Clean Harbors, Solenis, Mattress, Arclin, IPS, CCC, Quest, Virtus, Weld, Howden set talk

By Sara Rosenberg

New York, Sept. 9 – In the primary market on Thursday, Clean Harbors Inc., Solenis, Mattress Firm, Arclin Inc., IPS Corp., CCC Intelligent Solutions Inc., Quest Software, Virtus Investment Partners Inc., Weld North Education, Howden Group Holdings Ltd., Autokiniton US Holdings Inc. and Empire Today released price talk with launch.

Also, Grinding Media Inc. (Molycop Ltd.), Liftoff Mobile Inc./Vungle Inc. and ConnectWise joined the near-term primary calendar.

Clean Harbors launches

Clean Harbors held its call on Thursday morning and released talk on its $1 billion incremental seven-year term loan B (Ba1/BBB-) at Libor plus 200 basis points to 225 bps with a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

Commitments are due on Sept. 22, the source added.

Goldman Sachs Bank USA, Truist, Citizens and Stifel are leading the deal that will be used with available cash to fund the acquisition of HydroChemPSC from Littlejohn & Co. LLC for $1.25 billion.

Closing is expected this year, subject to regulatory approval and other customary conditions.

Clean Harbors is a Norwell, Mass.-based provider of environmental and industrial services. HydroChemPSC is a provider of industrial cleaning, specialty maintenance and utilities services.

Solenis guidance

Solenis disclosed price talk on its $1.4 billion equivalent U.S. and euro seven-year term loan B (B2/B-) with its lender call in the morning, a market source said.

The U.S. term loan is talked at Libor plus 400 bps with a 0.5% Libor floor and an original issue discount of 99, and the euro term loan is talked at Euribor plus 400 bps to 425 bps with a 0% floor and a discount of 99.5, the source continued. Both term loans have 101 soft call protection for six months.

Commitments are due at 10 a.m. ET on Sept. 21, the source added.

Goldman Sachs, BofA Securities Inc., Barclays, BMO Capital Markets, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc., Nomura, HSBC, ING, Jefferies LLC, Macquarie and RBC Capital Markets are leading the deal.

Solenis buyout/merger

Solenis will use the new term loan debt with $1.4 billion equivalent U.S. and euro senior secured notes and $1 billion equivalent U.S. and euro senior notes to help fund its acquisition by Platinum Equity and merger with Sigura Water, an existing Platinum Equity portfolio company.

Platinum Equity is buying Solenis from Clayton, Dubilier & Rice and BASF in a transaction with an implied enterprise value of $5.25 billion. Including the merger with Sigura, the total combined transaction value is about $6.5 billion.

Closing is expected before the end of the year, subject to regulatory approval and customary conditions.

Solenis is a Wilmington, Del.-based producer of specialty chemicals used in water-intensive industries. Sigura is an Alpharetta, Ga.-based provider of water treatment solutions.

Mattress Firm talk

Mattress Firm launched on its morning call its $1.1 billion seven-year term loan (B1/B+) at talk of Libor plus 425 bps to 450 bps with a 0.75% Libor floor and an original issue discount of 99 to 99.5, according to a market source.

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

Commitments are due at noon ET on Sept. 21, the source added.

Barclays, Goldman Sachs Bank USA and Jefferies LLC are leading the deal that will be used with $550 million of cash on hand to repay all existing debt, fund a roughly $1.1 billion distribution to shareholders and management shareholders and pay related fees and expenses.

Mattress Firm is a Houston-based mattress company.

Arclin launches

Arclin disclosed price talk on its $675 million seven-year first-lien term loan (B2/B), $100 million seven-year delayed-draw first-lien term loan (B2/B) and $155 million eight-year second-lien term loan (Caa1/CCC+) in connection with its morning call, a market source remarked.

Talk on the first-lien term loan debt is Libor plus 400 bps with a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, and talk on the second-lien term loan is Libor plus 700 bps with a 0.5% Libor floor, a discount of 99 and hard call protection of 102 in year one and 101 in year two, the source continued.

The funded and delayed-draw first-lien term loans are being sold as a strip, and the delayed-draw term loan has a ticking fee of 1% per annum starting 90 days post close.

