Cox Media, Howden Group, MHS, Grab, Citadel, Buckeye Partners, American Bath break

By Sara Rosenberg

New York, Jan. 27 – Cox Media Group reduced pricing on its term loan B, Howden Group Holdings Ltd. tightened the original issue discount on its first-lien term loan B, and MHS Holdings Inc. modified the issue price on its add-on term loan B-2, and then all of these deals freed up for trading on Wednesday.

Also, Citadel upsized its seven-year term loan B and Grab Holdings Inc. revised the issue price on its add-on term loan before breaking for trading, and deals from Buckeye Partners LP and American Bath Group LLC (CP Atlas Buyer Inc.) hit the secondary market as well.

In other news, AlixPartners LLP set pricing on its U.S. term loan B at the low end of talk, reduced the spread on its euro term loan B and modified original issue discounts on both tranches, and athenahealth Inc. lowered pricing and changed the issue price on its add-on term loan B and added a repricing of its existing term loan B to the mix.

Additionally, System One Holdings LLC tightened the original issue discount on its term loan B for a second time, Sotheby’s finalized the spread on its term loan B at the low end of guidance, and Endurance International Group Holdings Inc. upsized its funded term loan and updated price talk.

Furthermore, Rough Country upsized its incremental term loan and set the original issue discount at the midpoint of guidance, and TricorBraun Holdings Inc., Forcepoint and Gannett Holdings LLC accelerated the commitment deadlines for their loan transactions.

Lastly, Advisor Group Holdings Inc., Authentic Brands Group LLC, Guidehouse and PetSmart Inc. announced price talk with launch, and Multi-Color Corp., Pretium Packaging (Pretium Pkg Holdings Inc.), Resideo Technologies Inc., CPG International LLC and TRC Cos. Inc. emerged with new deal plans.

Cox flexes, starts trading

Cox Media Group trimmed pricing on its $2.2 billion term loan B due December 2026 to Libor plus 350 basis points from Libor plus 375 bps, according to a market source.

As before, the term loan has 0% Libor floor, a par issue price and 101 soft call protection for six months.

On Wednesday, the term loan B made its way into the secondary market, with levels quoted at par bid, par ¼ offered, a trader added.

RBC Capital Markets is leading the deal that will be used to combine an existing $2.01 billion term loan B and an existing $150 million term loan B-1 into one tranche and reprice the debt down from Libor plus 425 bps with a 0% Libor floor.

Cox Media is an Atlanta-based broadcasting, publishing, direct marketing and digital media company.

Howden updated, breaks

Howden Group moved the original issue discount on its $1,265,138,359 covenant-lite first-lien term loan B due Nov. 12, 2027 to 99.875 from 99.75, a market source remarked.

Pricing on the London-based insurance company’s term loan B remained at Libor plus 325 bps with a 0.75% Libor floor, and the debt still has 101 soft call protection for six months.

Recommitments for the U.S. term loan were due at 3 p.m. ET on Wednesday and the debt freed to trade later in the day, with levels quoted at par bid, par ½ offered, a trader added.

Morgan Stanley Senior Funding Inc., J.P. Morgan Securities LLC, RBC Capital Markets and Barclays are the joint bookrunners on the deal and joint lead arrangers with HSBC Securities (USA) Inc. and Lloyds.

The company is talking its €317,428,752 covenant-lite first-lien term loan B due Nov. 12, 2027 at Euribor plus 350 bps with a 0% floor, a discount of 99.875 and 101 soft call protection for six months, the source said.

Recommitments for the euro term loan are due at 5 a.m. ET on Thursday, the source added.

Proceeds will be used to reprice and extend existing U.S. and euro term loans.

Closing is expected during the week of Feb. 8.

MHS tweaked, frees up

MHS Holdings changed the issue price on its fungible $140 million add-on term loan B-2 due May 1, 2024 to par ½ from par, according to a market source.

Like the existing $145 million term loan B-2, the add-on term loan is priced at Libor plus 625 bps with a 1% Libor floor.

The add-on term loan has 101 hard call protection until July 1.

Recommitments were due at 2 p.m. ET on Wednesday and the add-on term loan began trading later in the day, with levels quoted at par 5/8 bid, 101 3/8 offered, a trader added.

RBC Capital Markets, Flagstar, Credit Suisse Securities (USA) LLC, Mizuho, Citizens and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to fund an acquisition.

Thomas H. Lee Partners LP is the sponsor.

MHS is a Mt. Washington, Ky.-based material handling systems integration and automation provider.

Citadel upsizes, breaks

Citadel increased its seven-year term loan B to $3 billion from $2.5 billion and left pricing at Libor plus 250 bps with a 0% Libor floor and an original issue discount of 99.875, a market source said.

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

During the session, the term loan began trading, with levels quoted at par bid, par ½ offered, another source added.

