Solenis, IPS, Clean Harbors, Howden, Empire, Agiliti break; Cornerstone, Mattress revised

By Sara Rosenberg

New York, Sept. 21 – Solenis adjusted the original issue discount on its U.S. and euro term loan B debt, and finalized the spread on the euro loan, IPS Corp. firmed pricing on its first-lien term loan debt at the tight end of talk, removed a step-down and updated the issue price, and Clean Harbors Inc. set the spread on its incremental term loan B at the low end of guidance and modified the original issue discount, and then these deals freed to trade on Tuesday.

Also, before breaking for trading, Howden Group Holdings Ltd. upsized its U.S. add-on term loan B and adjusted the issue price, Empire Today changed the original issue discount on its incremental first-lien term loan, and Agiliti Inc. reduced pricing on its incremental term loan and tightened the issue price.

In more happenings, Cornerstone OnDemand Inc. trimmed pricing on its term loan B, Mattress Firm upsized its term loan, set the spread at the low end of talk and the issue price at the wide end of guidance, and extended the call protection, and Arclin Inc. moved some funds between its first -and second-lien term loans, and revised spread and original issue discount on its first-lien debt.

Additionally, Grinding Media Inc. (Molycop Ltd.) increased its term loan B size, and trimmed the spread and issue price, Southern Veterinary Partners LLC increased the size of its incremental first-lien term loan and firmed the original issue discount at the tight end of guidance, and CHG Healthcare Services Inc. and Liftoff Mobile Inc./Vungle Inc. (Red Planet Borrower LLC) moved up the commitment deadlines for their term loans.

Furthermore, Domtar Corp., AOC LLC, MDVIP, NorthStar Group Services Inc., J&J Gaming (J&J Ventures Gaming LLC) and Cano Health LLC released price talk with launch.

Lastly, Jack Entertainment (Jack Ohio Finance LLC), Alltech Inc., Gabe’s (Mountaineer Merger Corp.), Mirion Technologies Inc., Mitchell International, Medical Solutions and Zelis Payments Buyers Inc. joined this week’s primary calendar.

Solenis modified

Solenis changed the original issue discount on its $1.11 billion seven-year term loan B (B2/B-) to 99.75 from revised talk of 99.5 and initial talk of 99, according to a market source.

In addition, pricing on the company’s €500 million seven-year term loan B (B2/B-) was set at Euribor plus 400 basis points, the low end of the Euribor plus 400 bps to 425 bps talk, a 25 bps step-down at 4.5x net first-lien secured leverage was added and the discount was tightened to 99.75 from 99.5, the source said.

The euro term loan still has a 0% floor.

Pricing on the U.S. term loan is Libor plus 375 bps with a 25 bps step-down at 4.5x net first-lien secured leverage and a 0.5% Libor floor.

Both term loans have 101 soft call protection for six months.

Earlier in syndication, the term loan B structure was updated from a $1.4 billion equivalent U.S. and euro loan, with the split to be determined, pricing on the U.S. term loan was reduced from Libor plus 400 bps and the step-down was added.

Solenis hits secondary

Recommitments for Solenis’ term loans were due at 11:30 a.m. ET on Tuesday and the U.S. term loan broke for trading in the afternoon, with levels quoted at par bid, par 3/8 offered, a trader added.

Goldman Sachs, BofA Securities Inc., Barclays, BMO Capital Markets, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc., Nomura, HSBC, ING, Jefferies LLC, Macquarie and RBC Capital Markets are leading the loans that will be used with $815 million of senior secured notes, €500 million of senior secured notes, $400 million of senior notes and €265 million of senior notes to help fund the buyout of Solenis by Platinum Equity from Clayton, Dubilier & Rice and BASF and merger with Sigura Water, an existing Platinum Equity portfolio company.

The notes were recently updated from being described as $1.4 billion equivalent U.S. and euro senior secured notes and $1 billion equivalent U.S. and euro senior unsecured notes.

Closing is expected on Oct 1.

Solenis is a Wilmington, Del.-based producer of specialty chemicals used in water-intensive industries. Sigura is an Alpharetta, Ga.-based provider of water treatment solutions.

IPS tweaked

IPS set the spread on its $525 million seven-year first-lien term loan (B1/B-) and $105 million seven-year delayed-draw first-lien term loan (B1/B-) at Libor plus 375 bps, the low end of the Libor plus 375 bps to 400 bps talk, and modified the original issue discount to 99.75 from 99.5, a market source said.

