Dotdash, Eversana, Snap One, Flynn, Consilio, Garda World, Solmax, Kestra, Meridian break

By Sara Rosenberg

New York, Nov. 23 – Dotdash Meredith Inc. upsized its term loan B, widened pricing and removed a step-down, Eversana (LSCS Holdings Inc.) lifted the size of its first-lien term loan and updated pricing on its first- and second-lien tranches, and Snap One Holdings Corp. raised the spread on its first-lien term loan B and finalized the original issue discount at the wide end of talk, and then these deals freed to trade on Tuesday.

Also, before breaking for trading, Flynn Restaurant Group downsized its first-lien term loan and firmed pricing at the high side of guidance, Consilio (GI Consilio Parent LLC) accelerated the commitment deadline for its incremental first-lien term loan and then finalized the issue price at the wide side of guidance, and Garda World Security Corp. set the issue price on its add-on term loan at the tight end of talk.

Additionally, Solmax increased the size of its incremental first-lien term loan and firmed the original issue discount at the tight side of guidance, and Kestra Financial Inc. (Kestra Advisor Services Holdings A Inc.) set the issue price on its add-on first-lien term loan within the talk range, ahead of emerging in the secondary market.

Another deal to free up for trading during the session was Meridian Adhesives Group Inc.’s add-on term loan.

And, in more happenings, deals from Confluence Technologies Inc. and Mediaocean joined the near-term primary calendar.

Dotdash tweaked, frees

Dotdash Meredith upsized its seven-year term loan B to $1.25 billion from $1 billion, changed pricing to SOFR+CSA plus 400 basis points from talk in the range of SOFR+CSA plus 350 bps to 375 bps and eliminated a 25 bps step-down at 0.5x inside closing first-lien net leverage, according to a market source.

Revisions were also made to the incremental facility, restricted payments and investments, the source said.

As before, the term loan has a 0.5% SOFR+CSA floor, CSA of 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, an original issue discount of 99.5 and 101 soft call protection for six months.

Recommitments were due at noon ET on Tuesday and the term loan broke for trading in the afternoon, with levels quoted at 99 5/8 bid, par offered, another source added.

JPMorgan Chase Bank, BofA Securities Inc., BNP Paribas Securities Corp. and Truist are leading the deal that will be used to fund the acquisition of Meredith Corp.’s National Media Group operating division, which owns a portfolio of magazines as well as digital and marketing assets, by IAC/InterActiveCorp’s Dotdash digital publishing unit for $42.18 per share, or about $2.7 billion, and for general corporate purposes.

Closing is expected by the end of the year, subject to customary conditions.

Eversana modified

Eversana lifted its seven-year first-lien term loan to $725 million from $690 million, finalized pricing at Libor plus 450 bps, the low end of the Libor plus 450 bps to 475 bps talk and adjusted the original issue discount to 99.5 from 99, a market source remarked.

Furthermore, pricing on the company’s $290 million eight-year second-lien term loan was set at Libor plus 800 bps, the high end of the Libor plus 775 bps to 800 bps talk, the source continued.

As before, the first-lien term loan has a 0.5% Libor floor and 101 soft call protection for six months, and the second-lien term loan has a 0.5% Libor floor, a discount of 98.5 and hard call protection of 102 in year one and 101 in year two.

The company’s $1.105 billion of senior secured credit facilities also include a $90 million five-year revolver.

Eversana hits secondary

Recommitments for Eversana’s credit facilities were due at 3 p.m. ET on Tuesday and the debt freed to trade shortly thereafter, with the first-lien term loan quoted at 99¾ bid, par ½ offered and the second-lien term loan quoted at 99 bid, par offered, another source added.

Jefferies LLC, KeyBank Capital Markets and RBC Capital Markets are leading the deal that will be used to fund the acquisition of Intouch Group, an agency network serving the pharmaceutical industry.

Closing is expected by the end of the year.

Eversana is a provider of global services to the life sciences industry.

Snap One revised, trades

Snap One widened pricing on its $465 million seven-year senior secured covenant-lite first-lien term loan B (B2/B) to Libor plus 450 bps from Libor plus 400 bps and set the original issue discount at 99, the wide end of the 99 to 99.5 talk, a market source said.

Also, changes were made to incremental, MFN, indebtedness, restricted payments, investments, asset sales and available amount, and J Crew and Chewy protections were added.

The term loan still has a 0.5% Libor floor and 101 soft call protection for six months.

Commitments were due at 2 p.m. ET on Tuesday and the term loan began trading later in the day, with levels quoted at 99 3/8 bid, 99 7/8 offered, a trader added.

Morgan Stanley Senior Funding Inc., JPMorgan Chase Bank, Jefferies LLC, UBS Investment Bank, BofA Securities Inc., BMO Capital Markets, Raymond James and Truist are leading the deal that will be used to refinance existing debt and pay related fees and expenses.

Snap One, a Charlotte, N.C.-based provider of a suite of products, services and software to professional do-it-for-me integrators, expects to close on the term loan in early December.

Flynn downsized, breaks

Flynn Restaurant Group trimmed its seven-year first-lien term loan to $930.6 million from $1.05 billion and finalized pricing at Libor plus 425 bps, the high end of the Libor plus 400 bps to 425 bps talk, according to a market source.

The 0.5% Libor floor, original issue discount of 99 and 101 soft call protection for six months on the term loan were unchanged.

