Tank pulls deal; Madison, LegalShield, Mediaocean, Brook, US Radiology and more set talk

By Sara Rosenberg

New York, Nov. 30 – In the loan market on Tuesday, Tank Holding Corp. decided to withdraw its opportunistic unitranche facility due to market conditions.

Also, Madison Safety & Flow, LegalShield, Mediaocean, Brook + Whittle (Merion Rose Merger Sub Inc.), US Radiology Specialists Inc., Aveanna Healthcare LLC, Smart Start (Global IID Parent LLC), Bettcher Industries Inc., FullBloom, BlueTriton Brands (Triton Water Holdings Inc.), Cloudmed, AIT Worldwide Logistics, PODS LLC, Cowen Inc. and Ingenovis Health released price talk with launch.

Furthermore, Installed Building Products Inc., Paragon Films (Secure Acquisition Inc.), Authentic Brands Group, Sharp Packaging, WideOpenWest Finance LLC (WOW!) and Cast & Crew Entertainment Services joined this week’s primary calendar.

Tank shelved

Tank Holding pulled its $1.685 billion unrated unitranche facility from market, according to a market source, who said it was an opportunistic request that is being shelved until possibly next year as a result of market conditions.

Talk on the facility was Libor plus 575 basis points with a 0.75% Libor floor, an original issue discount of 99, and hard call protection of 102 in year one and 101 in year two.

Antares Capital was leading the deal that would have been used to refinance existing credit facilities and pay a dividend.

Tank Holding, backed by Olympus Partners, is a Lincoln, Neb.-based manufacturer of proprietary rotational molded polyethylene and steel storage tanks and containers.

Madison proposed terms

Madison Safety & Flow held its lender call on Tuesday morning and announced price talk on its $925 million seven-year first-lien term loan (B1) and $275 million eight-year second-lien term loan (Caa1), according to a market source.

The first-lien term loan is talked at SOFR+CSA plus 375 bps to 400 bps with a 0.5% floor, an original issue discount of 99 and 101 soft call protection for six months, and the second-lien term loan is talked at SOFR+CSA plus 675 bps to 700 bps with a 0.5% floor, a discount of 98.5 and hard call protection of 102 in year one and 101 in year two, the source said.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

Commitments are due at noon ET on Dec. 14, the source added.

Madison lead banks

Goldman Sachs Bank USA, CIBC, Capital One, Comerica, Fifth Third, Golub, HSBC Securities (USA) Inc., MUFG, Siemens and Stifel are leading Madison Safety’s term loans.

The loans will be used to fund the acquisition of Safe Fleet, refinance Madison Safety’s existing debt, and pay transaction related fees, expenses and original issue discount.

Madison Industries is the sponsor.

Madison Safety is a manufacturer of safety products and systems utilized by fire departments, first responders, rescue teams, municipalities, essential service providers and diversified industrial markets. Safe Fleet is a manufacturer of safety and productivity products for fleet vehicles and first responders.

LegalShield launches

LegalShield released price talk on its $950 million seven-year first-lien term loan (B1/B-) and $300 million eight-year second-lien term loan (Caa1/CCC) with its afternoon lender call, a market source said.

Talk on the first-lien term loan is Libor plus 375 bps to 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 to 725 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 added.

The company’s $1.325 billion of credit facilities also include a $75 million revolver.

Commitments are due at noon ET on Dec. 9.

RBC Capital Markets, Stone Point Capital Markets, Goldman Sachs Bank USA, KKR Capital Markets, Truist and Capital One are leading the deal that will be used for a recapitalization.

Stone Point Capital, Further Global Capital Management and MidOcean Partners are the sponsors.

LegalShield is an Ada, Okla.-based provider of legal and identity theft protection plans.

Mediaocean talk

Mediaocean launched on its morning call its $875 million seven-year first-lien term loan (B) at talk of Libor plus 350 bps to 375 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 Dec. 9, the source added.

The company is also getting a $125 million pre-placed second-lien term loan.

Macquarie Capital (USA) Inc. and Nomura are leading the deal that will be used to help fund the buyout of the company by CVC Capital Partners and TA Associates from Vista Equity Partners.

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

Mediaocean is a New York-based omnichannel advertising platform.

