, breaks

Bright Horizons Family Solutions trimmed the Libor floor on its $600 million seven-year term loan B to 0.5% from 0.75% and moved the original issue discount to 99.75 from 99.5, according to a market source.

The spread on the term loan B remained at Libor plus 225 bps and the debt still has 101 soft call protection for six months.

The company’s $1 billion of term loans (B1/BB-) also include a $400 million term loan A.

Recommitments were due at 12:30 p.m. ET on Friday and the term loan B freed to trade in the afternoon, with levels quoted at 99 7/8 bid, par ¼ offered, another source added.

BofA Securities Inc., JPMorgan Chase Bank and Citizens Bank are leading the deal that will be used to refinance an existing term loan B due 2023.

Bright Horizons is a Newton, Mass.-based provider of early education and child care, back-up care and workforce education services.

Arcis revised, trades

Arcis Golf firmed pricing on its $300 million seven-year covenant-lite term loan B (B2/BB-) at Libor plus 425 bps, the low end of the Libor plus 425 bps to 450 bps talk, and removed a leverage-based step-down, a market source said.

The company also made lender friendly changes to certain provisions of the incremental and MFN, debt incurrence, restricted payments and investments, and quarterly calls were added as well as J. Crew/Chewy protections, the source continued.

As before, the term loan has a 25 bps pricing step-down upon an initial public offering, 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

Recommitments were due at 10:30 a.m. ET on Friday and the term loan B broke in the afternoon, with levels quoted at 99½ bid, par ¼ offered, another source added.

Deutsche Bank Securities Inc., JPMorgan Chase Bank and Wells Fargo Securities LLC are leading the deal that will be used to refinance existing debt.

Arcis, privately held by Atairos and Fortress Investment Group, is a Dallas-based owner and operator of golf private and daily fee clubs.

Victory updated, frees

Victory Capital firmed pricing on its $505 million seven-year senior secured incremental first-lien term loan B (Ba2/BB-) at Libor plus 225 bps, the low end of the Libor plus 225 bps to 250 bps talk, according to a market source.

The term loan still has a 0.5% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

On Friday, the incremental term loan hit the secondary market, with levels quoted at 99 5/8 bid, par offered, another source added.

BofA Securities Inc. and RBC Capital Markets are leading the deal that will be used to fund the acquisition of WestEnd Advisors LLC for $480 million.

Closing is expected this year, subject to customary approvals, conditions and consents.

Victory Capital is a San Antonio-based global asset management firm. WestEnd is a Charlotte, N.C.-based investment management firm.

NielsenIQ reworked, breaks

NielsenIQ scaled back its U.S. term loan B due March 2028 to $834 million from $945 million, raised its add-on euro term loan B to €250 million from €150 million, and firmed the issue price on the U.S. term loan, add-on euro term loan and repriced €543 million term loan B due March 2028 at par, the tight end of the 99.875 to par talk, a market source remarked.

Pricing on the U.S. and euro term loan debt remained at Libor/Euribor plus 375 bps with a 0% floor, and the term loans (B1/B/BB) are getting 101 soft call protection for six months.

During the session, the U.S. term loan freed to trade, with levels quoted at par bid, par ¼ offered, another source added.

BofA Securities Inc., UBS Investment Bank and BMO Capital Markets are leading the deal, with BofA the left lead on the U.S. loan and UBS the left lead on the euro loan.

The term loans will be used to repay revolver borrowings and add cash to the balance sheet, and reprice the existing U.S. and euro term loans down from Libor/Euribor plus 400 bps with a 0% floor.

NielsenIQ is a Chicago-based provider of actionable information to consumer packaged goods manufacturers and retailers.

TRC firms terms, trades

TRC set pricing on its $210 million eight-year second-lien term loan (Caa2/CCC+) at Libor plus 675 bps, the high end of the Libor plus 650 bps to 675 bps talk, a market source said.

The second-lien term loan still has a 0.5% Libor floor, an original issue discount of 99 and hard call protection of 102 in year one and 101 in year two.