J.P. Morgan Securities LLC is leading the deal that will be used for general corporate purposes and to refinance existing debt.

Citadel is a Chicago-based provider of market-making services to the fixed income, currency and commodity markets.

Grab modified, trades

Grab Holdings changed the original issue discount on its $250 million add-on term loan to 99.5 from 99, according to a market source.

Pricing on the add-on term loan matches existing term loan pricing at Libor plus 450 bps with a 1% Libor floor.

Recommitments were due at 11 a.m. ET on Wednesday and the add-on term loan began trading in the afternoon, with levels quoted at par bid, par ¾ offered, another source added.

J.P. Morgan Securities LLC is 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.

Buckeye hits secondary

Buckeye Partners’ $2.233 billion covenant-lite first-lien term loan (Ba1/BBB-/BB+) due November 2026 also broke, with levels quoted at par bid, par 3/8 offered, a market source said.

Pricing on the term loan is Libor plus 225 bps with a 0% Libor floor and it was issued at par. The loan has 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to reprice an existing term loan down from Libor plus 275 bps with a 0% Libor floor.

Buckeye is a Houston-based owner and operator of integrated midstream assets.

American Bath breaks

American Bath’s $1.2 billion first-lien term loan (B2/B-) due December 2027 freed up too, with levels quoted at par 1/8 bid, par ½ offered, a market source remarked.

Pricing on the term loan is Libor plus 375 bps with a 0.5% Libor floor and it was issued at par. The loan has 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to refinance an existing term loan, which priced late last year at Libor plus 450 bps with a 25 bps step-down at 0.5x inside closing leverage and a 0.75% Libor floor.

With the refinancing, existing lenders will get paid the 101 call protection that is on the existing term loan.

American Bath is an Arlington, Tex.-based manufacturer of showers, bathtubs and related accessories.

AlixPartners revised

AlixPartners set pricing on its $1.775 billion seven-year term loan B (B2/B+) at Libor plus 275 bps, the low end of the Libor plus 275 bps to 300 bps talk, trimmed pricing on its €344 million seven-year term loan B (B2/B+) to Euribor plus 325 bps from talk in the range of Euribor plus 350 bps to 375 bps, and tightened the original issue discount on both loans to 99.75 from talk in the range of 99 to 99.5, according to a market source.

As before, the U.S. term loan has a 0.5% Libor floor, the euro term loan has a 0% floor and both loans have 101 soft call protection for six months.

Recommitments for the U.S. term loan were due at 5 p.m. ET on Wednesday and recommitments for the euro term loan are due at 7 a.m. ET on Thursday, the source added.

BofA Securities Inc. and Goldman Sachs Bank USA are leading the deal that will be used to refinance existing U.S. and euro term loans.

AlixPartners is a New York-based performance improvement, corporate turnaround and financial advisory services firm.

Athenahealth reworked

Back in the primary market, athenahealth cut pricing on its fungible $985 million add-on term loan B to Libor plus 425 bps from Libor plus 450 bps and added a repricing of its existing $3.596 billion to Libor plus 425 bps from Libor plus 450 bps, a market source said.

The add-on term loan and repriced term loan are now talked with an original issue discount of 99.875, whereas before, the add-on term loan was talked with a discount of 99, the source continued.

The term loan debt still has a 0% Libor floor and 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on Thursday, accelerated from noon ET on Friday, and allocations are targeted for Friday, the source added.

J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Ares, KKR Capital Markets, BofA Securities Inc. and Barclays are leading the deal.

The add-on term loan will be used to repay a second-lien term loan and preferred shares.

athenahealth is a Watertown, Mass.-based provider of network-enabled services for hospital and ambulatory customers.

System One tightens

System One adjusted the original issue discount on its $290 million seven-year covenant-lite term loan B to 99.5 from revised talk of 99 and initial talk of 98.5, according to a market source.

The term loan is priced at Libor plus 450 bps with a 0.75% Libor floor, and has 101 soft call protection for six months.

Previously in syndication, the term loan was upsized from $280 million and pricing was lowered from Libor plus 475 bps.

The company’s $335 million of credit facilities also include a $45 million revolver.

Recommitments were due at noon ET on Wednesday, the source added.

Truist Securities is the left lead on the deal that will be used to help fund the buyout of the company by Oaktree Capital Management LP. The equity component of the transaction was reduced with the recent term loan upsizing.

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

System One is a Pittsburgh-based provider of specialized workforce solutions and integrated services.

Sotheby’s sets spread

Sotheby’s firmed pricing on its $461 million term loan B at Libor plus 475 bps, the low end of the Libor plus 475 bps to 500 bps talk, a market source remarked.

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

Commitments continued to be due at 5 p.m. ET on Wednesday, the source added.

