Paradigm term loan breaks; Russell Investments, Crisis Prevention updates surface

By Sara Rosenberg

New York, April 2 – Paradigm (Outcomes Group Holdings Inc.) firmed the spread on its first-lien term loan at the low end of talk and tightened the original issue discount, and then the debt made its way into the secondary market on Tuesday.

In more happenings, Russell Investments finalized the size of its extended first-lien term loan B, and Crisis Prevention Institute Inc. (TEI Holdings Inc.) set pricing on its first-lien term loan at the high end of guidance and revised the issue price.

Additionally, Endo Inc., Mauser Packaging Solutions Holding Co., UKG Inc., AmaWaterways, GeoStabilization International and United Parks & Resorts Inc. (SeaWorld Parks & Entertainment Inc.) released price talk with launch.

Furthermore, End-User Computing (Modena Buyer LLC) and Visual Comfort joined this week’s primary calendar.

Paradigm revised, frees

Paradigm finalized pricing on its $700 million seven-year first-lien term loan at SOFR plus 425 basis points, the low end of the SOFR plus 425 bps to 450 bps talk, moved the original issue discount to 99.5 from 99, and made some lender friendly changes to documentation, according to a market source.

As before, the term loan has two 25 bps step-downs at 0.5x and 1x below opening first-lien net leverage, a 0% floor and 101 soft call protection for six months.

The capital structure is portable subject to portability conditions outlined in the credit agreement.

Recommitments were due at 12:30 p.m. ET on Tuesday and the term loan began trading later in the day, with levels quoted at 99¾ bid, par ¼ offered, another source added.

The company’s $800 million of credit facilities (B3/B) also include a $100 million five-year revolver.

UBS Investment Bank is the left lead on the deal that will be used to refinance existing first- and second-lien credit facilities.

Omers Private Equity is the sponsor.

Paradigm is a Walnut Creek, Calif.-based accountable, specialty care management organization.

Russell updated

Russell Investments firmed the size of its extended first-lien term loan B due May 30, 2027 (B1/B+) at $1,160,419,945, compared to initial talk of $1.207 billion, a market source said.

Pricing on the term loan remained at SOFR plus 500 bps plus 150 bps PIK interest with a 1% floor, a cash original issue discount of 3 points and a PIK original issue discount of 4 points.

Allocations went out on Tuesday, the source added.

Barclays is the left lead on the deal that will be used to amend and extend an existing first-lien term loan B due May 30, 2025. With this transaction, there will be no un-extended term loan tranche.

Closing is expected during the week of April 8.

TA Associates and Reverence Capital Partners are the sponsors.

Russell Investments is a Seattle-based investment solutions provider.

Crisis tweaked

Crisis Prevention Institute firmed pricing on its $400 million seven-year first-lien term loan (B3/B-) at SOFR plus 475 bps, the high end of the SOFR plus 450 bps to 475 bps talk, changed the original issue discount to 99.5 from 99 and removed portability, a market source remarked.

The term loan still has two 25 bps step-downs at 0.5x and 1x inside of first-lien net leverage, a 0.5% floor and 101 soft call protection for six months.

Recommitments were due at 4 p.m. ET on Tuesday, the source added.

Jefferies LLC, Macquarie Capital (USA) Inc. and Antares Capital are leading the deal that will be used to refinance existing debt and fund a distribution to shareholders.

Crisis Prevention is a provider of crisis de-escalation training programs.

Endo sets talk

Endo held its lender call on Tuesday morning and announced talk on its $1.25 billion seven-year term loan B at SOFR plus 475 bps to 500 bps with a 25 bps step-down at 0.5x inside closing date first-lien net leverage, a 0.5% floor, an original issue discount of 98 to 98.5 and 101 soft call protection for six months, according to a market source.

The company’s $1.65 billion of credit facilities (B2/B+) also include a $400 million super-priority revolver.

Commitments are due at 10 a.m. ET on April 11, the source added.

Goldman Sachs Bank USA and JPMorgan Chase Bank are leading the deal that will be used with $1.25 billion of other secured debt to fund the company’s exit from Chapter 11.

The company hopes to emerge from bankruptcy as early as late April.

Endo is a Dublin-based diversified specialty pharmaceutical company.

