Citadel, Janus, CentroMotion break; BrandSafway sets terms; Select Medical accelerated

By Sara Rosenberg

New York, July 25 – Citadel Securities upsized its term loan and firmed the original issue discount at the tight end of guidance, Janus International Group lowered the spread on its term loan B and tightened the issue price, and CentroMotion (LSF12 Badger Bidco LLC) upsized its first-lien term loan B and revised the original issue discount, and then these deals freed to trade on Tuesday.

Also, BrandSafway reduced the size of its first-lien term loan B in favor of a larger bond offering and then reverted both the loan and bond sizes back to their original amounts, and Select Medical Corp. moved up the commitment deadline for its term loan B.

In addition, Generation Bridge Northeast LLC, Veritext, kdc/one and Enlyte released price talk on their term loan transactions in connection with their lender calls, and J&J Ventures Gaming Inc. joined this week’s new issue calendar.

Citadel upsized, frees

Citadel Securities lifted its seven-year term loan to $3.55 billion from $3.5 billion and set the original issue discount at 99.25, the tight end of the 99 to 99.25 talk, a market source remarked.

As before, the term loan is priced at SOFR+CSA plus 250 basis points with a 0% floor, and has 101 soft call protection for six months. CSA is 11 bps one-month rate, 26 bps three-month rate and 43 bps six-month rate.

On Tuesday, the term loan broke for trading, with levels quoted at 99 3/8 bid, 99¾ offered, another source added.

JPMorgan Chase Bank is leading the deal that will be used to refinance an existing $600 million term loan B-1 due February 2028 priced at SOFR+CSA plus 300 bps and an existing roughly $2.9 billion term loan B due February 2028 priced at SOFR+CSA plus 250 bps, and, due to the upsizing, for general corporate purposes.

Originally, the company came to market with a repricing of the $600 million term loan B-1 due February 2028 that was talked at SOFR+CSA plus 250 bps with a 0% floor, an original issue discount of 99.5 and 101 soft call protection for six months. However, during syndication, the company shifted to a refinancing of both of its term loans from the repricing.

Citadel is a Miami-based provider of market-making services to the fixed income, currency and commodity markets.

Janus flexed, trades

Janus International Group trimmed pricing on its $625 million seven-year term loan B (B1/B+) to SOFR plus 325 bps from talk in the range of SOFR plus 350 bps to 375 bps and revised the original issue discount to 99 from 98, a market source said.

The term loan still has a 25 bps pricing step-down at corporate ratings of B1/B+ with stable outlooks, 10 bps CSA, a 1% floor and 101 soft call protection for six months.

Recommitments were due at 12:30 p.m. ET on Tuesday and the term loan B broke for trading in the afternoon, with levels quoted at 99¼ bid, par offered, another source added.

Goldman Sachs Bank USA, JPMorgan Chase Bank and BofA Securities Inc. are leading the deal that will be used to refinance the company’s existing term loan B due February 2025.

Janus is a Temple, Ga.-based provider of self-storage and commercial industrial doors, relocatable storage units, facility automation solutions, and door replacement and self-storage restoration services.

CentroMotion tweaked, breaks

CentroMotion raised its first-lien term loan B due 2030 to $475 million from $450 million and adjusted the original issue discount to 97 from talk in the range of 95.5 to 96.5, according to a market source.

The term loan is still priced at SOFR plus 600 bps with a 0% floor and has 101 soft call protection for six months.

Recommitments were due at 10 a.m. ET on Tuesday and the term loan freed to trade later in the day, with levels quoted at 98 bid, 98¾ offered, another source added.

JPMorgan Chase Bank is leading the deal that will be used to help fund the buyout of the company by Lone Star Funds from One Rock Capital Partners LLC, to refinance an existing $537 million term loan B due August 2028, and for general corporate purposes, including payment of fees and expenses.

As a result of the term loan upsizing, the equity portion of the buyout financing is being reduced by $10 million and the amount available for general corporate purposes is being increased.

CentroMotion is a Waukesha, Wis.-based designer and manufacturer of highly engineered systems and solutions for industrial and transportation applications.

BrandSafway finalized

BrandSafway scaled back its seven-year first-lien term loan B (B3/B-) to $1.1 billion from $1.335 billion in the morning and lifted its senior secured notes offering to $1.57 billion from $1.335 billion, but, in the afternoon, the term loan size was shifted back to $1.335 billion and the notes offering returned to its original $1.335 billion amount, a market source said.

Pricing on the term loan remained at SOFR plus 550 bps with a 0.5% floor and an original issue discount of 96, and the debt still has 101 soft call protection for six months.

Also, some changes were made to documentation in the morning, the source said.

Following the second update to size, recommitments were due at 4 p.m. ET on Tuesday, the source added.

BrandSafway lead banks

Goldman Sachs Bank USA, JPMorgan Chase Bank, Barclays, Natixis, ING, Societe Generale, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Credit Agricole, UBS Investment Bank, Morgan Stanley Senior Funding Inc. and SMBC are leading BrandSafway’s term loan.

The loan will be used with the notes and a sponsor equity contribution to refinance the company’s existing first-lien term loan due 2024 and senior notes due 2025.

CD&R and Brookfield are the sponsors.

BrandSafway is an Atlanta-based provider of specialty craft services to industrial, commercial and infrastructure markets.