Also, the term loan debt now has one leverage-based pricing step-down and one additional step-down upon completion of an initial public offering, changed from two leverage-based pricing step-downs and one additional step-down upon completion of an initial public offering, the source continued.

The funded and delayed-draw first-lien term loan debt, which is being sold as a strip, still has a 0.5% Libor floor and 101 soft call protection for six months.

The ticking fee on the delayed-draw first-lien term loan, which has a 24-month commitment period, is half the margin from days 46 to 90 and the full margin thereafter.

The company’s $930 million of credit facilities also include a $90 million five-year revolver (B1/B-) and a $210 million eight-year privately placed second-lien term loan (Caa1/CCC).

IPS frees up

Recommitments for IPS’ first-lien term loan debt were due at 1 p.m. ET on Tuesday, and the debt began trading in the afternoon with the strip of funded and delayed-draw term loan quoted at 99 7/8 bid, par 1/8 offered, another source added. The second-lien term loan was quoted at 99 bid, 101 offered.

Jefferies LLC, Credit Suisse Securities (USA) LLC, Apollo, BMO Capital Markets, MUFG, Nomura, SMBC and KeyBanc Capital Markets are leading the deal that will be used to help fund the buyout of the company by Centerbridge Partners LP from Cypress Performance Group LLC.

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

IPS is a Compton, Calif.-based provider of specialized, highly engineered industrial products including solvent cements, rough plumbing and roofing products, and structural and surface adhesives.

Clean Harbors updated, breaks

Clean Harbors finalized pricing on its $1 billion incremental seven-year term loan B (Ba1/BBB-) at Libor plus 200 bps, the low end of the Libor plus 200 bps to 225 bps talk, and moved the original issue discount to 99.5 from 99, according to a market source.

As before, the term loan has a 0% Libor floor, 101 soft call protection for six months, and ticking fees of half the margin from days 46 to 90, the full margin from days 91 to 135 and the full margin plus three-month Libor thereafter.

Commitments were due at noon ET on Tuesday and the incremental term loan freed up later in the day, with levels quoted at 99 7/8 bid, par 3/8 offered, another source added.

Goldman Sachs Bank USA, Truist, Citizens and Stifel are leading the deal that will be used with available cash to fund the acquisition of HydroChemPSC from Littlejohn & Co. LLC for $1.25 billion.

Closing is expected in October, subject to regulatory approval and other customary conditions.

Clean Harbors is a Norwell, Mass.-based provider of environmental and industrial services. HydroChemPSC is a provider of industrial cleaning, specialty maintenance and utilities services.

Howden revised, trades

Howden increased its fungible U.S. covenant-lite add-on term loan B (B2/B) due Nov. 12, 2027 to $955 million from $415 million and changed the original issue discount to 99 from 98.56, according to a market source.

Pricing on the U.S. add-on term loan is Libor plus 325 bps with a 0.75% Libor floor, and the add-on and existing term loan are getting 101 soft call protection for six months.

Commitments were due at 10 a.m. ET on Tuesday and the add-on term loan broke late in the day, with levels quoted at 99 5/8 bid, par offered, a trader added.

The company is also getting a fungible €350 million covenant-lite add-on term loan B (B2/B) due Nov. 12, 2027 priced at Euribor plus 350 bps with a 0% floor and a discount of 99.

Morgan Stanley Senior Funding Inc., JPMorgan Chase Bank, Barclays, HSBC Securities, NatWest, ING and Lloyds are leading the deal that will be used with a $370 million privately placed second-lien term loan to fund the acquisition of Align Financial Holdings, add cash to the locked account, pay down revolver borrowings, pay related fees and expenses, and, due to the upsizing, to refinance an existing term loan B priced at Libor plus 375 bps.

Closing is expected on Oct. 4.

Howden is a London-based insurance intermediary group. Align is a specialist general agency and underwriting management group.

Empire tightens, frees

Empire Today adjusted the original issue discount on its fungible $170 million incremental first-lien term loan to 99.5 from 99, a market source remarked.

The incremental term loan is priced at Libor plus 500 bps with a 0.75% Libor floor and has 101 soft call protection for six months.