Brook + Whittle guidance

Brook + Whittle came out with price talk of Libor plus 450 bps with a 0.5% Libor floor and an original issue discount of 99 on its $478 million seven-year first-lien term loan (B2/B-) in the morning, ahead of its afternoon lender call, according to a market source.

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

Of the total first-lien term loan amount, $100 million is a delayed-draw tranche with ticking fees of half the margin from days 61 to 120 and the full margin thereafter.

Commitments are due at 5 p.m. ET on Dec. 14.

The company’s $697 million of credit facilities also include a $50 million revolver (B2/B-) and a $169 million privately placed second-lien term loan.

Credit Suisse Securities (USA) LLC, Wells Fargo Securities LLC, Jefferies LLC and BMO Capital Markets are leading the deal that will help fund the buyout of the company by Genstar Capital from TruArc Partners.

Brook + Whittle is a Guilford, Conn.-based manufacturer of labels and packaging.

US Radiology launches

US Radiology Specialists launched on its afternoon call its fungible $450 million incremental first-lien term loan and repricing of its existing roughly $784 million first-lien term loan due Dec. 15, 2027 at talk of Libor plus 475 bps with a 0.5% Libor floor, a market source said.

The incremental term loan is talked with an original issue discount of 99 and the repricing is offered at par, the source continued.

The term loan debt (B3/B-) is getting 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on Dec. 8, the source added.

Barclays, Capital One, Deutsche Bank Securities Inc. and Fifth Third are leading the deal.

The incremental term loan will be used to fund the acquisition of Alpine and repay revolver borrowings, and the repricing will take the existing term loan down from Libor plus 550 bps with a 0.75% Libor floor.

US Radiology is a Raleigh, N.C.-based radiology group.

Aveanna price talk

Aveanna Healthcare held its call in the afternoon, launching its $415 million eight-year senior secured second-lien term loan (Caa1/CCC) at talk of Libor plus 675 bps to 700 bps with a 0.5% Libor floor and an original issue discount of 99, according to a market source.

The term loan has call protection of 102 in year one and 101 in year two. However, the call protection is 101 in year one and par in year two with respect to any prepayments made in connection with any equity issuance.

Commitments are due at 5 p.m. ET on Dec. 8, the source added.

Barclays is leading the deal that will be used to help fund the acquisitions of Comfort Care for $345 million and Accredited Nursing Services for a base purchase price of $180 million, plus up to $45 million of potential additional consideration.

Closing is expected this quarter.

Aveanna is an Atlanta-based home care provider. Comfort Care is a provider of adult home health and hospice operations in Alabama and Tennessee. Accredited is a provider of private duty services in California.

Smart Start guidance

Smart Start (Global IID Parent LLC) disclosed price talk on its $385 million seven-year first-lien term loan (B-) and $80 million eight-year second-lien term loan (CCC) with its morning call, a market source remarked.

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 750 bps to 775 bps with a 0.5% Libor floor, a discount of 98 and call protection of 102 in year one and 101 in year two, the source added.

The company’s $505 million of credit facilities also include a $40 million five-year revolver (B-).

Commitments are due at noon ET on Dec. 10.

Jefferies LLC, BNP Paribas Securities Corp., Barclays and RBC Capital Markets are leading the deal that will be used to help fund the buyout of the company by Apollo.

Closing is expected this year, subject to customary conditions.

Smart Start is a Grapevine, Tex.-based provider of alcohol monitoring programs utilizing ignition interlock devices, vehicle breathalyzers mandated by government entities to DUI offenders in order to maintain licensure.

Bettcher comes to market

Bettcher Industries announced talk on its $300 million seven-year first-lien term loan and $85 million eight-year second-lien term loan with its afternoon call, according to a market source.

The first-lien term loan is talked at SOFR plus 425 bps to 450 bps with a 0.5% floor, an original issue discount of 99 and 101 soft call protection for six months, and the second-lien term loan is talked at SOFR plus 725 bps to 750 bps with a 0.5% floor, a discount of 99, and call protection of 102 in year one and 101 in year two, the source said.

The company’s $445 million of credit facilities also include a $60 million revolver.

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

UBS Investment Bank, KKR Capital Markets, RBC Capital Markets and Jefferies LLC are leading the deal that will be used to help fund the buyout of the company by KKR from MPE Partners.

