EnergySolutions, Cogeco, GIP Pilot break; Worldpay, Syneos, BCP Renaissance changes emerge

By Sara Rosenberg

New York, Sept. 18 – EnergySolutions trimmed the spread on its term loan B and adjusted the issue price, Cogeco Communications Finance (USA) LP (Breezeline) downsized its term loan B and widened pricing, and GIP Pilot Acquisition Partners LP lowered the spread and revised the original issue discount on its first-lien term loan B, and then all of these deals freed to trade on Monday.

In more happenings, Worldpay increased the size of its U.S. term loan B, reduced the size of its euro term loan, and tightened spreads and issue prices on both term loans, and Syneos Health Inc. upsized its term loan B, lowered the margin, added step-downs and modified the original issue discount.

Also, BCP Renaissance Parent LLC lifted the amount of its incremental term loan B, changed the maturity and the original issue discount, and added an extension of its existing term loan B to the mix.

Furthermore, CPM Holdings Inc., Alphia Inc., Virgin Media Bristol LLC, Koppers Inc., Ingram Micro, Priority Technology Holdings Inc. and Upfield released price talk with launch, and Rocket Software Inc., Simon & Schuster (Century DE Buyer LLC), Fleetpride and Prometric Holdings Inc. joined this week’s primary calendar.

EnergySolutions tweaked, frees

EnergySolutions reduced pricing on its $640 million seven-year term loan B (B2/B) to SOFR plus 400 basis points from SOFR plus 425 bps, moved the original issue discount to 98.75 from talk in the range of 98 to 98.5 and made some lender-friendly documentation changes, according to a market source.

As before, the term loan has a 0.5% floor and 101 soft call protection for six months.

Recommitments were due at 2 p.m. ET on Monday and the term loan B began trading late in the day, with levels quoted at 99 bid, 99½ offered, a trader added.

RBC Capital Markets is the left lead on the deal that will be used to refinance an existing roughly $546 million term loan B due 2025 priced at SOFR plus 375 bps, to partially pay down revolver borrowings and to fund the $60 million acquisition of Williams Industrial Services Group Inc.’s nuclear, fossil, energy delivery and paper mill operations.

Triartisan is the sponsor.

EnergySolutions is a Salt Lake City-based nuclear services company.

Cogeco sets changes, trades

Cogeco Communications scaled back its seven-year term loan B to $775 million from $900 million and lifted pricing to SOFR plus 325 bps from talk in the range of SOFR plus 275 bps to 300 bps, a market source said.

The term loan still has a 0% floor, an original issue discount of 99 and 101 soft call protection for six months.

Recommitments were due at 2 p.m. ET on Monday and the term loan broke for trading later in the day, with levels quoted at 99 bid, 99½ offered, another source added.

BofA Securities Inc., Truist, Wells Fargo Securities LLC, RBC Capital Markets, BMO Capital Markets and CIBC are leading the deal that will be used with a $475 million five-year farm credit term loan, upsized from $400 million, and a $50 million revolver draw to refinance an existing term loan B due 2025.

Cogeco Communications Finance, formerly known as Atlantic Broadband, is a subsidiary of Cogeco Communications Inc., a Montreal-based cable operator.

GIP flexed, breaks

GIP Pilot changed price talk on its $1.1 billion first-lien term loan B (Ba3/BB-) due 2030 to a range of SOFR plus 300 bps to 325 bps from a range of SOFR plus 350 bps to 375 bps and, after the noon ET recommitment deadline passed, firmed the spread at SOFR plus 300 bps, a market source remarked.

In addition, the original issue discount on the term loan was tightened to 99.5 from talk in the range of 98.5 to 99, the source continued.

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

During the session, the term loan freed to trade, with levels quoted at 99 7/8 bid, par 3/8 offered, another source added.

JPMorgan Chase Bank, MUFG, Bank of Nova Scotia, Mizuho and Wells Fargo Securities LLC are leading the deal that will be used to help fund the acquisition of a 40% interest in Columbia Pipeline Holding Co. LLC, a natural gas pipelines and gas storage system comprised of Columbia Gas Transmission LLC and Columbia Gulf Transmission LLC, from TC Energy Corp.

Closing is expected in the fourth quarter, subject to customary conditions.

