Specialty Building, Trace3, Inmar accelerated; Aggreko, Medallion, EyeCare, Patriot launch

By Sara Rosenberg

New York, Oct. 4 – In the primary market on Monday, Specialty Building Products Holdings LLC, Trace3 (Escape Velocity Holdings Inc.) and Inmar Inc. all moved up the commitment deadlines for their term loans.

Also, Aggreko plc, Carnival Corp., Medallion Midland Acquisition LP, EyeCare Partners LLC, Patriot Rail & Ports and BroadStreet Partners Inc. released price talk with launch.

Specialty Building accelerated

Specialty Building Products moved up the commitment deadline for its $800 million seven-year first-lien term loan B (B2/B-) to noon ET on Tuesday from noon ET on Thursday, a market source remarked.

Talk on the term loan is Libor plus 375 basis points to 400 bps with certain steps, a 0.5% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months.

Barclays is leading the deal that will be used to fund the acquisition of Reeb Millwork Corp. and another acquisition that is currently under a letter-of-intent.

Closing on the Reeb transaction is expected before the end of October, subject to customary conditions.

Specialty Building is a Duluth, Ga.-based distributor of branded specialty building products. Reeb is a Bethlehem, Pa.-based fabricator and supplier of interior and exterior doors.

Trace3 tweaks deadline

Trace3 changed the commitment deadline for its $415 million seven-year first-lien term loan (B3/B) to 5 p.m. ET on Tuesday from 5 p.m. ET on Wednesday, according to a market source.

Talk on the 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.

The company’s $700 million of credit facilities also include a $150 million ABL revolver and a $135 million privately placed second-lien term loan.

Credit Suisse Securities (USA) LLC, Jefferies LLC and Wells Fargo Securities LLC are leading the deal that will be used to help fund the buyout of the company by American Securities from H.I.G. Capital.

Trace3 is an Irvine, Calif.-based technology solutions partner to enterprise and mid-market customers.

Inmar revises timing

Inmar accelerated the commitment deadline for its fungible $150 million incremental covenant-lite first-lien term loan due May 2024 to 5 p.m. ET on Tuesday from 5 p.m. ET on Wednesday, a market source said.

Pricing on the incremental term loan is Libor plus 400 bps with a 1% Libor floor, in line with the existing term loan, and the new debt is talked with an original issue discount of 99.5 to 99.75.

Credit Suisse Securities (USA) LLC is leading the deal that will be used for acquisition financing, to pay down a revolver draw and to pay fees and expenses.

Inmar is a Winston-Salem, N.C.-based technology enabled promotion and inventory, logistics and settlement services company.

Aggreko proposed terms

Aggreko held its lender call at 10 a.m. ET on Monday and announced released price talk on its £1 billion equivalent (roughly $1.35 billion equivalent) U.S. and euro five-year covenant-lite first-lien term loan, according to a market source.

Talk on the U.S. term loan tranche is Libor plus 425 bps to 450 bps with a 0.5% Libor floor and an original issue discount of 99 to 99.5, and talk on the euro term loan tranche is Euribor plus 425 bps to 450 bps with a 0% floor and a discount of 99 to 99.5, the source said.

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

Commitments are due at 11 a.m. ET on Oct. 14.

BofA Securities Inc. and Barclays are the joint global coordinators on the deal. Deutsche Bank Securities Inc., Goldman Sachs, Santander, Lloyds, SMBC and Standard Chartered are joint bookrunners.

The new debt will help fund the buyout of the company by TDR Capital LLP and I Squared Capital for 880 pence per share in cash. The transaction values the company at about £2.322 billion on a fully diluted basis.

Aggreko is a U.K.-based provider of mobile power, heating and cooling solutions.

Carnival comes to market

Carnival announced in the morning that it would hold a lender call at 11 a.m. ET to launch a $1.5 billion seven-year senior secured first-lien term loan B (Ba2/BB-) talked at Libor plus 325 bps with a 0.75% Libor floor, an original issue discount of 98.75 to 99 and 101 hard call protection for one year, a market source remarked.

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

JPMorgan Chase Bank is leading the deal that will be used to redeem a portion of the company’s 11.5% first priority senior secured notes due April 1, 2023, and pay related accrued interest, fees and expenses.

Carnival is a Miami-based cruise operator.

Medallion guidance

Medallion Midland released price talk of Libor plus 375 bps with a 0.75% Libor floor and an original issue discount of 99 on its $735 million seven-year senior secured term loan (//BB-) that launched with a call in the afternoon, a market source said.

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

The company’s $835 million of senior secured credit facilities also include a $100 million five-year super priority revolver.

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

Jefferies, Cadence, National Australia Bank and PNC Bank are leading the deal, which will be used to refinance an existing term loan and a $50 million revolver.

Medallion Midland is an Irving, Tex.-based midstream company focused on crude oil transportation in the Midland Basin.

EyeCare holds call

EyeCare Partners emerged in the morning with plans to hold a lender call at 2 p.m. ET to launch a $500 million seven-year incremental covenant-lite first-lien term loan talked at Libor plus 375 bps to 400 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.

Of the total term loan amount, $100 million is a delayed-draw tranche with ticking fees of half the margin from days 46 to 90 and the full margin thereafter, the source continued.

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

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used for acquisition financing.

EyeCare Partners is a St. Louis-based eye care services provider.

Patriot Rail repricing

Patriot Rail & Ports held a lender call at 1 p.m. ET, launching a $301 million term loan B (B2/B-) due Oct. 18, 2026 talked at Libor plus 400 bps with a 0.25% Libor floor, a par issue price and 101 soft call protection for six months, a market source remarked.

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

RBC Capital Markets is leading the deal that will be used to reprice an existing term loan B down from Libor plus 450 bps with a 0% Libor floor.

First Sentier Investors is the sponsor.

Patriot Rail is a Jacksonville, Fla.-based owner of a portfolio of short-line railroads, port terminals and related infrastructure assets, providing transportation and logistics solutions.

BroadStreet sets talk

BroadStreet Partners held a lender call at 2 p.m. ET to launch a non-fungible $332.5 million incremental term loan B (B) due Jan. 27, 2027 talked at Libor plus 350 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 5 p.m. ET on Thursday, the source added.

RBC Capital Markets is leading the deal that will be used with $325 million of unsecured debt to fund a new core agency partnership.

Ontario Teachers’ Pension Plan, Century Equity Partners and Penfund are the sponsors.

BroadStreet is a Columbus, Ohio-based insurance broker.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.