Kantar, Nord Anglia break, Pregis revises incremental loan size; Rosen Group sets talk

By Sara Rosenberg

New York, Feb. 13 – Kantar increased the size of its term loan B and finalized pricing at the high end of guidance before freeing up for trading on Tuesday, and Nord Anglia Education’s (Fugue Finance LLC) term loan B broke as well.

In more happenings, Pregis (Pregis Topco LLC) upsized its incremental first-lien term loan, Rosen Group released price talk in connection with its lender call, and H.B. Fuller Co. joined this week’s primary calendar.

Kantar upsized, frees

Kantar raised its term loan B due February 2029 to $750 million from $650 million and firmed pricing at SOFR plus 500 basis points, the high end of the SOFR plus 475 bps to 500 bps talk, according to a market source.

As before, the term loan has a 0% floor, CSA of 11 bps one-month rate, 26 bps three-month rate and 43 bps six-month rate, an original issue discount of 99 and 101 soft call protection for one year.

The term loan B broke for trading in the afternoon, with levels quoted at 99 1/8 bid, 99 7/8 offered, another source added.

Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc., BofA Securities Inc., Barclays, HSBC Securities (USA) Inc., Mizuho, NatWest, Nomura, RBC Capital Markets, UBS Investment Bank and Jefferies LLC are leading the deal that will be used for a partial amendment and extension of the company’s existing $500 million and $345 million term loans due December 2026.

Bain Capital is the sponsor.

Kantar is a London-based provider of global data, research, consulting, analytics products and services.

Nord Anglia breaks

Nord Anglia Education’s $600 million seven-year covenant-lite term loan B (B2/B) made its way into the secondary market, with levels quoted at 99¾ bid, par ¼ offered, a market source said.

Pricing on the term loan is SOFR plus 375 bps with a 0.5% floor and it was sold at an original issue discount of 99.75. The debt has 101 soft call protection for six months.

During syndication, pricing on the term loan firmed at the low end of the SOFR plus 375 bps to 400 bps talk and the discount was revised from 99.5.

Deutsche Bank Securities Inc. and JPMorgan Chase Bank are joint physical bookrunners on the deal, and HSBC Securities is a passive bookrunner. BofA Securities Inc., Citigroup Global Markets Inc., DBS, E. Sun, Goldman Sachs and Morgan Stanley Senior Funding Inc. are joint lead arrangers and joint bookrunners. HSBC is the administrative agent.

Proceeds will be used to repay some revolving credit loans, and for working capital and general corporate purposes, including the repayment of second-lien debt due September 2028.

Nord Anglia, owned by BPEA EQT and CPP Investments, is a London-based K-12 schools platform.

Pregis modified

Pregis lifted its fungible incremental first-lien term loan (B2/B-) due Aug. 1, 2026 to $250 million from $150 million, according to a market source.

Pricing on the term loan is SOFR plus 375 bps with a step-up to SOFR plus 400 bps at more than 4.35x senior secured first-lien leverage and a 0% floor, and the incremental term loan is still offered with an original issue discount of 99.52.

Allocations are expected on Wednesday, the source added.

UBS Investment Bank, Barclays, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc. and Wells Fargo Securities LLC are leading the deal that will be used to fund a distribution to shareholders.

Pregis is a Chicago-based supplier of packaging systems, consumables, specialty films and surface protection films.

Rosen guidance

Rosen Group held a lender call at 10 a.m. ET on Tuesday, launching a $1.15 billion seven-year senior secured term loan B at talk of SOFR plus 375 bps to 400 bps with 25 bps step-downs at 0.25x and 0.5x inside closing date first-lien net leverage, a 0% floor, an original issue discount of 98.5 to 99 and 101 soft call protection for six months, a market source remarked.

The company’s $1.45 billion of credit facilities (Ba3/B) also include a $300 million 6.5-year revolver.

Commitments are due at 5 p.m. ET on Feb. 22, the source added.

Barclays, Antares Capital, BNP Paribas Securities Corp., Credit Agricole, Mizuho, Natixis, RBC Capital Markets, Santander and UBS Investment Bank are leading the deal that will be used to help fund the buyout of the company by Partners Group from Hermann Rosen, founder of Rosen Group, and to pay fees, costs and expenses. Hermann Rosen will reinvest into the company alongside Partners Group.

Closing is expected in the first half of this year, subject to regulatory approvals and other conditions.

Rosen Group is a provider of technology-empowered asset integrity solutions for essential infrastructure and critical assets to pipeline operators and energy suppliers.

H.B. Fuller on deck

H.B. Fuller set a lender call for 12:30 p.m. ET on Wednesday to launch a $994 million term loan B due February 2030 talked at SOFR plus 200 bps with a 0.5% floor, an original issue discount of 99.75 and 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on Feb. 22, the source added.

JPMorgan Chase Bank is leading the deal that will be used to reprice an existing $794 million term loan B down from SOFR plus 225 bps with a 0.5% floor, and the additional funds being raised will be used for general corporate purposes, including acquisitions.

H.B. Fuller is a St. Paul, Minn.-based industrial adhesives, sealants, coatings and specialty materials company.

Fund flows

In other news, actively managed loan fund flows on Monday were negative $14 million and loan ETFs were positive $249 million, market sources said.

Entirely ETF driven, the loan asset class is tracking its largest inflow since early November.

Inflows for loan funds week to date total an estimated $547 million, compared to outflows in the prior week of $273 million, sources added.

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