GIP Pilot is owned by Global Infrastructure Partners.

Worldpay reworked

Worldpay lifted its U.S. seven-year first-lien term loan B to minimum $5 billion from $3.4 billion, scaled back its euro seven-year first-lien term loan B to €500 million from $1 billion euro equivalent, and trimmed pricing on both tranches (Ba3/BB) to SOFR/Euribor plus 325 bps from talk in the range of SOFR/Euribor plus 350 bps to 375 bps, according to a market source.

Also, the original issue discount on the U.S. term loan was changed to 99.5 from 99 and the discount on the euro term loan was adjusted to 99.5 from 98.5, the source said.

As before, the U.S. term loan has a 0.5% floor, a 25 bps step-down at 4x first-lien net leverage and a 25 bps step-down upon an initial public offering, the euro term loan has a 0% floor, 25 bps step-downs at 4x and 3.5x first-lien net leverage and a 25 bps step-down upon an initial public offering, and both term loans have 101 soft call protection for six months, and ticking fees of half the spread from days 46 to 90 and the full spread thereafter.

Commitments are due at 5 p.m. ET on Tuesday for U.S. investors and at noon ET on Tuesday for European lenders, accelerated from 5 p.m. ET on Thursday for the U.S. loan and at noon ET on Thursday for the euro loan, the source added.

Worldpay lead banks

JPMorgan Chase Bank, Goldman Sachs, Citigroup Global Markets Inc., Wells Fargo Securities LLC, Deutsche Bank Securities Inc., UBS Securities LLC, Fifth Third, BMO Capital Markets, MUFG, Citizens Bank, Stifel, Truist Securities, Capital One and Lloyds are leading Worldpay’s term loans, with JPMorgan the left lead on the U.S. loan and Goldman the left lead on the euro loan. JPMorgan is the administrative agent.

Based on filings with the Securities and Exchange Commission, the company is also planning on getting a $1 billion revolver.

The term loans will be used to help fund the acquisition by GTCR of a 55% stake in the company from Fidelity National Information Services Inc. (FIS) in a transaction that values the business at $18.5 billion. FIS will receive upfront net proceeds of about $11.7 billion and will retain the remaining 45% stake in the company.

Other funds for the transaction are expected to come from $2 billion and £700 million of senior secured notes, and equity. Previously, the company was expected to get $4 billion equivalent of senior secured notes.

Closing is expected by the first quarter of 2024, subject to regulatory approvals and contractual consents.

Worldpay is a provider of payment processing solutions.

Syneos revised

Syneos Health raised its seven-year term loan B (B1/B/BB) to $2.5 billion from $2 billion, cut pricing to SOFR plus 425 bps from SOFR plus 450 bps, added a 25 bps step-down at 4.2x first-lien net leverage and a 25 bps step-down upon an initial public offering, tightened the original issue discount to 98 from 97, and made some revisions to documentation, a market source remarked.

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

The company’s now $3 billion of credit facilities also include a $500 million revolver.

Recommitments were due at 5 p.m. ET on Monday and allocations are targeted for Tuesday, the source added.

Goldman Sachs Bank USA, UBS Investment Bank, RBC Capital Markets LLC, BMO Capital Markets Corp., HSBC Securities (USA) Inc., Wells Fargo Securities LLC, Citigroup Global Markets Inc., Jefferies LLC, Macquarie Capital (USA) Inc., Natixis, Truist Securities Inc., Citizens Bank, MUFG, SMBC, Capital One and Societe Generale are leading the deal.

Syneos being acquired

Syneos will use the credit facilities to help fund its buyout by Elliott Investment Management, Patient Square Capital and Veritas Capital for $43 per share in cash in a transaction valued at about $7.1 billion, including outstanding debt, and to pay related fees and expenses.

Other funds for the transaction will come from a $1.2 billion senior secured notes offering, which was downsized from $1.7 billion with the term loan upsizing,

Closing is expected this year, subject to the approval of Syneos shareholders and other customary conditions, including regulatory approvals.

Syneos is a Morrisville, N.C.-based contract research organizations and contract commercial organization.

