PPD shops loan; nThrive TSG, ERT, Women’s Care, Grab Holdings ready deals

By Sara Rosenberg

New York, Jan. 4 – In the bank-loan primary market on Monday, PPD Inc. approached lenders with a new term loan B and released price talk on the transaction.

Also, nThrive TSG (MedAssets Software Intermediate Holdings Inc.), ERT (eResearchTechnology Inc.), Women’s Care Holdings Inc. LLC and Grab Holdings Inc. joined this week’s new issue calendar.

PPD comes to market

PPD hosted a lender call at 1:30 p.m. ET on Monday to launch a $2.55 billion term loan B (Ba2/BB-) talked at Libor plus 225 basis points to 250 bps with a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, a market source said.

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

J.P. Morgan Securities LLC is the left lead on the deal that will be used to help refinance an existing term loan B due 2022.

PPD is a Wilmington, N.C.-based contract research organization focused on clinical development and laboratory services.

nThrive TSG on deck

nThrive TSG set a lender call for 2 p.m. ET on Tuesday to launch a $440 million seven-year covenant-lite first-lien term loan B, according to a market source.

The loan has 101 soft call protection for six months, the source said.

Commitments are due on Jan. 19.

The company is also getting a $160 million second-lien term loan that is being privately placed.

Deutsche Bank Securities Inc., UBS Investment Bank, BMO Capital Markets, Jefferies LLC, Antares Capital, BNP Paribas Securities Corp. and Golub Capital are leading the deal that will be used to help fund the buyout of the company by Clearlake Capital Group LP from nThrive Holdings LP.

nThrive TSG is a provider of health care revenue cycle management software-as-a-service solutions.

ERT readies deal

ERT scheduled a lender call for noon ET on Tuesday to launch a fungible $750 million incremental first-lien senior secured term loan of which $250 million has been pre-placed, a market source remarked.

The company is also getting a $50 million pre-placed first-lien senior secured delayed-draw term loan and a $150 million pre-placed incremental second-lien senior secured term loan, the source added.

Goldman Sachs Bank USA is the left lead on the deal that will be used to fund the acquisition of Bioclinica and pay related fees and expenses.

Closing is expected this year, subject to customary conditions, including approval by regulatory agencies.

Nordic Capital and Astorg are the sponsors.

ERT is a Philadelphia-based provider of software-enabled clinical research solutions to pharmaceutical companies and contract research organizations. Bioclinica is a Princeton, N.J.-based provider of clinical trial imaging solutions.

Women’s Care sets call

Women’s Care emerged with plans to hold a lender call at 10 a.m. ET on Tuesday to launch $550 million of credit facilities, according to a market source.

The facilities consist of a $70 million five-year revolver, a $360 million seven-year first-lien term loan and a $120 million eight-year second-lien term loan, the source said.

Jefferies LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., RBC Capital Markets, Macquarie Capital (USA) Inc. and Nomura are leading the deal that will be used to help fund the buyout of the company by BC Partners.

Women’s Care is a women’s health platform.

Grab joins calendar

Grab Holdings will hold a lender call at 11 a.m. ET on Tuesday to launch a $750 million five-year term loan B (B3/B-) talked at Libor plus 525 bps to 550 bps with a 1% Libor floor and an original issue discount of 97, a market source said.

The term loan is non-callable for two years, then at 101 in year three. There is a carve-out in year one of 103 for an initial public offering.

Commitments are due at 5 p.m. ET on Jan. 14, the source added.

J.P. Morgan Securities LLC, Barclays, HSBC Securities (USA) Inc., Mizuho and MUFG are leading the deal that will be used for general corporate purposes.

Grab is a Singapore-based ride hailing company and a provider of food delivery, digital payments and other financial services via a mobile app.

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