Pricing on the company’s $635 million seven-year first-lien term loan (B2/B) remained at Libor plus 375 bps with a 0.5% Libor floor and a discount of 99.5. This tranche has 101 soft call protection for six months.

Late in the day, the debt began trading, with the first-lien term loan quoted at 99¾ bid, par ¼ offered and the second-lien term loan quoted at 99¼ bid, par offered, another source added.

The company is also getting a $95 million privately placed first-lien delayed-draw term loan and a $30 million privately placed second-lien delayed-draw term loan.

UBS Investment Bank is the left lead on the deal that will be used to help fund the buyout of the company by Warburg Pincus from New Mountain Capital, which is expected to close this quarter.

TRC is a Windsor, Conn.-based engineering, environmental consulting and construction management firm.

Claros sets spread, breaks

Claros Mortgage Trust finalized pricing on its $763 million term loan due August 2026 at SOFR+CSA plus 450 bps, the low end of revised talk of SOFR+CSA plus 450 bps to 475 bps but up from initial talk of SOFR+CSA plus 400 bps, according to a market source.

As before, the term loan has a 0.5% SOFR+CSA floor, CSA of 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, an original issue discount of 99.5 and 101 soft call protection for six months.

Earlier in syndication, the discount firmed at the wide end of the 99.5 to 99.75 talk.

The term loan made its way into the secondary during market hours, with levels quoted at 99 5/8 bid, par offered, another source added.

JPMorgan Chase Bank is leading the deal that will be used to reprice an existing term loan from Libor plus 500 bps with a 1% Libor floor.

Claros Mortgage Trust is a commercial mortgage real estate investment trust with a focus on lending on large scale, transitional assets.

Hard Rock frees up

Hard Rock Northern Indiana’s $415 million seven-year covenant-lite term loan B (B3/B/B+) broke for trading in the afternoon, with levels quoted at 99¾ bid, par ½ offered, a market source said.

Pricing on the term loan is Libor plus 425 bps with a 0.75% Libor floor and it was sold at an original issue discount of 99. The debt has 101 soft call protection for one year.

During syndication, pricing on the term loan was increased from talk in the range of Libor plus 375 bps to 400 bps, the call protection was extended from six months, and amortization was revised to 10% in years one and two and 5% thereafter from 5% per annum.

Wells Fargo Securities LLC is leading the deal that will be used to refinance existing debt and pay related fees and expenses.

Hard Rock Northern Indiana is a 200,000 square foot, full-service gaming facility and entertainment complex located in Gary, Ind.

ProAmpac tops OID

ProAmpac’s fungible $245 million incremental first-lien term loan due October 2025 made its way into the secondary market too, with levels quoted at 99 7/8 bid, par 1/8 offered, according to a market source.

Pricing on the incremental term loan is Libor plus 375 bps with a 0.75% Libor floor, in line with existing term loan pricing, and the debt was sold at an original issue discount of 99.5.

During syndication, the incremental term loan was upsized from $205 million and the discount finalized at the tight end of the 99.25 to 99.5 talk.

Antares Capital is leading the deal that will be used to repay revolver borrowings and add cash to the balance sheet.

Pro forma for the transaction, the first-lien term loan will total about $2.05 billion.

ProAmpac is a Cincinnati-based manufacturer of flexible packaging and material science solutions.

Savers hits secondary

Savers’ fungible $225 million incremental term loan B freed up in the morning, with levels quoted at par 1/8 bid, par ½ offered, a market source remarked.

Pricing on the incremental term loan is Libor plus 550 bps with a 0.75% Libor floor and it was issued at par.

During syndication, the spread on the incremental term loan was lifted from talk in the range of Libor plus 450 bps to 475 bps, plans were cancelled to reprice an existing $600 million term loan due 2028 from Libor plus 550 bps with a step-up to Libor plus 575 bps based on leverage and a 0.75% Libor floor, and the refreshing of the 101 soft call protection for six months was eliminated.