BCP modified

BCP Renaissance increased its fungible incremental term loan B to $100 million from $75 million, revised the maturity to Oct. 31, 2028 from Oct. 31, 2026, added an extension of its existing roughly $1,001,800,000 term loan B to Oct. 31, 2028 from Oct. 31, 2026, changed the original issue discount talk to 99.85 from talk in the range of 99.5 to 99.75 when the company was only seeking the incremental loan, and added 101 soft call protection for six months, according to a market source.

Pricing on the term loan debt remained at SOFR plus 350 basis points with a 1% floor.

Jefferies LLC is leading the deal.

The incremental term loan will be used to fund a distribution.

The transaction includes an amendment to permit the distribution, and existing lenders are offered a 15 bps consent fee for the amendment, but must consent to both the extension and the amendment to receive the fee.

Commitments and consents are due at 5 p.m. ET on Tuesday, extended from 5 p.m. ET on Monday.

BCP Renaissance is the owner of a 32.435% interest in the Rover Pipeline, which transports natural gas from the Marcellus and Utica Shale production areas.

CPM guidance

CPM Holdings held its lender call on Monday afternoon and announced price talk on its $1.13 billion five-year first-lien term loan (B2/B) at SOFR plus 475 bps with a 0.5% floor and an original issue discount of 98, a market source remarked.

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

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

Jefferies LLC is the left lead on the deal that will be used to refinance existing debt and make a one-time distribution to shareholders.

CPM is a provider of highly engineered processing and automation equipment, aftermarket parts and service with exposure to attractive megatrends.

Alphia talk

Alphia released talk of SOFR plus 450 bps with a 0.5% floor, an original issue discount of 97 to 98 and 101 soft call protection for six months on its $640 million seven-year term loan B (B) in connection with its afternoon call, according to a market source.

Commitments are due on Sept. 28, the source added.

Goldman Sachs Bank USA, Jefferies LLC, BMO Capital Markets, Citizens, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc., Rabobank, SMBC and Wells Fargo Securities LLC are leading the deal that will be used to help fund the buyout of the company by PAI Partners from J.H. Whitney Capital Partners.

Closing is subject to customary conditions, including the receipt of certain regulatory approvals.

Alphia is a Denver-based contract manufacturer of dry pet food and treats.

Virgin Media holds call

Virgin Media Bristol emerged in the morning with plans to hold a lender presentation at 11:30 a.m. ET to launch a fungible $500 million add-on term loan Y (Ba3/BB-/BB+) due March 2031 talked with an original issue discount of 98.75 to 99, a market source said.

Pricing on the add-on term loan is SOFR+10 bps CSA plus 325 bps with a 0% floor, and the add-on term loan and the existing term loan Y are getting 101 soft call protection for six months.

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

Citigroup Global Markets Inc., Goldman Sachs Bank USA, JPMorgan Chase Bank and Bank of Nova Scotia are leading the deal. Scotia is the administrative agent.

The add-on term loan will be used to refinance existing debt.

Virgin Media is a New York-based media and telecommunications company.

Koppers repricing

Koppers came out in the morning with plans to hold a lender call at 1 p.m. ET to launch a $399 million covenant-lite term loan B due April 10, 2030 talked at SOFR+10 bps CSA plus 350 bps with a 0.5% floor, a par issue price and 101 soft call protection for six months, according to a market source.

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

Wells Fargo Securities LLC is the left lead on the deal that will be used to reprice an existing term loan B down from SOFR+10 bps CSA plus 400 bps with a 0.5% floor.

Koppers is a Pittsburgh-based provider of treated wood products, wood treatment chemicals and carbon compounds.

Ingram proposed terms

Ingram Micro surfaced early in the day with plans to hold a lender call at 2:30 p.m. ET to launch a $1.41 billion term loan B talked at SOFR plus 275 bps to 300 bps with a 0.5% floor, a par issue price and 101 soft call protection for six months, a market source said.

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

JPMorgan Chase Bank and BofA Securities Inc. are leading the deal that will be used to reprice an existing term loan B, which is receiving a $50 million paydown in connection with the transaction.

Ingram Micro is an Irvine, Calif.-based provider of technology logistics services and solutions.

Priority Technology launches

Priority Technology launched without a lender call a fungible $25 million incremental term loan B due April 2027 talked with an original issue discount of 99.3, according to a market source.

