Ahead DB, Dun & Bradstreet, Caesars, Merlin Entertainments, Tricor/Vistra, Novolex break

By Sara Rosenberg

New York, Jan. 24 – Ahead DB revised the original issue discount on its incremental first-lien term loan, Dun & Bradstreet Corp. finalized the issue price on its incremental first-lien term loan B at the tight end of revised talk, and Caesars Entertainment Inc. lifted the size of its term loan B, reduced the spread and firmed the original issue discount at the tight side of guidance, and then these deals freed to trade on Wednesday.

Also, before breaking for trading, Merlin Entertainments plc upsized its U.S. term loan, lowered the spread and set the issue price at the tight end of talk and Tricor/Vistra raised sizes of its U.S. and euro term loans and trimmed pricing.

Another deal to make its way into the secondary market during the session was Novolex (Clydesdale Acquisition Holdings Inc.), with its first-lien term loan bid in line with its original issue discount price.

In more happenings, Mavis Tire Express Services TopCo Corp. widened the spread on its first-lien term loan, NGL Energy Operating LLC revised the original issue discount on its term loan B and added a leverage-based pricing step-down, and WellSky (Project Ruby Ultimate Parent Corp.) increased the size of its incremental first-lien term loan and set the spread at the low end of talk.

Additionally, Univar Solutions Inc. upsized its U.S. and euro add-on term loans and changed the issue price guidance, Mitratech increased the size of its incremental first-lien term loan-1 and modified the original issue discount, Team Services Group LLC tightened the issue price on its incremental first-lien term loan B, and Sabre Industries (Tiger Acquisition LLC) upsized its incremental first-lien term loan.

Furthermore, Crash Champions (Champions Financing Inc.), WestJet Loyalty LP, Four Seasons Hotels Ltd. and Envu (Discovery Purchaser Corp.) released price talk with launch, and Fairbanks Morse Defense (Arcline FM Holdings LLC), Oryx Midstream Services Permian Basin LLC, Artera Services LLC and ImageFirst Holdings LLC joined this week’s primary calendar.

Ahead DB tightened, trades

Ahead DB adjusted the original issue discount on its $600 million seven-year incremental first-lien term loan (B1/B) to 99 from 98.5, a market source remarked.

Pricing on the incremental term loan remained at SOFR plus 425 basis points with a 0.75% floor, and the debt has 101 soft call protection for six months.

Commitments continued to be due at noon ET on Wednesday and the term loan began trading later in the day, with levels quoted at 99¼ bid, par offered, a trader added.

RBC Capital Markets, Deutsche Bank Securities Inc., BMO Capital Markets, Jefferies LLC, KKR Capital Markets, Regions Bank, Truist Securities, Macquarie Capital (USA) Inc., MUFG and Barclays are leading the deal that will be used to help support the acquisition of Computer Design & Integration.

Berkshire Partners and Centerbridge Partners are the sponsors.

Ahead DB is a Chicago-based IT solutions provider of enterprise hardware and software.

Dun & Bradstreet updated

Dun & Bradstreet set the issue price on its fungible $2.652 billion incremental first-lien term loan B due Jan. 18, 2029 at par, the tight end of revised talk of 99.875 to par and tighter than initial talk in the 99.875 area, a market source said.

Pricing on the incremental term loan, as well as on the company’s $452 million repriced first-lien term loan B due Jan. 18, 2029, remained at SOFR plus 275 bps with a 25 bps step-down at Ba3/BB- corporate family ratings, no CSA and a 0% floor, and the debt still has 101 soft call protection for six months.

As before, the repriced term loan has a par issue price.

Previously in syndication, the incremental term loan was upsized from $1.75 billion.

Dun & Bradstreet frees

Dun & Bradstreet’s term loan broke for trading during the session, with levels quoted at par 1/8 bid, par ½ offered, another source added.

BofA Securities Inc. is the left lead on the deal.

The incremental loan will be used to refinance a 2026 term loan B-1 priced at SOFR+CSA of 10 bps one-month rate, 26 bps three-month rate and 43 bps six-month rate, plus 300 bps with a 0% floor, and the repricing will take an existing term loan due January 2029 down from SOFR plus 300 bps with a 0% floor.

