symplr Software, Agiliti, Anchor Packaging free up; Charter NEX widens first-lien spread

By Sara Rosenberg

New York, Nov. 23 – symplr Software Inc. set the spread on its first-lien term loan at the high end of guidance and added a step-down before freeing up for trading during Monday’s market hours.

Also, Agiliti and Anchor Packaging LLC tightened the original issue discounts on their term loans, and then both of these deals emerged in the secondary market as well.

Furthermore, Charter NEX US Inc. raised pricing on its first-lien term loan and is planning to distribute allocations on Tuesday.

symplr updated

symplr Software finalized pricing on its $680 million seven-year covenant-lite first-lien term loan (B2/B) at Libor plus 450 basis points, the wide end of the Libor plus 425 bps to 450 bps talk, and added a 25 bps step-down at 0.5x inside first-lien net leverage, according to a market source.

As before, the first-lien term loan has a 0.75% Libor floor, an original issue discount of 98.5 and 101 soft call protection for six months.

The company is also getting a $250 million privately placed second-lien term loan.

Credit Suisse Securities (USA) LLC is the left lead on the deal. Goldman Sachs Bank USA, Antares Capital, Ares, Deutsche Bank Securities Inc., Golub Capital and Jefferies LLC are involved as well.

symplr hits secondary

Recommitments for symplr’s first-lien term loan were due at 10:30 a.m. ET on Monday and the debt began trading in the afternoon, with levels quoted a 98¾ bid, 99½ offered, another source added.

The new loans will be used to refinance existing debt and to fund the acquisition of TractManager, a Dallas-based health care-specific application suite, from Arsenal Capital Partners.

symplr, a portfolio company of Clearlake Capital Group LP and SkyKnight Capital, is a Houston-based health care governance, risk management and compliance software-as-a-service platform.

Agiliti tweaked, trades

Agiliti changed the original issue discount on its $200 million add-on term loan (B+) due 2026 to 99.026 from talk in the range of 98.5 to 99, a market source said.

The add-on term loan is priced at Libor plus 300 bps with a step-down to Libor plus 275 bps at 3.75x net first-lien leverage and a 0.75% Libor floor.

Recommitments were due at 10 a.m. ET on Monday and the add-on term loan made its way into the secondary market during the session, with levels quoted at 99¼ bid, par offered, the source added.

J.P. Morgan Securities LLC is leading the deal that will be used to fund a tuck-in acquisition.

Agiliti is a Minneapolis-based provider of health care technology management and service solutions.

Anchor revised, breaks

Anchor Packaging adjusted the original issue discount on its $155 million incremental covenant-lite first-lien term loan (B2) due July 2026 to 99 from 98.79, according to a market source.

Pricing on the incremental term loan is Libor plus 400 bps with a 0% Libor floor, and the debt has 101 soft call protection for six months.

Commitments were due at 3:30 p.m. ET on Monday, moved up from 5 p.m. ET on Monday, and the incremental term loan broke for trading late in the day at 99 bid, 99½ offered, another source added.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to repay a second-lien term loan and fund a shareholder distribution.

Anchor Packaging is a Ballwin, Mo.-based producer of polypropylene rigid takeout containers.

Charter NEX ups spread

In more happenings, Charter NEX lifted pricing on its $1.6 billion seven-year first-lien term loan to Libor plus 425 bps from talk in the range of Libor plus 375 bps to 400 bps, a market source remarked.

The first-lien term loan still has a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

The company’s $1.7 billion of credit facilities (B2/B) also include a $100 million five-year revolver.

Recommitments were due at 1 p.m. ET on Monday and allocations are expected on Tuesday, the source added.

Jefferies LLC, Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc. and Nomura are leading the deal that will be used with $500 million of privately placed eight-year senior unsecured PIK toggle notes to refinance existing debt and fund a distribution to shareholders.

Charter NEX is a manufacturer of highly engineered specialty films focused on the stable food and consumer end-markets.

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