Infoblox, WCG Purchaser tweak commitment deadlines; Harbor Freight, Alliant set talk

By Sara Rosenberg

New York, Oct. 5 – In the primary market on Monday, Infoblox Inc. (Delta Topco Inc.) and WCG Purchaser Corp. (Wesins) moved up the commitment deadlines for their term loans.

Also, Harbor Freight Tools USA Inc. and Alliant Holdings Intermediate LLC announced and launched new loan transactions, and Help at Home LLC (HAH Group Holding Co. LLC) and Bumble (Buzz Finco LLC) joined this week’s primary calendar.

Infoblox accelerated

Infoblox moved up the commitment deadline for its $1.29 billion seven-year covenant-lite first-lien term loan B (B2/B-/B-) and its $455 million eight-year covenant-lite second-lien term loan (Caa2/CCC/CCC) to 1 p.m. ET on Wednesday from noon ET on Friday, according to a market source.

The first-lien term loan B is talked at Libor plus 400 basis points with a 0.75% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months, and the second-lien term loan is talked at Libor plus 775 bps with a 0.75% Libor floor, a discount of 98.5 to 99 and hard call protection of 102 in year one and 101 in year two.

The company’s $1.945 billion of senior secured credit facilities also include a $200 million five-year revolver (B2/B-/B-).

Infoblox lead banks

Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC, Barclays, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, BofA Securities Inc., Jefferies LLC, Macquarie Capital (USA) Inc., UBS Investment Bank and Mizuho are leading Infoblox’s credit facilities.

The new debt will be used to fund the acquisition of a 50% equity stake in the company by Warburg Pincus, refinance existing debt and pay related fees and expenses. Existing private equity sponsor Vista Equity Partners will retain equal equity ownership.

Infoblox is a Santa Clara, Calif.-based provider of core networking and cybersecurity solutions.

WCG revises timing

WCG Purchaser accelerated the commitment deadline for its $125 million incremental first-lien term loan due Jan. 8, 2027 to 5 p.m. ET on Monday from noon ET on Tuesday, a market source remarked.

Talk on the term loan is Libor plus 400 bps with a 1% Libor floor, an original issue discount of 98 to 98.6 and 101 soft call protection through January 2021.

Barclays is leading the deal that will be used to fund tuck-in mergers and acquisitions and for general corporate purposes.

The spread, floor and call protection on the incremental term loan match the existing first-lien term loan.

WCG is Princeton, N.J.-based provider of clinical trial optimization solutions.

Harbor Freight talk

Harbor Freight Tools emerged in the morning with plans to hold a lender call at 3:30 p.m. ET on Monday to launch a $3 billion seven-year covenant-lite first-lien term loan (Ba3/BB-) talked at Libor plus 325 bps to 350 bps with a 0.75% 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 5 p.m. ET on Oct. 14, the source continued.

Credit Suisse Securities (USA) LLC is leading the deal, which will be used to refinance existing debt and fund a dividend.

Harbor Freight is a Camarillo, Calif.-based retailer of tools and equipment.

Alliant holds call

Alliant Holdings held a lender call at 11 a.m. ET to launch $825 million of senior secured credit facilities (B2/B) and an amendment to its existing term loans, a market source said.

The new facilities consist of a $400 million five-year revolver, and a $425 million seven-year covenant-lite term loan B-3 talked at Libor plus 375 bps with a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for one year, the source continued.

Morgan Stanley Senior Funding Inc., J.P. Morgan Securities Inc., Truist, BofA Securities Inc., Capital One, Goldman Sachs Bank USA, RBC Capital Markets, Fifth Third, KKR Capital Markets and Macquarie Capital (USA) Inc. are leading the deal.

The new bank debt will be used with a $425 million senior secured notes offering, a $350 million add-on senior unsecured notes offering and cash on hand to make a special distribution to the company’s parent, Alliant Holdings LP, for the repurchase of certain equity interests, to complete acquisitions under letters of intent, and, if any proceeds remain, for general corporate purposes.

Alliant amendment

Along with the new credit facilities, Alliant is looking to amend its existing $2.039 billion covenant-lite term loan B due May 10, 2025 and its $523 million covenant-lite term loan B-2 due May 10, 2025 to allow for the recapitalization.

The amended term loan B will be priced at Libor plus 325 bps with no-step-down and a 0% Libor floor, and the amended term loan B-2 will remain priced at Libor plus 325 bps with a 0% Libor floor, and both term loans will get 101 soft call protection for one year, the source added.

Lenders are being offered a 25 bps amendment fee.

Commitments are due at noon ET on Friday.

Alliant is a Newport Beach, Calif.-based specialty insurance brokerage firm.

Help at Home on deck

Help at Home set a bank meeting for 11 a.m. ET on Tuesday to launch $654 million of first-lien credit facilities (B1), according to a market source.

The facilities consist of a $74 million five-year revolver, a $440 million seven-year first-lien term loan, a $75 million first-lien delayed-draw term loan 1 with three months availability and a $65 million first-lien delayed-draw term loan 2 with 24 months availability, the source said.

The company is also getting a $165 million privately placed eight-year second-lien term loan (Caa1).

Jefferies LLC, Barclays, BMO Capital Markets and UBS Investment Bank are leading the deal that will be used to help fund the buyout of the company by Centerbridge Partners and The Vistria Group.

Help at Home is a Chicago-based provider of home care and support to the elderly and people with disabilities in their homes and community-based settings.

Bumble joins calendar

Bumble scheduled a lender call for 11:30 a.m. ET on Tuesday to launch an incremental term loan B, a market source remarked.

Citigroup Global Markets Inc. is the left lead on the deal.

Bumble, also known as MagicLab, is a provider of online dating and social networking services.

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