Brookfield NGPL, Cvent, Surgery Partners, Sabert break; Northeast, A-Gas, OneDigital updated

By Sara Rosenberg

New York, Dec. 5 – Brookfield NGPL (BIP PipeCo Holdings LLC) increased the size of its term loan, lowered the spread and revised the issue price, and Cvent Holding Corp. (Capstone Borrower Inc.) modified the original issue discount on its add-on first-lien term loan B, and then both of these deals freed to trade on Tuesday.

Other deals to make their way into the secondary market during the session included Surgery Partners Inc. (Surgery Center Holdings Inc.) and Sabert Corp.

In other news, Northeast Grocery Inc. set the original issue discount on its term loan B at the tight end of guidance and made some changes to documentation, and A-Gas FinCo Inc. removed leverage-based pricing step-downs from its term loan B, widened the issue price talk, increased the floor, extended the call protection, shortened the maturity and tweaked documentation.

Also, OneDigital changed the original issue discount on its incremental term loan, and Alliant Holdings Intermediate LLC moved up the commitment deadline for its first-lien term loan B-6.

Furthermore, IntraFi Network LLC (Nexus Buyer LLC), XPO Inc., Aspire Bakeries Holdings LLC and Ankura Consulting Group LLC released price talk with launch, and TouchTunes (TA TT Buyer LLC) and BroadStreet Partners Inc. joined this week’s new issue calendar.

Brookfield reworked, frees

Brookfield NGPL raised its seven-year senior secured term loan to $485 million from $465 million, trimmed pricing to SOFR plus 325 basis points from SOFR plus 350 bps and adjusted the original issue discount to 99.5 from talk in the range of 98.5 to 99, a market source remarked.

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

Recommitments were due at noon ET on Tuesday and the term loan broke for trading later in the day, with levels quoted at 99 5/8 bid, par 1/8 offered, another source added.

Barclays, RBC Capital Markets, CIBC and Santander are leading the deal that will be used to pay a distribution to Brookfield and pay transaction costs.

Brookfield NGPL is a FERC-regulated natural gas pipeline system.

Cvent tightened, trades

Cvent accelerated the commitment deadline for its fungible $150 million add-on senior secured first-lien covenant-lite term loan B (B2/B-/BB) due June 15, 2030 to 2 p.m. ET on Tuesday from 5 p.m. ET on Wednesday, and after the deadline passed, the original issue discount was moved to 99.5 from 98.5 to 99, according to a market source.

With the change to the discount, a recommitment deadline was set for 3:30 p.m. ET on Tuesday, and the debt broke late in the day, with levels quoted at 99 5/8 bid, par 1/8 offered, a trader added.

Pricing on the add-on term loan is SOFR plus 375 bps with a 0% floor.

Morgan Stanley Senior Funding Inc., UBS Securities LLC, Citizens Bank, Fifth Third, MUFG, RBC Capital Markets and Blackstone are leading the deal that will be used to finance two tuck-in acquisitions and for other general corporate purposes, including working capital and other purposes, and to pay fees and expenses in connection with this transaction.

Closing is expected during the week of Dec. 11.

Cvent is a Tysons, Va.-based provider of meetings, events and hospitality technology.

Surgery hits secondary

Surgery Partners’ $1.4 billion seven-year first-lien term loan began trading in the morning, with levels quoted at 99¾ bid, par ¼ offered, a trader said.

Pricing on the term loan is SOFR plus 350 bps with a 0% floor and it was sold at an original issue discount of 99. The debt has 101 soft call protection for six months.

During syndication, pricing on the term loan was reduced from talk in the range of SOFR plus 375 bps to 400 bps.

The company’s $2,103,750,000 senior secured credit facilities (Ba3/B) also include a $703.75 million five-year revolver.

Jefferies LLC, Barclays, JPMorgan Chase Bank, BofA Securities Inc., Wells Fargo Securities LLC, Capital One, RBC Capital Markets, Mizuho, Fifth Third, SVB, KKR Capital Markets and SMBC are leading the deal that will be used to refinance the company’s existing credit facilities.

Surgery Partners is a Nashville, Tenn.-based operator of short-stay surgical facilities.

