Confluent, MeridianLink, GreenWaste Recovery, Entertainment Partners, Hamilton break

By Sara Rosenberg

New York, Oct. 28 – Confluent Health set the spread on its term loan debt at the low end of talk and modified the original issue discount, and MeridianLink Inc. revised the issue price on its term loan B, and then these deals freed to trade on Thursday.

Other deals to make their way into the secondary market during the session included GreenWaste Recovery, Entertainment Partners and Hamilton Projects Acquiror LLC.

In other news, PowerGrid Services firmed pricing on its term loan B at the high end of guidance, and Signature Aviation plc (Brown Group Holding LLC) accelerated the commitment deadline for its add-on term loan B.

Also, Carestream Dental Inc. and Acuren (Rockwood Service Corp.) released price talk with launch, and Vantage Elevator Solutions, Apex Group and Holley Inc. joined the near-term primary calendar.

Confluent tweaked, trades

Confluent Health finalized pricing on its $465 million seven-year covenant-lite first-lien term loan B (B3/B-) and $100 million delayed-draw covenant-lite term loan (B3/B-) at Libor plus 400 basis points, the low end of the Libor plus 400 bps to 425 bps talk, and changed the original issue discount to 99.5 from 99, according to a market source.

As before, the term loan debt has a 0.5% Libor floor and 101 soft call protection for six months.

The delayed-draw term loan is available for 24 months and has ticking fees of half the margin from days 46 to 90 and the full margin thereafter.

Recommitments were due at 10:30 a.m. ET on Thursday and the term loan B freed to trade in the afternoon, with levels quoted at 99¾ bid, par ¼ offered, another source added.

Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, JPMorgan Chase Bank, Macquarie Capital (USA) Inc., Morgan Stanley Senior Funding Inc., Bank of Ireland and Citizens Bank are leading the deal that will be used to refinance an existing term loan B and fund identified acquisitions.

Confluent Health is a Louisville, Ky.-based outpatient physical therapy provider.

MeridianLink tightens, frees

MeridianLink modified the original issue discount on its $435 million seven-year term loan B (B2/BB-/BB+) to 99.75 from 99.5, a market source remarked.

The term loan is priced at Libor plus 300 bps with a 0.5% Libor floor, and has 101 soft call protection for six months.

Previously, in syndication, pricing on the term loan was reduced from talk in the range of Libor plus 325 bps to 350 bps.

During the session, the term loan B made its way into the secondary market, with levels quoted at 99 7/8 bid, par ¼ offered, another source added.

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

MeridianLink is a Costa Mesa, Calif.-based provider of SaaS-based solutions to financial institutions that simplify loan decisioning, deposit and loan originations and workflow challenges.

GreenWaste tops OID

GreenWaste Recovery’s $400 million seven-year covenant-lite term loan B broke for trading, with levels quoted at par bid, par 3/8 offered, according to a market source.

Pricing on the term loan is Libor plus 325 bps with a 0.5% Libor floor and it was sold at an original issue discount of 99.5. The debt has 101 soft call protection for six months, and ticking fees of half the margin from days 46 to 90, the full margin from days 91 to 135 and the full margin plus one-month Libor thereafter.

During syndication, pricing on the term loan was reduced from talk in the range of Libor plus 350 bps to 375 bps and the discount was tightened from 99.

The company’s $500 million of credit facilities (B2/B+) also include a $100 million five-year revolver.

Truist Securities, RBC Capital Markets, Fifth Third and MUFG are leading the deal that will be used to help fund the acquisition of the company by MIP V, a fund managed by Macquarie Asset Management.

Closing is tentatively scheduled for late-November to mid-December.

GreenWaste is a San Jose, Calif.-based provider of solid waste collection and recycling solutions for homes and businesses.

Entertainment Partners breaks

Entertainment Partners’ $850 million seven-year term loan B (B1/B+) freed up as well, with levels quoted at 99¾ bid, par ¼ offered, according to a market source.

Pricing on the term loan is Libor plus 350 bps with a 0.5% Libor floor and it was sold at an original issue discount of 99.5. The debt has 101 soft call protection for six months.

During syndication, pricing on the term loan was trimmed from talk in the range of Libor plus 375 bps to 400 bps and the discount firmed at the tight end of the 99 to 99.5 talk.

BofA Securities Inc., JPMorgan Chase Bank, Barclays, Citigroup Global Markets Inc., Goldman Sachs Bank USA, Mizuho, SVB and TPG Capital are leading the deal that will be used for a dividend recapitalization.

Entertainment Partners is a Burbank, Calif.-based provider of workforce management services to the TV, film and broader entertainment industries.

Hamilton hits secondary

Hamilton Projects Acquiror’s $888.75 million senior secured term loan B (B1/BB-) due June 26, 2027 also freed to trade, with levels quoted at par bid, par ½ offered, a trader said.

Pricing on the term loan is Libor plus 450 bps with a 0.75% Libor floor and it was sold at an original issue discount of 99.75. The debt has 101 soft call protection for six months.

Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC, BNP Paribas Securities Corp., MUFG and KeyBanc Capital Markets are leading the deal that will be used to reprice an existing term loan B down from Libor plus 475 bps with a 1% Libor floor.

