MediaOcean breaks; Savage Enterprises, Cooke, LifeMiles, Team Services disclose price talk

By Sara Rosenberg

New York, Aug. 2 – MediaOcean LLC tightened the original issue discount on its add-on first-lien term loan and then the debt made its way into the secondary market on Monday, with quotes seen in par-plus territory.

In more happenings, Savage Enterprises LLC, Cooke Inc., LifeMiles Ltd. and Team Services Group released price talk with launch.

Also, EisnerAmper LLP (Eisner Advisory Group LLC), Monogram Food Solutions LLC, Waystar, Ancestry.com (Arches Buyer Inc.), RealPage Inc., BakeMark USA LLC (Balrog Acquisition Inc.) and Pro Mach Group Inc. joined this week’s primary calendar.

MediaOcean tweaked, trades

MediaOcean revised the original issue discount on its fungible $385 million add-on first-lien term loan to 99.75 from 99.5, a market source said.

The add-on term loan is priced at Libor plus 400 basis points with a 25 bps step-down based on leverage and a 0% Libor floor, in line with the existing first-lien term loan.

Commitments continued to be due at noon ET on Monday and the add-on term loan freed to trade in the afternoon, with levels quoted at par bid, par ¼ on the open and then at par 1/8 bid, par 3/8 offered, traders added.

Macquarie Capital (USA) Inc. and Golub Capital are leading the deal that will be used to fund the acquisition of Flashtalking, an ad management platform.

Closing is expected in the third quarter.

MediaOcean is a New York-based software company for the advertising sector.

Savage guidance

Savage Enterprises held its lender call on Monday morning and announced talk on its $1 billion seven-year covenant-lite first-lien term loan B (B1/BB-) at Libor plus 325 bps to 350 bps with a 25 bps step-down at 3.25x first-lien net leverage, a 0.5% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, according to a market source.

Commitments are due on Aug. 11, the source added.

Morgan Stanley Senior Funding Inc., Citigroup Global Markets Inc. and Goldman Sachs Bank USA are leading the deal that will be used to refinance existing debt.

Savage Enterprises is a Salt Lake City-based supply chain provider.

Cooke releases talk

Cooke came out with price talk of Libor plus 325 bps to 350 bps with a 0.5% Libor floor and an original issue discount of 99 to 99.5 on its $480 million seven-year term loan B (Ba3/B+) that launched during the session, a market source remarked.

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

Commitments are due at 5 p.m. ET on July 12, another source added.

BofA Securities Inc. and DNB are leading the deal, which will be used with $580 million of unsecured notes to refinance existing debt.

Cooke is a New Brunswick-based seafood producer.

LifeMiles proposed terms

LifeMiles Ltd. launched on its morning call its $400 million five-year first-lien term loan B (B3) at talk of Libor plus 525 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan is non-callable for one year, then has hard call protection of 102 in year two and 101 in year three.

Commitments are due at 10 a.m. ET on Aug. 13, the source added.

Morgan Stanley Senior Funding Inc. and Citigroup Global Markets Inc. are leading the deal that will be used to refinance an existing term loan B, to pay a dividend and for general corporate purposes.

LifeMiles is a Latin American coalition loyalty program and the operator of Avianca’s frequent flyer program.

Team Services holds call

Team Services emerged in the morning with plans to hold a lender call at 1:30 p.m. ET to launch a fungible $30 million covenant-lite incremental first-lien term loan (B2/B-) due December 2027 talked with an original issue discount of 98, a market source said.

Like the existing first-lien term loan, the incremental term loan is priced at Libor plus 500 bps with a 1% Libor floor.

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

Credit Suisse Securities (USA) LLC is leading the deal that will be used to fund a tuck-in acquisition, refinance revolver borrowings and pay fees and expenses.

Team Services is a provider of employment administration and risk management solutions that facilitate self-directed home care.

EisnerAmper on deck

EisnerAmper set a lender call for 10 a.m. ET on Tuesday to launch a $440 million of term loans, according to a market source.

The debt is split between a $400 million seven-year covenant-lite first-lien term loan B and a $40 million delayed-draw term loan that is available for six months, the source said.

Deutsche Bank Securities Inc. and Golub are leading the deal, which will be used to help fund the buyout of the company by Towerbrook.

EisnerAmper is a New York-based professional services firm with a full suite of accounting, tax and advisory services.

Monogram joins calendar

Monogram Food Solutions will hold a lender call at 10 a.m. ET on Tuesday to launch a $435 million seven-year term loan B (B), a market source remarked.

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

Commitments are due at 5 p.m. ET on Aug. 12, the source added.

JPMorgan Chase Bank is leading the deal that will be used to help fund the buyout of the company by PPC Investment Partners LP.

Monogram Food is a Memphis, Tenn.-based food manufacturer.

Waystar coming soon

Waystar scheduled a lender call for 9 a.m. ET on Tuesday to launch a fungible $247 million add-on term loan talked with an original issue discount of 98.78 to 99, according to a market source.

Pricing on the add-on term loan is Libor plus 400 bps with a 0% Libor floor, in line with existing term loan pricing.

Commitments are due at 5 p.m. ET on Aug. 11, the source added.

JPMorgan Chase Bank, Deutsche Bank Securities Inc. and Barclays are leading the deal that will be used to fund the acquisition of Patientco, a provider of omnichannel patient payments, communications and engagement software.

Closing is subject to regulatory approval and customary closing conditions.

Waystar, backed by EQT, Canada Pension Plan Investment Board and Bain Capital, is a provider of healthcare payments software.

Ancestry readies loan

Ancestry.com set a lender call for 10 a.m. ET on Tuesday to launch a $350 million incremental first-lien term loan, a market source said.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to fund a shareholder distribution.

Ancestry.com is a Lehi, Utah-based provider of digital family history services and consumer genomics.

RealPage sets call

RealPage scheduled a lender call for 10 a.m. ET on Wednesday to launch a fungible $290 million add-on first-lien term loan B, according to a market source.

Goldman Sachs Bank USA is leading the deal that will be used to support the acquisition of G5 Search Marketing Inc., a Bend, Ore.-based pure-play provider of digital marketing, advertising and analytics solutions to the real estate sector.

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

Thoma Bravo is the sponsor.

RealPage is a Richardson, Tex.-based provider of software and data analytics to the real estate industry.

BakeMark on deck

BakeMark will hold a lender call at 1 p.m. ET on Tuesday to launch a $435 million seven-year first-lien term loan that has 101 soft call protection for six months, a market source remarked.

Commitments are due at 5 p.m. ET on Aug. 12, the source added.

The company’s $680 million of credit facilities also include a $100 million ABL revolver and a $145 million already privately placed second-lien term loan.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., BMO Capital Markets, Ares, CBAM and Blue Owl are leading the deal, which will be used to help fund the buyout of the company by Clearlake Capital Group LP from Pamplona Capital Management.

BakeMark is a Pico Rivera, Calif.-based manufacturer and distributor of bakery ingredients, products and supplies.

Pro Mach joins calendar

Pro Mach Group surfaced with plans to hold a lender call at 11 a.m. ET on Wednesday to launch $1.79 billion of term loans, according to a market source.

The debt consists of a $1.54 billion term loan B and a $250 million delayed-draw term loan, the source said.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to fund mergers and acquisitions, refinance existing debt, fund a dividend to shareholders, and pay related fees and expenses.

Pro Mach, based near Cincinnati, is a provider of packaging solutions to the food, beverage, pharmaceutical, personal care and household and industrial goods industries.

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