Bumble, Array, Golden State free up; Oxbow Carbon updated; Harbor Freight revises deadline

By Sara Rosenberg

New York, Oct. 9 – Bumble (Buzz Finco LLC) saw its incremental term loan B make its way into the secondary market on Friday afternoon, and the debt was trading above its original issue discount.

Also, Array Technologies Inc. finalized the spread on its first-lien term loan B at the high end of talk, increased the Libor floor, widened the issue price and sweetened the call protection, and Golden State Medical Supply increased the Libor floor on its add-on term loan, and then both of these deals freed to trade during the session as well.

In more happenings, Oxbow Carbon reduced the size of its term loan B and firmed the spread at the low end of guidance, Harbor Freight Tools USA Inc. accelerated the commitment deadline for its first-lien term loan, and Service Logic Acquisition Inc. (Saber Merger Sub Inc.) joined the near-term primary calendar.

Bumble hits secondary

Bumble’s $275 million senior secured incremental covenant-lite term loan B (B1/B/BB) due Jan. 29, 2027 began trading on Friday, with levels quoted at 99¾ bid, par ½ offered, a market source remarked.

Pricing on the term loan is Libor plus 325 basis points with a 0.5% Libor floor and it was sold at an original issue discount of 99.5. The debt has 101 soft call protection for six months.

During syndication, the incremental term loan was upsized from $200 million, pricing firmed at the low end of the Libor plus 325 bps to 350 bps talk, and the original issue discount was set at the tight end of the 99 to 99.5 talk.

Citigroup Global Markets Inc., Barclays, HSBC Securities (USA) Inc., RBC Capital Markets and SMBC are leading the deal that will be used with cash on hand to fund a distribution to shareholders.

With the recent term loan upsize, an amendment was sought from lenders to add a new one-time dividend basket equal to $75 million.

Gross leverage is 4.6x and net leverage is 4.2x.

Closing is expected in mid-October.

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

Array revised, trades

Array Technologies firmed pricing on its $575 million seven-year first-lien term loan B (B1/B+) at Libor plus 400 bps, the high end of the Libor plus 375 bps to 400 bps talk, changed the Libor floor to 1% from 0.5%, adjusted the original issue discount to 97 from 98.5 and extended the 101 soft call protection to one year from six months, according to a market source.

The term loan B broke for trading late in the day, with levels quoted at 97½ bid, 98½ offered, a trader added.

Goldman Sachs Bank USA, Barclays, Nomura, MUFG, Credit Suisse Securities (USA) LLC, Guggenheim and UBS Investment Bank are leading the deal that will be used to support a dividend to the company’s shareholders.

Array Technologies is an Albuquerque-based manufacturer of ground-mounting systems used in solar energy projects.

Golden State updated, breaks

Golden State Medical Supply lifted the Libor floor on its fungible $120 million add-on first-lien term loan due June 2026 to 0.75% from 0% and its existing first-lien term loan is getting a 0.75% Libor floor too, a market source said.

As before, the add-on term loan is priced at Libor plus 475 bps, in line with the existing first-lien term loan, and has an original issue discount of 99.

On Friday, the add-on term loan freed up for trading and levels were quoted at 99 bid, par offered, the source added.

Truist is leading the deal that will be used to fund a dividend.

Golden State Medical is a Camarillo, Calif.-based generic pharmaceutical supplier.

Oxbow Carbon tweaked

Oxbow Carbon scaled back its five-year term loan B to $350 million from $400 million and set pricing at Libor plus 425 bps, the low end of the Libor plus 425 bps to 450 bps talk, according to a market source.

As before, the term loan has a 0.75% Libor floor, an original issue discount of 98.5 and 101 soft call protection for one year.

Recommitments were due at 2 p.m. ET on Friday and allocations are expected on Tuesday, the source added.

BofA Securities Inc., J.P. Morgan Securities LLC, Rabobank, Truist, Capital One and Citizens Bank are leading the deal that will be used to refinance existing debt.

Oxbow Carbon is a West Palm Beach, Fla.-based recycler of refinery and natural gas byproducts.

Harbor Freight accelerated

Harbor Freight Tools moved up the commitment deadline for its $3 billion seven-year covenant-lite first-lien term loan (Ba3/BB-) to noon ET on Wednesday from 5 p.m. ET on Wednesday, a market source remarked.

Talk on the term loan is 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.

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

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

Service Logic on deck

Service Logic set a lender call for Tuesday morning to launch $670 million of first-lien term loans (B), according to market sources.

The debt is split between a $520 million seven-year first-lien term loan and a $150 million delayed-draw first-lien term loan, which are being sold as a strip, sources said.

Commitments are due at 5 p.m. ET on Oct. 22.

J.P. Morgan Securities LLC is leading the deal that will be used to help fund the buyout of the company by Leonard Green & Partners LP.

Service Logic is a Charlotte, N.C.-based provider of aftermarket maintenance, repair, and replacement services for commercial HVAC equipment, chilled water systems, and building automation and controls systems.

Tegra118 allocates

In other news, Tegra118 Wealth Solutions Inc. allocated its fungible $25 million incremental covenant-lite first-lien term loan B due Feb. 18, 2027, a market source said.

Like the existing term loan B, the incremental term loan is priced at Libor plus 475 bps with a 0% Libor floor. The new debt was sold at an original issue discount of 99.

During syndication, the incremental term loan was upsized from $20 million and the discount firmed at the tight end of the 98.75 to 99 talk.

Deutsche Bank Securities Inc. is leading the deal that will be used to repay revolver borrowings.

Closing is expected within the next 10 days.

Tegra118, formerly known as Fiserv Investment Solutions, Inc., is a Warren, N.J.-based provider of financial services.

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