Sophos, Cision, Presidio, Acuren, J.D. Power/Autodata, Flexera release price guidance

By Sara Rosenberg

New York, Jan. 7 – In the primary market on Tuesday, Sophos, Cision, Presidio Holdings Inc., Acuren (Rockwood Service Corp.), J.D. Power/Autodata Group and Flexera Software LLC all released price talk with launch.

Also, Westinghouse, Management Services (Maverick Purchaser Sub LLC), ASM Global (SMG), Blucora Inc., First Advantage, OneDigital, LifePoint Health Inc. and Victory Capital Holdings Inc. joined this week’s new issue calendar.

Sophos launches

Sophos held its New York bank meeting on Tuesday and released price talk on its $1.43 billion equivalent U.S. and euro seven-year covenant-lite first-lien term loan (B2/B-/B), according to a market source. A bank meeting for European investors will take place in London on Wednesday.

Talk on the U.S. first-lien term loan tranche and the €300 million euro first-lien term loan tranche is Libor/Euribor plus 400 basis points to 425 bps with a 25 bps step-down at 0.5x turn inside closing date first-lien net leverage, a 0% floor, an original issue discount of 99 and 101 soft call protection for six months, the source said.

Commitments are due on Jan. 22, the source added.

The company’s $2.075 billion of senior secured credit facilities also include a $125 million five-year revolver (B2/B-/B) and a $520 million privately placed eight-year covenant-lite second-lien term loan.

Goldman Sachs Bank USA, BofA Securities Inc., Barclays, Credit Suisse Securities (USA) LLC and HSBC Securities (USA) Inc. are leading the deal that will be used to help fund the buyout of the company by Thoma Bravo for $7.40 per share, representing an enterprise value of about $3.9 billion.

Sophos is an Oxford, U.K.-based provider of next-generation cybersecurity.

Cision price talk

Cision revealed price talk on its $1 billion seven-year term loan B (B2/B) and €500 million seven-year term loan B (B2/B) in connection with its New York bank meeting on Tuesday, a market source remarked. A bank meeting for European investors will take place in London on Thursday.

The U.S. and euro term loans are talked at Libor/Euribor plus 375 bps to 400 bps with no floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months, the source added.

Commitments are due on Jan. 23.

BofA Securities Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc., BMO Capital Markets, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Macquarie Capital (USA) Inc. and RBC Capital Markets are leading the deal that will be used to help fund the buyout of the company by Platinum Equity for $10.00 per share in cash, or about $2.74 billion.

Closing is expected this quarter, subject to approval by Cision’s shareholders, regulatory approvals and other customary conditions.

Cision is a Chicago-based software-as-a-service platform for communications professionals.

Presidio comes to market

Presidio Holdings launched at its morning bank meeting its $625 million seven-year term loan B (B1/B) at talk of Libor plus 450 bps with a 0% Libor floor, an original issue discount of 98.5 to 99 and 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on Jan. 16.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc., RBC Capital Markets, BofA Securities Inc. and MUFG are leading the deal that will be used to help fund the already completed acquisition of the company by BC Partners for $16.60 in cash per common share. The transaction is valued at about $2.2 billion, including Presidio’s net debt.

Other funds for the transaction are expected to come from $400 million of unsecured debt and $400 million of secured debt.

Presidio is a New York-based IT solutions provider.

Acuren proposed terms

Acuren held its bank meeting in the morning and launched its $430 million seven-year first-lien term loan B (B) at talk of Libor plus 450 bps to 475 bps with no Libor floor and an original issue discount of 99, a market source said.

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

Commitments are due on Jan. 16, the source added.

BofA Securities, Inc., BMO Capital Markets and Antares Capital are leading the deal, which will be used to help fund the buyout of the company by American Securities.

Acuren is a provider of testing services to energy and industrial markets.

J.D. Power guidance

J.D. Power/Autodata came out with original issue discount talk of 99.75 on its fungible $75 million add-on first-lien term loan that launched with a morning call, according to a market source.

Like the existing first-lien term loan, the add-on term loan is priced at Libor plus 350 bps with a 0% Libor floor.

Commitments are due at noon ET on Jan. 14.

RBC Capital Markets, KKR Capital Markets, SunTrust Robinson Humphrey Inc. and UBS Investment Bank are leading the deal that will be used to fund an acquisition.

J.D. Power/Autodata, a portfolio company of Thoma Bravo LLC, is a Troy, Mich.-based provider of automobile transactional data, valuation tools, vehicle feature information and consumer analytics to the automotive industry.