Dun & Bradstreet is a Short Hills, N.J.-based provider of business decisioning data and analytics.

Caesars reworked, trades

Caesars Entertainment upsized its seven-year term loan B to $2.9 billion from $2 billion, cut pricing to SOFR plus 275 bps from SOFR plus 300 bps and set the original issue discount at 99.75, the tight end of the 99.25 to 99.75 talk, according to a market source.

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

On Wednesday, the term loan made its way into the secondary market, with levels quoted at 99¾ bid, par offered, another source added.

JPMorgan Chase Bank is the left lead on the deal that will be used with $1.5 billion of senior secured notes to fund a cash tender offer for any and all of the company’s $3.399 billion 6¼% senior secured notes due 2025 and, due to the upsizing, to redeem Caesars Resort Collection’s 5¾% senior secured notes due 2025.

Caesars is a Reno, Nev.-based gaming and entertainment company.

Merlin reworked, breaks

Merlin Entertainments increased its term loan due November 2029 to $1.385 billion from $1.273 billion, reduced pricing to SOFR plus 350 bps from SOFR plus 375 bps and finalized the original issue discount at 99.5, the tight end of the 99 to 99.5 talk, a market source remarked.

The term loan still has a 0% floor and 101 soft call protection for six months.

Recommitments were due at 1:15 p.m. ET on Wednesday and the term loan freed up later in the day, with levels quoted at 99 5/8 bid, 99 7/8 offered, another source added.

The Poole, U.K.-based operator of hotels and holiday attractions also plans on getting a fungible €200 million add-on term loan due November 2029 priced at Euribor plus 400 bps with a 0% floor.

BofA Securities Inc., Deutsche Bank Securities Inc., Bank of China, Barclays, HSBC, Intesa, Mizuho, Morgan Stanley, Santander, SMBC and UniCredit are bookrunners on the deal, with BofA the left lead on the U.S. loan and BofA and Deutsche Bank the active bookrunners on the euro loan.

The loans will be used with $400 million of senior secured notes to refinance existing U.S. and euro term loan Bs due 2026, and the funds from the upsizing will be used for general corporate purposes.

Tricor revised

Tricor/Vistra upsized its U.S. senior secured covenant-lite term loan B due June 17, 2029 to $609.5 million from $598.5 million and its euro senior secured covenant-lite term loan B due June 17, 2029 to €827 million from €816 million, and cut pricing on the loans to SOFR/Euribor plus 375 bps from talk in the range of SOFR/Euribor plus 400 bps to 425 bps, a market source said.

As before, the U.S. term loan has a 0.5% floor and a par issue price, the euro term loan has a 25 bps step-down at 4.5x leverage with a nine-month holiday, a 0% floor and a par issue price, and both loans have 101 soft call protection for six months.

The loans will be used to reprice existing U.S. and euro term loans due June 2029, and the funds from the upsizings will pay accrued interest and fees.

Tricor hits secondary

In the afternoon, Tricor/Vistra’s U.S. term loan broke for trading, with levels quoted at par ¼ bid, par ¾ offered, another source added.

Goldman Sachs is the lead arranger and sole left lead bookrunner on the deal. Barclays, Deutsche Bank Securities Inc., HSBC Securities, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole, DBS, Morgan Stanley Senior Funding Inc., MUFG, Nomura, SMBC and Standard Chartered are lead arrangers and joint bookrunners. Goldman Sachs is the agent.

Tricor, owned by EQT, is a Hong Kong-based fund and corporate services company.

Novolex starts trading

Novolex’s $2.955 billion first-lien term loan (B2/B) due April 2029 freed up as well, with levels quoted at 99¾ bid, par 1/8 offered, according to a market source.

Pricing on the term loan is SOFR+10 bps CSA plus 375 bps with a 0.5% floor, and the debt was sold at an original issue discount of 99.75. The margin has a 7.5 bps sustainability adjustment based on GHG emissions intensity reduction and combined with the CSA the effective margin will be SOFR plus 377.5 bps. The term loan has 101 soft call protection for six months.

