Visual Comfort breaks; Mauser updates pricing; RadNet, Mega Broadband accelerate deadlines

By Sara Rosenberg

New York, April 8 – Visual Comfort modified the original issue discount talk on its first-lien term loan B and then the debt made its way into the secondary market on Monday.

In more happenings, Mauser Packaging Solutions Holding Co. finalized the spread on its term loan B at the low end of talk and the issue price at the tight side of guidance, and RadNet Management Inc. and Mega Broadband Investments LLC moved up the commitment deadlines for their term loans.

Also, Advantage Sales & Marketing Inc., ECL Entertainment LLC and Savage Enterprises LLC released price talk with launch, and Rocket Software Inc., Masorange (Lorca Finco plc), Utz Quality Foods LLC, iSolved Inc., Trace3 (Escape Velocity Holdings Inc.) and American Greetings Corp. joined this week’s primary calendar.

Visual tightened, frees

Visual Comfort changed the original issue discount talk on its fungible $275 million first-lien term loan B due July 2028 to a range of 99.5 to 99.75 from 99.04, and then firmed the discount at 99.75 after a 2:30 p.m. ET recommitment deadline passed, according to a market source.

Pricing on the term loan B is SOFR plus 350 basis points with a 0.5% floor, and the debt is getting 101 soft call protection for six months.

On Monday, the term loan broke for trading, with levels quoted at 99¾ bid, par 1/8 offered, another source added.

Goldman Sachs Bank USA is the left lead on the deal that will be used to refinance an existing second-lien term loan.

Visual Comfort is a Houston-based provider of decorative and functional lighting products.

Mauser updated

Mauser Packaging Solutions firmed pricing on its $792 million term loan B due April 15, 2027 (B2) at SOFR plus 350 bps, the low end of the SOFR plus 350 bps to 375 bps talk, and set the issue price at par, the tight end of the 99.875 to par talk, a market source remarked.

As before, the term loan has a 0% floor and 101 soft call protection for six months.

Allocations were expected on Monday, the source added.

BofA Securities Inc. is leading the deal that will be used to reprice an existing $792 million term loan down from SOFR plus 400 bps with a 0% floor and extend the maturity by eight months.

Mauser is an Oak Brook, Ill.-based manufacturer and distributor of rigid metal, plastic and fiber containers, intermediate bulk containers and reconditioned packaging.

RadNet tweaks timing

RadNet accelerated the commitment deadline for its $840 million seven-year term loan B (Ba3) to 5 p.m. ET on Tuesday from 5 p.m. ET on Thursday, a market source said.

Talk on the term loan is SOFR plus 275 bps with a 0% floor, an original issue discount of 99 and 101 soft call protection for six months.

Barclays is leading the deal that will be used to repay the company’s existing $679 million term loan B, to pay related fees and expenses and to fund cash to the balance sheet for general corporate purposes.

The company also plans on getting a $250 million five-year revolver to replace its existing undrawn $195 million revolver due April 2026.

RadNet is a Los Angeles-based owner and operator of outpatient diagnostic imaging centers.

Mega Broadband accelerated

Mega Broadband moved up the commitment deadline for its fungible $60 million incremental covenant-lite term loan B due 2027 to 5 p.m. ET on Monday from noon ET on Wednesday, a market source remarked.

Pricing on the incremental term loan is SOFR+CSA plus 300 bps with a 25 bps step-down at 4.75x leverage and a 0.75% floor, and it is talked with an original issue discount of 99.3. CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Allocations are expected on Tuesday, the source added.

Truist Securities, UBS Investment Bank, Citizens Bank and others to be named are leading the deal that will be used to repay revolver borrowings.

Mega Broadband is a broadband provider.

Advantage holds call

Advantage Sales & Marketing emerged in the morning with plans to hold a lender call at noon ET on Monday to launch a $1.146 billion term loan B due Oct. 28, 2027 talked at SOFR+CSA plus 400 bps to 425 bps with a 0.75% floor, a par issue price and 101 soft call protection for six months, according to a market source. CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Signature pages are due at noon ET on Thursday and commitments are due at 5 p.m. ET on Thursday, the source added.

BofA Securities Inc. is the left lead on the deal that will be used to reprice the company’s existing $1.146 billion term loan B due Oct. 28, 2027 down from SOFR+ARRC CSA plus 450 bps with a 0.75% floor.

Advantage Sales is an Irvine, Calif.-based provider of outsourced sales and marketing services to consumer goods manufacturers and retailers.

ECL launches

ECL Entertainment launched with a lender call at 4 p.m. ET a $429 million first-lien term loan due August 2030 (B2/B+) talked at SOFR plus 425 bps with a 0% floor and 101 soft call protection for six months, a market source said.

Of the total term loan amount, $50 million is a fungible incremental piece talked with an original issue discount of 99.5 and $379 million is a repricing of an existing term loan talked with a par issue price, the source added.

Commitments are due at 10 a.m. ET on Friday.

Santander is leading the deal.

The incremental debt will be used to fund a joint venture investment and the repricing will take existing term loan down from SOFR plus 475 bps.

ECL is a multi-property regional gaming company.

Savage guidance

Savage Enterprises held its lender call at 11 a.m. ET and, a few hours before the event began, original issue discount talk of 99.5 surfaced on its fungible $275 million incremental senior secured covenant-lite first-lien term loan B due September 2028 (B1/BB-/BB-), a market source remarked.

