Ingram, WW, Aegion, Cologix, AIT, Magnite, Adient, Aramark, Ufinet, Atlantic and more break

By Sara Rosenberg

New York, April 1 – Ingram Micro Inc. (Imola Merger Corp.) set the spread on its term loan B at the high end of talk, Weight Watchers (WW International Inc.) trimmed pricing on its term loan B, and Aegion Corp. upsized its first-lien term loan, lowered pricing and modified the original issue discount, and then these deals began trading on Thursday.

Also, before breaking for trading, Cologix Holdings Inc. changed the issue price on its term loan B, AIT Worldwide Logistics widened the spread, Libor floor and original issue discount on its first-lien term loan, and Magnite raised pricing on its first-lien term loan B, changed the issue price and revised the call protection.

Furthermore, Adient firmed pricing on its term loan B at the tight side of talk and adjusted the original issue discount, Aramark set the spread on its term loan B at the high end of guidance, and Ufinet increased the size of its incremental first-lien term loan and firmed the issue price at the tight end of guidance, and these deals freed to trade as well.

Other deals to make their way into the secondary market during the session included Plaskolite LLC, Atlantic Power Corp. (Thermal Asset portfolio), MedRisk (Bella Holding Co LLC) and Solis Mammography (SM Wellness Holdings Inc.).

In more happenings, Belron scaled back the size of its U.S. term loan, increased pricing on its U.S. and euro loans and updated original issue discounts, and LGC revised price talk on its U.S. and euro term loans and increased the Libor floor on the U.S. tranche.

Additionally, Spencer Spirit released price talk on its term loan B with launch, and RSA Security LLC joined the near-term primary calendar.

Ingram updated, trades

Ingram Micro firmed pricing on its $2 billion seven-year term loan B at Libor plus 350 basis points, the high end of the Libor plus 325 bps to 350 bps talk, according to a market source.

The term loan still has a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

On Thursday, the term loan began trading, with levels quoted at 99 5/8 bid, par 1/8 offered, a trader added.

JPMorgan Chase Bank, BofA Securities Inc., Morgan Stanley Senior Funding Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Wells Fargo Securities LLC, BMO Capital Markets, MUFG, PNC Bank, Deutsche Bank Securities Inc., Barclays, Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc., Mizuho, RBC Capital Markets, Bank of Nova Scotia, ING, Societe Generale and Stifel are leading the deal that will be used with $2 billion of senior secured notes, cash on hand and equity to fund the $7.2 billion buyout of the company by Platinum Equity from HNA Technology Co. Ltd. and to refinance existing debt.

Closing is expected by the first half of this year, subject to HNA shareholder and regulatory approvals.

Ingram Micro is an Irvine, Calif.-based provider of technology logistics services and solutions.

WW cuts spread, breaks

Weight Watchers modified price talk on its $1 billion seven-year secured term loan B (Ba3/BB-) to a range of Libor plus 350 bps to 375 bps from Libor plus 400 bps, and then finalized the spread at Libor plus 350 bps, a market source remarked.

As before, the term loan has a 0.5% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Commitments were due at noon ET on Thursday and the term loan freed up in the afternoon, with levels quoted at par bid, par 3/8 offered, another source added.

BofA Securities Inc., Goldman Sachs Bank USA, JPMorgan Chase Bank, KeyBanc Capital Markets and Truist are leading the deal that will be used with $500 million of secured notes and cash on hand to repay existing credit facilities, redeem $300 million of 8.625% senior notes due 2025 and to pay related fees and expenses.

Weight Watchers is a New York-based provider of weight management services.

Aegion revised

Aegion increased its seven-year first-lien term loan to $675 million from $650 million, lowered pricing to Libor plus 475 bps from Libor plus 500 bps and revised the original issue discount to 99.5 from 99, a market source said.

The term loan still has a 25 bps initial public offering-based step-down, a 0.75% Libor floor and 101 soft call protection for six months.

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

The company’s now $750 million of credit facilities (B2/B) also include a $75 million five-year revolver.

Jefferies LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., MUFG, SMFG and KeyBanc Capital Markets are leading the deal.

Aegion frees up

During market hours, Aegion’s first-lien term loan broke for trading, with levels quoted at 99¾ bid, par ¾ offered, another source added.

Proceeds will be used with equity to fund the buyout of the company by New Mountain Capital LLC for $27.00 per share in cash and for general corporate purposes. The buyout has a total enterprise value of $995 million, including net debt.

Closing is expected in the second quarter, subject to Aegion stockholder approval, regulatory approvals and other customary conditions.

Aegion is a Chesterfield, Mo.-based provider of infrastructure maintenance, rehabilitation and protection solutions, primarily serving municipal water and wastewater entities.

