RelaDyne, AssuredPartners, Alight free to trade; athenahealth revised; Embecta accelerated

By Sara Rosenberg

New York, Jan. 26 – RelaDyne Inc. increased the size of its first-lien term loan, lowered the spread and modified the original issue discount, and AssuredPartners Inc. and Alight Solutions revised the issue prices on their term loan, and then these deals broke for trading on Wednesday.

In more happenings, athenahealth Inc. upsized its term loan B, trimmed pricing, removed a step-down and tweaked delayed-draw terms, and Embecta Corp. moved up the commitment deadline for its term loan B.

Also, Scientific Games Lottery, Tricor Group (Thevelia (US) LLC), Caldic BV, Spruce Power Holdings LLC and symplr Software Inc. released price talk with launch.

Additionally, Pediatric Associates Holding Co. LLC, Foley Products Co. LLC, Mobileum Inc. (Matrix Parent Inc.), Ufinet (Zacapa), Hunter Douglas, Confluent Medical Technologies, American Trailer World Corp. and Apex Tool Group LLC joined this week’s primary calendar.

RelaDyne reworked, breaks

RelaDyne raised its seven-year first-lien term loan to $565 million from $540 million, trimmed pricing to SOFR plus 425 basis points from SOFR plus 450 bps, adjusted the original issue discount to 99.5 from 99 and changed CSA to 0 bps from no CSA, according to a market source.

The first-lien term loan still has a 0.5% floor and 101 soft call protection for six months.

Recommitments were due at noon ET on Wednesday, and the first-lien term loan began trading in the afternoon, with levels quoted at par bid, par ¼ offered, a trader added.

The company’s now $880 million of credit facilities also include a $150 million ABL revolver and a $165 million privately placed eight-year second-lien term loan.

RBC Capital Markets, BMO Capital Markets, KeyBanc Capital Markets, Macquarie Capital (USA) Inc. and Golub Capital are leading the deal that will support the recently completed buyout of the company by American Industrial Partners from Audax Private Equity, and refinance existing term loans. The funds from the term loan upsizing will reduce the equity component.

RelaDyne is a Cincinnati-based provider of lubricants and distributor of less-than-truckload fuel, diesel exhaust fluid, chemicals and other related products.

AssuredPartners revised, frees

AssuredPartners tightened the original issue discount on its non-fungible $500 million incremental term loan due February 2027 to 99.75 from 99.5, a market source remarked.

Pricing on the term loan remained at SOFR plus 350 bps with a 0.5% floor, and the debt still has 101 soft call protection for six months and no CSA.

During the session, the term loan made its way into the secondary market, with levels quoted at 99 7/8 bid, par 3/8 offered, another source added.

Barclays, JPMorgan Chase Bank, BofA Securities Inc., Morgan Stanley Senior Funding Inc., BMO Capital Markets, Goldman Sachs Bank USA, RBC Capital Markets, Deutsche Bank Securities Inc., Mizuho, Credit Suisse Securities (USA) LLC, Macquarie Capital (USA) Inc. and ING are leading the deal that will be used to provide liquidity for near-term acquisition activity and to pay down revolving credit facility borrowings.

AssuredPartners is a Lake Mary, Fla.-based insurance brokerage firm.

Alight tightens, trades

Alight Solutions modified the original issue discount on its $1.956 billion term loan B due August 2028 to 99.875 from 99.75, a market source said.

As before, the term loan is priced at SOFR plus 300 bps with a 0.5% floor and has 101 soft call protection for six months.

The term loan freed to trade during the day, with levels quoted at par 1/8 bid, par ½ offered, another source added.

BofA Securities Inc. is the left lead on the deal that will be used to refinance term loan debt due in 2026.

Alight is a Lincolnshire, Ill.-based provider of integrated, cloud-based human capital solutions.

athenahealth updated

athenahealth lifted its seven-year term loan B to $5.9 billion from $5.75 billion as its senior notes offering was scaled back to $2.35 billion from $2.5 billion, according to a market source.

The company also lowered pricing on the term loan B and on its $1 billion delayed-draw term loan to SOFR plus 350 bps from talk in the range of SOFR plus 375 bps to 400 bps and removed a 25 bps step-down at 0.25x inside closing date first-lien net leverage was, the source said.

Furthermore, the delayed-draw period was shortened to 18 months from 24 months, and ticking fees were revised to half the margin from days 46 to 90 and the full margin thereafter from half the margin from days 90 to 180 and the full margin thereafter, and the company is now required to hold quarterly calls with management discussion and analysis.

