Filtration, Avantor, Wells break; Precisely, All My Sons, Alliant, Draslovka update deals

By Sara Rosenberg

New York, Oct. 19 – Filtration Group increased the size of its incremental first-lien term loan, finalized pricing at the low end of guidance and tightened the original issue discount, Avantor Inc. modified the issue price on its incremental first-lien term loan B-5, and Wells Enterprises Inc. firmed the original issue discount on its add-on term loan at the wide end of talk, and then these deals freed to trade on Tuesday.

In more happenings, Precisely terminated plans for an add-on first-lien term loan, increased the Libor floor on its repriced term loan and set the issue price on the repricing at the tight end of guidance, and All My Sons lifted the spread on its first-lien term loan and set the original issue discount at the wide side of talk.

Also, Alliant Holdings set the issue price on its add-on term loan B-3 at the tight end of guidance, and Draslovka Holding (Manchester Acquisition Sub LLC) revised the Credit Spread Adjustment on its term loan B.

Furthermore, Equiniti/AST, WireCo WorldGroup Inc., UST Global, Marlink Group and FR Refuel LLC disclosed price talk with launch, and Mission Veterinary Partners and Gray Television Inc. joined this week’s primary calendar.

Filtration reworked, trades

Filtration Group lifted its seven-year incremental first-lien term loan (B3/B) to $996 million from $600 million, firmed the spread at Libor plus 350 basis points, the low end of the Libor plus 350 bps to 375 bps talk, and changed the original issue discount to 99.75 from 99.5, according to a market source.

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

Recommitments were due at 2 p.m. ET on Tuesday and the incremental term loan began trading in the afternoon, with levels quoted at 99 7/8 bid, par 3/8 offered, another source added.

Goldman Sachs Bank USA, JPMorgan Chase Bank and BMO Capital Markets are leading the deal that will be used with cash on hand to finance the acquisition of Columbus Industries and, because of the upsizing, to refinance an existing $396 million term loan due March 2025.

Filtration Group is a provider of filtration solutions, serving a diverse portfolio of global end markets. Columbus Industries is a provider of high-end consumable air filters for critical indoor air quality applications.

Avantor tightens, frees

Avantor adjusted the original issue discount on its fungible $900 million incremental first-lien term loan B-5 (Ba1/BB+/BB+) due November 2027 to 99.875 from 99.5, a market source remarked.

Pricing on the incremental term loan is Libor plus 225 bps with a 0.5% Libor floor, in line with existing term loan B-5 pricing, and the debt is getting 101 soft call protection for six months.

Recommitments were due at 3:30 p.m. ET on Tuesday and the incremental broke for trading later in the day, with levels quoted at par 1/8 bid, par 3/8 offered, another source added.

Goldman Sachs Bank USA, Citigroup Global Markets Inc., BofA Securities Inc., Barclays, PNC Bank, Wells Fargo Securities LLC and HSBC Securities (USA) Inc. are leading the deal that will be used with $800 million of senior notes and a common stock offering to fund the acquisition of the Masterflex bioprocessing business and related assets of Antylia Scientific for $2.9 billion.

Closing is expected in the fourth quarter, subject to customary conditions, including regulatory approvals.

Avantor is a Radnor, Pa.-based provider of mission-critical products and services to customers in the life sciences and advanced technologies & applied materials industries. Masterflex is a Vernon Hills, Ill.-based manufacturer of peristaltic pumps and aseptic single-use fluid transfer technologies.

Wells finalizes, breaks

Wells Enterprises set the original issue discount on its fungible $100 million add-on term loan at 99.27, the wide end of the 99.27 to 99.5 talk, according to a market source.

Pricing on the add-on term loan is Libor plus 300 bps with a ratings-based step-down to Libor plus 275 bps and a 0% Libor floor, and the debt has 101 soft call protection for six months.

During the session, the add-on term loan started being quoted with the existing term loan at 99¼ bid, 99¾ offered, a trader added.

BMO Capital Markets is leading the deal that will be used to refinance existing debt and for general corporate purposes.

Wells Enterprises is a Le Mars, Iowa-based ice cream and frozen treat manufacturer.

