Allen Media, AmeriLife break; Avolon, Rohm, United Planet, Zotec, Fiserv, Lonestar revised

By Sara Rosenberg

New York, Feb. 6 – Allen Media Group Holdings adjusted the original issue discount on its term loan, and AmeriLife Holdings LLC lowered pricing on its first-lien term loan and modified the issue price and, and then both of these deals freed up for trading on Thursday.

In more happenings, Avolon upsized its term loan B-4, Rohm set original issue discounts on its U.S. and euro term loans tight of revised talk but wide of initial guidance, and United Planet Fitness (United PF Holdings LLC) set the spread on its first-lien term loan debt at the low end of guidance and tightened the original issue discount.

Also, Zotec Partners increased the size of its first-lien term loan B, Fiserv Investment Solutions Inc. upsized is term loan B, trimmed spread talk and modified the issue price, and StandardAero (Dynasty Acquisition Co. Inc.) changed the issue price on its incremental first-lien term loan.

Furthermore, Lonestar II Generation Holdings LLC upsized its incremental term loans B and C, and revised the original issue discount on the tranches, RBmedia and Floor & Decor moved up the commitment deadlines for their term loans, and Spring Education Group withdrew its term loan repricing from market.

Additionally, LifePoint Health Inc., Cole-Parmer Instrument Co. LLC and Dentalcorp Health Services ULC released price talk with launch, and Ceridian HCM Holding Inc., Idera Inc., Innovative XCessories & Services LLC, Aptean and Clarivate Analytics plc joined the near-term primary calendar.

Allen tightens, trades

Allen Media modified the original issue discount on its $530 million seven-year term loan B to 99.5 from 99, and left pricing at Libor plus 550 basis points with a 0% Libor floor, according to a market source.

The term loan has 101 soft call protection for six months and 50 bps MFN for life.

The company’s $555 million of credit facilities (Ba3/BB-) also include a $25 million five-year revolver.

On Thursday, the term loan B broke for trading and levels were quoted at 99¾ bid, par ¼ offered, a trader added.

RBC Capital Markets is the left lead on the deal that will be used with $300 million of eight-year senior notes to fund the acquisition of 11 broadcast television stations from USA Television Holdings LLC and USA Television MidAmerica Holdings LLC, and to refinance existing debt.

Allen Media is a media, content and technology company.

AmeriLife flexes, frees up

AmeriLife cut pricing on its $465 million seven-year covenant-lite first-lien term loan (B2/B) to Libor plus 400 bps from talk in the range of Libor plus 425 bps to 450 bps and changed the original issue discount to 99.75 from 99.5, a market source remarked.

The first-lien term loan, which includes a $75 million delayed-draw piece, still has a 0% Libor floor and 101 soft call protection for six months. The delayed-draw term loan has a ticking fee of half the margin from days 61 to 90 and the full margin thereafter.

Recommitments were due at 2 p.m. ET on Thursday and the first-lien term debt began trading in the afternoon, with levels quoted at par bid, par ½ offered, another source added.

The company’s $655 million of credit facilities also provide for a $75 million revolver and a $115 million privately placed second-lien term loan.

Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, Barclays, Morgan Stanley Senior Funding Inc. and Jefferies LLC are leading the deal that will be used to help fund the buyout of the Clearwater, Fla.-based insurance marketing organization by Thomas H. Lee Partners LP from J.C. Flowers & Co. LLC.

Closing is expected this quarter, subject to customary conditions.

Avolon upsizes

In other news, Avolon increased its seven-year first-lien term loan B-4 to $850 million from $750 million, according to a market source.

As before, the term loan B-4 is priced at Libor plus 150 bps with a 0.75% Libor floor and an original issue discount of 99.75, and has 101 soft call protection for six months.

Recommitments were due at 2 p.m. ET on Thursday and the term loan B-4 allocated later in the day.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used with $300 million of cash on hand to repay $1.15 billion of term loan B-3 borrowings.

Closing is expected during the week of Feb. 10.

Avolon is an Ireland-based provider of aircraft leasing and lease management services.

Rohm updated

Rohm set the original issue discount on its $612 million term loan B (B2/B/B) due July 31, 2026 at 86.5, tight of revised talk in the range of 85 to 86 but wide of initial talk of 95, and firmed the discount on its €977 million term loan B (B2/B/B) due July 31, 2026 at 89.5, tight of revised talk in the range of 87 to 88 but wide of initial talk of 95, a market source said.

Pricing on the term loans is Libor/Euribor plus 500 bps with a 0% floor.

Commitments were due at noon ET on Thursday, the source added.

Barclays, Deutsche Bank and Goldman Sachs are the bookrunners on the deal, with Barclays the left lead on the U.S. piece. Mandated lead arrangers include BofA Securities Inc., RBC Capital Markets, HSBC, NatWest, Bank of China and Helaba.

This transaction is a sell-down of the loans that were obtained last year for the buyout of Evonik Industries AG’s methacrylates business by Advent International for €3 billion.