Sabert tops par

Sabert’s $458 million covenant-lite term loan B (B+) due Dec. 10, 2026 freed to trade as well, with levels quoted at par ¼ bid, par 5/8 offered, according to a market source.

Pricing on the term loan is SOFR+CSA plus 375 bps with a 1% floor and it was issued at par. CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate. The debt has 101 soft call protection for six months.

Wells Fargo Securities LLC is the left lead on the deal that will be used to reprice an existing term loan B due Dec. 10, 2026 down from SOFR+ARRC CSA plus 450 bps with a 1% floor.

Sabert is a Sayreville, N.J.-based food packaging company.

Northeast tweaked

In more happenings, Northeast Grocery firmed the original issue discount on its $550 million five-year term loan B (B3/B+/BB+) at 97, the tight end of the 96 to 97 talk, and left pricing at SOFR plus 750 bps with a 1% floor, a market source remarked.

Also, revisions were made to documentation, including to accordion, MFN, ratio debt, qualified receivable financing, incremental equivalent debt, available amount for restricted payments and debt prepayment, EBITDA add-back cap, and quarterly lender call and management discussion and analysis, the source said.

The term loan is still non-callable for one year, then at 103 in year two and 101 in year three.

Included in the term loan is a financial covenant requiring minimum availability of $50 million under the ABL facility at each fiscal quarter end tested at each fiscal quarter end.

Recommitments were due at 11 a.m. ET on Tuesday and allocations went out in the afternoon, the source added.

Deutsche Bank Securities Inc., UBS Investment Bank and BofA Securities Inc. are leading the deal that will be used by the Schenectady, N.Y.-based traditional food retailer to refinance existing debt.

A-Gas revised

A-Gas removed from its $520 million senior secured covenant-lite term loan B (B2) the 25 bps pricing step-downs at 0.5x and 1x inside opening senior secured net leverage, raised the floor to 0.5% from 0%, changed the original issue discount talk to a range of 85 to 86 from a range of 96 to 97, extended the 101 soft call protection to one year from six months and shortened the maturity to six years from seven years, according to a market source.

Modifications were also made to documentation, including to the fixed incremental, MFN, EBITDA and debt baskets, and lender calls are now required every quarter in connection with delivery of quarterly and annual financials, the source said.

Pricing on the term loan remained at SOFR plus 500 bps, and there is still a 25 bps step-down upon an initial public offering.

Recommitments are due at noon ET on Monday, the source added.

A-Gas lead banks

Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Guggenheim and Truist Securities are leading A-Gas’ term loan. Truist is the administrative agent.

The term loan will be used to help fund the acquisition of a majority stake in the company by TPG from KKR. KKR will remain a significant minority shareholder in the business.

Closing is expected by the end of the year, subject to customary conditions, including certain regulatory approvals.

A-Gas is a U.K.-based supplier and lifecycle manager of refrigerant and industrial gases, fire suppressants and blowing agents.

OneDigital updated

OneDigital tightened the original issue discount on its $325 million incremental term loan (B3/B) due November 2027 to 99.27 from talk in the range of 98.5 to 99 and the debt is now fungible with the existing term loan due November 2027, according to a market source.

Pricing on the incremental term loan is SOFR+CSA plus 425 bps with a 0.5% floor, and the loan has 101 soft call protection for six months. CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

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

JPMorgan Chase Bank, Barclays, Goldman Sachs Bank USA, Golub Capital, BofA Securities Inc., Wells Fargo Securities LLC and Bank of Nova Scotia are leading the deal that will be used to fund acquisitions, and for working capital and general corporate purposes.

OneDigital is an Atlanta-based provider of employee benefits insurance brokerage and retirement consulting services.

Alliant changes deadline

Alliant Holdings accelerated the commitment deadline for its $2,369,624,281 seven-year senior secured covenant-lite first-lien term loan B-6 to 5 p.m. ET on Wednesday from 5 p.m. ET on Thursday, a market source remarked.

Talk on the term loan is SOFR plus 350 bps with a 0.5% floor, an original issue discount of 99.75 and 101 soft call protection for six months.

Morgan Stanley Senior Funding Inc., Stone Point and others are leading the deal that will be used with $750 million of senior secured notes to refinance/amend and extend an existing term loan B-4 due 2027 and an existing term loan B-5 due 2027.

