American Bath updates structure; Ivanti Software, Potters Industries accelerate deadlines

By Sara Rosenberg

New York, Nov. 16 – In the primary market on Monday, American Bath Group LLC (CP Atlas Buyer Inc.) changed its first-lien term loan to an all funded tranche.

Also, Ivanti Software Inc. and Potters Industries LLC accelerated the commitment deadlines for their loan transactions.

Furthermore, Astoria Energy LLC released price talk on its first-lien term loan B with its lender call, and Frontier Communications Corp., RailWorks and AmeriLife Holdings LLC joined this week’s primary calendar.

American Bath revised

American Bath shifted its $1.2 billion seven-year first-lien term loan (B2/B) to all funded from being divided between a $900 million funded tranche and a $300 million delayed-draw piece, according to a market source.

Talk on the term loan is still Libor plus 450 basis points to 475 bps with a 0.75% Libor floor, an original issue discount of 98 and 101 soft call protection for six months.

Commitments continue to be due on Friday.

Credit Suisse Securities (USA) LLC, RBC Capital Markets, BofA Securities Inc., BMO Capital Markets Corp., Truist Securities Inc., Barclays and UBS Investment Bank are leading the deal that will be used to help fund the buyout of the company by Centerbridge Partners LP from Lone Star Funds.

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

American Bath is an Arlington, Tex.-based manufacturer of showers, bathtubs and related accessories.

Ivanti moves deadline

Ivanti accelerated the commitment deadline for its $1.26 billion seven-year covenant-lite first-lien term loan B (B2/B-/BB-) to 10 a.m. ET on Friday from noon ET on Nov. 24, a market source said.

Talk on the first-lien term loan is Libor plus 475 bps with a 1% Libor floor, an original issue discount of 98.5 and 101 soft call protection for six months.

The company’s $1.98 billion of senior secured credit facilities also include a $175 million five-year revolver (B2/B-/BB-) and a $545 million privately placed second-lien term loan (Caa2/CCC+/CCC+).

Morgan Stanley Senior Funding Inc., BofA Securities Inc., UBS Investment Bank, BMO Capital Markets, Goldman Sachs Bank USA and Antares Capital are leading the deal.

Ivanti funding acquisitions

Ivanti Software will use its new credit facilities and $500 million of new first-lien secured debt to finance the acquisitions of MobileIron Inc. and Pulse Secure LLC, to refinance existing debt and to pay related fees and expenses.

MobileIron, a provider of mobile-centric unified endpoint management solutions, is being bought for $7.05 in cash per share, or about $872 million, and Pulse Secure, a provider of secure access and mobile security solutions, is being acquired from Siris Capital Group LLC. The terms of the Pulse Secure transaction were not disclosed.

Closing is subject to customary conditions, including regulatory and MobileIron stockholder approvals.

Ivanti, a Clearlake Capital Group LP and TA Associates portfolio company, is a South Jordan, Utah-based company that automates IT and security operations to discover, manage, secure and service from cloud to edge.

Potters tweaks timing

Potters Industries moved up the commitment deadline for its $465 million of credit facilities (B2/B) to noon ET on Wednesday from 5 p.m. ET on Thursday, a market source remarked.

The facilities consist of a $75 million revolver and a $390 million seven-year covenant-lite first-lien term loan.

Talk on the term loan is Libor plus 450 bps to 475 bps with a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC, Barclays, Antares Capital, KeyBanc Capital Markets and MUFG are leading the deal that will be used with equity to fund the buyout of the company by The Jordan Co. LP from PQ Group Holdings Inc. for $650 million.

Closing is expected by year-end, subject to customary conditions and regulatory approvals.

Potters is a glass microsphere supplier.

Astoria guidance emerges

Astoria Energy held its lender call on Monday morning and announced talk on its $800 million seven-year senior secured first-lien term loan B at Libor plus 350 bps to 375 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on Dec. 2, the source added.

Barclays, Morgan Stanley Senior Funding Inc. and Natixis are leading the deal that will be used to refinance the company’s existing credit facilities, for general corporate purposes and to pay a distribution to Astoria Project Partners LLC and its owners to reimburse expenditures of the sponsors to acquire their indirect 54.9451% ownership interest in Astoria Project Partners II.

Astoria Energy is an owner of electric power generation facilities in New York.

Frontier on deck

Frontier Communications set a lender call for noon ET on Tuesday to launch a fungible $500 million add-on DIP-to-exit term loan talked with an original issue discount of 98, a market source said.

Pricing on the add-on term loan is Libor plus 475 bps with a 1% Libor floor and the debt has 101 soft call protection through April 2021.

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

J.P. Morgan Securities LLC is leading the deal that will be used to help fund the company’s exit from bankruptcy, which is expected in early 2021.

Frontier Communications is a Norwalk, Conn.-based telecommunications company.

RailWorks joins calendar

RailWorks surfaced with plans to hold a lender call at 10 a.m. ET on Wednesday to launch a $230 million term loan B, according to a market source.

BMO Capital Markets is leading the deal that will be used to fund an acquisition and a dividend.

RailWorks, a Wind Point Partners portfolio company, is a New York-based provider of engineering and construction services for track and transit systems.

AmeriLife plans call

AmeriLife Holdings scheduled a call for loan lenders for 1 p.m. ET on Tuesday, a market source remarked, adding that details on the transaction are not yet available.

Credit Suisse Securities (USA) LLC is leading the deal.

AmeriLife is a Clearwater, Fla.-based insurance marketing organization.

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