During syndication, the discount on the term loan was set at the wide end of the 99.75 to par talk.

UBS Investment Bank is the arranger on the deal. Credit Suisse is the administrative agent.

Proceeds will be used to reprice an existing sustainability-linked term loan down from SOFR+10 bps CSA plus 425 bps with a 0.5% floor.

Novolex is a Hartsville, S.C.-based manufacturer of packaging products for a range of substrates and end-markets.

Mavis widened

Mavis Tire lifted pricing on its roughly $2.301 billion first-lien term loan due May 4, 2028 to SOFR plus 375 basis points from SOFR plus 350 bps, according to a market source.

As before, the term loan has a 0.75% floor, a par issue price, 101 soft call protection for six months and no CSA.

Recommitments were due at 2 p.m. ET on Wednesday, the source added.

Jefferies LLC is leading the deal that will be used to reprice an existing first-lien term loan down from SOFR+CSA plus 400 bps with a 0.75% floor. CSA on the existing loan is 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Mavis is a Millwood, N.Y.-based tire and service retailer.

NGL updated

NGL Energy moved the original issue discount on its $700 million seven-year senior secured term loan B (B2/B+/BB-) to 99 from 98 and, although pricing remained at SOFR plus 450 bps, a step-down was added to SOFR plus 425 bps at 4x first-lien net leverage, a market source said.

The term loan still has a 0% floor and 101 soft call protection for six months.

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

TD Securities (USA) LLC, JPMorgan Chase Bank, Barclays, RBC Capital Markets, Wells Fargo Securities LLC, BofA Securities Inc., MUFG and TCB are leading the deal that will be used to refinance existing debt, for general corporate purposes and to pay related fees and expenses.

NGL is a Tulsa, Okla.-based midstream energy company.

WellSky upsized

WellSky lifted its incremental first-lien term loan B due March 10, 2028 to $640 million from $405 million and firmed pricing at SOFR plus 350 bps, the low end of the SOFR plus 350 bps to 375 bps talk, a market source remarked.

As before, the term loan has a 0% floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Commitments continue to be due at noon ET on Thursday, the source added.

BofA Securities Inc., Goldman Sachs Bank USA, Deutsche Bank Securities Inc., BMO Capital Markets, RBC Capital Markets, TPG and Nomura are leading the deal that will be used to refinance the company’s existing term loan due 2028 priced at SOFR plus 575 bps, and the funds from the upsizing will be used to repay the company’s existing term loan B due 2028 priced at SOFR plus 475 bps and to pay associated fees and expenses.

WellSky is an Overland Park, Kan.-based provider of enterprise software to health care providers and human services organizations.

Univar reworked

Univar Solutions raised its fungible U.S. add-on term loan due August 2030 to $360 million from $325 million and its fungible euro add-on term loan due August 2030 to $140 million equivalent from $125 million equivalent, and revised the original issue discount talk on both tranches to a range of 99.75 to par from a range of 99 to 99.5, according to a market source.

Pricing on the add-on term loans is SOFR/Euribor plus 450 bps with a 0% floor, in line with existing U.S. and euro term loan pricing.

Commitments were due at 5 p.m. ET on Wednesday for the U.S. loan, accelerated from 5 p.m. ET on Thursday, and are due at 5 a.m. ET on Thursday for the euro loan, accelerated from noon ET on Thursday, the source added. Allocations are expected on Thursday.

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

Univar is a Downers Grover, Ill.-based specialty chemical and ingredient distributor.

Mitratech tweaked

Mitratech raised its fungible incremental first-lien term loan-1 to $60 million from $50 million and changed the original issue discount to 99.5 from 99.03, a market source said.

Pricing on the term loan-1 is SOFR+CSA plus 375 bps with a 0.75% floor. CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

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

Golub Capital is the left lead on the deal that will be used to repay revolver borrowings and to add cash to the balance sheet for general corporate purposes.

