LegalShield breaks, Mediaocean accelerated; RealPage, Sevita, MetroNet and more set talk

By Sara Rosenberg

New York, Dec. 7 – LegalShield shifted some funds between its first- and second-lien term loan and finalized spreads on the tranches at the low end of guidance, and then the debt made its way into the secondary market on Tuesday.

In more happenings, Mediaocean moved up the commitment deadline for its first-lien term loan, RealPage Inc., Sevita, MetroNet, BBB Industries LLC, Tosca Services LLC and Ensono Holdings LLC released price talk with launch, and WCG Purchaser Corp. and FleetCor Technologies Inc. emerged with new deal plans.

LegalShield reworked

LegalShield lifted its seven-year first-lien term loan to $1 billion from $950 million and set pricing at Libor plus 375 basis points, the low end of the Libor plus 375 bps to 400 bps talk, according to a market source.

Meanwhile, the company’s eight-year second-lien term loan was decreased to $250 million from $300 million and the spread firmed at Libor plus 700 bps, the low end of the Libor plus 700 bps to 725 bps talk, the source said.

Additionally, the MFN sunset was extended to 12 months from six months.

As before, the first-lien term loan has a 25 bp step-down at 4.75x first-lien leverage, a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, and the second-lien term loan has a 0.5% Libor floor, discount of 99 and hard call protection of 102 in year one and 101 in year two, and both tranches include portability.

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

LegalShield hits secondary

Commitments for LegalShield’s credit facilities continued to be due at 3 p.m. ET on Tuesday, and the term loans broke for trading later in the day, with the first-lien term loan quoted at 99 1/8 bid, 99½ offered and the second-lien term loan quoted at 99¼ bid, par ¼ offered, a trader added.

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 tweaks timing

In other news, Mediaocean accelerated the commitment deadline for its $875 million seven-year first-lien term loan (B) to noon ET on Wednesday from 5 p.m. ET on Thursday, a market source remarked.

Talk on the first-lien term loan is 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.

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.

RealPage guidance

RealPage held its lender call on Tuesday morning, launching its fungible $260 million incremental covenant-lite first-lien term loan due April 2028 with original issue discount talk of 99, according to a market source.

Pricing on the add-on term loan is Libor plus 325 bps with a 0.5% Libor floor, which matches existing term loan pricing.

Commitments are due at 5 p.m. ET on Dec. 15, the source added.

UBS Investment Bank, Credit Suisse Securities (USA) LLC and Goldman Sachs Bank USA are leading the deal that will be used to fund the acquisition of HomeWiseDocs, a provider of software solutions to property management companies.

Closing is expected this quarter, subject to customary conditions.

Thoma Bravo is the sponsor.

RealPage is a Richardson, Tex.-based provider of software and data analytics to the real estate industry.

Sevita holds call

Sevita released original issue discount talk of 98.56 on its fungible $200 million incremental first-lien term loan B (B3/B) due March 2028 with its afternoon lender call, a market source remarked.

Like the existing term loan, the incremental term loan is priced at Libor plus 375 bps with 25 bps steps at 4.9x and 4.4x first-lien net leverage and a 0.75% Libor floor.

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

Commitments are due at noon ET on Dec. 15, the source added.

Goldman Sachs Bank USA is the left lead on the deal that will be used to fund the company’s acquisition pipeline.

Sevita, formerly known as the Mentor Network, is a Boston-based provider of home- and community-based health and human services for individuals with intellectual, developmental, physical or behavioral disabilities and other special needs.

MetroNet proposed terms

MetroNet launched on its morning call its fungible $125 million add-on first-lien term loan B due June 2028 with original issue discount talk of 99.5 to 99.75, a market source said.

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

Commitments are due at 11 a.m. ET on Friday, the source added.

Goldman Sachs Bank USA, TD Securities (USA) LLC, Citizens Bank, Fifth Third and KKR Capital Markets are leading the deal that will be used to repay revolver borrowings.

Oak Hill and KKR Infrastructure are the sponsors.

MetroNet is an Evansville, Ind.-based provider of fiber optic high-speed broadband, video and voice services.

BBB launches

BBB Industries held its call in the afternoon launching its fungible $100 million incremental first-lien term loan with original issue discount talk of 99.27, according to a market source.

Pricing on the incremental term loan is Libor plus 450 bps with a 0% Libor floor.

Commitments are due on Monday, the source added.

UBS Investment Bank is leading the deal that will be used for acquisitions and general corporate purposes.

Genstar Capital is the sponsor.

BBB Industries is a Daphne, Ala.-based remanufacturer and distributor of non-discretionary and application specific replacement parts to the North American and European automotive aftermarket.

Tosca OID talk

Tosca came out with original issue discount talk of 99 on its fungible $75 million incremental first-lien term loan due August 2027 shortly before its morning lender call began, a market source remarked.

Pricing on the incremental term loan is Libor plus 350 bps with a 0.75% Libor floor, in line with existing term loan pricing, and all of the debt is getting 101 soft call protection for six months.

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

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to repay ABL borrowings.

Tosca is an Atlanta-based provider of reusable packaging supply chain solutions.

Ensono guidance

Ensono Holdings launched on its afternoon call its fungible $75 million add-on first-lien term loan B with original issue discount talk of 99 to 99.5, according to a market source.

Pricing on the add-on term loan is Libor plus 400 bps with a 0.75% Libor floor, which matches existing term loan pricing.

Commitments are due on Dec. 15, the source added.

KKR Capital Markets is the left lead on the deal that will be used for acquisition financing.

Ensono is a Chicago-based hybrid IT services provider.

WCG readies deal

WCG Purchaser will hold a lender call at 10:30 a.m. ET on Wednesday to launch a fungible $200 million incremental first-lien term loan due Jan. 8, 2027, a market source said.

Barclays is the left lead on the deal that will be used to repay revolver borrowings, fund cash to the balance sheet, and pay fees, expenses and original issue discount.

WCG is Princeton, N.J.-based provider of clinical trial optimization solutions.

FleetCor on deck

FleetCor Technologies scheduled a lender call for 11 a.m. ET on Wednesday to launch a $1 billion add-on term loan B due April 2028, according to a market source.

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

BofA Securities Inc. is the left lead on the deal that will be used to repay revolving credit facility borrowings and for general corporate purposes, including acquisitions and potential share repurchases.

FleetCor is an Atlanta-based business payments company.

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