Bettcher Industries is a Birmingham, Ohio-based manufacturer and supplier of food processing equipment and associated aftermarket parts and consumables.

FullBloom launches

FullBloom launched on its morning call its $385 million term loan B (B2/B-) due 2028 at talk of SOFR+CSA plus 425 bps to 450 bps with a 0.75% floor, an original issue discount of 99 and 101 soft call protection for six months, a market source said.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

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

JPMorgan Chase Bank, Jefferies LLC, Goldman Sachs Bank USA, Macquarie Capital (USA) Inc. and KKR Capital Markets are leading the deal that will be used to help fund the buyout of the company by American Securities.

FullBloom is a provider of special education, instructional intervention, behavioral health and professional development solutions.

BlueTriton holds call

BlueTriton Brands held a lender call at noon ET, launching a fungible $250 million senior secured incremental covenant-lite term loan B (B) due March 31, 2028 talked with an original issue discount of 98.56, according to a market source.

Pricing on the incremental term loan is Libor plus 350 bps with step-downs and a 0.5% Libor floor, in line with existing term loan pricing, and all of the term loan B debt is getting 101 soft call protection for six months.

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

Morgan Stanley Senior Funding Inc. is the left lead on the deal that will be used to fund a distribution to shareholders and pay related fees and expenses.

BlueTriton is a Stamford, Conn.-based provider of bottled water.

Cloudmed sets talk

Cloudmed launched on its morning call its fungible $213 million incremental first-lien term loan B (B-) due Oct. 15, 2027 with original issue discount talk of 99 and 101 soft call protection for six months, a market source said.

Like the existing first-lien term loan, the incremental loan is priced at Libor plus 425 bps with a 0.5% Libor floor.

Commitments are due at noon ET on Dec. 8, the source added.

Goldman Sachs Bank USA and Deutsche Bank Securities Inc. are leading the deal that will be used to fund the acquisition of par8o, a revenue integrity company.

Cloudmed, formerly known as Revint, is an Atlanta-based provider of end-to-end revenue integrity solutions that identify and recover unidentified or underpaid revenue on behalf of health care systems.

AIT OID guidance

AIT Worldwide released original issue discount talk of 99 to 99.5 on its fungible $210 million incremental first-lien term loan due April 6, 2028 that launched with a call in the afternoon, according to a market source.

Pricing on the incremental term loan is Libor plus 475 bps with a 0.75% Libor floor, in line with existing term loan pricing.

Commitments are due at noon ET on Dec. 9, the source added.

Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, BMO Capital Markets, BNP Paribas Securities Corp. and Citizens Bank are leading the deal, which will be used to fund the purchase price of Select Express, pay down revolver borrowings, and pay transaction fees and expenses.

Closing is expected on Dec. 17.

The Jordan Co. is the sponsor.

AIT is an Itasca, Ill.-based provider of end-to-end supply chain services. Select Express is a New York-based final mile third-party logistics solutions provider.

PODS seeks incremental

PODS surfaced during the day with plans to hold a lender call at 3 p.m. ET on Tuesday to launch a fungible $150 million incremental covenant-lite first-lien term loan B (B2/B) due March 31, 2028 talked with an original issue discount of 98.56, a market source remarked.

Pricing on the incremental term loan is Libor plus 300 bps with a 0.75% Libor floor, in line with existing term loan pricing.

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

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

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to fund near-term acquisitions and pay related fees and expenses.

PODS is a Clearwater, Fla.-based provider of storage and moving containers.

Cowen proposed terms

Cowen hosted a lender call at 2 p.m. ETto launch a fungible $150 million senior secured incremental covenant-lite first-lien term loan B (B1/BB-) due March 24, 2028 talked with an original issue discount of 98.56 to 99, according to a market source.

Pricing on the incremental term loan is Libor plus 325 bps with a 0.75% Libor floor, and the incremental and existing term loan are getting 101 soft call protection for six months.

Commitments are due at noon ET on Dec. 8, the source added.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to help fund the acquisition of Portico Capital Advisors and for general corporate purposes.

Closing is expected this quarter.

Pro forma for the transaction, the first-lien term loan will total $447,750,000.

Cowen is a New York-based diversified financial services firm. Portico Capital is a provider of strategic and financial advisory services.