Pricing on the term loan B is SOFR plus 575 bps with a 1% floor.

Commitments are due at 5 p.m. ET on Sept. 26, the source added.

Truist Securities is leading the deal that will be used to repay revolver borrowings to provide additional liquidity for general corporate purposes and acquisition activity.

Priority Technology is an Alpharetta, Ga.-based payments technology company.

Upfield refinancing

Upfield launched during the session without a lender call a fungible $100 million add-on term loan B-7 due January 2028 talked with an original issue discount of 97.5, a market source said.

Pricing on the term loan B-7 is SOFR plus 475 bps with a 0% floor.

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

KKR Capital Markets is leading the deal that will be used repay non-extended term loan debt due 2025.

Upfield is an Amsterdam-based plant-based consumer product company.

Rocket joins calendar

Rocket Software scheduled a lender call for 9 a.m. ET on Tuesday to launch a $1.6 billion first-lien term loan B due November 2028 and a €400 million first-lien term loan B due November 2028, a market source remarked.

RBC Capital Markets is the left lead on the deal that will be used to extend $2.033 billion of existing first-lien term loans from November 2025.

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

Simon & Schuster on deck

Simon & Schuster will hold a lender call at 1 p.m. ET on Tuesday to launch $1.21 billion of credit facilities, according to a market source.

The facilities consist of a $110 million five-year revolver and a $1.1 billion seven-year first-lien term loan, the source said.

Commitments are due at 5 p.m. ET on Sept. 27.

Jefferies LLC, KKR Capital Markets, HSBC Securities (USA) Inc., Mizuho, RBC Capital Markets, UBS Investment Bank, Goldman Sachs Bank USA, Credit Agricole and SPC are leading the deal that will be used to help fund the buyout of the company by KKR from Paramount Global for $1.62 billion in an all-cash transaction.

Closing is subject to customary conditions, including regulatory approvals.

Simon & Schuster is a New York-based general interest publishing company.

Fleetpride coming soon

Fleetpride scheduled a lender call for 2 p.m. ET on Tuesday to launch an $870 million first-lien term loan due 2028, according to a market source.

RBC Capital Markets is the left lead on the deal that will be used to extend the maturity of an existing $594 million first-lien term loan due January 2026 and refinance existing ABL revolver borrowings.

Fleetpride, owned by American Securities, is an Irving, Tex.-based distributor of aftermarket heavy-duty truck and trailer parts.

Prometric readies deal

Prometric set a lender call for 11 a.m. ET on Wednesday to launch a first-lien term loan due Jan. 29, 2028, a market source said.

Barclays, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc. and Nomura are leading the deal that will be used to amend and extend the company’s existing first-lien term loan due January 2025 and to pay related fees and expenses.

Prometric is a provider of technology-enabled testing and assessment services.

Fund flows

In other news, actively managed loan fund flows on Friday were positive $31 million and loan ETFs were positive $69 million, according to market sources.

Steady inflows for loan funds follow the previous week’s largest weekly inflow for the asset class since May 2022.

Year to date, outflows for loan funds total $18.2 billion, with negative $32 million ETFs, sources added.

Loan indices rise

IHS Markit’s iBoxx loan indices were stronger on Friday, with the Leveraged Loan indexes (MiLLi) closing out the day up 0.07% and the Liquid Leveraged Loan indices (LLLi) closing out the day up 0.08%.

Month to date, the MiLLi is up 0.89% and year to date it is up 9.83%, and the LLLi is up 0.83% month to date and up 9.31% year to date.

Average secondary market bids in the U.S. on Friday were 93.15, up 0.01% from the previous day and up 1.39% year to date.

According to the IHS Markit data, some of the top advancers on Thursday were Revere Power’s March 2019 term loan B at 87.38, up from 82.98, Air Methods’ April 2017 covenant-lite term loan B at 28.63, up from 27.75, and Exactech’s February 2018 covenant-lite term loan B at 40, up from 38.8.

Some top decliners on Friday were Cision US/Castle US’ January 2020 U.S. term loan at 75.22, down from 78.5, Sound Physicians’ June 2018 term loan at 46.36, down from 47.5, and Hubbard Radio’s May 2015 term loan B at 94.13, down from 95.4.

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