Mauser holds call

Mauser Packaging emerged in the morning with plans to hold a lender call at 11 a.m. ET to launch a $792 million term loan B due April 15, 2027 (B2) talked at SOFR plus 350 bps to 375 bps with a 0% floor, an original issue discount of 99.875 to par and 101 soft call protection for six months, a market source said.

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

BofA Securities Inc. is leading the deal that will be used to reprice an existing $792 million term loan down from SOFR plus 400 bps with a 0% floor and extend the maturity by eight months.

Mauser is an Oak Brook, Ill.-based manufacturer and distributor of rigid metal, plastic and fiber containers, intermediate bulk containers and reconditioned packaging.

UKG shops loan

UKG launched in the morning without a lender call a fungible $500 million incremental covenant-lite first-lien term loan due February 2031 (B2/B-/BB) talked with a par issue price, according to a market source.

Like the existing term loan, the incremental term loan is priced at SOFR plus 350 bps with a 0% floor, and has 101 soft call protection expiring in August.

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

Nomura, JPMorgan Chase Bank and others to be announced are leading the deal that will be used to refinance a portion of the company’s existing second-lien term loan and to pay fees and expenses.

UKG is a provider of human capital management solutions and is based in Weston, Fla., and Lowell, Mass.

AmaWaterways launches

AmaWaterways held a lender call at 2 p.m. ET, launching a $525 million seven-year term loan B (B2/B) talked at SOFR plus 375 bps to 400 bps with 25 bps step-downs at 4.5x and 4x first-lien net leverage and a 25 bps step-down upon an initial public offering, a 0% floor, an original issue discount of 99 and 101 soft call protection for six months, a market source remarked.

JPMorgan Chase Bank is the left lead on the deal that will be used to help fund the buyout of the company by L Catterton from a consortium of investors led by Certares.

AmaWaterways is a Calabasas, Calif.-based luxury river cruise line.

GeoStabilization guidance

GeoStabilization came out with original issue discount talk of 99.5 to par on its fungible $45 million add-on term loan in connection with its afternoon lender call, a market source said.

Pricing on the add-on term loan is SOFR plus 525 bps with a 0% floor.

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

KKR Capital Markets and UBS Investment Bank are leading the deal that will be used for acquisition financing.

GeoStabilization is a provider of highly specialized, mission-critical, and non-discretionary geohazard mitigation solutions.

United Parks shops loan

United Parks & Resorts held a lender call at 11 a.m. ET to launch a fungible $230 million incremental term loan due 2028 talked with an original issue discount of 99.75 to 99.875, according to a market source.

Like the existing term loan, the incremental loan is priced at SOFR plus 250 bps with a 0.5% floor, and has 101 soft call protection until July.

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

JPMorgan Chase Bank is leading the deal that will be used to redeem the company’s $227.5 million 8¾% senior secured notes due 2025.

United Parks is an Orlando, Fla.-based theme park and entertainment company.

End-User readies deal

End-User Computing set a bank meeting for 11 a.m. ET on Wednesday to launch its previously announced $2.86 billion of credit facilities, according to a market source.

The facilities consist of a $260 million five-year revolver and a $2.6 billion seven-year first-lien term loan.

UBS Investment Bank, KKR Capital Markets, Jefferies LLC, Citigroup Global Markets Inc., Natixis, SMBC and Bank of Nova Scotia are leading the deal that will be used to help fund the buyout of the company by KKR from Broadcom Inc. in a transaction valued at about $4 billion.

Closing is expected this year, subject to customary conditions, including regulatory approvals.

End-User Computing is a Toledo, Ohio-based provider of digital workspace solutions that allow organizations to securely deliver and manage applications, desktops and data across any device or platform.

Visual Comfort on deck

Visual Comfort will hold a lender call at 10 a.m. ET on Wednesday to launch a fungible $275 million first-lien term loan B due July 2028 (B2) talked with an original issue discount of 99.04, a market source remarked.

Pricing on the term loan B is SOFR plus 350 bps, stepping up from SOFR plus 300 bps, with a 0.5% floor, and the debt is getting 101 soft call protection for six months.

Commitments are due at noon ET on April 9, the source added.

Goldman Sachs Bank USA is the left lead on the deal that will be used to refinance an existing second-lien term loan.

Visual Comfort is a Houston-based provider of decorative and functional lighting products.

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