The company’s $1.03 billion of credit facilities also include a $100 million five-year revolver (B2/B).

Arclin being acquired

Arclin’s credit facilities will be used to help fund its buyout by The Jordan Co. LP from Lone Star Funds and repay in full an existing $690 million term loan B.

RBC Capital Markets, Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC, BMO Capital Markets, KeyBank Capital Markets and ING are leading the debt.

Commitments are due at noon ET on Sept. 23, the source added.

Closing is expected in the third quarter.

Arclin is a Roswell, Ga.-based manufacturer and formulator of surface overlays and specialty resins for the residential building products, industrial, furniture and non-residential construction markets.

IPS proposed terms

IPS held its lender call at 11 a.m. ET and, prior to the start of the call, price talk was announced on its $525 million seven-year first-lien term loan (B1/B-) and $105 million seven-year delayed-draw first-lien term loan (B1/B-), which are being sold as a strip. according to a market source.

The first-lien term loan debt is talked at Libor plus 375 bps to 400 bps with two leverage-based pricing step-downs and one additional step-down upon completion of an initial public offering, a 0.5% Libor floor and an original issue discount of 99.5, the source said.

The first-lien term loan debt has 101 soft call protection for six months and the ticking fee on the delayed-draw loan is half the margin from days 46 to 90 and the full margin thereafter.

Commitments are due at noon ET on Sept. 21, the source added.

The company’s $930 million of credit facilities also include a $90 million five-year revolver (B1/B-) and a $210 million eight-year privately placed second-lien term loan (Caa1/CCC).

IPS lead banks

Jefferies LLC, Credit Suisse Securities (USA) LLC, Apollo, BMO Capital Markets, MUFG, Nomura, SMBC and KeyBanc Capital Markets are leading IPS’s credit facilities.

The new debt will be used to help fund the buyout of the company by Centerbridge Partners LP from Cypress Performance Group LLC.

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

IPS is a Compton, Calif.-based provider of specialized, highly engineered industrial products including solvent cements, rough plumbing and roofing products, and structural and surface adhesives.

CCC comes to market

CCC Intelligent Solutions Inc. held a lender call during the session, launching an $800 million term loan B (B1/B) talked at Libor plus 275 bps with 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 Sept. 16, the source added.

BofA Securities Inc. is the left lead on the deal that will be used to refinance an existing term loan.

CCC is a Chicago-based SaaS platform powering the property and casualty insurance economy.

Quest floats OID

Quest Software launched on its morning call its fungible $330 million add-on term loan B due May 2025 with original issue discount talk of 99.27, a market source said.

Pricing on the add-on term loan is Libor plus 425 bps with a 0% Libor floor.

Commitments are due on Sept. 17, the source added.

Goldman Sachs Bank USA is leading the deal that will be used to support the acquisition of OneLogin.

Quest Software is an Aliso Viejo, Calif.-based provider of integrated infrastructure software for managing systems, data and applications.

Virtus guidance

Virtus Investment Partners came out with talk of Libor plus 225 bps to 250 bps with a 0% Libor floor, an original issue discount of 99.25 and 101 soft call protection for six months on its $275 million seven-year senior secured covenant-lite first-lien term loan B (Ba1/BB+) that launched with a call in the morning, a market source remarked.

Commitments are due at noon ET on Sept. 17, the source added.

Morgan Stanley Senior Funding Inc. is the left lead on the deal, which will be used to refinance an existing term loan B, for general corporate purposes and to pay related fees, expenses and original issue discount.

Virtus is a Hartford, Conn.-based provider of investment management products and services.

Weld holds call

Weld North Education held its lender call at 1 p.m. ET and shortly ahead of the call talk on its $945 million first-lien term loan due December 2027 emerged at Libor plus 375 bps with a 0.5% 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 Monday, the source added.

RBC Capital Markets, Macquarie Capital (USA) Inc., BMO Capital Markets, Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and KKR Capital Markets are leading the deal that will be used to reprice an existing term loan down from Libor plus 400 bps with a 0.75% Libor floor.