Select Medical accelerated

Select Medical changed the commitment deadline for its $2.103 billion term loan B due March 2027 to 5 p.m. ET on Tuesday from 5 p.m. ET on Wednesday, a market source remarked.

The term loan is talked at SOFR plus 300 bps with a 25 bps step-down at 4x net leverage, an original issue discount of 99 to 99.25 and 101 soft call protection for six months.

JPMorgan is leading the deal that will be used to amend and extend an existing $2.1 billion term loan B due 2025.

Select Medical is a Mechanicsburg, Pa.-based operator of critical illness recovery hospitals, rehabilitation hospitals, outpatient rehabilitation clinics and occupational health centers.

Generation Bridge talk

Generation Bridge Northeast held its lender call on Tuesday afternoon and announced talk on its $850 million six-year senior secured term loan B at SOFR+10 bps CSA plus 425 bps to 450 bps with a 0% floor and an original issue discount of 98, a market source said.

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

The company’s $950 million of credit facilities (Ba2/BB) also include a $100 million five-year revolver.

Commitments are due at noon ET on Aug. 3, the source added.

Jefferies LLC, MUFG, Goldman Sachs Bank USA, BMO Capital Markets, Investec and ArcLight Capital Partners are leading the deal.

The term loan will be used to repay all outstanding debt at Generation Bridge II LLC and to fund a distribution, and the revolver will be used for working capital and letters of credit.

Generation Bridge Northeast is an owner of power generation facilities that is being formed through the combination by ArcLight Capital Partners of two portfolio companies, Generation Bridge LLC and Generation Bridge II LLC.

Veritext holds call

Veritext held a lender call at 1 p.m. ET, launching a $720 million seven-year term loan B (B2/B) at talk of SOFR plus 450 bps with a 25 bps step-down at 0.5x inside closing date first-lien net leverage, a 25bps step-down upon an initial public offering, a 0.5% floor, an original issue discount of 97 to 97.5 and 101 soft call protection for six months, according to a market source.

Commitments are due at 10 a.m. ET on Aug. 3, the source added.

Goldman Sachs Bank USA, JPMorgan Chase Bank, BNP Paribas Securities Corp., Jefferies LLC, Macquarie Capital (USA) Inc. and KKR Capital Markets are leading the deal that will be used with $720 million of other secured debt to refinance the company’s existing capital structure and add cash to the balance sheet.

CVC, GIC and Leonard Green Partners are the sponsors.

Veritext is a Livingston, N.J.-based deposition service provider, assisting law firms and corporations in facilitating litigation proceedings.

kdc/one guidance

kdc/one came out with price talk on its $991.7 million equivalent U.S. and euro five-year first-lien term loan (B3/B-/B) with its morning lender call, a market source said.

The U.S. term loan is talked at SOFR plus 500 bps with a 0% floor and an original issue discount of 96 to 97, and the euro term loan is talked at Euribor plus 525 bps with a 0% floor and a discount of 96 to 97, the source continued. Both tranches have 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on Aug. 2.

UBS Investment Bank, Morgan Stanley Senior Funding Inc., BMO Capital Markets, JPMorgan Chase Bank, Goldman Sachs Bank USA, Deutsche Bank Securities Inc., Citizens, Natixis, RBC Capital Markets and KKR Capital Markets are leading the deal that will be used with $500 million of senior secured notes to refinance the company’s existing first-lien credit facilities.

KDC US Holdings Inc. is the U.S. borrower, and kdc/one Development Corp. Inc. is the Canadian borrower.

kdc/one is a Longueuil, Quebec-based provider of value-added solutions to brands in the home care and beauty and personal care categories.

Enlyte proposed terms

Enlyte launched on its morning call its fungible $150 million add-on first-lien term loan due October 2028 with original issue discount talk of 97.5 to 98, a market source remarked.

Pricing on the add-on term loan is SOFR+CSA plus 375 bps with a 0.5% floor. CSA is 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Commitments are due at noon ET on Aug, 1, the source added.

Stone Point and KKR Capital Markets are leading the deal that will be used to repay revolver borrowings, for general corporate purposes and to fund potential acquisitions.

Enlyte, formerly known as Mitchell International Inc., is a San Diego-based provider of claims software and technology-enabled solutions to the workers’ compensation and auto insurance industries.

J&J Ventures on deck

J&J Ventures Gaming set a lender call for 10 a.m. ET on Wednesday to launch a non-fungible $375 million incremental covenant-lite term loan B (B2/B) due April 26, 2028, according to a market source.

The incremental term loan has ARRC CSA of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate, a 0.75% floor and 101 soft call protection for six months, the source said.

Commitments are due at 5 p.m. ET on Aug. 3.

Deutsche Bank Securities Inc., Goldman Sachs Bank USA and SMBC are leading the deal that will be used to fund the acquisition of Golden Entertainment’s distributed gaming assets in Nevada and Montana.

J&J Ventures, an Oaktree Capital Management LP portfolio company, is an Effingham, Ill.-based video gaming terminal operator.

Fund flows

In other news, actively managed loan fund flows on Monday were positive $3 million and loan ETFs were positive $45 million, market sources said.

Outflows for loan funds week-to-date total an estimated $90 million, compared to inflows in the prior week of $237 million, sources added.

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