Ingenovis launches

Ingenovis Health launched on its afternoon call its fungible $100 million add-on covenant-lite term loan due March 2028 with original issue discount talk of 99.75, a market source said.

Pricing on the add-on term loan is Libor plus 375 bps with a 0.75% Libor floor, which matches existing term loan pricing.

Commitments are due on Dec. 7, the source added.

Citizens Bank and UBS Investment Bank are leading the deal that will be used to fund the acquisition of HealthCare Support, an Orlando, Fla.-based health care staffing platform.

Closing is expected in the first quarter of 2022, subject to regulatory approvals and other customary conditions.

Ingenovis is a tech-enabled platform for health care staffing backed by private investment firms Cornell Capital and Trilantic North America.

Installed Building on deck

Installed Building Products set a lender call for 1 p.m. ET on Wednesday to launch a $500 million seven-year term loan (Ba2/BB+), according to a market source.

Commitments are due on Dec. 14, the source added.

RBC Capital Markets is the left lead on the deal that will be used to refinance an existing $200 million term loan B due April 2025 as well as for acquisitions, other growth initiatives and general corporate purposes.

Closing is expected in December.

Installed Building Products is a Columbus, Ohio-based installer of insulation and complementary building products.

Paragon readies deal

Paragon Films will hold a lender call at 10:30 a.m. ET on Wednesday to launch $445 million of term loans, a market source remarked.

The debt consists of a $345 million seven-year first-lien term loan (B2/B-), of which $45 million is a delayed-draw tranche, and a $100 million eight-year second-lien term loan (Caa2/CCC), the source continued.

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.

Commitments are due at noon ET on Dec. 14, the source added.

Credit Suisse Securities (USA) LLC, BMO Capital Markets, KKR Capital Markets and RBC Capital Markets are leading the deal that will be used to help fund the buyout of the company by Rhone Capital.

Closing is expected this year.

Paragon is a Broken Arrow, Okla.-based manufacturer of ultra high-performance cast stretch films that are principally used to unitize product loads while in storage and transit.

Authentic coming soon

Authentic Brands plans to hold a lender call at 12:30 p.m. ET on Wednesday to launch a $1.675 billion seven-year incremental first-lien term loan and a $500 million eight-year second-lien term loan, according to a market source.

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

BofA Securities Inc., Goldman Sachs Bank USA, KeyBanc Capital Markets, Jefferies LLC and UBS Investment Bank are leading the first-lien loan, and BofA Securities is leading the second-lien loan.

The loans will be used to fund the acquisition of Reebok from adidas for up to €2.1 billion, with the majority to be paid in cash at closing of the transaction and the remainder comprised of deferred and contingent consideration, and to finance a recapitalization in connection with the purchase of significant equity stakes in Authentic Brands by CVC Capital Partners and HPS Investment Partners.

Authentic Brands is a New York-based acquirer and manager of consumer brands in the fashion, sports and celebrity/entertainment sectors. Reebok is a footwear and clothing company.

Sharp joins calendar

Sharp Packaging set a lender call for noon ET on Wednesday to launch a $465.5 million first-lien term loan B (B2/B-) talked at Libor plus 400 bps to 425 bps with a 25 bps step-down upon an initial public offering, a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, a market source said.

Commitments are due at 5 p.m. ET on Dec. 13, the source added.

JPMorgan Chase Bank, RBC Capital Markets, Barclays and ING are leading the deal that will be used to help fund the spin-off of the company from UDG Healthcare Ltd.

Sharp is a provider of contract packaging, clinical, manufacturing and technology services.

WideOpenWest refinancing

WideOpenWest will hold a lender call at 11 a.m. ET on Wednesday to launch a $730 million first-lien term loan B, according to a market source.

Morgan Stanley Senior Funding Inc. is the left lead on the deal that will be used to refinance an existing term loan B.

WideOpenWest is an Englewood, Colo.-based broadband services provider.

Cast & Crew on deck

Cast & Crew scheduled a lender call for 2 p.m. ET on Wednesday to launch a $250 million incremental first-lien term loan B, a market source remarked.

Goldman Sachs Bank USA and RBC Capital Markets are leading the deal that will be used to fund the acquisition of The Team Cos., a Los Angeles-based payroll and production management solutions company, from TorQuest Partners.

Cast & Crew is a Burbank, Calif.-based provider of software and services to the entertainment production industry.

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