As before, the term loan debt has a 25 bps step-down at 0.5x inside closing date first-lien net leverage and a 25 bps step-down upon an initial public offering, a 0.5% floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Recommitments are due at 10 a.m. ET on Thursday, the source added.

athenahealth funding buyout

athenahealth will use the term loan debt, bonds, $2.36 billion of preferred equity and about $6.2 billion of new common equity to fund its acquisition by Bain Capital and Hellman & Friedman from Veritas Capital and Evergreen Coast Capital for $17 billion. Veritas and Evergreen will each retain a minority investment in the company.

JPMorgan Chase Bank, Goldman Sachs Bank USA, BofA Securities Inc., BMO Capital Markets, Barclays, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc., KKR Capital Markets, Credit Suisse Securities (USA) LLC, RBC Capital Markets, MSBC, Truist Securities, Jefferies LLC, Macquarie Capital (USA) Inc., Mizuho, Nomura, Wells Fargo Securities LLC, BNP Paribas Securities Corp., MUFG, U.S. Bank, SMBC, KeyBanc Capital Markets Inc., Fifth Third Securities, Citizens, IMI, Santander, TD Securities (USA) LLC, Bank of Nova Scotia, Stifel and Credit Agricole are leading the loans.

Closing is expected this quarter, subject to regulatory approvals and customary conditions.

athenahealth is a Watertown, Mass.-based provider of cloud-based enterprise software solutions for medical groups and health systems.

Embecta tweaks timing

Embecta accelerated the commitment deadline for its $1.15 billion seven-year covenant-lite term loan B to 5 p.m. ET on Wednesday from Thursday, a market source remarked. Allocations are expected on Thursday.

Talk on the term loan is SOFR plus 350 bps to 375 bps with 0 bps CSA, a 0.5% floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months.

The diabetes care company’s $1.65 billion of senior secured credit facilities (Ba3/B+) also include a $500 million revolver.

Morgan Stanley Senior Funding Inc., JPMorgan Chase Bank, Citigroup Global Markets Inc., Wells Fargo Securities LLC, MUFG, US Bank and BNP Paribas Securities Corp. are leading the deal that will be used with $500 million of senior secured bonds to fund the spinoff of the company from Becton, Dickinson and Co., including payment of the cash distribution to Becton, Dickinson, to pay related transaction fees, expenses and original issue discount, and for general corporate purposes.

Closing is expected in the second quarter.

Scientific Games launches

Scientific Games Lottery held its lender call on Wednesday morning and announced price talk on its $1.77 billion seven-year covenant-lite term loan B and $750 million equivalent euro seven-year covenant-lite term loan B, according to a market source.

The U.S. term loan is talked at SOFR plus 375 bps to 400 bps with a 0.5% floor and an original issue discount of 99.5, and the euro term loan is talked at Euribor plus 425 bps with a 0% floor and a discount of 99 to 99.5, the source said.

The term loans (B2/B+/BB-) have 101 soft call protection for six months and ticking fees of half the margin from days 61 to 120 and the full margin thereafter.

Commitments are due at 10 a.m. ET on Feb. 4.

Scientific being acquired

Scientific Games Lottery’s term loans will be used to help fund its purchase by Brookfield Business Partners LP for about $5.8 billion.

Deutsche Bank Securities Inc., Barclays, BNP Paribas Securities Corp., Credit Agricole, Macquarie Capital, RBC Capital Markets, BMO Capital Markets, Citigroup Global Markets Inc., Goldman Sachs, HSBC, Morgan Stanley Senior Funding Inc., MUFG, Societe Generale and Wells Fargo Securities LLC are leading the debt.

Closing is expected in the second quarter, subject to customary conditions, including regulatory approvals.

Scientific Games Lottery is a lottery services and technology company.

Tricor sets talk

Tricor Group launched on its morning call its $760 million seven-year first-lien term loan (B2/B/B+) at talk of SOFR+CSA plus 400 bps to 425 bps with a 0.5% floor and an original issue discount of 99 to 99.5, a market source said.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

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

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

The company is also getting a $260 million pre-placed second-lien term loan.

Barclays, Goldman Sachs Bank USA, HSBC Securities (USA) Inc., Nomura, MUFG, Credit Agricole and Standard Chartered are leading the deal that will be used to help fund the buyout of the company by Baring Private Equity Asia from Permira. The transaction has an enterprise value of $2.76 billion.

Closing is expected in the first half of this year, subject to regulatory approvals.

Tricor is a Hong Kong-based business expansion specialist.

