UKG, United Parks, Potters, Crisis Prevention break; AssuredPartners update surfaces

By Sara Rosenberg

New York, April 3 – UKG Inc. upsized its incremental first-lien term loan, and United Parks & Resorts Inc. (SeaWorld Parks & Entertainment Inc.) lifted its incremental term loan size and tightened the issue price, and then these deals freed to trade on Wednesday.

Also, Potters Industries LLC increased the size of its incremental first-lien term loan before breaking for trading, and Crisis Prevention Institute Inc.’s (TEI Holdings Inc.) first-lien term loan made its way into the secondary market as well.

In more happenings, AssuredPartners Inc. raised the amount of its incremental first-lien term loan B-5, Agiliti Inc. accelerated the commitment deadline for its incremental first-lien term loan, End-User Computing (Modena Buyer LLC) released price talk on its first-lien term loan in connection with its bank meeting, and RadNet Management Inc. joined this week’s primary calendar.

UKG tweaked, frees

UKG raised its fungible incremental covenant-lite first-lien term loan due February 2031 (B2/B-/BB) to $950 million from $500 million, and kept the issue price at par, according to a market source.

Like the existing term loan, the incremental term loan is priced at SOFR plus 350 basis points with a 0% floor, and has 101 soft call protection expiring in August.

Recommitments were due at noon ET on Wednesday and the incremental term loan began trading in the afternoon, with levels quoted at par 3/8 bid, par 5/8 offered, a trader added.

Nomura, JPMorgan Chase Bank, BNP Paribas Securities Corp., TD Securities (USA) LLC, Citigroup Global Markets Inc., Morgan Stanley Senior Funding Inc., Wells Fargo Securities LLC, RBC Capital Markets, BofA Securities Inc., UBS Investment Bank, Jefferies LLC, SMBC, Deutsche Bank Securities Inc., Macquarie Capital (USA) Inc. and Truist Securities are leading the deal that will be used to refinance the company’s existing second-lien term loan in full, instead of in part, and to pay fees and expenses.

UKG is a provider of human capital management solutions and is based in Weston, Fla., and Lowell, Mass.

United Parks reworked, trades

United Parks & Resorts upsized its fungible incremental term loan due 2028 to $380 million from $230 million and changed the issue price to par from talk in the range of 99.75 to 99.875, according to a market source.

Like the existing term loan, the incremental term loan is priced at SOFR plus 250 bps with a 0.5% floor, and has 101 soft call protection until July.

The incremental term loan broke for trading later in the day, with levels quoted at par bid, par ½ offered, another source added.

JPMorgan Chase Bank is leading the deal that will be used to redeem the company’s $227.5 million 8¾% senior secured notes due 2025 and, due to the upsizing, for general corporate purposes.

United Parks is an Orlando, Fla.-based theme park and entertainment company.

Potters upsized

Potters lifted its fungible incremental first-lien term loan due Dec. 14, 2027 to $135 million from $110 million, a market source said.

Pricing on the incremental term loan, as well as on the company’s $378.3 million repriced first-lien term loan due Dec. 14, 2027, remained at SOFR plus 375 bps with a 0.75% floor, an original issue discount of 99.75 on the new money and a par issue price on the repricing. The term loan debt has 101 soft call protection for six months.

Earlier in syndication, pricing on the incremental term loan was reduced from SOFR+10 bps CSA plus 400 bps and the discount was set at the tight end of the 99.5 to 99.75 talk, the repricing of the existing term loan down from SOFR+10 bps CSA plus 400 bps was added to the transaction, and the call protection was added.

Potters hits secondary

Commitments for Potters’ incremental and repriced term loan were due at 11 a.m. ET on Wednesday, and the debt freed up in the afternoon, with levels quoted at par 1/8 bid, par ½ offered, another source added.

UBS Investment Bank, Barclays, Antares Capital, KeyBanc Capital Markets and MUFG are leading the deal.

The incremental term loan will be used to fund a dividend, to finance acquisition activity and for general corporate purposes, with the upsized amount being used to increase the dividend and for general corporate purposes.