Recommitments were due at 11 a.m. ET on Tuesday and the incremental term loan started trading later in the day, with levels quoted at 99¾ bid, par ¼ offered, another source added.

The company is also getting a $60 million revolver.

KKR Capital Markets and Jefferies LLC are leading the debt that will be used to support the acquisition of the company by Charlesbank Capital Partners.

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

The company’s existing $425 million term loan is getting ported over.

Empire Today is a Northlake, Ill.-based provider of installed home improvements and home furnishings.

Agiliti updated, breaks

Agiliti lowered pricing on its $150 million incremental term loan to Libor plus 275 bps from Libor plus 300 bps and modified the original issue discount to 99.25 from 99.027, according to a market source.

The incremental term loan still has a 0% Libor floor.

During the session, the incremental term loan made its way into the secondary market, with levels quoted at 99¾ bid, par ¼ offered, another source added.

JPMorgan Chase Bank is leading the deal that will be used with cash on hand to fund the acquisition of Sizewise Rentals LLC, a Lenexa, Kan.-based manufacturer and distributor of specialty hospital beds, surfaces and patient handling equipment, in a stock purchase transaction valued at $230 million.

Closing is expected on Oct. 1, subject to customary conditions.

Agiliti is a Minneapolis-based essential service provider to the U.S. health care industry.

Cornerstone cuts spread

In other news, Cornerstone OnDemand lowered pricing on its $2.118 billion seven-year term loan B (B2/B-) to Libor plus 375 bps from Libor plus 400 bps, a market source remarked.

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

JPMorgan Chase Bank, BofA Securities Inc., Ares, Golub, Antares Capital, BMO Capital Markets, Barclays, BNP Paribas Securities Corp., CBAM, CPPIB, Credit Suisse Securities (USA) LLC, Fifth Third, Goldman Sachs Bank USA, Jefferies LLC, MUFG and Owl Rock are leading the deal that will be used with $1.935 billion of equity and $700 million of preferred equity to fund the buyout of the company by Clearlake Capital Group LP for $57.50 per share in cash. The transaction has an enterprise value of about $5.2 billion.

Closing is expected this year, subject to customary conditions, including the receipt of regulatory approvals and approval by Cornerstone stockholders.

Cornerstone is a Santa Monica, Calif.-based people development company.

Mattress Firm reworked

Mattress Firm lifted its seven-year term loan to $1.25 billion from $1.1 billion, firmed pricing at Libor plus 425 bps, the low end of the Libor plus 425 bps to 450 bps talk, set the original issue discount at 99, the wide end of the 99 to 99.5 talk, and extended the 101 soft call protection to one year from six months, a market source said.

Also, changes were made to the incremental free and clear basket, MFN, the inside maturity basket, the interest coverage test for unsecured incremental equivalent/ratio debt, the restricted payments general basket and the EBITDA definition, the permitted change of control was removed, and lender calls are now required quarterly instead of annually, the source continued.

The 0.75% Libor floor on the term loan was unchanged.

Commitments were due at 5 p.m. ET on Tuesday, the source added.

Barclays, Goldman Sachs Bank USA and Jefferies LLC are leading the deal that will be used with cash on hand to repay all existing debt, fund a distribution to shareholders and management shareholders, which was increased with the term loan upsizing, and pay related fees and expenses.

Mattress Firm is a Houston-based mattress company.

Arclin restructures

Arclin upsized its seven-year first-lien term loan to $685 million from $675 million and scaled back its eight-year second-lien term loan to $145 million from $155 million, according to a market source.

Pricing on the first-lien term loan and $100 million seven-year delayed-draw first-lien term loan was cut to Libor plus 375 bps from Libor plus 400 bps and the original issue discount was changed to 99.5 from 99, the source said.

The funded and delayed-draw first-lien term loans, which are being sold as a strip, still have a 0.5% Libor floor and 101 soft call for six months, and the delayed-draw term loan has a ticking fee of 1% per annum starting 90 days post close.

Pricing on the second-lien term loan remained at Libor plus 700 bps with a 0.5% Libor floor and a discount of 99, and the debt still has hard call protection of 102 in year one and 101 in year two.

The company’s $1.03 billion of credit facilities also include a $100 million five-year revolver.

Arclin lead banks

RBC Capital Markets, Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC, BMO Capital Markets, KeyBank Capital Markets and ING are leading Arclin’s credit facilities.