Cologix modified, breaks

Cologix revised original issue discount talk on its $575 million seven-year term loan B (B2/B-) to a range of 99.5 to 99.75 from just 99.5 and then finalized at 99.75, according to a market source.

The term loan remained priced at Libor plus 375 bps with a 0.75% Libor floor and still has 101 soft call protection for six months.

Commitments were due at 10 a.m. ET on Thursday and the loan began trading during the session, with levels quoted at 99 7/8 bid, par 3/8 offered, another source added.

JPMorgan Chase Bank, RBC Capital Markets, Barclays, Deutsche Bank Securities Inc. and Goldman Sachs Bank USA are leading the deal that will be used to help fund an acquisition, repay existing debt and support capital expenditures.

Cologix is a Denver-based data center and interconnection solutions provider.

AIT reworked, frees up

AIT Worldwide Logistics lifted pricing on its $415 million seven-year first-lien term loan (B2/B) to Libor plus 475 bps from talk in the range of Libor plus 425 bps to 450 bps, eliminated a 25 bps step-down at 4.25x first-lien net leverage, changed the Libor floor to 0.75% from 0.5%, moved the original issue discount to 98 from 99 and made some modifications to documentation, according to a market source.

The 101 soft call protection for six months on the first-lien term loan was unchanged.

Recommitments were due at 12:30 p.m. ET on Thursday and the term loan freed to trade later in the day, with levels quoted at 99¼ bid, par ¼ offered, another source added.

Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, BMO Capital Markets, BNP Paribas Securities Corp. and Citizens Bank are leading the deal.

Proceeds will be used with a $125 million privately placed second-lien term loan to help fund the buyout of the company by the Jordan Co. from Quad-C Management Inc.

AIT Worldwide is an Itasca, Ill.-based non-asset based third party logistics platform, providing an integrated suite of global, end-to-end supply chain services.

Magnite widens, breaks

Magnite flexed pricing on its $360 million seven-year first-lien term loan B (Ba3/B+) to Libor plus 500 bps from talk in the range of Libor plus 425 bps to 450 bps, adjusted the original issue discount to 97 from 99, extended the 101 soft call protection to one year from six months and made some revisions to documentation, a market source said.

The term loan still has a 0.75% Libor floor.

Recommitments were due at noon ET on Thursday and the term loan B broke for trading in the afternoon, with levels quoted at 98 bid, 99 offered, a trader added.

Goldman Sachs Bank USA, Fifth Third, SVB and Societe Generale are leading the deal that will be used to help fund the acquisition of SpotX from RTL Group for $1.17 billion in cash and stock. Magnite plans to issue 14 million shares to RTL.

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

Magnite is a Los Angeles-based sellside advertising platform. SpotX is a Brookfield, Colo.-based video advertising platform.

Adient modified, trades

Adient set the spread on its $1 billion seven-year covenant-lite term loan B (BB-) at Libor plus 350 bps, the low end of the Libor plus 350 bps to 375 bps talk, and changed the original issue discount to 99.75 from 99.5, a market source remarked.

As before, the term loan has a 0% Libor floor and 101 soft call protection for six months.

In the afternoon, the term loan B made its way into the secondary market, with levels quoted at par bid, par 3/8 offered, another source added.

BofA Securities Inc. is the left lead on the deal that will be used to help refinance an existing term loan B and notes.

Adient is a Plymouth, Mich.-based manufacturer of automotive seating.

Aramark firms, frees

Aramark finalized pricing on its $833 million seven-year term loan B (BB+) at Libor plus 250 bps, the high end of the Libor plus 225 bps to 250 bps talk, according to a market source.

The term loan still has a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

On Thursday, the term loan started trading, with levels quoted at 99½ bid, par offered, a market source added.

JPMorgan Chase Bank is leading the deal that will be used to refinance an existing term loan B due 2024.

The company is also planning a three-year extension of both its revolver and term loan A to 2026.

Aramark is a Philadelphia-based professional services company that provides food, hospitality and facility management services as well as uniform and work apparel.

Ufinet upsizes, trades

Ufinet raised its fungible incremental covenant-lite first-lien term loan due July 2025 to $95 million from $70 million and finalized the original issue discount at 99.75, the tight end of the 99.5 to 99.75 talk, a market source remarked.

Like the existing term loan, the incremental term loan is priced at Libor plus 450 bps with a 0% Libor floor.

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

Recommitments were due at 1 p.m. ET on Thursday and the incremental term loan made its way into the secondary market in the afternoon, with levels quoted at par ¼ bid, par ¾ offered, another source added.