Flexera OID talk

Flexera Software held its call in the morning and announced original issue discount talk in the range of 99.25 to 99.50 on its fungible $60 million incremental first-lien term loan due February 2025 with, a market source remarked.

The incremental term loan is priced at Libor plus 350 bps with a 25 bps leverage-based step-down and a 1% Libor floor, in line with the existing first-lien term loan.

Commitments are due at 2 p.m. ET on Friday.

Jefferies LLC is leading the deal that will be used to fund an acquisition.

Flexera is an Itasca, Ill.-based provider of software and services that enable software publishers and device makers to install, enforce and deploy software licenses.

Westinghouse on deck

In more primary happenings, Westinghouse set a lender call for 1 p.m. ET on Wednesday to launch a $3.031 billion first-lien term loan (B2/B/BB-) due August 2025, according to a market source.

The term loan is talked with a 0.75% Libor floor and 101 soft call protection for six months, the source said.

Commitments are due at noon ET on Jan. 15.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to reprice an existing term loan.

Westinghouse is a Pittsburgh-based provider of infrastructure services to a nuclear reactor fleet.

Management Services timing

Management Services scheduled a bank meeting for Thursday to launch a $1.015 billion first-lien term loan B (Ba3/B), a market source remarked.

The company is also getting a $200 million revolver (Ba3/B).

J.P. Morgan Securities LLC is the left lead on the deal that will be used with equity to fund the buyout of the company by Lindsay Goldberg and American Securities LLC from Aecom for $2.405 billion.

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

Management Services is a Germantown, Md.-based provider of classified and unclassified services to the U.S. federal government and allied governments.

ASM coming soon

ASM Global will hold a lender call at 2 p.m. ET on Wednesday to launch a fungible $190 million incremental first-lien term loan (BB-) due January 2025, a market source said.

The incremental loan is priced at Libor plus 300 bps with a 25 bps step-up at leverage greater than 4.75x and a 0% Libor floor, in line with the existing first-lien term loan, and is talked with 101 soft call protection for six months, the source added.

Commitments are due on Jan. 15.

Jefferies LLC, Nomura, BofA Securities Inc., Goldman Sachs Bank USA and Macquarie Capital (USA) Inc. are leading the deal that will be used to pay down existing second-lien term loan borrowings.

ASM is a venue management company, providing a full range of venue management and food & beverage services.

Blucora plans call

Blucora set a lender call for Wednesday to launch a $555 million term loan that is talked at Libor plus 275 bps with a 1% Libor floor and an original issue discount of 99.75, according to a market source.

Commitments are due on Jan. 15, the source said.

J.P. Morgan Securities LLC is leading the deal, which will be used refinance/reprice an existing $390 million term loan that is priced at Libor plus 300 bps with a 1% Libor floor and to fund the $160 million acquisition of HK Financial Services, a CPA-focused registered investment advisor.

Closing is expected by the end of the first quarter, subject to regulatory approval and customary conditions.

Blucora is an Irving, Texas-based provider of tax-smart financial solutions.

First Advantage meeting

First Advantage will hold a bank meeting on Thursday to launch a $620 million first-lien term loan B, a market source remarked.

BofA Securities Inc., J.P. Morgan Securities LLC, Barclays, Jefferies LLC, RBC Capital Markets, Credit Suisse Securities (USA) LLC, Citizens Bank, HSBC Securities (USA) Inc., KKR Capital Markets and Stifel are leading the deal that will be used to help fund the buyout of the company by Silver Lake from Symphony Technology Group.

Closing is expected this quarter, subject to customary conditions.

First Advantage is an Atlanta-based provider of comprehensive background screening, identity and information solutions.

OneDigital sets call

OneDigital plans to hold a lender call at 3 p.m. ET on Thursday to launch into broad syndication a portion of a fungible $165 million incremental first-lien term loan (B2), according to a market source.

Golub Capital is leading the deal that will be used to fund acquisitions.

The company also privately placed a new $75 million delayed-draw first-lien term loan (B2) with Golub Capital and PSP Investments Credit USA LLC.

OneDigital is an Atlanta-based employee benefits insurance broker.

LifePoint readies loan

LifePoint Health scheduled a lender call for 10 a.m. ET on Wednesday to launch a new loan deal to current and prospective lenders, a market source remarked.

Citigroup Global Markets Inc. is leading the transaction.

LifePoint is a Brentwood, Tenn.-based health care provider.

Victory joins calendar

Victory Capital emerged with plans to hold a lender call at 11 a.m. ET on Wednesday to launch a loan transaction, according to a market source.

RBC Capital Markets and Barclays are leading the deal. Barclays is the administrative agent.

The company has an existing $952 million term loan B due July 2026.

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

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