Recommitments are due at 10 a.m. ET on Wednesday and allocations are expected that day, the source added.

The new debt will be used to help fund the buyout of the company by The Jordan Co. LP from Lone Star Funds and repay in full an existing $690 million term loan B.

Closing is expected in the third quarter.

Arclin is a Roswell, Ga.-based manufacturer and formulator of surface overlays and specialty resins for the residential building products, industrial, furniture and non-residential construction markets.

Grinding Media changes

Grinding Media upsized its seven-year term loan B to $925 million from $875 million, reduced pricing to Libor plus 400 bps from talk in the range of Libor plus 425 bps to 450 bps, and revised the original issue discount to 99.5 from 99, a market source said.

The term loan still has a 0.75% Libor floor and 101 soft call protection for six months.

JPMorgan Chase Bank, Morgan Stanley Senior Funding Inc., Ally and CIBC are leading the deal that will be used to redeem outstanding senior notes due 2023, pay a one-time dividend, which was increased with the term loan upsizing, and pay fees and expenses.

Grinding Media is a provider of mission-critical, consumable grinding media for primarily copper, gold and iron ore producers.

Southern Vet upsizes

Southern Veterinary Partners raised its fungible incremental first-lien term loan (B-) due October 2027 to $200 million from $150 million and finalized the original issue discount at 99.75, the tight end of the 99.5 to 99.75 talk, according to a market source.

Like the existing first-lien term loan, the incremental first-lien term loan is priced at Libor plus 400 bps with a 1% Libor floor and has 101 soft call protection through Oct. 5.

Commitments were due at 5 p.m. ET on Tuesday, accelerated from noon ET on Wednesday, the source added.

The company is also getting a $100 million privately placed delayed-draw first-lien term loan (B-).

Jefferies LLC is leading the deal that will be used to fund the company’s acquisition pipeline.

Southern Veterinary is a Birmingham, Ala.-based provider of general practice veterinary services.

CHG changes deadline

CHG Healthcare Services accelerated the commitment deadline for its $1.58 billion seven-year first-lien term loan (B1/B) to noon ET on Wednesday from 10 a.m. ET on Thursday, a market source said.

Talk on the first-lien term loan is Libor plus 375 bps to 400 bps with a 25 bps step-down at 0.5x inside closing date first-lien leverage, a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

The company is also getting a $430 million privately placed second-lien term loan.

Goldman Sachs Bank USA, JPMorgan Chase Bank, Barclays, BMO Capital Markets and Citigroup Global Markets Inc. are leading the deal that will be used with cash on the balance sheet to refinance existing debt and pay a dividend to shareholders.

CHG is a Salt Lake City-based locum tenens staffing company.

Liftoff accelerated

Liftoff/Vungle moved up the commitment deadline for its $1.25 billion seven-year senior secured covenant-lite term loan B to noon ET on Thursday from 10 a.m. ET on Friday, according to a market source.

Talk on the term loan is Libor plus 375 bps to 400 bps with a 0.5% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months.

The company’s $1.4 billion of credit facilities (B2/B) also include a $150 million revolver.

Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC, Nomura, Goldman Sachs Bank USA, Barclays and Mizuho are leading the deal that will be used to refinance the company’s existing capital structure and pay a one-time dividend distribution to shareholders.

Liftoff/Vungle is a Redwood City, Calif.-based platform that fuels the mobile app growth cycle.

Domtar guidance

Domtar held its lender call on Tuesday morning and announced price talk on its $525 million seven-year term loan B and $250 million delayed-draw term loan B at Libor plus 500 bps to 525 bps with a 0.75% Libor floor and an original issue discount of 99, according to a market source.

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

Ticking fees on the delayed-draw term loan are half the margin from days 31 to 60 and the full margin thereafter.

Commitments are due at noon ET on Oct. 1, the source added.

Barclays, BMO Capital Markets, Credit Suisse Securities (USA) LLC and Wells Fargo Securities LLC are leading the $775 million of senior secured term loans (Ba2/BB+/BB+).

Domtar being acquired

Domtar will use the term loans with senior secured notes to fund its acquisition by Paper Excellence BV for $55.50 per share and finance the potential redemption of Domtar’s existing senior unsecured notes.

The delayed-draw term loan is available for 90 days and only to fund redemptions of the senior unsecured notes through a change-of-control offer.