Rohm, formerly known as Madrid, is a provider of methacrylate solutions to a variety of end markets, including paints and coatings, construction, automotive and health care.

United Planet tweaked

United Planet Fitness firmed pricing on its $525 million seven-year first-lien term loan (B1/B) and $65 million delayed-draw first-lien term loan (B1/B) at Libor plus 400 bps, the low end of the Libor plus 400 bps to 425 bps talk, and changed the original issue discount to 99.5 from 99, according to a market source.

As before, the first-lien term loan debt has a 0% Libor floor and 101 soft call protection for one year, and the delayed-draw term loan has a ticking fee of half the spread from days 45 to 90 and the full spread thereafter.

Commitments were due at 5 p.m. ET on Thursday, the source said.

The company’s $746 million of credit facilities also include a $40 million five-year revolver (B1/B) and a $116 million eight-year privately placed second-lien term loan (Caa1/CCC+).

Jefferies LLC, Antares Capital and Fifth Third are leading the deal that will be used to help fund the buyout of the company by American Securities.

United Planet Fitness is an Austin, Tex.-based operator of Planet Fitness Clubs.

Zotec upsizes

Zotec Partners lifted its first-lien term loan B (B2/B-) due February 2024 to $315 million from $292 million, and left talk at Libor plus 400 bps with a 1% Libor floor, an original issue discount of 99.5 to 99.75 and 101 soft call protection for six months, a market source said.

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

Goldman Sachs Bank USA is leading the deal that will be used to refinance an existing term loan B and, due to the upsizing, to partially pre-fund capital expenditures related to the construction of a new headquarters, add cash to the balance sheet to improve liquidity and for general corporate purposes.

In connection with this transaction, the company is seeking an amendment to certain covenants relative to the existing credit agreement.

Zotec Partners is a Carmel, Ind.-based provider of comprehensive revenue cycle management solutions for hospitals and office-based physician practices.

Fiserv reworked

Fiserv Investment Solutions raised its seven-year senior secured covenant-lite first-lien term loan B (B2/B) to $315 million from $305 million, cut price talk to a range of Libor plus 475 bps to 500 bps from a range of Libor plus 525 bps to 550 bps, and tightened the original issue discount to 99.5 from 99, according to a market source.

The term loan still has a 0% Libor floor and 101 soft call protection for six months.

Recommitments were due at 5 p.m. ET on Thursday, the source said.

Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are leading the deal that will be used to help fund the acquisition of up to 60% of Fiserv Inc.’s Investment Services business by Motive Partners. Retaining a 40% equity interest in the business, Fiserv will receive about $510 million in net after-tax proceeds.

Funds from the term loan upsizing will reduce the equity commitment from Motive and Fiserv on a pro-rata basis, the source added.

Closing is expected during the week of Feb. 10.

Fiserv Investment is a technology provider for segments of the wealth and asset management industry.

StandardAero revised

StandardAero tightened the issue price on its fungible $200 million incremental covenant-lite first-lien term loan (B2/B) due April 2026 to par from talk in the range of 99.5 to 99.75, a market source remarked.

As before, the incremental loan and repricing of the company’s existing $2.14 billion covenant-lite first-lien term loan (B2/B) due April 2026 are priced at Libor plus 350 bps with a 25 bps step-down at 4.25x first-lien leverage and a 0% Libor floor, the repricing is offered at par and all of the term loan debt is getting 101 soft call protection for six months.

Commitments were due at 5 p.m. ET on Thursday.

Credit Suisse Securities (USA) LLC is the left lead on the deal.

The incremental term loan will be used to refinance an ABL draw, and the repricing will take the existing term loan down from Libor plus 400 bps.

StandardAero is a Scottsdale, Ariz.-based provider of aircraft engine maintenance, repair and overhaul services.

Lonestar modified

Lonestar II Generation Holdings raised its incremental covenant-lite term loan B due April 18, 2026 to $60 million from $50 million and its incremental covenant-lite term loan C due April 18, 2026 to $7.2 million from $6 million, and moved the original issue discount on the loans 99.75 from talk in the range of 99 to 99.5, according to a market source.

Pricing on the incremental senior secured term loans is Libor plus 500 bps with a 0% Libor floor, and the debt has 101 soft call protection for six months.

Commitments were due at 5 p.m. ET on Thursday, with allocations expected on Friday, the source added.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to fund a cash collateralized letter of credit account, fund a distribution to the Lonestar Generation LLC balance sheet, and pay transaction fees and expenses.

Lonestar II Generation is the owner of a roughly 1.1 GW portfolio of three thermal power generation assets located in Texas and serving the ERCOT market.

RBmedia changes timing

RBmedia accelerated the commitment deadline for its fungible $350 million add-on first-lien term loan B (B3/B-) due Aug. 31, 2025 to 5 p.m. ET on Thursday from Friday, a market source remarked.

Pricing on the add-on term loan is Libor plus 450 bps with a 0% Libor floor, and it is talked with an original issue discount of 99.5.