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

IntraFi guidance

IntraFi Network held its lender call on Tuesday morning and announced talk on its $500 million five-year incremental senior secured covenant-lite first-lien term loan B (B2/B-) at SOFR plus 450 bps with a 0% floor, an original issue discount of 97 to 97.5 and 101 soft call protection for six months, a market source said.

Commitments are due at 3 p.m. ET on Monday, the source added.

Morgan Stanley Senior Funding Inc., Nomura, RBC Capital Markets and UBS Investment Bank are leading the deal that will be used to fund a shareholder distribution, to repay an existing revolver balance and to pay related fees and expenses.

IntraFi is an Arlington, Va.-based financial technology solutions provider offering deposit placement and funding services to financial institutions.

XPO holds call

XPO held a lender call at noon ET, launching a $400 million senior secured first-lien term loan B (Ba1/BBB-/BBB-) due February 2031 at talk of SOFR plus 200 bps with a 0% floor, an original issue discount of 99.5 to 99.75 and 101 soft call protection for six months, according to a market source.

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

Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc. and Credit Agricole are leading the deal that will be used with $585 million of senior notes to fund the potential acquisition of certain real property assets of Yellow Corp. and/or repay amounts outstanding under a bridge facility, to refinance 6¼% senior unsecured notes due 2025, for general corporate purposes, and to pay fees, costs and expenses.

At auctions held on Nov. 28, XPO was selected as the successful bidder for 28 service centers of Yellow Corp. for an aggregate purchase price of $870 million.

On Dec. 4, the company entered into a 364-day senior secured bridge term loan credit agreement with Credit Agricole under which it may borrow up to $870 million in connection with the Yellow Corp. transaction. The bridge facility is currently unfunded.

XPO is a Greenwich, Conn.-based provider of freight transportation services.

Aspire refinancing

Aspire Bakeries emerged in the morning with plans to hold a lender call at 3 p.m. ET to launch a $425 million seven-year first-lien term loan talked at SOFR plus 450 bps with a 25 bps step-down upon an initial public offering, a 0% floor, an original issue discount of 98.5 and 101 soft call protection for six months, a market source remarked.

Commitments are due at 5 p.m. ET on Dec. 14, the source added.

JPMorgan Chase Bank is leading the deal that will be used to refinance the company’s existing first- and second-lien term loans.

Aspire Bakeries is a provider of baked goods to customers in the foodservice and retail markets.

Ankura shops incremental

Ankura Consulting Group launched in the morning a fungible $50 million incremental covenant-lite first-lien term loan due March 2028 talked with an original issue discount in the 99.25 area, according to a market source.

Pricing on the incremental term loan is SOFR+CSA plus 450 bps with a 0.75% floor, in line with existing term loan pricing. 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.

Deutsche Bank Securities Inc. is the left lead on the deal that will be used to repay existing seller notes and to fund near-term merger and acquisition activity.

Ankura is a specialty consulting platform.

TouchTunes on deck

TouchTunes set a lender meeting for 2 p.m. ET on Wednesday to launch a fungible $140 million incremental covenant-lite first-lien term loan due April 1, 2029, a market source said.

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

Citizens Bank is leading the deal that will be used to pay down a portion of the company’s existing second-lien term loan and to fund a shareholder distribution.

TA Associates is the sponsor.

TouchTunes is a New York-based music distributor through a network of jukeboxes.

BroadStreet readies deal

BroadStreet Partners will hold a lender call at 11 a.m. ET on Wednesday to launch a $1.035 billion term loan B-3 due January 2029 talked at SOFR plus 375 bps with a 0% floor and 101 soft call protection for six months, according to a market source.

The term loan is split between a $935 million piece to reprice an existing term loan B-3 that is talked with a par issue price, and a $100 million fungible incremental add-on piece that is talked with an original issue discount of 99.75, the source continued.

Commitments are due at 5 p.m. ET on Thursday.

RBC Capital Markets is the left lead on the deal.

The repricing will take the existing term loan down from SOFR plus 400 bps with a 0% floor, and the add-on term loan will be used to repay revolver borrowings which were used for tuck-in acquisitions.

OTPP, Century Equity and Penfund are the sponsors.

BroadStreet is a Columbus, Ohio-based insurance broker.

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