KKR Capital Markets, Jefferies LLC and Credit Suisse Securities (USA) LLC are leading the deal that will be used for acquisition financing.

Savers is a Bellevue, Wash.-based thrift store chain.

Soliant frees up

Soliant Health’s fungible $180 million add-on term loan due 2028 (B+) broke as well, with levels quoted at 99 7/8 bid, par 3/8 offered, according to a market source.

Pricing on the add-on term loan is Libor plus 425 bps with a 0.75% Libor floor and the debt was sold at an original issue discount of 99.75. The add-on loan has 101 soft call protection for six months.

During syndication, the discount on the term loan was revised from talk in the range of 99 to 99.5.

JPMorgan Chase Bank is leading the deal that will be used to fund a dividend.

Soliant is an Atlanta-based provider of health care jobs and staffing services.

Columbus breaks

Columbus McKinnon’s fungible $75 million add-on term loan due 2028 also started trading, with levels quoted at par bid, par ½ offered, a market source said.

Pricing on the add-on term loan is Libor plus 275 bps with a 0.5% Libor floor, in line with existing term loan pricing, and the debt was sold at an original issue discount of 99.875.

During syndication, the discount on the add-on term loan was changed from 99.75.

JPMorgan Chase Bank is leading the deal that will be used to fund the acquisition of Garvey Corp., an accumulation systems solutions company, for $74 million.

Closing is expected this year.

Pro forma net debt leverage is expected to be about 2.8x.

Columbus McKinnon is a Getzville, N.Y.-based designer, manufacturer and marketer of intelligent motion solutions for material handling.

PetVet changes emerge

PetVet increased its fungible incremental first-lien term loan B-3 (B2/B) due February 2025 to $600 million from $450 million and changed the original issue discount to 99.75 from 99.5, according to a market source.

The company also tightened the issue price on its fungible $150 million incremental second-lien term loan (Caa2/CCC+) due February 2026 to par from 99.75, the source said.

Like the existing term loans, the incremental first-lien term loan is priced at Libor plus 350 bps with a 0.75% Libor floor and the incremental second-lien term loan is priced at Libor plus 625 bps with a 0% Libor floor.

Recommitments were due at 5 p.m. ET on Friday and allocations are expected on Monday.

Jefferies LLC and KKR Capital Markets are leading the deal, with Jefferies the left lead on the first-lien and KKR the left lead on the second-lien.

The loans will be used to finance the company’s acquisition pipeline, and the funds from the upsizing will add cash to the balance sheet for future acquisitions and general corporate purposes.

As part of this transaction, the company is extending its existing revolver by three years to Feb. 14, 2026.

PetVet is a Westport, Conn.-based operator of general practice and specialty veterinary hospitals.

Verra tightened

Verra Mobility adjusted the original issue discount on its fungible $250 million add-on covenant-lite term loan B due March 26, 2028 to 99.5 from talk in the 99 area, a market source remarked.

Like the existing term loan B, the add-on term loan is priced at Libor plus 325 bps with a 0% Libor floor.

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

Recommitments were due at noon ET on Friday, the source added.

BofA Securities Inc. is leading the deal that will be used with $115 million of cash on hand to fund the $347 million acquisition of T2 Systems, a provider of parking software and hardware solutions, from Thoma Bravo.

Closing is expected in December.

Pro forma for the transaction, secured leverage is expected to be 3.5x, total leverage is expected to be 4.9x and net leverage is expected to be 4.8x based on pro forma LTM EBITDA of $256 million.

Verra is a Mesa, Ariz.-based provider of smart mobility technology solutions.

EverCommerce modified

EverCommerce changed the original issue discount on its fungible $200 million add-on term loan due 2028 to 99.75 from 99.5, a market source said.

Pricing on the add-on term loan is Libor plus 325 bps with a 0.5% Libor floor.

KKR Capital Markets and RBC Capital Markets are leading the deal that will be used to repay revolver borrowings and add cash to the balance sheet.

EverCommerce is a Denver-based service commerce platform.

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