Credit Suisse Securities (USA) LLC, UBS Investment Bank, Natixis, Bank of Nova Scotia and Santander are leading the deal that will be used for general corporate purposes.

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

Plaskolite hits secondary

Plaskolite’s $645 million first-lien term loan due Dec. 14, 2025 freed up as well, with levels quoted at par bid, par ½ offered, a market source said.

Pricing on the term loan is Libor plus 400 bps with a 0.75% Libor floor and it was issued at par. The debt has 101 soft call protection for six months.

Goldman Sachs Bank USA and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to reprice an existing term loan down from Libor plus 425 bps with a 1% Libor floor.

Pritzker Private Capital is the sponsor.

Plaskolite is a Columbus, Ohio-based manufacturer of acrylic, polycarbonate and other plastic sheets.

Atlantic Power frees

Atlantic Power’s $370 million six-year term loan B broke in the afternoon, with levels quoted at 99¼ bid, par ¼ offered, according to a trader.

Pricing on the term loan is Libor plus 375 bps with a 1% Libor floor and it was sold at an original issue discount of 99. The debt has 101 soft call protection for one year.

During syndication, the term loan was upsized from $360 million and pricing was reduced from talk in the range of Libor plus 400 bps to 425 bps.

The company’s $415 million of credit facilities (Ba2/BB-) also include a $45 million revolver.

RBC Capital Markets and MUFG are leading the deal that will be used to help fund the acquisition of Atlantic Power by I Squared Capital for $3.03 per share in cash, or about $961 million.

Closing is expected in the second quarter, subject to court approval of the arrangement, regulatory approvals, shareholder approval and certain third-party consents.

Atlantic Power is a Dedham, Mass.-based power producer.

MedRisk starts trading

MedRisk’s $750 million seven-year first-lien term loan (B2/B) broke for trading, with levels quoted at 99¼ bid, 99¾ offered, a market source remarked.

Pricing on the term loan is Libor plus 375 bps with a 0.75% Libor floor and it was sold at an original issue discount of 99. The debt has 101 soft call protection for six months.

During syndication, pricing on the term loan finalized at the high end of the Libor plus 350 bps to 375 bps talk, the Libor floor was increased from 0.5% and the discount was revised from 99.5.

The company’s $1.15 billion of credit facilities also include a $100 million revolver (B2/B) and a $300 million privately placed second-lien term loan.

UBS Investment Bank, BofA Securities Inc., Macquarie Capital (USA) Inc., Truist and Societe Generale are leading the deal that will help fund the buyout of the company by CVC Capital Partners. The Carlyle Group, MedRisk’s current majority owner, will retain a significant stake and maintain joint control in the company.

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

MedRisk is a King of Prussia, Pa.-based provider of managed physical medicine services for the workers’ compensation industry.

Solis breaks

Solis Mammography’s bank debt hit the secondary market, with the $300 million seven-year first-lien term loan (B2/B-) and $25 million 18-month commitment delayed-draw first-lien term loan (B2/B-) quoted at 99¼ bid, 99¾ offered, and the $100 million eight-year second-lien term loan (Caa2/CCC) quoted at 99 bid, par offered, according to a market source.

Pricing on the first-lien term loan debt is Libor plus 475 bps with a 25 bps leverage-based step-down and a 0.75% Libor floor. The debt was sold at an original issue discount of 99 and has 101 soft call protection for six months. The ticking fee on the delayed-draw portion is half the margin from days 46 to 90 and the full margin thereafter.

The second-lien term loan is priced at Libor plus 800 bps with a 0.75% Libor floor and was issued at a discount of 98.5. This tranche has hard call protection of 102 in year one and 101 in year two.

The company’s $475 million of senior secured credit facilities also include a $25 million five-year revolver and a $25 million privately placed 18-month commitment delayed-draw second-lien term loan.

Solis refinancing

Proceeds from Solis Mammography’s credit facilities will be used to refinance its existing capital structure.

Jefferies LLC, Antares, Ares and Evolution are the lead arrangers on the deal.

During syndication, the delayed-draw first-lien term loan was downsized from $50 million and the delayed-draw second-lien term loan was added to the transaction. Also, pricing on the first-lien term loan debt was raised from talk in the range of Libor plus 425 bps to 450 bps, the original issue discount was changed from 99.5 and some revisions were made to documentation.

Solis Mammography is an Addison, Tex.-based provider of mammography and related breast imaging services.

Belron tweaked

Belron downsized its U.S. seven-year term loan B to $1.62 billion from $1.855 billion, widened pricing to Libor plus 275 bps from Libor plus 250 bps and set the original issue discount at 99, the wide end of the 99 to 99.5 talk, a market source remarked.