Ontario Teachers’ Pension Plan is the majority owner of Mitratech, and Hg Capital is a minority owner.

Mitratech is an Austin, Tex.-based technology partner for corporate legal, risk, compliance and HR professionals.

Team Services modified

Team Services Group adjusted the original issue discount on its fungible $150 million incremental first-lien term loan B due December 2027 to 99.5 from the 99 area, according to a market source.

Pricing on the incremental term loan is SOFR+CSA plus 500 bps with a 1% floor, in line with existing term loan pricing. CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Recommitments were due at 5 p.m. ET on Wednesday, the source added.

UBS Investment Bank is leading the deal that will be used with existing cash to fund acquisitions committed to close or under letters of intent.

Pro forma for the transaction, the first-lien term loan will total about $534 million.

Alpine Investors is the sponsor.

Team Services is a San Diego-based provider of personal home care solutions, with a focus on allowing clients to choose their own caregivers.

Sabre upsized

Sabre Industries lifted its fungible incremental first-lien term loan due June 1, 2028 to $85 million from $50 million, a market source said.

Pricing on the incremental term loan is SOFR+10 bps CSA plus 325 bps with a 0.5% floor, in line with existing term loan pricing, and the new debt has an original issue discount of 99.1.

Recommitments were due at 5 p.m. ET on Wednesday, the source added.

Jefferies LLC and Wells Fargo Securities LLC are leading the deal that will be used to refinance a portion of the company’s existing second-lien term loan.

Sabre is an Alvarado, Tex.-based provider of highly engineered structures and services for customers in the U.S. utility and telecom markets.

Crash proposed terms

Crash Champions held its lender call on Wednesday afternoon and announced price talk on its $650 million five-year senior secured term loan B (B3/B-) at SOFR plus 500 bps with a 0% floor and an original issue discount of 98 to 98.5, a market source remarked.

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

Commitments are due at noon ET on Feb. 6, the source added.

BofA Securities Inc., BMO Capital Markets, JPMorgan Chase Bank, Deutsche Bank Securities Inc. and Truist Securities are leading the deal that will be used with $650 million of senior secured notes and new PIK preferred equity to refinance existing Service King and Crash Champions debt.

Crash Champions is a collision repair platform and a multiple shop operator.

WestJet guidance

WestJet came out with talk of SOFR plus 375 bps to 400 bps with a 0% floor, an original issue discount of 98 to 99 and 101 soft call protection for six months on its $1 billion seven-year senior secured term loan B (//BB-) in connection with its morning lender call, a market source said.

Commitments are due at noon ET on Feb. 1, the source added.

Barclays is the left lead on the deal that will be used with $500 million of other senior secured debt to partially repay the company’s existing term loan B due 2026 and for transaction related fees and expenses.

WestJet is a Calgary, Alta.-based airline company.

Four Seasons holds call

Four Seasons Hotels held a lender call at 11 a.m. ET, launching an $841.5 million senior secured covenant-lite first-lien term loan B (Ba3/BBB-) due November 2029 at talk of SOFR plus 175 bps to 200 bps with 0 bps CSA, a 0.5% floor, a par issue price and 101 soft call protection for six months, according to a market source.

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

Morgan Stanley Senior Funding Inc. is the bookrunner on the deal. Citigroup Global Markets Inc. is the administrative agent.

The transaction will be used to reprice an existing term loan B due November 2029 down from SOFR+10 bps CSA plus 250 bps with a 0.5% floor.

Four Seasons is a Toronto-based luxury hotels company.

Envu shops add-on

Envu launched in the morning a fungible $100 million add-on covenant-lite first-lien term loan (B3/B-) due August 2029 with original issue discount talk of 98 to 98.5, a market source remarked.

Pricing on the add-on term loan is SOFR plus 437.5 bps with a 0.5% floor.

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

BMO Capital Markets is the left lead on the deal that will be used to repay revolver borrowings and for general corporate purposes.

Cinven is the sponsor.

Envu, previously known as Bayer Environmental, is a Cary, N.C.-based provider of environmental products and solutions.