Precisely modified

In other news, Precisely cancelled plans for a fungible $50 million add-on first-lien term loan due April 2028 that was going to be used for general corporate purposes, according to a market source.

The company also changed the Libor floor on the repricing of its existing $2.205 billion first-lien term loan due April 2028 to 0.75% from 0.5% and set the issue price at par, the tight end of the 99.875 to par talk, the source said.

The repriced term loan is still priced at Libor plus 400 bps and has 101 soft call protection for six months.

JPMorgan Chase Bank is leading the deal.

The repricing will take the existing first-lien term loan down from Libor plus 425 bps with a 0.75% Libor floor.

Precisely is a provider of data integrity software.

All My Sons revised

All My Sons raised pricing on its $290 million first-lien term loan (B2/B-) to Libor plus 500 bps from Libor plus 425 bps and finalized the original issue discount at 99, the wide end of the 99 to 99.5 talk, a market source said.

Also, the restricted payments, investments and incremental debt baskets were tightened, the MFN was changed to 50 bps, no sunset, with carve-outs removed, caps on add-backs were added, and the company is now required to hold annual calls and quarterly management discussion and analysis.

The first-lien term loan still has a 0.75% Libor floor and 101 soft call protection for six months.

Recommitments were due at noon ET on Tuesday, the source added.

The company’s $455 million of senior secured credit facilities also include a $50 million revolver (B2/B-) and a $115 million privately placed second-lien term loan.

Antares Capital and Golub Capital are leading the deal that will be used to support a recapitalization of the company by Golden Gate Capital in partnership with the founder and management team.

All My Sons is a Carrollton, Tex.-based provider of residential moving and related services.

Alliant updated

Alliant Holdings finalized the issue price on its $475 million add-on term loan B-3 at par, the tight end of the 99.75 to par talk, according to a market source.

Pricing on the add-on term loan is Libor plus 375 bps with a 0.5% Libor floor.

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

JPMorgan Chase Bank, Morgan Stanley Senior Funding Inc., Stone Point, BofA Securities Inc., Capital One, Goldman Sachs Bank USA, KKR Capital Markets, RBC Capital Markets, Truist, Fifth Third and Macquarie Capital (USA) Inc. are leading the deal that will be used to help fund acquisitions, an equity repurchase and general corporate purposes.

Alliant is a Newport Beach, Calif.-based specialty insurance brokerage firm.

Draslovka tweaked

Draslovka modified the CSA on its $335 million seven-year term loan B (B) to SOFR plus 10 bps CSA for one-month SOFR, 15 bps for three months and 25 bps for six months, from SOFR plus 10 bps CSA, a market source remarked.

Talk on the term loan remained at SOFR plus the CSA plus 525 bps to 550 bps spread with a 0.75% SOFR+CSA floor, an original issue discount of 98 and 101 soft call protection for one year.

Commitments are due at 5 p.m. ET on Oct. 28.

JPMorgan Chase Bank is leading the deal that will be used to help fund the acquisition of the Mining Solutions business of Chemours Co. for a total consideration of $520 million.

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

Draslovka is a Czech-based specialty chemicals company focused on applications for gold, agriculture, electronics and other industries.

Equiniti/AST guidance

Equiniti/AST held its lender call on Tuesday morning and announced price talk on its $900 million equivalent U.S dollar and British pound seven-year term loan B (B1/B+), according to a market source.

The U.S. term loan is talked at Libor plus 450 bps to 475 bps with two 25 bps step-downs at 0.5x and 1x inside opening net first-lien leverage, a 0.5% Libor floor and an original issue discount of 99, and the British pound term loan is talked at Libor plus 550 bps to 575 bps with two 25 bps step-downs at 0.5x and 1x inside opening net first-lien leverage, a 0.75% floor and a discount of 99, the source said.

Both term loans have 101 soft call protection for six months.

Commitments are due on Oct. 28, the source added.

Goldman Sachs, BofA Securities Inc., Deutsche Bank Securities Inc. and Lloyds are leading the deal that will be used with $350 million of unsecured debt to support the combination of Equiniti and AST.