Also, pricing on the company’s €840 million seven-year covenant-lite term loan B was increased to Euribor plus 275 bps from Euribor plus 250 bps and the discount firmed at 99.75, the tight end of the 99.5 to 99.75 talk, the source said.

The U.S. term loan still has a 0.5% Libor floor and the euro term loan still has a 0% floor. Both terms loans are getting 101 soft call protection for six months.

Previously in syndication, the U.S. term loan was changed to one tranche through the combination of a proposed $994 million extended seven-year covenant-lite term loan B and a proposed €735 million dollar-denominated seven-year covenant-lite term loan B, and the Libor floor was revised from 0%.

Belron recapitalizing

Belron’s new debt will be used to fund a shareholder distribution and refinance the U.S. and euro term loans due November 2024.

BofA Securities Inc., Barclays, BNP Paribas and JPMorgan Chase Bank are the joint global coordinators and sustainability coordinators on the senior secured deal. JPMorgan is the physical bookrunner on the U.S. debt. BofA Securities, Barclays and BNP Paribas are the physical bookrunners on the euro debt. JPMorgan is the agent.

Belron, which is 54.85% owned by D’Ieteren Group and 40% owned by CD&R, is a United Kingdom-based provider of vehicle glass repair and replacement services.

LGC revised

LGC changed price talk on its U.S. covenant-lite term loan B due April 2027 to a range of Libor plus 375 bps to 400 bps from Libor plus 350 bps and lifted the Libor floor to 0.75% from 0.5%, according to a market source.

In addition, the company increased talk on its euro covenant-lite term loan B due April 2027 to a range of Euribor plus 375 bps to 400 bps from a range of Euribor plus 325 bps to 350 bps, the source said.

The euro term loan still has a 0% floor, and both term loans still have an original issue discount of 99.5 and 101 soft call protection for six months.

The U.S. and euro term loan will total £496 million equivalent.

Commitments are due at 10 a.m. ET on Tuesday, with allocations expected thereafter, the source added.

LGC lead banks

HSBC and Morgan Stanley are the joint global coordinators and physical bookrunners on LGC’s term loans. Barclays, BNP Paribas, Credit Agricole, KKR Capital Markets, Mizuho, MUFG, Natixis, NatWest, Nomura and SMBC are joint bookrunners. Wilmington Trust is the agent.

The loans will be used to refinance some existing debt, fund a shareholder distribution and pay related transaction fees and expenses.

LGC is a U.K.-based life sciences tools company providing specialty genomic analysis tools, measurement tools and supply chain assurance solutions.

Spencer sets talk

Spencer Spirit held its call on Thursday and announced talk on its $359 million covenant-lite term loan B due June 2026 at Libor plus 500 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, a market source said.

Commitments are due at noon ET on April 14, the source added.

Guggenheim Securities and Wells Fargo Securities LLC are leading the deal. Wells Fargo is the administrative agent.

Proceeds will be used to reprice an existing term loan B down from Libor plus 600 bps with a 0% Libor floor.

Spencer is an Egg Harbor Township, N.J.-based specialty retailer focused on lifestyle accessories and specialized Halloween merchandise.

RSA Security on deck

RSA Security set a lender call for Monday to launch $2 billion of term loans, split between a $1.114 billion seven-year first-lien term loan, a $436 million delayed-draw first-lien term loan, a $286 million eight-year second-lien term loan and a $164 million delayed-draw second-lien term loan, according to a market source.

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

JPMorgan Chase Bank, Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA, UBS Investment Bank, BofA Securities Inc., Barclays and Jefferies LLC are leading the deal, with JPMorgan the left lead on the first-lien and Morgan Stanley the left lead on the second-lien.

The loans support a new equity investment from Clearlake Capital Group LP, which will become an equal partner with Symphony Technology Group. Ontario Teachers’ will remain a significant minority shareholder.

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

RSA is a Bedford, Mass.-based provider of mission critical cybersecurity software and governance risk and compliance management software solutions to enterprises.

Cetera allocates

In other news, Cetera (Aretec Group Inc.) allocated on Thursday its fungible $125 million incremental first-lien term loan due Oct. 1, 2025.

Pricing on the incremental term loan is Libor plus 425 basis points with a 0% Libor floor, in line with existing term loan pricing, and the new debt was sold at an original issue discount of 99.03.

UBS Investment Bank is the left lead on the deal that will be used with $400 million of unsecured notes to fund the acquisition of certain assets related to the independent financial planning channel of Voya Financial Advisors and to repay an existing second-lien term loan.

Cetera, acquired by Genstar in July 2018, is an El Segundo, Calif.-based financial advice firm.

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