During the session, the term loan made its way into the secondary market, with levels quoted at 99 bid, 99¼ offered, another source added.

BofA Securities Inc. is the left lead on the deal that will be used to amend and extend a portion, instead of all, of an existing first-lien term loan due June 2025, and repay an existing $135 million second-lien term loan, some preferred equity and credit facilities issued at Apple American.

Flynn Restaurant is a San Francisco-based restaurant franchisee operator.

Consilio finalized, frees

Consilio moved up the commitment deadline for its fungible $370 million incremental first-lien term loan due May 2028 (B2/B-) to 2 p.m. ET on Tuesday from 5 p.m. ET on Tuesday and then firmed the original issue discount at 99, the wide end of the 99 to 99.25 talk, a market source remarked.

Pricing on the incremental term loan is Libor plus 400 bps with a 0.5% Libor floor, in line with the existing first-lien term loan, and the debt has 101 soft call protection for six months.

The incremental term loan broke for trading in the afternoon, with levels quoted at 99 bid, 99½ offered, the source added.

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

Consilio is a Washington, D.C.-based provider of eDiscovery and document review solutions.

Garda sets OID, trades

Garda World Security finalized the issue price on its fungible $350 million add-on term loan due October 2026 at par, the tight end of the 99.75 to par talk, a market source said.

Pricing on the add-on term loan is Libor plus 425 bps with a 0% Libor floor, in line with existing term loan pricing.

The add-on term loan made its way into the secondary market on Tuesday, with levels quoted at par bid, par ½ offered, another source added.

JPMorgan Chase Bank is leading the deal that will be used for general corporate purposes.

Garda is a Montreal-based provider of cash logistics and security solutions.

Solmax upsized, breaks

Solmax raised its fungible incremental first-lien term loan due July 23, 2028 to $125 million from $100 million and set the original issue discount at 99.5, the tight end of the 99 to 99.5 talk, according to a market source.

Like the existing term loan, the incremental term loan is priced at Libor plus 475 bps with a 0.75% Libor floor.

Recommitments were due at noon ET on Tuesday and the incremental term loan broke in the afternoon, with levels quoted at 99½ bid, par offered, another source added.

Barclays and TD Securities (USA) LLC are leading the deal that will be used to fund the acquisition of Propex and, due to the upsizing, to repay revolver borrowings.

Solmax is a Quebec-based producer of geosynthetics products for industrial and environmental applications.

Kestra updated, trades

Kestra Financial firmed the original issue discount on its fungible $145 million add-on first-lien term loan (B2/B-) due June 2026 at 99.04, within the 99 to 99.25 talk, a market source remarked.

The add-on first-lien term loan is priced at Libor plus 425 bps with a 0% Libor floor, in line with the existing first-lien term loan.

During the session, the add-on first-lien term loan freed to trade, with levels quoted at 99¼ bid, 99¾ offered, another source added.

The company is also getting a $145 million privately placed second-lien term loan and a $50 million privately placed second-lien delayed-draw term loan.

UBS Investment Bank, Credit Suisse Securities (USA) LLC, BofA Securities Inc., Goldman Sachs Bank USA and Truist Securities are leading the deal that will be used for a dividend recapitalization, to fund acquisitions and to add cash to the balance sheet.

Kestra Financial, a Warburg Pincus LLC portfolio company, is an Austin, Tex.-based provider of an advisor platform to financial professionals.

Meridian hits secondary

Meridian Adhesives Group’s fungible $120 million add-on term loan due 2028 started trading as well, with levels quoted at 99¾ bid, par ¼ offered, a market source said.

Pricing on the add-on term loan is Libor plus 400 bps with a 0.75% Libor floor and the debt was sold at an original issue discount of 99.5. The add-on loan has 101 soft call protection for six months.

During syndication, the add-on term loan was upsized from $100 million and the discount firmed at the tight end of the 99 to 99.5 talk.

JPMorgan Chase Bank, Jefferies LLC and RBC Capital Markets are leading the deal that will be used to fund acquisitions and for general corporate purposes.

Meridian Adhesives is a manufacturer of high-value adhesive technologies.

Confluence on deck

In other news, Confluence Technologies will hold a lender call at 2:30 p.m. ET on Monday to launch a fungible $260 million incremental first-lien term loan (B), according to a market source.

The company is also getting a fungible $100 million privately placed incremental second-lien term loan (CCC).

Golub Capital is leading the debt that will be used with equity and cash from the balance sheet to fund the acquisitions of Investment Metrics, a Norwalk, Conn.-based provider of portfolio analytics, reporting and data solutions, for $500 million and Compliance Solutions Strategies, a N.Y-based RegTech company that enables financial services firms to meet mandatory regulatory compliance requirements.

Closing is expected this quarter.

Pro forma for the transaction, the first-lien term loan will total $550 million and the second-lien term loan will total $205 million.

Confluence, a portfolio company of Clearlake Capital and TA Associates, is a Pittsburgh-based technology solutions provider to the investment management industry.

Mediaocean readies deal

Mediaocean set a lender call for 10 a.m. ET on Nov. 30 to launch an $875 million seven-year first-lien term loan (B2/B), a market source remarked.

The company is also getting a $125 million pre-placed second-lien term loan, the source added.

Macquarie Capital (USA) Inc. and Nomura are leading the deal that will be used to help fund the buyout of the company by CVC Capital Partners and TA Associates from Vista Equity Partners.

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

Mediaocean is a New York-based omnichannel advertising platform.

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