Siris is the sponsor.

Equiniti is a provider of mission-critical shareholder, pension, remediation and credit technology. AST is a provider of mission-critical shareholder technology.

WireCo proposed terms

WireCo came out with talk of Libor plus 425 bps with a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months on $540 million seven-year first-lien term loan B (B2/B) shortly before its noon ET lender call began, a market source said.

Commitments are due at 5 p.m. ET on Oct. 28.

JPMorgan Chase Bank, BofA Securities Inc. and Jefferies LLC are leading the deal that will be used to refinance a $424 million first-lien term loan B due 2023 and a $115 million second-lien term loan due 2024, and to pay related fees and expenses.

WireCo is a Prairie Village, Kan.-based manufacturer and distributor of wires and synthetic ropes.

UST reveals talk

UST Global held its call in the morning, launching its $400 million seven-year senior secured covenant-lite first-lien term loan (B1/BB-) at talk of Libor plus 350 bps to 375 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 at noon ET on Oct. 29, the source added.

Citigroup Global Markets Inc., BofA Securities Inc., JPMorgan Chase Bank and MUFG are leading the deal that will be used to refinance existing debt and for general corporate purposes.

UST Global is an Aliso Viejo, Calif.-based provider of digital technology and transformation, information technology and services.

Marlink launches

Marlink Group disclosed price talk on its $525 million seven-year first-lien term loan B and €250 million seven-year first-lien term loan B in connection with its morning call, a market source remarked.

The U.S. term loan is talked at Libor plus 450 bps to 475 bps with a 25 bps step-down at 0.5x inside closing date first-lien net leverage and a 25 bps step-down upon an initial public offering, a 0.5% Libor floor and an original issue discount of 99, the source continued.

Talk on the euro term loan is Euribor plus 450 bps to 475 bps with two 25 bps step-downs at 0.5x and 1x inside closing date first-lien net leverage and one 25 bps step-down upon an IPO, a 0% floor and a discount of 99.

Both term loans have 101 soft call protection for six months and ticking fees of half the margin from days 61 to 90 and the full margin thereafter.

Commitments are due on Nov. 2, the source added.

Goldman Sachs, BNP Paribas Securities Corp., BofA Securities Inc., Barclays, KKR Capital Markets, HSBC and Banque CIC are leading the deal that will be used to help fund the buyout of the company by Providence Equity Partners from Apax Partners SAS for an enterprise value of about $1.4 billion.

Marlink is a Paris and Oslo-based provider of business-critical SatCom services.

FR Refuel guidance

FR Refuel launched on its afternoon call its $265 million seven-year covenant-lite first-lien term loan and $35 million covenant-lite delayed-draw term loan at talk of Libor plus 450 bps to 475 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 on Nov. 2, the source added.

Citizens Bank is leading the deal that will be used to refinance existing debt.

First Reserve is the sponsor.

FR Refuel is a Charleston, S.C.-based regional convenience store operator.

Mission Vet on deck

Mission Veterinary set a lender call for noon ET on Wednesday to launch a fungible $250 million incremental first-lien term loan, according to a market source.

The company is also getting a $225 million privately placed first-lien delayed-draw term loan, the source said.

Golub Capital is leading the deal (B3) that will be used for acquisition financing.

Mission Veterinary, formerly known as Midwest Veterinary, is a Novi, Mich.-based network of general practice animal hospitals.

Gray Television readies deal

Gray Television will hold a lender call at 2 p.m. ET on Wednesday to launch a $1.5 billion seven-year covenant-lite term loan D, a market source remarked.

The term loan has 101 soft call protection.

Commitments are due at noon ET on Oct. 27, the source added.

Wells Fargo Securities LLC, BofA Securities Inc., Deutsche Bank Securities Inc., Regions Bank and Truist are leading the deal that will be used to help fund the acquisition of Meredith Corp.’s Local Media Group, which owns television stations, for $16.99 per share in cash, or $2.825 billion in total enterprise value, and to pay related fees and expenses.

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

Gray Television is an Atlanta-based broadcast company.

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