Goldman Sachs Bank USA, KKR Capital Markets, Morgan Stanley Senior Funding Inc., ING Capital Markets and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to fund the acquisition of OverDrive Inc., a digital reading platform for libraries and schools, by KKR from Rakuten USA.

RBmedia is a Landover, Md.-based digital audiobook and related spoken-word content producer.

Floor & Decor accelerated

Floor & Decor moved up the commitment deadline for its $144.6 million seven-year first-lien term loan to 5 p.m. ET on Monday from Wednesday, according to a market source.

The term loan is talked at Libor plus 225 bps with a step-up to Libor plus 250 bps at 2x leverage, a 1% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months.

UBS Investment Bank, BofA Securities Inc. and Wells Fargo Securities LLC are leading the deal that will be used to amend and extend an existing term loan.

Floor & Decor is an Atlanta-based specialty retailer in the hard surface flooring market.

Spring Education pulled

Spring Education Group withdrew its $634 million term loan due to market conditions, a market source said.

Talk on the term loan was Libor plus 375 bps to 400 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months.

Macquarie Capital (USA) Inc. was leading the deal that was going to be used to reprice an existing term loan down from Libor plus 425 bps.

Spring Education is a Saratoga, Calif.-based provider of pre-K through 12th grade education.

LifePoint comes to market

Also in the primary market, LifePoint Health launched during the session without a lender call a fungible $600 million incremental senior secured term loan B due November 2025 with original issue discount talk in the range of 99.5 to 99.75, according to a market source.

Like the existing term loan B, the incremental loan is priced at Libor plus 375 bps with a 0% Libor floor.

Commitments are due at 5 p.m. ET on Monday, the source said.

Citigroup Global Markets Inc., Barclays, RBC Capital Markets, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc. and Apollo Global Securities are leading the deal that will be used to help retire $800 million of 8¼% senior secured notes due 2023 and $350 million of 11½% senior notes due 2024.

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

Cole-Parmer guidance

Cole-Parmer released original issue discount talk in the range of 99.75 to par on its $105 million incremental first-lien term loan due Nov. 4, 2026 that launched with an afternoon call, a market source remarked.

The first-lien term loan is priced at Libor plus 425 bps with a 25 bps leverage-based step-down and a 0% Libor floor.

Commitments are due on Wednesday, the source added.

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

Cole-Parmer is a Vernon Hills, Ill.-based provider of fluid handling, test & measurement, environmental and biosciences instrumentation and associated consumables.

Dentalcorp talk

Dentalcorp Health Services held its lender call in the afternoon and announced original issue discount talk in the range of 99 to 99.25 on its $75 million incremental first-lien term loan due June 6, 2025, a market source said.

Pricing on the first-lien term loan is Libor plus 375 basis points with a 0% Libor floor.

Commitments are due on Wednesday, the source added.

Jefferies LLC, CIBC and TD Securities (USA) LLC are leading the deal that will be used to fund closed and future acquisitions.

Dentalcorp is a dental support organization in Canada providing a full spectrum of dental services.

Ceridian joins calendar

Ceridian HCM set a lender call for 10 a.m. ET on Friday to launch a $672 million covenant-lite term loan B due April 30, 2025 talked at Libor plus 250 bps with a par issue price and 101 soft call protection for six months, according to a market source.

Commitments are due at 5 p.m. ET on Feb. 13, the source added.

Deutsche Bank Securities Inc. is leading the deal that will be used to reprice an existing term loan B.

Ceridian is a provider of cloud human capital management technology.

Idera readies deal

Idera scheduled a lender call for 1:30 p.m. ET on Friday to launch a roughly $770 million first-lien term loan due June 2024 talked at Libor plus 400 bps to 425 bps with 101 soft call protection for six months, a market source remarked.

Consents/commitments are due at noon ET on Feb. 13, the source added.

Jefferies LLC is leading the deal that will be used to reprice an existing term loan down from Libor plus 450 bps.

Idera is a Houston-based provider of database, application development and testing software.

Innovative XCessories on deck

Innovative XCessories & Services set a bank meeting for Tuesday to launch $695 million of credit facilities, according to a market source.

The facilities consist of a $75 million ABL revolver and a $620 million term loan, the source said.

UBS Investment Bank and Jefferies LLC are leading the deal that will be used to help fund the buyout of the company by Clearlake Capital Group LP from Olympus Partners.

Closing is expected this quarter.

Innovative XCessories is a Windsor, Ont.-based provider of coating solutions and vehicle upfit services to the automotive aftermarket and diversified industrial end markets.

Aptean schedules call

Aptean will hold a lender call at 3 p.m. ET on Tuesday to launch an incremental first-lien term loan, a market source said.

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

Aptean is an Alpharetta, Ga.-based provider of mission-critical, industry-specific enterprise software solutions.

Clarivate plans loan

Clarivate Analytics set a call for 10 a.m. ET on Friday to launch a new loan to prospective lenders, according to a market source.

Citigroup Global Markets Inc. is leading the deal.

Clarivate is a Philadelphia-based provider of comprehensive intellectual property and scientific information, decision support tools and services.

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