Sweetwater breaks; EisnerAmper, BakeMark, Ancestry, Lakeshore, Monogram, Vistage set talk

By Sara Rosenberg

New York, Aug. 3 – Sweetwater firmed the spread on its term loan B at the high end of guidance and then the debt made its way into the secondary market, with levels quoted above its original issue discount.

In other news, EisnerAmper LLP (Eisner Advisory Group LLC), BakeMark USA LLC (Balrog Acquisition Inc.), Ancestry.com (Arches Buyer Inc.), Lakeshore Recycling Systems (LRS Holdings LLC), Monogram Food Solutions LLC and Vistage International Inc. announced price talk with launch.

Also, Teaching Strategies (Foundational Education Group Inc.), Unified Women’s Healthcare LP, Herschend Family Entertainment, Esdec Solar Group BV, W.R. Grace & Co., Segra Residential, Reedy Industries, Janus International Group Inc. and AIT Worldwide Logistics joined this week’s primary calendar.

Sweetwater updated, trades

Sweetwater set pricing on its $638.5 million term loan B (B2/B) at Libor plus 475 basis points, the high end of the Libor plus 450 bps to 475 bps talk, according to a market source.

As before, the term loan has a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

On Tuesday, the term loan broke for trading, with levels quoted at 99 3/8 bid, 99 7/8 offered, another source added.

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

Sweetwater is a Fort Wayne, Ind.-based online retailer of music instruments and audio gear.

EisnerAmper guidance

EisnerAmper held its call on Tuesday morning and announced talk on its $440 million of term loans (B-/B+) at Libor plus 525 bps to 550 bps with a 50 bps step-down tied to delivery of fiscal year 2021 audits and upon receipt of Moody’s rating of B3, a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, 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 covenant-lite term loan that is available for six months.

Commitments are due at noon ET on Aug. 13, the source added.

Deutsche Bank Securities Inc. and Golub are leading the deal that 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.

BakeMark proposed terms

BakeMark launched on its afternoon call its $435 million seven-year first-lien term loan (B3/B-) at talk of Libor plus 425 bps with a 0.5% Libor floor and an original issue discount of 99 to 99.5, a market source remarked.

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

Commitments are due at 5 p.m. ET on Aug. 12.

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 that 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.

Ancestry reveals talk

Ancestry.com came out with original issue discount talk of 98.75 to 99 on its fungible $350 million incremental covenant-lite first-lien term loan due December 2027 that launched with a call in the morning, according to a market source.

Pricing on the incremental term loan is Libor plus 325 bps with a 0.5% Libor floor, in line with existing term loan pricing, and the incremental term loan has 101 soft call protection for six months.

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

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

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

Lakeshore comes to market

Lakeshore Recycling Systems held a lender call at 2 p.m. ET, launching a $300 million term loan B due 2028 and a $23 million delayed-draw term loan at talk of Libor plus 425 bps to 450 bps with a 0.75% 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 Aug. 12, the source added.

The company’s $398 million of credit facilities (B3/B) also include a $75 million revolver.

JPMorgan Chase Bank is leading the deal that will be used to help fund the buyout of the company by Macquarie Infrastructure and Real Assets.

Lakeshore is a Morton Grove, Ill.-based recycling and waste diversion services provider.

Monogram guidance

Monogram Food Solutions announced price talk of Libor plus 400 bps to 425 bps with a 0.5% Libor floor and an original issue discount of 99 on its $435 million seven-year term loan B (B2/B) in connection with its morning call, 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 Aug. 12.

JPMorgan Chase Bank and BMO Capital Markets are 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.

Vistage launches

Vistage International launched on its afternoon call its fungible $90 million add-on term loan with original issue discount talk of 99.5, a market source remarked.

Like the existing term loan, the add-on term loan is priced at Libor plus 400 bps with a 1% Libor floor.

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

Macquarie Capital (USA) Inc. is leading the deal that will be used to repay revolver borrowings and to fund a dividend.

Vistage is a San Diego-based for-profit membership organization of CEOs.

Teaching Strategies on deck

Teaching Strategies set a lender call for 10 a.m. ET on Wednesday to launch $435 million of term loans, according to a market source.

The debt is split between a $320 million seven-year covenant-lite first-lien term loan and a $115 million eight-year covenant-lite second-lien term loan, the source said.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

Deutsche Bank Securities Inc., KKR Capital Markets, Barclays and Macquarie Capital (USA) Inc. are leading the deal, with Deutsche the left lead on the first-lien loan and KKR the left lead on the second-lien loan.