BNP Paribas Securities Corp. is the left lead on the deal that will be used to reprice an existing term loan down from Libor plus 550 bps with a 1% Libor floor.

Sotheby’s is a New York-based auction house.

Endurance upsizes

Endurance International lifted its seven-year funded term loan to $1.935 billion from $1.83 billion, according to a market source.

Also, price talk on the funded term loan and the $465 million delayed-draw term loan that is available until July 7 was changed to a range of Libor plus 350 bps to 375 bps from Libor plus 400 bps and the original issue discount was set at 99.5, the tight end of the 99 to 99.5 talk, the source said.

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

Recommitments were due at 3 p.m. ET on Wednesday, the source added.

Endurance lead banks

J.P. Morgan Securities LLC, BofA Securities Inc., Deutsche Bank Securities Inc., UBS Investment Bank, BNP Paribas Securities Corp., Mizuho, Barclays, CPPIB, CBAM, RBC Capital Markets, Golub, Ares, Credit Suisse Securities (USA) LLC, Antares and Jefferies LLC are leading Endurance’s senior secured deal.

The term loan debt will be used with equity and senior notes to fund the buyout of the company by Clearlake Capital Group LP for $9.50 per share in cash and merger with Web.com. The Clearlake transaction is valued at about $3 billion, including outstanding debt.

Closing is expected this quarter, subject to approval by Endurance shareholders and customary conditions.

Endurance is a Burlington, Mass.-based provider of cloud-based platform solutions designed to help small and medium-size businesses succeed online.

Rough Country tweaked

Rough Country raised its incremental term loan to $100 million from $85 million and set the original issue discount at 99.75, the midpoint of the 99.5 to par talk, a market source said.

Pricing on the incremental term loan is Libor plus 375 bps with a 1% Libor floor, in line with existing term loan pricing.

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

Rough Country is a Dyersburg, Tenn.-based supplier of aftermarket suspension lift kits and components to the off-road SUV and light truck enthusiast market.

TricorBraun moves deadline

TricorBraun accelerated the commitment deadline for its $1.234 billion seven-year covenant-lite first-lien term loan (B2/B-) to noon ET on Friday from 5 p.m. ET on Feb. 3, according to a market source.

Talk on the term loan is Libor plus 350 bps to 375 bps with a 0.75% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Of the total term loan amount, $1.034 billion will be funded, and $200 million is delayed-draw with ticking fees of half the margin from days 61 to 120 and the full margin thereafter.

The company’s $1.374 billion of credit facilities also include a $140 million ABL revolver.

Credit Suisse Securities (USA) LLC, Antares Capital, Nomura and UBS Investment Bank are leading the deal that will be used with $376 million of privately placed second-lien notes to help fund the buyout of the company by Ares Management Corp. and the Ontario Teachers’ Pension Plan Board. Current majority owner, AEA Investors, will retain a significant investment in the company.

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

TricorBraun is a St. Louis-based provider of packaging products.

Forcepoint accelerated

Forcepoint moved up the commitment deadline for its $525 million seven-year covenant-lite first-lien term loan to 5 p.m. ET on Friday from 5 p.m. ET on Tuesday, a market source said.

Talk on the term loan is Libor plus 475 bps to 500 bps with a 0.5% Libor floor, an original issue discount of 98.5 and 101 soft call protection for six months.

The company’s $600 million of credit facilities (B3/B-/B+) also include a $75 million revolver.

Credit Suisse Securities (USA) LLC, UBS Investment Bank, Deutsche Bank Securities Inc. and Nomura are leading the deal that will be used to support the buyout of the company by Francisco Partners from Raytheon Technologies, which was completed earlier this month.

Forcepoint is an Austin, Tex.-based provider of cybersecurity solutions.

Gannett revises timing

Gannett accelerated the commitment deadline for its $1.045 billion five-year senior secured term loan B (B1/B) to 2 p.m. ET on Friday from 5 p.m. ET on Tuesday, a market source remarked.

The term loan is talked at Libor plus 700 bps with a 0.75% Libor floor, an original issue discount of 97 to 98 and 101 soft call protection for one year.

Citigroup Global Markets Inc. is leading the deal that will be used to refinance existing debt.

Closing is expected in early February.

Gannett is a McLean, Va.-based media and marketing solutions company.

Advisor reveals guidance

Advisor Group held its lender call on Wednesday and announced price talk on its $1.489 billion first-lien term loan (B2/B-) due July 2026 at Libor plus 425 bps to 450 bps with a 0% Libor floor and a par issue price, according to a market source.

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

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

UBS Investment Bank is leading the deal that will be used to reprice an existing term loan down from Libor plus 500 bps with a 0% Libor floor.

Reverence Capital is the sponsor.

Advisor Group is a Phoenix-based network of independent financial advisers.