Caldic proposed terms

Caldic BV disclosed price talk on its €950 million equivalent U.S. and euro seven-year covenant-lite term loan B (B2/B) with its morning call, according to a market source.

Talk on the U.S. term loan is SOFR plus 400 bps to 425 bps with a 25 bps step-down at 0.25x inside closing date senior secured net leverage and a 25 bps step-down at 0.5x inside closing date senior secured net leverage, a 0.5% floor and an original issue discount of 99 to 99.5, and talk on the euro term loan is Euribor plus 400 bps to 425 bps with a 25 bps step-down at 0.25x inside closing date senior secured net leverage, a 25 bps step-down at 0.5x inside closing date senior secured net leverage and a 25 bps step-down at 0.75x inside closing date senior secured net leverage, a 0% floor and a discount of 99.5, the source said.

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

The indicative split of the term loan is about 60% euro and about 40% U.S.

Caldic leads

Goldman Sachs is an active bookrunner on Caldic’s U.S. term loan. Joint active bookrunners on the euro term loan are BNP Paribas Securities Corp., RBC Capital Markets and UBS Investment Bank. Joint passive bookrunners are Credit Suisse, Morgan Stanley Senior Funding Inc., Barclays, Jefferies LLC, ABN Amro, ING and KKR Capital Markets.

Commitments are due at 5 p.m. ET on Feb. 3.

The loan borrowings will be used to help fund the buyout of the company by Advent International from Goldman Sachs Asset Management, to refinance existing debt and for general corporate purposes.

Closing is expected in the first half of this year, subject to customary conditions and regulatory approvals.

Caldic is a Netherlands-based provider of life sciences and specialty industrial solutions.

Spruce holds call

Spruce Power held its call in the afternoon, launching its $600 million seven-year term loan B (B) at talk of SOFR+CSA plus 375 bps to 400 bps with a 0.5% floor and an original issue discount of 99, according to a market source.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

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

Commitments are due at 5 p.m. ET on Feb. 9, the source added.

KeyBanc Capital Markets is leading the deal that will be used to refinance existing debt, and any remaining proceeds will fund a distribution to HPS Investment Partners.

Spruce Power is a Houston-based owner and operator of distributed generation solar residential assets.

symplr guidance

symplr came out with original issue discount talk of 99.75 on its fungible $250 million incremental covenant-lite first-lien term loan (B2/B) due December 2027 shortly before its morning lender call began, a market source remarked.

Pricing on the incremental first-lien term loan is SOFR+10 bps CSA plus 450 bps with a 0.75% floor, and with this transaction, pricing on the company’s existing first-lien term loan will transition to SOFR+10 bps CSA plus 450 bps with a 0.75% floor from Libor plus 450 bps with a 0.75% Libor floor.

Commitments are due at noon ET on Feb. 2.

The company is also getting a $90 million privately placed second-lien term loan.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to fund the acquisition of Midas Health Analytics Solutions from Conduent Inc.

Closing is expected this quarter, subject to customary conditions and regulatory approvals.

symplr is a Houston-based provider of health care governance, risk and compliance software solutions. Midas is a provider of clinical and analytics transformation software solutions.

Pediatric on deck

Pediatric Associates set a lender call for 1 p.m. ET on Thursday to launch a $600 million seven-year covenant-lite first-lien term loan (B), according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Commitments are due at 5 p.m. ET on Feb. 10.

Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, Deutsche Bank Securities Inc. and Citizens Bank are leading the deal that will be used to fund a recapitalization and a partial equity sale of the business.

Pediatric Associates is a pediatric practice management company.

Foley joins calendar

Foley Products will hold a lender call at 2 p.m. ET on Thursday to launch a $370 million seven-year covenant-lite first-lien term loan (B2/B), a market source said.

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

Commitments are due at 5 p.m. ET on Feb. 10, the source added.

Credit Suisse Securities (USA) LLC and Truist are leading the deal that will be used to recapitalize Foley in conjunction with a minority investment from Oaktree Capital for a 37% stake in the company.

Foley is a Columbus, Ga.-based producer of precast concrete products.

Mobileum readies deal

Mobileum scheduled a bank meeting for 11 a.m. ET on Thursday to launch $695 million of senior secured credit facilities, according to a market source.

The facilities consist of a $55 million five-year revolver, a $380 million seven-year first-lien term loan, a $100 million delayed-draw for 18 months first-lien term loan, which will be sold as a strip with the funded first-lien term loan, and a $160 million eight-year second-lien term loan.