The loans will be used to help fund the buyout of the company by KKR from Summit Partners.

Teaching Strategies is a provider of curriculum, assessment and family engagement tools to the early childhood education market.

Unified Women’s sets call

Unified Women’s Healthcare scheduled a lender call for 11 a.m. ET on Thursday to launch a fungible $130 million incremental first-lien term loan due Dec. 18, 2027, a market source said.

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

Barclays, Credit Suisse Securities (USA) LLC, RBC Capital Markets and Antares Capital are leading the deal that will be used to fund the acquisition of Women’s Health USA, an Avon. Conn.-based provider of value-based care and practice management services.

Unified Women’s Healthcare is a Boca Raton, Fla.-based practice management platform in women’s health care.

Herschend joins calendar

Herschend Family Entertainment will hold a lender call at 2 p.m. ET on Wednesday to launch a $475 million first-lien term loan B (B+), according to a market source.

Goldman Sachs Bank USA is leading the deal, which will be used to refinance an existing term loan B.

Herschend is a Peachtree Corners, Ga.-based themed-entertainment company that operates theme parks and tourist attractions.

Esdec readies deal

Esdec Solar emerged with plans to hold a lender call on Wednesday to launch a $375 million term loan B (B2/B) due 2028 talked at Libor plus 425 bps with a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, a market source remarked.

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

JPMorgan Chase Bank is leading the deal that will be used to refinance existing debt and fund a dividend.

Esdec Solar is a Netherlands-based developer, manufacturer and supplier of professional solar rooftop mounting solutions for the residential, commercial and industrial markets.

W.R. Grace on deck

W.R. Grace set a lender call for noon ET on Wednesday to launch a $1.45 billion term loan B due 2028, according to a market source.

Commitments are due at noon ET on Aug. 12, the source added.

JPMorgan Chase Bank, BNP Paribas Securities Corp., Deutsche Bank Securities Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and TD Securities (USA) LLC are leading the deal that will be used to help fund the acquisition of the company by Standard Industries Holdings Inc. for $70.00 per share in cash. The transaction is valued at about $7 billion.

W.R. Grace will operate as a stand-alone company within the portfolio of Standard Industries Holdings.

Closing is expected in the fourth quarter, subject to customary conditions, including approval by W.R. Grace shareholders and the receipt of regulatory approvals.

W.R. Grace is a Columbia, Md.-based specialty chemical company. Standard Industries Holdings is a New York-based industrial company.

Segra recapitalizing

Segra Residential scheduled a lender call for 11 a.m. ET on Thursday to launch $470 million of term loans, split between a $360 million first-lien term loan and a $110 million second-lien term loan, a market source said.

Goldman Sachs Bank USA, TD Securities (USA) LLC and Fifth Third are leading the deal that will be used to fund the recapitalization of Segra following the sale of its commercial fiber business to Cox Communications.

Segra is a provider of high-speed, fiber-based connectivity solutions over an owned network to primarily residential customers and small business customers.

Reedy joins calendar

Reedy Industries will hold a lender call at 9 a.m. ET on Thursday to launch $466 million of first-lien credit facilities, according to a market source.

The facilities consist of a $65 million revolver, a $325 million first-lien term loan and a $76 million delayed-draw first-lien term loan, the source said.

The company is also getting a $109.5 million pre-placed second-lien term loan, including a $16 million delayed-draw tranche.

Truist is leading the deal that will be used to help fund the buyout of the company by Partners Group from Audax Private Equity.

Closing is expected in the third quarter.

Reedy is a Deerfield, Ill.-based provider of commercial heating, ventilation and air conditioning services.

Janus timing emerges

Janus International set a lender call for 10 a.m. ET on Thursday to launch its fungible $175 million incremental first-lien term loan, a market source remarked.

UBS Investment Bank is leading the deal that will be used to help fund the acquisition of DBCI from Cornerstone Building Brands.

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

Janus is a Temple, Ga.-based manufacturer and supplier of turn-key self-storage, commercial and industrial building solutions. DBCI is a Douglasville, Ga.-based manufacturer of steel roll-up doors and building products for both the commercial and self-storage industries.

AIT plans call

AIT Worldwide Logistics scheduled a lender call for 2:30 p.m. ET on Wednesday to launch a fungible $50 million add-on first-lien term loan, according to a market source.

Goldman Sachs Bank USA is leading the deal that will be used to repay revolver borrowings and for general corporate purposes.

AIT Worldwide is an Itasca, Ill.-based non-asset based third party logistics platform, providing an integrated suite of global, end-to-end supply chain services.

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