US LBM, US Radiology, Zaxby’s, ExGen, Planview, Royal Oak, Therma, Datasite set talk

By Sara Rosenberg

New York, Dec. 1 – In the primary market on Tuesday, US LBM (LBM Acquisition LLC), US Radiology Specialists Inc., Zaxby’s Operating Co. LP, ExGen Renewables IV LLC, Planview, Royal Oak Enterprises LLC (Ozark Holdings LLC), Therma Holdings LLC (Refficiency Holdings LLC) and Datasite all released price talk with launch.

Also, Wellness Pet Food Holdings Co. Inc. (Woof Intermediate Inc.), International-Matex Tank Terminals (RS Ivy Holdco), Gemini HDPE LLC, MeridianLink, Inc., Consumer Cellular Inc. and Nuvei Corp. joined this week’s new issue calendar.

US LBM holds call

US LBM held its lender call on Tuesday morning, launching its $1.2 billion seven-year senior secured term loan B and $300 million delayed-draw term loan at talk of Libor plus 450 basis points with a 0.75% Libor floor and an original issue discount of 98.5 to 99, according to a market source.

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

The delayed-draw term loan has a ticking fee of half the margin from days 61 to 120 and Libor plus the full margin thereafter, and is available for 24 months, subject to pro forma first-lien net leverage of 4.50x, or if used to finance an acquisition or to refinance a replenishment of cash on hand or revolving facility used to consummate an acquisition, the pro forma first-lien net leverage shall be “no worse than” immediately prior, the source said.

Commitments are due at noon ET on Dec. 10, the source added.

Barclays, BofA Securities Inc., Credit Suisse Securities (USA) LLC, RBC Capital Markets, Truist, Deutsche Bank Securities Inc. and U.S. Bank are leading the $1.5 billion of term loans (B/B+) that will be used with $390 million of unsecured debt to help fund the buyout of the company by Bain Capital Private Equity.

Closing is expected this month, subject to customary conditions, including regulatory approvals.

US LBM is a Buffalo Grove, Ill.-based distributor of specialty building materials.

US Radiology talk

US Radiology Specialists launched on its morning call its $790 million seven-year first-lien term loan and $135 million delayed-draw first-lien term loan at talk of Libor plus 475 bps to 500 bps with a 0.75% Libor floor and an original issue discount of 98.5, a market source remarked.

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

The delayed-draw term loan is available for 18 months subject to a $20 million minimum draw amount, and can be used to finance permitted acquisitions and investments, and to pay related fees and expenses, subject to a 5.25x secured net leverage ratio, the source said. Ticking fees are half the margin from days 46 to 90, the full margin from days 91 to 120 and adjusted Libor plus 100% of the margin thereafter.

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

Barclays, Capital One, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Fifth Third are leading the $925 million of term loans (B3) that will be used to refinance the company’s existing capital structure and fund three acquisitions.

US Radiology is a Raleigh, N.C.-based radiology group.

Zaxby’s launches

Zaxby’s released price talk on its $625 million seven-year covenant-lite first-lien term loan B and $250 million eight-year covenant-lite second-lien term loan in connection with its morning call, according to a market source.

The first-lien term loan is talked at Libor plus 400 bps to 425 bps with a 25 bps step-down upon consummation of an initial public offering, a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, the source said.

Talk on the second-lien term loan is Libor plus 750 bps with a 0.75% Libor floor, a discount of 98.5 and hard call protection of 102 in year one and 101 in year two, or 101 in year one and par thereafter for any prepayment or refinancing in connection with a whole-business securitization.

The company’s $975 million of senior secured credit facilities also include a $100 million five-year revolver.

Zaxby’s lead banks

Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, KeyBanc Capital Markets and Fifth Third are leading Zaxby’s credit facilities.

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

The new debt will be used to help fund Goldman Sachs Merchant Banking Division’s acquisition of a significant stake in the company.

Closing is expected by year-end.

Zaxby’s is an Athens, Ga.-based casual restaurant chain.

ExGen floats talk

ExGen Renewables launched on its afternoon call its $750 million seven-year senior secured term loan B (Ba3/BB-) at talk of Libor plus 300 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

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

Commitments are due at 3 p.m. ET on Dec. 14, the source added.

Jefferies LLC is leading the green loan that will be used to refinance existing debt, fund various reserves and distribute any remaining proceeds to Exelon Corp. to be used for general corporate purposes.

ExGen Renewables is an owner of renewable generation projects in the United States and is indirectly owned by Exelon.

Planview guidance

Planview held its call in the morning and announced talk on its $535 million seven-year covenant-lite first-lien term loan at Libor plus 400 bps to 425 bps with a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, a market source said.

Commitments are due on Dec. 11, the source added.

The company is also getting a $230 million eight-year second-lien term loan that has been fully preplaced.

UBS Investment Bank, Deutsche Bank Securities Inc., Barclays and Jefferies LLC are leading the deal that will be used to help fund the buyout of the company by TPG Capital and TA Associates for $1.6 billion.

The company’s existing majority shareholder, Thoma Bravo, will retain a minority interest following the buyout.

Planview is an Austin, Tex.-based provider of portfolio management and work management solutions.

Royal Oak launches

Royal Oak Enterprises launched on its afternoon call its $400 million seven-year senior secured first-lien term loan B at talk of Libor plus 400 bps to 425 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

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

Commitments are due at noon ET on Dec. 11.