The Jordan Co. is the sponsor.

Potters is a supplier of glass microspheres for transportation safety and performance materials.

Crisis Prevention breaks

Crisis Prevention Institute’s $400 million seven-year first-lien term loan (B3/B-) freed to trade, with levels quoted at par bid, par ½ offered, a market source remarked.

Pricing on the term loan is SOFR plus 475 bps with two 25 bps step-downs at 0.5x and 1x inside of first-lien net leverage, and a 0.5% floor. The debt was sold at an original issue discount of 99.5 and has 101 soft call protection for six months.

During syndication, pricing on the term loan firmed at the high end of the SOFR plus 450 bps to 475 bps talk, the discount was tightened from 99 and portability was removed.

Jefferies LLC, Macquarie Capital (USA) Inc. and Antares Capital are leading the deal that will be used to refinance existing debt and fund a distribution to shareholders.

Crisis Prevention is a provider of crisis de-escalation training programs.

AssuredPartners revised

AssuredPartners increased its fungible incremental senior secured covenant-lite first-lien term loan B-5 due Feb. 14, 2031 to $1.73 billion from $900 million, according to a market source.

Pricing on the incremental term loan is SOFR plus 350 bps with a 0.5% floor, and the incremental loan is still talked with an original issue discount of 99.5 to 99.75 and 101 soft call protection for six months.

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

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

The incremental term loan will be used to refinance an existing term loan B-4 due 2027 and, due to the upsizing, to refinance a term loan B-2.

Pro forma for the transaction, the term loan B-5 will total $2.23 billion.

AssuredPartners is a Lake Mary, Fla.-based insurance brokerage firm.

Agiliti accelerated

Agiliti moved up the commitment deadline for its $300 million incremental first-lien term loan due May 2030 (B2/B) to 5 p.m. ET on Wednesday from 5 p.m. ET on Thursday, a market source said.

Talk on the incremental term loan is SOFR plus 300 bps to 325 bps with a 0% floor, an original issue discount of 99, 101 soft call protection for six months, and a ticking fee of half the margin from days 46 to 90 and the full margin thereafter.

JPMorgan Chase Bank is leading the deal that will be used to help fund the acquisition by Thomas H. Lee Partners LP, the company’s majority shareholder, of all Agiliti shares it does not already own for $10 per share in cash, implying an enterprise value of about $2.5 billion.

Closing is expected in the first half of this year, subject to customary conditions.

Agiliti is an Eden Prairie, Minn.-based essential service provider to the U.S. health care industry.

End-User guidance

End-User Computing held its bank meeting on Wednesday morning and announced talk on its $2.6 billion seven-year first-lien term loan at SOFR plus 400 bps to 425 bps with a 0% floor, an original issue discount of 98.5 and 101 soft call protection for six months, a market source remarked.

The company’s $2.86 billion of credit facilities (B2/B) also include a $260 million five-year revolver.

Commitments are due at 5 p.m. ET on April 17, the source added.

UBS Investment Bank, KKR Capital Markets, Jefferies LLC, Citigroup Global Markets Inc., Natixis, SMBC and Bank of Nova Scotia are leading the deal that will be used to help fund the buyout of the company by KKR from Broadcom Inc. in a transaction valued at about $4 billion.

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

End-User Computing is a Toledo, Ohio-based provider of digital workspace solutions that allow organizations to securely deliver and manage applications, desktops and data across any device or platform.

RadNet on deck

RadNet Management set a lender call for 10 a.m. ET on Thursday to launch an $840 million seven-year term loan B, 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 April 11, the source added.

Barclays is leading the deal that will be used to repay the company’s existing $679 million term loan B, to pay related fees and expenses and to fund cash to the balance sheet for general corporate purposes.

The company also plans on getting a $250 million five-year revolver to replace its existing undrawn $195 million revolver due April 2026.

RadNet is a Los Angeles-based owner and operator of outpatient diagnostic imaging centers.

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