Talk on the first-lien term loan debt is SOFR+CSA plus 475 bps to 500 bps with a 25 bps leverage-based step-down, a 0.75% floor, an original issue discount of 99 and 101 soft call protection for six months, and talk on the second-lien term loan is SOFR+CSA plus 825 bps with a 25 bps leverage-based step-down, a 0.75% floor, a discount of 98.5 and hard call protection of 102 in year one and 101 in year two, the source continued.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

Ticking fees on the delayed-draw term loan are half the spread from days 46 to 90 and the full spread thereafter.

Mobileum lead banks

Jefferies LLC, Macquarie Capital (USA) Inc., UBS Investment Bank, Antares Capital, KKR Capital Markets, Barclays and Stifel are leading Mobileum’s credit facilities.

Commitments are due at 5 p.m. ET on Feb. 9, the source added.

The new debt will be used to fund the acquisition of a majority stake in the company by H.I.G. Capital.

Mobileum is a Cupertino, Calif.-based provider of telecom analytics for roaming, security and risk management and end-to-end domestic and roaming testing solutions.

Ufinet coming soon

Ufinet set a lender call for 10 a.m. ET on Thursday to launch a $1.135 billion seven-year covenant-lite first-lien term loan, a market source remarked.

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

Commitments are due at 5 p.m. ET on Feb. 10, the source added.

Credit Suisse Securities (USA) LLC, Barclays, UBS Investment Bank, Natixis, Bank of Nova Scotia, Santander and Credit Agricole are leading the deal that will be used to fund a majority investment in the company by the Seventh Cinven Fund for an enterprise value of about €2.5 billion.

Ufinet is a Madrid-based provider of fiber infrastructure and transmission services to telecom operators.

Hunter plans call

Hunter Douglas will hold a lender call at 10 a.m. ET on Thursday to launch a $3.1 billion seven-year term loan B and a €1.35 billion seven-year term loan B, according to a market source.

The term loans (B1) have 101 soft call protection for six months, the source said.

Commitments are due at 5 p.m. ET on Feb. 8 for the U.S. loan and at noon ET on Feb. 8 for the euro loan.

JPMorgan Chase Bank and Morgan Stanley Senior Funding Inc. are joint lead arrangers on the deal and bookrunners with BofA Securities Inc., Barclays, BNP Paribas Securities Corp., MUFG, Rabobank, Goldman Sachs, Credit Suisse and ING.

The loans will help fund the buyout of the company by 3G Capital for €175 per ordinary share, implying an enterprise value of about $7.1 billion. The Sonnenberg family will continue to hold a 25% interest in the company.

Closing is expected this quarter, subject to limited conditions.

Hunter Douglas is a Rotterdam, the Netherlands-based manufacturer of window coverings and architectural products.

Confluent on deck

Confluent Medical Technologies scheduled a lender call for 10 a.m. ET on Thursday to launch a $395 million seven-year term loan (B2/B) talked at SOFR plus 375 bps to 400 bps with 25 bps step-downs at 0.5x and 1x inside closing date first-lien net leverage, a 0.5% floor, an original issue discount of 99.5 and 101 soft call protection for six months, a market source said.

Commitments are due at 5 p.m. ET on Feb. 9, the source added.

JPMorgan Chase Bank, Barclays, Credit Suisse Securities (USA) LLC, Jefferies LLC and Regions Bank are leading the deal that will be used to help fund the buyout of the company by TPG Capital. Existing investor Ampersand Capital Partners will retain a substantial minority interest in the company.

Confluent Medical is a Scottsdale, Ariz.-based materials science, development and manufacturing partner to medical device manufacturers.

American Trailer readies loan

American Trailer World will hold a lender call at 1 p.m. ET on Thursday to launch a fungible $250 million add-on first-lien term loan, according to a market source.

Goldman Sachs Bank USA is the left lead on the deal that will be used to repay ABL borrowings and fund a one-time distribution to shareholders.

Bain Capital Private Equity is the sponsor.

American Trailer World is a Richardson, Tex.-based manufacturer and distributor of professional grade trailers, consumer grade trailers, truck equipment and retail parts.

Apex joins calendar

Apex Tool Group set a lender call for 4 p.m. ET on Thursday to launch an $855 million seven-year senior secured first-lien term loan, a market source remarked.

The company is also getting a $350 million privately placed second-lien term loan.

Barclays is leading the deal that will be used with new cash equity from Bain Capital to refinance the company’s existing capital structure.

Apex Tool is a Sparks, Md.-based manufacturer and supplier of hand and power tools for industrial, commercial and demanding do-it-yourself applications.

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