Authentic Brands launches

Authentic Brands held a call at 10:30 a.m. ET to launch a $1.597 billion first-lien term loan talked at Libor plus 300 bps to 325 bps with a 0.75% Libor floor, a par issue price and 101 soft call protection for six months, a market source remarked.

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

BofA Securities Inc. is leading the deal that will be used to reprice an existing term loan down from Libor plus 350 bps with a 1% Libor floor.

Authentic Brands is a New York-based acquirer and manager of consumer brands in the fashion, sports and celebrity/entertainment sectors.

Guidehouse reveals talk

Guidehouse came out with talk of Libor plus 400 bps with a 0% Libor floor and 101 soft call protection for six months on its fungible $305 million incremental first-lien term loan and repricing of its existing $939 million first-lien term loan with its afternoon call, according to a market source.

The incremental term loan is talked with an original issue discount of 99.5 to 99.75 and the repricing is talked at par, the source said.

Commitments are due at noon ET on Feb. 3.

RBC Capital Markets is leading the deal.

The incremental term loan will be used to repay second-lien term loan borrowings and the repricing will take the existing first-lien term loan down from Libor plus 450 bps with a 0% Libor floor.

Guidehouse is a provider of management consulting services to government clients.

PetSmart holds call

PetSmart held a lender call at 2 p.m. ET on Wednesday to launch a $2.3 billion term loan that is talked at Libor plus 450 bps with a 0.75% Libor floor and an original issue discount of 99, according to a market source.

Commitments are due on Tuesday, the source added.

J.P. Morgan Securities LLC, Barclays, Apollo, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Jefferies LLC, MUFG, RBC Capital Markets, UBS Investment Bank and Wells Fargo Securities LLC are leading the deal that will be used to refinance existing debt.

PetSmart is a Phoenix-based specialty pet retailer.

Multi-Color on deck

Multi-Color set a lender call for 9 a.m. ET on Thursday to launch a $632 million covenant-lite term loan B due July 2026 and a €500 million covenant-lite term loan B due July 2026, a market source said.

Talk on the U.S. term loan is Libor plus 400 bps with a 0% Libor floor and a par issue price, and talk on the euro term loan is Euribor plus 425 bps to 450 bps with a 0% floor and a par issue price, the source added.

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

Commitments are due at noon ET on Feb. 3.

BofA Securities Inc. and Deutsche Bank Securities Inc. are the global coordinators and physical bookrunners on the debt, with BofA the left lead on the U.S. piece and Deutsche the left lead on the euro piece.

Proceeds will be used to reprice existing U.S. and euro term loans.

Multi-Color is a Batavia, Ohio-based label maker.

Pretium joins calendar

Pretium Packaging will hold a lender call at 11 a.m. ET on Thursday to launch a fungible $75 million incremental covenant-lite first-lien term loan due November 2027 and a repricing of its existing $540 million covenant-lite first-lien term loan due November 2027, according to a market source.

The term loan debt is talked at Libor plus 325 bps to 350 bps with a 0.75% Libor floor and 101 soft call protection for six months, the source said. The incremental term loan is talked with an original issue discount of 99.75 and the repricing is offered at par.

Commitments are due at 5 p.m. ET on Feb. 3, the source added.

Credit Suisse Securities (USA) LLC is leading the deal.

Proceeds from the incremental term loan will be used to repay some second-lien term loan borrowings and the repricing will take the existing first-lien term loan down from Libor plus 400 bps with a 0.75% Libor floor.

Pretium is a Chesterfield, Mo.-based designer and manufacturer of rigid plastic packaging solutions for specialized applications.

Resideo coming soon

Resideo Technologies scheduled a lender call for Thursday to launch an $800 million seven-year term loan B talked at Libor plus 250 bps to 275 bps with a 0.5% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, a market source remarked.

Commitments are due at noon ET on Feb. 9, the source added.

J.P. Morgan Securities LLC is leading the deal that will be used to refinance an existing senior secured term loan A and term loan B, and redeem $140 million of outstanding senior unsecured notes.

The company also plans on getting a new $500 million five-year revolver.

Resideo is an Austin, Tex.-based provider of home comfort and security solutions.

CPG readies deal

CPG International set a lender call for 11 a.m. ET on Thursday to launch a $467,654,000 first-lien term loan due May 5, 2024, according to a market source.

Jefferies LLC is the left lead on the deal that will be used to reprice an existing term loan.

CPG is a designer and manufacturer of low-maintenance products focused on the outdoor living market.

TRC plans repricing

TRC will hold a lender call on Thursday to launch a repricing of its roughly $215 million incremental first-lien term loan, a market source said.

Current pricing on the incremental term loan is Libor plus 500 bps with a 1% Libor floor.

UBS Investment Bank is leading the deal.

TRC is a Lowell, Mass.-based engineering, environmental consulting and construction management firm.

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