Barclays and Citigroup Global Markets Inc. are leading the deal that will be used to repay an existing term loan and repurchase a minority interest to increase Mariposa Capital’s ownership in the company.

Royal Oak is a Roswell, Ga.-based manufacturer and distributor of fire-building products and other consumable products.

Therma comes to market

Therma Holdings held its call in the afternoon, launching its $370 million seven-year first-lien term loan and $75 million delayed-draw first-lien term loan at talk of Libor plus 400 bps to 425 bps with a 0.75% Libor floor and an original issue discount of 98.5, a market source remarked.

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

The company’s $510 million of credit facilities (B2/B-) also include a $65 million five-year revolver.

Commitments are due at 3 p.m. ET on Dec. 14.

Jefferies LLC, Blackstone, Societe Generale, BMO Capital Markets Corp. and MUFG are leading the deal that will be used to fund the buyout of the company by the Blackstone Group LP from Gemspring Capital.

Blackstone is also buying RE Tech Advisors Inc., an energy and sustainability consulting firm, which will be integrated into Therma.

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

Therma is a San Jose, Calif.-based specialty mechanical, electrical and controls services company.

Datasite proposed terms

Datasite came out with talk on its $300 million seven-year first-lien term loan (B2/B-) and €220 million seven-year first-lien term loan (B2/B-) with its morning call, according to a market source.

Talk on the U.S. term loan is Libor plus 450 bps to 475 bps with a 0.75% Libor floor and an original issue discount of 98.5, and talk on the euro term loan is Euribor plus 450 bps to 475 bps with a 0% floor and a discount of 98.5, the source said. Both term loans have 101 soft call protection for six months.

Commitments are due at the end of the day on Thursday.

J.P. Morgan Securities LLC, Blackstone, Deutsche Bank Securities Inc., MUFG and NatWest are leading the deal that will be used to refinance a financing done to back the buyout of the company by CapVest Partners LLP and to fund tuck-in acquisitions.

Datasite is a Minneapolis-based SaaS provider for the mergers and acquisitions industry.

Wellness Pet coming soon

Wellness Pet Food scheduled a lender call for Wednesday to launch $985 million of term loans, a market source remarked.

The debt is split between a $720 million seven-year first-lien term loan (B-) with 101 soft call protection for six months, and a $265 million eight-year second-lien term loan (CCC) with call protection of 102 in year one and 101 in year two, the source added.

Commitments are due at 5 p.m. ET on Dec. 16.

J.P. Morgan Securities LLC is leading the deal that will be used to help fund the buyout of the company by Clearlake Capital Group LP from Berwind Corp.

Wellness Pet is a Tewksbury, Mass.-based supplier of pet food and treats.

International-Matex on deck

International-Matex set a lender call for 11 a.m. ET on Wednesday to launch a $450 million seven-year senior secured term loan (B2), according to a market source.

Jefferies LLC, Goldman Sachs Bank USA and Barclays are leading the deal that will be used to help fund the acquisition of the company by Riverstone Holdings LLC from Macquarie Infrastructure Corp. for total consideration of $2.685 billion.

Closing is expected in late 2020 or early in 2021, subject to customary approvals and conditions.

International-Matex is a New Orleans-based handler and storer of bulk liquid products.

Gemini joins calendar

Gemini HDPE emerged with plans to hold a lender call at 11 a.m. ET on Wednesday to launch a $600 million seven-year senior secured term loan B (Ba3), a market source said.

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

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

Barclays and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to amend and extend an existing term loan B and fund the $404 million acquisition by Ineos Olefins and Polymers USA of Sasol’s 50% interest in the company and, thereby, become the 100% owner of the asset.

The transaction is targeted to close on Dec. 31.

Gemini HDPE is a Bimodal High-Density Polyethylene plant situated in La Porte, Texas.

MeridianLink schedules call

MeridianLink will hold a lender call on Thursday to launch a $100 million incremental first-lien term loan, according to a market source.

Antares Capital and Golub Capital are leading the deal that will be used with balance sheet cash to fund two acquisitions and related fees and expenses, and for general corporate purposes.

MeridianLink, a Thoma Bravo LLC portfolio company, is a Costa Mesa, Calif.-based provider of SaaS-based solutions to financial institutions that simplify loan decisioning, deposits/loan originations and workflow challenges.

Consumer Cellular on deck

Consumer Cellular scheduled a lender call for 11 a.m. ET on Wednesday to launch a $1.1 billion seven-year first-lien term loan B, a market source remarked.

The company is also planning on getting a $300 million privately placed second-lien term loan.

BofA Securities Inc., Barclays, Jefferies LLC and Credit Suisse Securities (USA) LLC are leading the deal that will be used to help fund the buyout of the company by GTCR.

Closing is expected this quarter.

Consumer Cellular is a Portland, Ore.-based provider of postpaid wireless services.

Nuvei plans add-on

Nuvei set a lender call for Wednesday to launch a fungible $90 million add-on first-lien term loan, according to a market source.

BMO Capital Markets is leading the deal that will be used to fund an acquisition.

The company’s existing first-lien term loan is priced at Libor plus 400 bps with a 0.75% Libor floor.

Nuvei is a Montreal-based payment technology company.

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