Closing is expected early in the week of Nov. 1.

Hamilton Projects is the owner of two combined cycle gas fired power plants located in Pennsylvania.

PowerGrid updated

In more happenings, PowerGrid Services set pricing on its $254 million seven-year term loan B at Libor plus 500 bps, the high end of the Libor plus 475 bps to 500 bps talk, according to a market source.

The 1% Libor floor, original issue discount of 99 and 101 soft call protection for six months on the term loan were unchanged.

Previously in syndication, the term loan was upsized from $235 million.

BNP Paribas Securities Corp. is leading the deal that will be used to help fund the buyout of the company by Sterling Group, and funds from the recent upsizing will finance an acquisition.

PowerGrid Services is a Hartselle, Ala.-based provider of services to the utility sector.

Signature Aviation accelerated

Signature Aviation moved up the commitment deadline for its fungible $330 million add-on term loan B due June 7, 2028 to noon ET on Friday from noon ET on Tuesday, a market source remarked.

Pricing on the add-on term loan is Libor plus 275 bps with a step-down to Libor plus 250 bps and a 0.5% Libor floor, in line with pricing on the company’s existing $1.579 billion term loan B, and the new debt is talked with an original issue discount of 99.5 to 99.75.

RBC Capital Markets, Barclays, HSBC Securities (USA) Inc., MUFG, Santander, SMBC, Truist, JPMorgan Chase Bank and Blackstone Capital Markets are leading the deal that will be used to finance the acquisition of Vail Valley Jet Center LLC.

Signature Aviation, a company owned by Blackstone, Global Infrastructure Partners and Cascade Investment, is a London-based aviation services company.

Carestream holds call

Carestream Dental emerged in the morning with plans to hold a lender call at 2 p.m. ET on Thursday to launch $955 million of term loans, split between a $695 million seven-year covenant-lite first-lien term loan (B2/B) and a $260 million eight-year covenant-lite second-lien term loan (Caa2/CCC+), according to a market source.

Talk on the first-lien term loan is Libor plus 425 bps to 450 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 775 bps to 800 bps with a 0.5% Libor floor, a discount of 98.5 and call protection of 102 in year one and 101 in year two, the source said.

Commitments are due at 5 p.m. ET on Nov. 9.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Goldman Sachs Bank USA, HSBC Securities (USA) Inc. and ING are leading the deal that will be used to repay existing debt and to fund a distribution to shareholders.

Carestream Dental is an Atlanta-based dental technology company.

Acuren guidance

Acuren launched on its morning call its fungible $100 million add-on term loan B due January 2027 with original issue discount talk of 99 to 99.5, a market source said.

Pricing on the term loan is Libor plus 400 bps with a step-up to Libor plus 425 bps at greater than 3.5x first-lien net leverage and a 0% Libor floor, and the add-on and existing term loan are getting 101 soft call protection for six months.

Commitments are due at 10 a.m. ET on Nov. 4, the source added.

BofA Securities Inc. is the left lead on the deal that will be used to fund the acquisition of Premium Inspection & Testing Group, a provider of nondestructive testing, inspection and calibration services.

Acuren is a provider of testing services to energy and industrial markets.

Vantage readies deal

Vantage Elevator Solutions set a lender call for 9:30 a.m. ET on Tuesday to launch $820 million of credit facilities, according to a market source.

The facilities consist of an $85 million five-year revolver, a $525 million seven-year first-lien term loan and a $210 million eight-year second-lien term loan, the source said.

RBC Capital Markets, Jefferies LLC and Antares Capital are leading the deal that will be used to help fund the buyout of the company by Ontario Teachers’ Pension Plan Board. Vantage’s current owner, Golden Gate Capital, will retain a significant minority ownership stake in the company.

Closing is expected before the end of the year.

Vantage is a Bronx, N.Y.-based elevator component manufacturer.

Apex on deck

Apex Group will hold a lender call on Monday to launch a $465 million add-on covenant-lite term loan B due July 2028 and a €225 million add-on covenant-lite term loan B due July 2028, a market source remarked.

Pricing on the U.S. term loan is Libor plus 375 bps with a 0.5% Libor floor and pricing on the euro term loan is Euribor plus 400 bps with a 0% floor.

Commitments are due on Nov. 10, the source added.

BofA Securities Inc. is the sole physical bookrunner on the deal. JPMorgan is the agent.

The add-on term loans will be used with a $180 million pre-placed second-lien term loan to fund the acquisition of Sanne Group, a provider of asset management services, for 920 pence in cash per share, or about £1.51 billion.

Apex is a provider of fund administration services, financial and corporate solutions.

Holley joins calendar

Holley scheduled a bank meeting for 2:30 p.m. ET on Monday to launch $825 million of credit facilities, according to a market source.

The facilities consist of a $125 million five-year revolver, a $600 million seven-year first-lien term loan and a $100 million delayed-draw first-lien term loan with availability for six months, the source said.

Included in the first-lien term loan is 101 soft call protection for six months.

Jefferies LLC, Wells Fargo Securities LLC, BofA Securities Inc. and Truist are leading the term loans.

The credit facilities will be used to refinance existing debt.

Holley is a Bowling Green, Ky.-based platform in the performance enthusiast automotive aftermarket space.

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