Closing is expected this year, subject to customary conditions.

Domtar is a Fort Mill, S.C.-based provider of fiber-based products, including communication, specialty and packaging papers, market pulp and airlaid nonwovens. Paper Excellence is a British Columbia-based diversified manufacturer of pulp and specialty, printing, writing and packaging papers.

AOC reveals talk

AOC launched on its morning call its $1.26 billion seven-year term loan B (B) at talk of Libor plus bps to 400 bps with a 0.5% Libor floor and an original issue discount of 99, a market source said.

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

Commitments are due at noon ET on Sept. 30, the source added.

BofA Securities Inc., RBC Capital Markets, BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Goldman Sachs Bank USA are leading the deal that will be used to help fund the buyout of the company by Lone Star Funds from CVC Capital Partners.

AOC is a Schiphol, Netherlands-based producer of specialty resins.

MDVIP proposed terms

MDVIP released price talk on its $500 million seven-year first-lien term loan (B2/B) and $185 million eight-year second-lien term loan (Caa2/CCC+) with its morning, according to a market source.

Talk on the first-lien term loan is Libor plus 400 bps with two 25 bps leverage-based step-downs, a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, and talk on the second-lien term loan is Libor plus 675 bps to 700 bps with a 0.5% Libor floor, a discount of 99 and hard call protection of 102 in year one and 101 in year two, the source said.

Commitments are due at noon ET on Sept. 30.

Goldman Sachs Bank USA, Jefferies LLC, Societe Generale, KeyBank Capital Markets, KKR Capital Markets, Citizens Bank and Stone Point are leading the deal, with Goldman left on the first-lien and Jefferies left on the second-lien.

The loans will be used to help fund the buyout of the company by Goldman Sachs Asset Management and Charlesbank Capital Partners from Leonard Green & Partners and Summit Partners.

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

MDVIP is a Boca Raton, Fla.-based provider of membership-based private healthcare services.

NorthStar OID talk

NorthStar Group launched on its morning call its fungible $200 million incremental term loan due November 2026 with original issue discount talk of 99 to 99.5, a market source remarked.

Pricing on the incremental term loan is Libor plus 550 bps with a 1% Libor floor, in line with existing term loan pricing.

Commitments are due on Sept. 30, the source added.

Macquarie Capital (USA) Inc. is leading the deal that will be used to fund a recapitalization, which will include new third-party equity.

NorthStar is a New York-based provider of specialized environmental and technical services to government and commercial facility owners in need of operational, decommissioning and remediation services.

J&J Gaming launches

J&J Gaming came out with original issue discount of 99.5 to 99.75 on its fungible $73 million incremental covenant-lite first-lien term loan (B2/B) due April 2028 that launched with a call in the morning, according to a market source.

Pricing on the incremental term loan is Libor plus 400 bps with a 0.75% Libor floor, in line with existing first-lien term loan pricing.

The incremental term loan has 101 soft call protection through Oct. 26.

Commitments are due at 5 p.m. ET on Wednesday, moved up from 5 p.m. ET on Thursday shortly after launch, the source added.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to fund a tuck-in acquisition.

J&J is an operator of video gaming terminals in Illinois.

Cano holds call

Cano Health held a lender call at 10 a.m. ET to launch a fungible $100 million incremental covenant-lite first-lien term loan (B2/B) due November 2027 talked with an original issue discount of 99.5, a market source said.

Pricing on the incremental term loan is Libor plus 450 bps with a 25 bps step-down at B2/B ratings and a 0.75% Libor floor, in line with existing term loan pricing, and the debt has 101 soft call protection through Dec. 29.

Commitments are due at 5 p.m. ET on Wednesday, accelerated shortly after the call from 5 p.m. ET on Thursday, the source added.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used with $300 million of senior notes to refinance a senior unsecured bridge loan and add cash to the balance sheet.

Cano Health is a Miami-based tech-powered, value-based care delivery platform.

Jack readies deal

Jack Entertainment set a lender call for 10 a.m. ET on Wednesday to launch $275 million of credit facilities (B2/B-), according to a market source.

The facilities consist of a $25 million revolver, and a $250 million seven-year covenant-lite first-lien term loan talked at Libor plus 500 bps to 525 bps with a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, the source said.

