NorthStar breaks; Potters, Arterra, Tacala, Dun & Bradstreet, Internet Brands set talk

By Sara Rosenberg

New York, Nov. 9 – NorthStar Group Services Inc. reduced the size of its first-lien term loan, raised the spread, widened the original issue discount, extended the call protection and shortened the maturity before freeing up for trading on Monday.

In other news, Potters Industries LLC, Arterra Wines Canada Inc., Tacala Cos., Dun & Bradstreet Holdings Inc. and Internet Brands all released price talk with launch.

Also, Ivanti Software Inc., American Bath Group LLC (CP Atlas Buyer Inc.) and Mavis Tire Express Services Corp. joined this week’s primary calendar.

NorthStar reworked, trades

NorthStar Group Services scaled back its first-lien term loan to $425 million from $555 million, lifted pricing to Libor plus 550 basis points from talk in the range of Libor plus 475 bps to 500 bps and revised the original issue discount to 98 from 99, according to a market source.

In addition, the 101 soft call protection on the term loan was extended to one year from six months and the maturity was changed to six years from seven years, the source said.

As before, the term loan has a 1% Libor floor.

On Monday, the term loan made its way into the secondary market, with levels quoted at 98¼ bid, 98¾ offered, the source added.

Macquarie Capital (USA) Inc. is leading the deal that will be used to refinance existing debt and fund a dividend.

NorthStar is a New York-based provider of specialized environmental and technical services to government and commercial facility owners in need of operational, decommissioning and remediation services.

Potters guidance

Potters Industries held its lender call at 2 p.m. ET on Monday and, a few hours before the call began, price talk on its $390 million seven-year covenant-lite first-lien term loan was announced at Libor plus 450 bps to 475 bps with a 0.75% Libor floor and an original issue discount of 99, a market source said.

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

The company’s $465 million of credit facilities (B) also include a $75 million revolver.

Commitments are due at 5 p.m. ET on Nov. 19.

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.

Arterra holds call

Arterra Wines Canada emerged in the morning with plans to hold a lender call at 12:30 p.m. ET on Monday to launch C$710 million equivalent of U.S. and Canadian term loans (B1/B), according to a market source.

The debt consists of a C$660 million U.S. dollar equivalent seven-year covenant-lite first-lien term loan talked at Libor plus 400 bps with a 0.75% Libor floor and an original issue discount of 99, and a C$50 million Canadian seven-year covenant-lite first-lien term loan talked 25 bps wider than the U.S. term loan with a 0.75% floor and a discount of 99.

The term loans have 101 soft call protection for six months.

Commitments are due at noon ET on Nov. 18, the source added.

Credit Suisse Securities (USA) LLC, BMO Capital Markets, RBC Capital Markets and Antares Capital are leading the deal that will be used to refinance existing debt and to fund a shareholder distribution.

Arterra Wines is a Mississauga, Ont.-based owner and distributor of wine.

Tacala proposed terms

Tacala came out with price talk on its $85 million of incremental term loans with its lender call on Monday, a market source remarked.

Talk on the fungible $65 million incremental first-lien term loan (B-) is Libor plus 375 bps to 400 bps with a 0.75% Libor floor and an original issue discount of 99, and talk on the fungible $20 million incremental second-lien term loan (CCC) is Libor plus 775 bps with a 0.75% Libor floor and a discount of 99, the source continued.

Commitments are due at noon ET on Friday.

KKR Capital Markets and Wells Fargo Securities LLC are leading the deal that will be used for a dividend recapitalization.

In connection with this transaction, pricing on the existing $420 million first-lien term loan will be changed from Libor plus 325 bps with a 0% Libor floor and pricing on the existing $140 million second-lien term loan will be revised from Libor plus 750 bps with a 0% Libor floor to match pricing on the incremental loans.

Tacala is a Vestavia Hills, Ala.-based franchise operator of Taco Bell restaurants.

Dun & Bradstreet launches

Dun & Bradstreet held a lender call at 10 a.m. ET to launch a fungible $300 million add-on first-lien term loan talked with an original issue discount in the range of 98.79 to 99, according to a market source.

The add-on term loan is priced at Libor plus 375 bps with a 0% Libor floor.

Commitments are due at 2:30 p.m. ET on Tuesday, the source added.

BofA Securities Inc. is leading the deal that will be used to help fund the acquisition of Bisnode Business Information Group AB, a European data and analytics firm, for about $818 million, consisting of 75% in cash and 25% in newly issued shares of common stock.

Closing is expected in January, subject to required regulatory approvals and customary conditions.

Dun & Bradstreet is a Short Hills, N.J.-based provider of business decisioning data and analytics.

Internet shops loan

Internet Brands launched with a lender call at 4 p.m. ET a fungible $350 million incremental covenant-lite first-lien term loan due September 2024 talked with an original issue discount in the range of 98.5 to 99, according to a market source.

Pricing on the incremental term loan is Libor plus 375 bps with a 1% Libor floor and the debt has 101 soft call protection through June 2021.

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

Credit Suisse Securities (USA) LLC, KKR Capital Markets and RBC Capital Markets are leading the deal that will be used to fund tuck-in acquisitions and a shareholder distribution.

Internet Brands is an El Segundo, Calif.-based online media and software services organization.

Ivanti coming soon

Ivanti Software will hold a lender call at 11 a.m. ET on Tuesday to launch $1.435 billion of first-lien senior secured credit facilities, split between a $175 million revolver and a $1.26 billion first-lien term loan B, a market source said.

Morgan Stanley Senior Funding Inc. is the left lead on the deal. BofA Securities Inc., UBS Investment Bank and BMO Capital Markets are involved as well.

The first-lien credit facilities will be used with a $545 million privately placed second-lien term loan and $500 million of new first-lien secured debt to fund the acquisitions of MobileIron Inc. and Pulse Secure LLC, refinance existing debt, and 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 terms of the Pulse Secure transaction were not disclosed. Pulse Secure, a provider of secure access and mobile security solutions, is being bought from Siris Capital Group, LLC.

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.

American Bath on deck

American Bath scheduled a lender call for 10 a.m. ET on Tuesday to launch a $1.2 billion seven-year first-lien term loan (B), split between a $900 million funded tranche and a $300 million delayed-draw tranche, a market source remarked.

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

Commitments are due on Nov. 20, the source added.

Credit Suisse Securities (USA) LLC, RBC Capital Markets LLC, 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.

Mavis readies deal

Mavis Tire set a lender call for 11 a.m. ET on Tuesday to launch a non-fungible $470 million incremental first-lien term loan due March 20, 2025, according to a market source.

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

Mavis is a Millwood, N.Y.-based tire and service retailer.

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