J&J Ventures, Instant Brands break for trading; PetIQ, One Call deal updates surface

By Sara Rosenberg

New York, April 7 – J&J Ventures Gaming LLC set the spread on its first-lien term loan at the low end of talk, and Instant Brands Holdings Inc. raised pricing on its first-lien term loan and extended the call protection, and then these deals freed to trade on Wednesday.

In more happenings, PetIQ LLC firmed the original issue discount on its first-lien term loan at the wide side of guidance, and One Call Corp. raised the spread, modified the issue price and sweetened the call protection on its first-lien term loan B.

Also, Kissner (SCIH Salt Holdings Inc.), RadNet Management Inc., N-able Inc., Logoplaste (Mar Bidco Sarl) and Sound United announced price talk with launch.

Furthermore, Quikrete Holdings Inc., ImageFirst Holdings LLC and Russell Investments US Institutional Holdco Inc. joined this week’s primary calendar.

J&J updated, trades

J&J Ventures Gaming firmed pricing on its $575 million seven-year first-lien term loan at Libor plus 400 basis points, the low end of the Libor plus 400 bps to 425 bps talk, and left the 0.75% Libor floor, original issue discount of 99 and 101 soft call protection for six months intact, according to a market source.

The company’s $635 million of credit facilities (B2/B) also include a $60 million revolver.

Recommitments were due at 11 a.m. ET on Wednesday and the term loan began trading later in the day, with levels quoted at 99½ bid, par ¼ offered, another source added.

Credit Suisse Securities (USA) LLC, BofA Securities Inc. and Fifth Third are leading the deal that will be used to refinance existing debt and fund acquisitions.

J&J is an operator of video gaming terminals in Illinois.

Instant Brands revised, breaks

Instant Brands widened pricing on its $450 million seven-year first-lien term loan (Ba3/B) to Libor plus 500 bps from talk in the range of Libor plus 425 bps to 450 bps and extended the 101 soft call protection to one year from six months, a market source said.

In addition, amortization on the term loan was changed to 7.5% per annum for the first two years and 5% per annum thereafter from 5% per annum in all years, and some other lender friendly documentation revisions were made.

The 0.75% Libor floor and original issue discount of 99 on the term loan were unchanged.

Commitments were due at 3 p.m. ET on Wednesday and the term loan freed to trade in the afternoon, with levels quoted at 99¼ bid, par ¼ offered, another source added.

Jefferies LLC, BofA Securities Inc., Citigroup Global Markets Inc., RBC Capital Markets, BBVA, BMO Capital Markets and Truist are leading the deal that will refinance debt and fund a distribution to shareholders.

Instant Brands is a manufacturer of kitchen and houseware brands.

PetIQ firms terms

PetIQ set the original issue discount on its $300 million seven-year senior secured first-lien term loan (B3/B-) at 99, the wide end of the 99 to 99.5 talk, and made a number of lender friendly documentation changes, according to a market source.

Pricing on the term loan remained at Libor plus 425 bps with a 0.5% Libor floor, and the debt still has 101 soft call protection for six months.

The company’s $425 million of credit facilities also include a $125 million five-year ABL revolver.

Recommitments were due at 3 p.m. ET on Wednesday and the deal allocated later in the day, the source added.

Jefferies LLC and KeyBanc Capital Markets are leading the deal that will be used to partially refinance existing debt.

PetIQ is an Eagle, Idaho-based pet medication and wellness company providing convenient access to affordable veterinary products and services.

One Call reworked

One Call lifted pricing on its $700 million first-lien term loan B (B1/B-) to Libor plus 550 bps from talk in the range of Libor plus 475 bps to 500 bps, changed the original issue discount to 98 from 99 and revised the call protection to a 101 hard call for two years from a 101 soft call for six months, a market source remarked.

The term loan still has a 0.75% Libor floor.

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

JPMorgan Chase Bank, Wells Fargo Securities LLC, Jefferies LLC, CIT, KKR Capital Markets and Blackstone are leading the deal that will be used with a $450 million privately placed second-lien financing to refinance existing debt.

One Call is a Jacksonville, Fla.-based health care network management company and provider of specialized solutions to the workers’ compensation industry.

Kissner sets talk

Kissner held its call on Wednesday and announced talk on its $900 million incremental covenant-lite first-lien term loan B due March 2027 at Libor plus 375 bps to 400 bps with a 0.75% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months, according to a market source.

The company’s $1.175 billion of senior secured credit facilities (B3/B) also include a $275 million incremental revolver due March 2025.

Commitments are due at 5 p.m. ET on April 15, the source added.

Morgan Stanley Senior Funding Inc., BofA Securities Inc., Deutsche Bank Securities Inc., BMO Capital Markets, Goldman Sachs Bank USA, Citigroup Global Markets Inc., Citizens Bank, Credit Suisse Securities (USA) LLC, JPMorgan Chase Bank, KKR Capital Markets and RBC Capital Markets are leading the deal.

The Overland Park, Kan.-based producer and supplier of salt will use the credit facilities with $1.1 billion of new secured debt, $700 million of new unsecured debt and $993 million of equity to fund the $3.2 billion acquisition of K+S AG’s Americas salt business, refinance existing debt, and pay fees and expenses.