Weld North Education, a portfolio company of Silver Lake Partners and Onex Corp., is an education technology company focused on digital curriculum for grades K-12.

Howden sets talk

Howden Group launched on its morning call its fungible $415 million covenant-lite add-on term loan B (B2/B) due Nov 12, 2027 and fungible €350 million covenant-lite add-on term loan B (B2/B) due Nov 12, 2027 with original issue discount talk of 98.56, a market source said.

Pricing on the U.S. add-on loan is Libor plus 325 bps with a 0.75% Libor floor and pricing on the euro add-on loan is Euribor plus 350 bps with a 0% floor, and the add-on and existing term loans are getting 101 soft call protection for six months.

Commitments are due at 10 a.m. ET on Sept. 21, the source added.

Morgan Stanley Senior Funding Inc., JPMorgan Chase Bank, Barclays, HSBC Securities, NatWest, ING and Lloyds are joint lead arrangers and bookrunners on the deal, with Morgan Stanley the left lead on the U.S. loan and Morgan Stanley and JPMorgan the joint physical leads on the euro loan.

The add-on term loans will be used with a $370 million privately placed second-lien term loan to fund the acquisition Align Financial Holdings, a specialist general agency and underwriting management group, add cash to the locked account, pay down revolver borrowings and pay related fees and expenses.

Howden is a London-based insurance intermediary group.

Autokiniton launches

Autokiniton held its call in the morning, launching its $300 million add-on senior secured covenant-lite term loan B due April 2028 with original issue discount talk of 99 to 99.5, according to a market source.

Like the existing term loan B, the add-on term loan is priced at Libor plus 450 bps with a 25 bps step-down inside 2.61x total net first-lien leverage and a 0.5% Libor floor.

The add-on term loan has 101 soft call protection for six months, the source said.

Citigroup Global Markets Inc. and BofA Securities Inc. are leading the deal that will be used to fund a dividend to shareholders.

With this transaction, the company is seeking consent from lenders for a $300 million one-time restricted payment basket for the special dividend.

Commitments and amendment consents are due at noon ET on Sept. 17, the source added.

Closing is expected during the week of Sept. 20.

Autokiniton is a New Boston, Mich.-based provider of automotive components and assembly solutions.

Empire proposed OID

Empire Today launched on its afternoon call its fungible $170 million incremental first-lien term loan with original issue discount talk of 99, a market source remarked.

The incremental term loan is priced at Libor plus 500 bps with a 0.75% Libor floor and has 101 soft call protection for six months.

The company is also getting a $60 million revolver.

Commitments are due at noon ET on Sept. 21, the source added.

KKR Capital Markets and Jefferies LLC are leading the deal that will be used to support the acquisition of the company by Charlesbank Capital Partners.

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

The company’s existing $425 million term loan is getting ported over.

Empire Today is a Northlake, Ill.-based provider of installed home improvements and home furnishings.

Grinding Media on deck

Grinding Media emerged with plans to hold a lender call at 11 a.m. ET on Friday to launch an $875 million seven-year term loan B (B2/B) talked at 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, according to a market source.

Commitments are due at 5 p.m. ET on Sept. 21, the source added.

JPMorgan Chase Bank, Morgan Stanley Senior Funding Inc., Ally and CIBC are leading the deal that will be used to redeem outstanding senior notes due 2023, pay a one-time dividend and pay fees and expenses.

Grinding Media is a provider of mission-critical, consumable grinding media for primarily copper, gold and iron ore producers.

Liftoff/Vungle joins calendar

Liftoff Mobile/Vungle will hold a lender call at 11 a.m. ET on Friday to launch $1.4 billion of credit facilities, a market source said.

The facilities consist of a $150 million revolver and a $1.25 billion senior secured term loan B, the source added.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to refinance the company’s existing capital structure and pay a one-time dividend distribution to shareholders.

Liftoff/Vungle is a platform that fuels the mobile app growth cycle.

ConnectWise plans call

ConnectWise set a lender call for 11 a.m. ET on Monday to launch a $1.05 billion seven-year term loan B, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

BofA Securities Inc. is leading the deal that will be used to refinance an existing unitranche term loan due February 2025.

ConnectWise is a business management platform.

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