Commitments are due at 5 p.m. ET on Sept. 30.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA and KeyBanc Capital Markets are leading the deal that will be used to refinance existing debt, to fund a shareholder distribution and for general corporate purposes.

Jack Entertainment is a Cleveland-based regional gaming operator.

Alltech on deck

Alltech scheduled a lender call for 10 a.m. ET on Wednesday to launch $1.13 billion of credit facilities (B2/B), a market source remarked.

The facilities consist of a $305 million revolver, a $425 million term loan A and a $400 million seven-year covenant-lite term loan B, the source added.

Deutsche Bank Securities Inc. and BofA Securities Inc. are leading the deal that will be used to refinance existing debt.

Alltech is a Nicholasville, Ky.-based animal health and nutrition company.

Gabe’s joins calendar

Gabe’s will hold a lender call at noon ET on Wednesday to launch a $250 million seven-year senior secured first-lien term loan (B) talked at Libor plus 600 bps with a 0.75% Libor floor, an original issue discount of 98 and hard call protection of 102 in year one and 101 in year two, according to a market source.

Commitments are due on Oct. 6, another source added.

Jefferies LLC and Wells Fargo Securities LLC are leading the deal that will be used to refinance existing debt and pay a shareholder distribution.

Gabe’s is an off-price retailer focused on a large, underserved working-class demographic.

Mirion coming soon

Mirion Technologies emerged with plans to hold a lender call at 2 p.m. ET on Wednesday to launch an $830 million first-lien term loan, a market source said.

Goldman Sachs Bank USA, Citigroup Global Markets Inc., JPMorgan Chase Bank and Jefferies LLC are leading the deal that will be used with balance sheet cash, cash held in trust and PIPE proceeds to pay down existing debt, add cash to balance sheet, and fund the business combination of GS Acquisition Holdings Corp. II with the ultimate parent company of Mirion Technologies Inc.

Closing is expected this year, subject to certain conditions, including regulatory approvals and approval by GS Acquisition stockholders.

Mirion, currently a Charterhouse Capital Partners LLP portfolio company, is an Atlanta-based provider of mission-critical radiation detection and measurement solutions.

Mitchell plans call

Mitchell International scheduled a lender call for 2 p.m. ET on Wednesday to launch $3 billion of term loans, according to a market source.

The debt is split between a $2.475 billion first-lien term loan B and a $525 million second-lien term loan, the source said.

Goldman Sachs Bank USA, KKR Capital Markets, SPC, Barclays, BofA Securities Inc., Wells Fargo Securities LLC, Golub, Truist, Citizens and Stifel are leading the deal, with Goldman the left lead on the first-lien loan and KKR the left lead on the second-lien loan.

The loans will be used with cash on balance sheet to refinance existing debt and pay a dividend to shareholders

Mitchell is a San Diego-based provider of claims software and technology-enabled solutions to the workers’ compensation and auto insurance industries.

Medical Solutions on deck

Medical Solutions will hold a lender call at 11 a.m. ET on Thursday to launch $1.2 billion of first-lien term loans, split between a $1 billion first-lien term loan and a $200 million delayed-draw term loan, a market source remarked.

The company is also getting a $320 million privately placed second-lien term loan.

UBS Investment Bank, Jefferies LLC, Goldman Sachs Bank USA, Wells Fargo Securities LLC, MUFG, Citizens Bank, KeyBanc Capital Markets, TD Securities (USA) LLC and SMBC are leading the deal that will be used to help fund the buyout of the company by Centerbridge Partners LP and Caisse de depot et placement du Quebec from TPG Growth.

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

Medical Solutions is an Omaha-based provider of total workforce solutions in the health care industry.

Zelis joins calendar

Zelis scheduled a lender call for 2:30 p.m. ET on Wednesday to launch $850 million of term loans, according to a market source.

The debt consists of a $550 million senior secured term loan B and a $300 million delayed-draw term loan, the source said.

Morgan Stanley Senior Funding Inc. is the left lead on the deal.

The term loan B will be used to fund the acquisition of Sapphire Digital as well as transaction fees and expenses, and the delayed-draw term loan will be used to fund future acquisitions, capital expenditure, or other investments, and the payment of related fees and expenses.

Closing is expected in the fourth quarter.

Zelis is a Bedminster, N.J.-based health care and financial technology company. Sapphire is a provider of a healthcare consumer shopping and navigation platform.

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