Primient deadline

Primient (Primary Products Finance LLC) announced a commitment deadline of 5 p.m. ET on Monday for its $1.044 billion first-lien term loan B due April 1, 2029 (B1/BB-/BB+) that launched with a call in the afternoon, a market source said.

As previously reported, talk on the term loan is SOFR+CSA plus 350 bps with a 0.5% floor, a par issue price and 101 soft call protection for six months. CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

Barclays is the left lead on the deal, which will be used to reprice an existing $1.044 billion first-lien term loan due April 2029 down from SOFR+CSA plus 400 bps with a 0.5% floor.

Primient is a Schaumberg, Ill.-based manufacturer of nutritive sweeteners, industrial starches, acidulants, and other corn-derived products predominantly for food and beverage, packaging and industrial applications.

Fairbanks on deck

Fairbanks Morse Defense set a lender call for 4 p.m. ET on Thursday to launch fungible $125 million incremental first-lien term loan due June 23, 2028 and a roughly $209.5 million repriced November 2023 incremental first-lien term loan due June 23, 2028, according to a market source.

Talk on the term loan debt is SOFR+CSA plus 475 bps with a 0.75% floor, an original issue discount of 99.25 to 99.5 on the incremental, a discount of 99.75 to par on the repriced loan and 101 soft call protection for six months, the source continued. CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Commitments are due at noon ET on Feb. 1, the source added.

Jefferies LLC is leading the deal.

The incremental loan will be used to prepay a portion of the company’s existing second-lien term loan, and the repricing will take the November 2023 loan down from SOFR+ARRC CSA plus 525 bps with a 0.75% floor and make the debt fungible with the company’s existing first-lien term loan.

Fairbanks Morse is a Beloit, Wis.-based provider of mission-critical propulsion and power generation systems, material handling devices, valves, actuators, motors and other hi-rel electrical components.

Oryx coming soon

Oryx Midstream Services plans to hold a lender call at 9:30 a.m. ET on Thursday to launch a $1.837 billion senior secured term loan due Oct. 5, 2028 talked at SOFR+CSA plus 300 bps with a 0.5% floor, an original issue discount of 99.75 and 101 soft call protection for six months, a market source said. CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

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

Barclays is the left lead on the deal that will be used to reprice an existing term loan down from SOFR+ARRC CSA plus 325 bps with a 0.5% floor and amend the excess cash flow sweep.

Oryx Midstream is a Midland, Tex.-based midstream crude oil logistics provider in the Permian Basin.

Artera joins calendar

Artera Services scheduled a lender call for 10 a.m. ET on Thursday to launch a $740 million seven-year first-lien term loan talked at SOFR plus 500 bps with an original issue discount of 98 to 99 and 101 soft call protection for six months, a market source remarked.

Commitments are due at 10 a.m. ET on Feb. 8, the source added.

UBS Investment Bank, BofA Securities Inc., BMO Capital Markets, BNP Paribas Securities Corp., Citizens, Deutsche Bank Securities Inc., Jefferies LLC, Mizuho, MUFG and PNC are leading the deal. Credit Suisse is the administrative agent.

The term loan will be used with $740 million of senior secured first priority notes, cash from the balance sheet, a sponsor first-lien PIK term loan and a sponsor contribution to refinance existing first- and second-lien term loans, to repay borrowings outstanding under the company’s receivables facility, to redeem existing notes in full, and to pay related fees and expenses.

Artera is an Atlanta-based provider of integrated infrastructure services serving utilities and midstream operators in the natural gas market.

ImageFirst readies deal

ImageFirst will launch without a lender call on Thursday afternoon a refinancing of its existing credit facilities, according to a market source.

Antares Capital is leading the deal.

ImageFirst is a King of Prussia, Pa.-based provider of outsourced laundry and textile rental services, with a focus on outpatient and specialty healthcare.

Fund flows

In other news, actively managed loan fund flows on Tuesday were positive $11 million and loan ETFs were positive $290 million, a market sources said.

Actively managed high yield fund flows on Tuesday were positive $228 million and high-yield ETFs were negative $549 million, the source added.

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