Closing is expected by the summer, subject to customary conditions, including antitrust approvals.

Kissner is a subsidiary of Stone Canyon Industries Holdings LLC.

RadNet guidance

RadNet came out with talk of Libor plus 325 bps to 350 bps with a 0.75% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for one year on its $675 million seven-year term loan B that launched with a call in the morning, a market source said.

The company’s $870 million of credit facilities (B1/B) also include a $195 million five-year revolver.

Commitments are due at noon ET on April 15, the source added.

Barclays is leading the deal, which will be used to refinance the company’s existing credit facilities and replenish balance sheet cash for general corporate purposes.

RadNet is a Los Angeles-based owner and operator of outpatient diagnostic imaging centers.

N-able proposed terms

N-able Inc. launched on its call its $350 million seven-year term loan B at talk of Libor plus 350 bps to 375 bps with a 0.5% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, according to a market source.

The company is also expected to get a $75 million revolver.

Commitments are due at 5 p.m. ET on April 15.

JPMorgan Chase Bank is leading the deal that will be used to repay existing debt and for general corporate purposes in connection with the company’s spinoff from SolarWinds.

N-able is a Wakefield, Mass.-based provider of cloud-based software solutions for managed service providers.

Logoplaste launches

Logoplaste held a call on Wednesday, launching a $300 million seven-year covenant-lite term loan B at talk of Libor plus 425 bps to 450 bps with a 0.5% Libor floor and an original issue discount of 99.5, and a €440 million seven-year covenant-lite term loan B at talk of Euribor plus 400 bps to 425 bps with a 0% floor and a discount of 99.5, a market source remarked.

Both loans have leverage and environmental, social and governance steps in pricing, and 101 soft call protection for six months.

Commitments are due at 10 a.m. ET on April 20, the source added.

Goldman Sachs is the sole active bookrunner on the U.S. loan. BNP Paribas and Goldman are the joint active bookrunners on the euro loan. Barclays, Credit Suisse, ING, Mizuho and Rabobank are passive bookrunners.

The company is also getting an €80 million equivalent sterling pre-placed term loan.

Logoplaste being acquired

Logoplaste will use the new term loans to help fund Ontario Teachers’ Pension Plan Board’s acquisition of Carlyle Group’s majority stake in it, to refinance existing debt, for general corporate purposes and to pay transaction fees and expenses.

Current Logoplaste shareholders Filipe de Botton and Alexandre Relvas will retain their approximately 40% stake in the business.

Closing is subject to customary regulatory approvals.

Logoplaste is a Portugal-based designer and manufacturer of rigid plastic packaging solutions.

Sound United shops loan

Sound United launched a $380 million seven-year first-lien term loan B (B2/B) talked at Libor plus 475 bps to 500 bps with a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, a market source remarked.

Commitments are due at noon ET on April 21, the source added.

BofA Securities Inc. and KKR Capital Markets are leading the deal that will be used to refinance existing debt.

Sound United is a Vista, Calif.-based manufacturer and retailer of audio equipment.

Quikrete on deck

Quikrete set a lender call for 11 a.m. ET on Thursday to launch a $1.5 billion seven-year incremental covenant-lite term loan B (BB-), according to a market source.

The incremental term loan has 101 soft call protection for six months and a ticking fee of half the margin from days 46 to 90 and the full margin plus Libor thereafter, the source said.

With the incremental term loan, the company is seeking consent from existing term loan B and term loan B-1 lenders to waive mandatory repayment rights for any required divestitures, such that the proceeds are directed to the additional debt financing commitment in the event it funds.

Consents are due at 3 p.m. ET on Tuesday and commitments for the loan are due at noon ET on April 16.

Wells Fargo Securities LLC is leading the deal that will help fund the acquisition of Forterra Inc. for $24.00 per share in an all-cash transaction valued at $2.74 billion, including outstanding debt.

Closing is expected in the fourth quarter, subject to regulatory approval and other customary conditions.

Quikrete is an Atlanta-based buildings materials company. Forterra is an Irving, Tex.-based manufacturer of water and drainage infrastructure pipe and products.

ImageFirst joins calendar

ImageFirst will hold a lender call at noon ET on Thursday to launch $310 million of credit facilities, a market source said.

The facilities consist of a $50 million revolver, a $210 million covenant-lite first-lien term loan and a $50 million delayed-draw covenant-lite first-lien term loan, the source added.

Antares Capital and KeyBanc Capital Markets are leading the deal that will be used to refinance existing first-lien credit facilities.

ImageFirst, a Calera Capital portfolio company, is a King of Prussia, Pa.-based provider of outsourced laundry and textile rental services with a focus on outpatient and specialty healthcare.

Russell coming soon

Russell Investments scheduled a lender call for 1 p.m. ET on Thursday to launch a fungible roughly $407 million senior secured incremental first-lien term loan B due May 2025, according to a market source.

The incremental term loan has a 1% Libor floor and 101 soft call protection for six months, the source said.

Commitments are due at noon ET on April 15.

Barclays, Macquarie Capital (USA) Inc. and Credit Suisse Securities (USA) LLC are leading the deal that will be used to refinance an existing term loan due 2023 and fund a one-time distribution to shareholders.

Russell is a Seattle-based asset manager.

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