Pricing on the incremental term loan is SOFR+CSA plus 325 bps with a 0.5% floor. 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 Thursday, the source added.

Morgan Stanley Senior Funding Inc. is the left lead on the deal that will be used to fund an acquisition.

Pro forma for the transaction, the term loan B will total $1.241 billion.

Savage Enterprises is a Salt Lake City-based supply chain provider.

Rocket readies deal

Rocket Software scheduled a lender call for 9 a.m. ET on Tuesday to launch a $1 billion equivalent U.S. and euro term loan B due November 2028, according to a market source.

Commitments are due at noon ET on April 17, the source added.

RBC Capital Markets, Barclays, Deutsche Bank Securities Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Mizuho Securities USA Inc., SMBC and Goldman Sachs Bank USA are leading the deal.

The term loan will be used with $1 billion of other secured debt, new cash equity from Rocket Software’s existing shareholders and cash from the balance sheet to fund the acquisition of the Application Modernization and Connectivity business (AMC) of OpenText for $2.275 billion.

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

Rocket Software, a Bain Capital portfolio company, is a Waltham, Mass.-based provider of enterprise infrastructure software.

Masorange on deck

Masorange set a lender call for 9 a.m. ET on Tuesday and one-on-ones on Tuesday through Thursday to launch a €1.5 billion equivalent U.S and euro seven-year covenant-lite term loan B (Ba3/BB+/BB+), which includes a roughly €190 million pre-placement, a market source said.

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

Commitments are due at noon ET on April 18, the source added.

BofA Securities Inc. and BNP Paribas Securities Corp. are the joint global coordinators on the deal. BofA Securities and BNP Paribas are physical bookrunners on the U.S. loan, and BNP Paribas, BofA Securities, BBVA and Natixis are physical bookrunners on the euro loan. Caixa, Credit Agricole, Credit Suisse, Goldman Sachs, ING, Intesa, JPMorgan Chase Bank, Mizuho, Santander, SMBC and Societe Generale are passive bookrunners. Kroll Agency Services is the agent.

The term loan debt will be used with other secured debt, a €4.35 billion drawn term loan A and €121 million of cash from the balance sheet to refinance drawn facilities that funded a €6.1 billion payment to shareholders at closing of the formation of Masorange, a joint venture of Orange Spain and MasMovil.

Masorange is a mobile and fixed telecom company in Spain.

Utz joins calendar

Utz Quality Foods will hold a lender call at 10 a.m. ET on Tuesday to launch a $630 million term loan B due Jan. 20, 2028 talked at SOFR plus 250 bps to 275 bps with no CSA, a 0% floor, a par issue price and 101 soft call protection for six months, according to a market source.

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

BofA Securities Inc. is leading the deal that will be used to reprice an existing $630 million term loan B down from SOFR+CSA plus 300 bps with a 0% floor. Current CSA is a ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Utz is a Hanover, Pa.-based manufacturer of branded salty snacks.

iSolved coming soon

iSolved plans to hold a bank meeting at 11 a.m. ET on Tuesday to launch a roughly $623.6 million first-lien term loan due Oct. 12, 2030 talked at SOFR plus 350 bps to 375 bps with a 0% floor and 101 soft call protection for six months, a market source remarked.

Of the total term loan amount, $50 million is a fungible incremental piece that will be used to fund cash to the balance sheet for near-term expected merger and acquisition activity, and for general corporate purposes, and roughly $573.6 million is a repricing of the company’s existing term loan down from SOFR plus 400 bps.

Original issue discount talk on the new money is 99.75 and existing money is talked with a par issue price, the source added.

Commitments/consents are due at 5 p.m. ET on April 15.

UBS Investment Bank is the left lead on the deal.

iSolved, backed by Accel-KKR, is a provider of cloud-based human capital management software.

Trace3 sets call

Trace3 scheduled a lender call for 10 a.m. ET on Tuesday to launch a fungible $225 million covenant-lite incremental term loan B due Oct. 8, 2028 talked with an original issue discount of 99.03, according to a market source.

Pricing on the incremental term loan is SOFR plus 425 bps with a 0.5% floor, and the debt is getting 101 soft call protection for six months.

Commitments are due at noon ET on April 16, the source added.

Wells Fargo Securities LLC, Jefferies LLC, Santander and UBS Investment Bank are leading the deal that will be used to fund a shareholder distribution.

American Securities is the sponsor.

Trace3 is an Irvine, Calif.-based technology and software focused IT solutions provider.

American Greetings on deck

American Greetings set a lender call for 11 a.m. ET on Tuesday to launch an $800 million 5½-year senior secured term loan B, a market source said.

The term loan has 101 soft call protection for six months, the source added.

Barclays is leading the deal that will be used to refinance an existing first-lien term loan due 2028 and any outstanding revolver borrowings, to fund a distribution to shareholders and to add cash to the balance sheet.

American Greetings is a Cleveland-based celebration solutions provider offering greeting cards, gift packaging, party goods, gifting products and digital offerings.

Thryv call protection

In other news, Thryv Inc.’s proposed $350 million five-year term loan B includes soft call protection of 102 in year one and 101 in year two, according to a market source.

Financial covenants under the term loan are a maximum total net leverage ratio of 3x and a minimum LQA SaaS revenue requirement, the source added.

As previously reported, Citizens Bank is leading the deal that will launch with a lender call at 10 a.m. ET on Thursday.

The term loan will be used to refinance existing debt, including the company’s term loan B due 2026.

Thryv is a Dallas-based software and marketing services company.

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