Consolidated Energy, AssuredPartners, Service Logic break; Amer Sports changes emerge

By Sara Rosenberg

New York, Feb. 8 – Consolidated Energy Finance SA set pricing on its first-lien term loan at the high end of talk, widened the original issue discount, extended the call protection and made a number of changes to documentation, and then the debt freed to trade on Thursday.

Also, before breaking for trading, AssuredPartners Inc. lowered the spread on its incremental first-lien term loan B-5 and finalized the original issue discount at the tight end of guidance, and Service Logic increased the size of its add-on term loan B and modified the issue price.

In more happenings, Amer Sports Inc. firmed pricing on its U.S. and euro term loans at the low end of talk and revised issue prices, and Genesys moved up the commitment deadline for its incremental term loan B.

Furthermore, First Eagle Investment Management LLC, WhiteWater DBR HoldCo LLC and Interstate Waste Services Inc. released price talk with launch.

Consolidated Energy reworked

Consolidated Energy firmed pricing on its $745 million senior secured 6.75-year first-lien term loan B (Ba3/BB-/BB+) at SOFR plus 450 basis points, the high end of the SOFR plus 425 bps to 450 bps talk, revised the original issue discount talk to a range of 97 to 98 from just 98, and then finalized the discount at 97 following the 2 p.m. ET commitment deadline, according to a market source.

In addition, the company extended the 101 soft call protection on the term loan to one year from six months, the source continued.

Changes were also made to documentation, including to, among other things, MFN, J Crew protections, restricted payments, EBITDA definition, permitted investments and excluded contribution.

The term loan still has a 0% floor.

Consolidated Energy frees

Late in the day on Thursday, Consolidated Energy’s term loan B broke for trading, with levels quoted at 97 bid, 97½ offered, a trader added.

Morgan Stanley Senior Funding Inc., Santander, ADCB and SMBC are leading the deal that will be used with $605 million of senior notes, upsized from $580 million, to refinance bridge facilities used in part to finance an acquisition of a majority stake in OMC, to refinance an existing term loan B due 2025, to reduce debt at Proman AG and for general corporate purposes.

Closing is expected in mid-February.

Consolidated Energy is an acquirer and developer of companies that focus on alternative waste management and energy production.

AssuredPartners revised, breaks

AssuredPartners trimmed pricing on its $500 million seven-year senior secured covenant-lite incremental first-lien term loan B-5 (B2/B) to SOFR plus 350 bps from SOFR plus 375 bps and set the original issue discount at 99.5, the tight end of the 99 to 99.5 talk, a market source remarked.

The term loan still has a 0.5% floor and 101 soft call protection for six months.

Recommitments were due at 4 p.m. ET on Thursday and the term loan began trading later in the day, with levels quoted at 99¾ bid, par 1/8 offered, a trader added.

Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA, BofA Securities Inc., Barclays, JPMorgan Chase Bank, BMO Capital Markets, RBC Capital Markets, Deutsche Bank Securities Inc., UBS Investment Bank, Mizuho, Macquarie Capital (USA) Inc. and ING are leading the deal. BofA Securities is the agent.

The term loan will be used to repay revolver borrowings, to fund acquisitions under letters of intent and for general corporate purposes.

Closing is expected during the week of Feb. 12.

AssuredPartners is a Lake Mary, Fla.-based insurance brokerage firm.

Service Logic tweaked, trades

Service Logic raised its fungible add-on term loan B to $380 million from $330 million and adjusted the issue price to par from talk in the range of 99.27 to 99.75, a market source said.

Pricing on the add-on term loan is SOFR+CSA plus 400 bps with a step-down to SOFR plus 375 bps at 4x first-lien net leverage and a 0.75% floor, in line with existing term loan B 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.

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

During the session, the add-on term loan freed to trade, with levels quoted at par bid, par ¼ offered, another source added.

JPMorgan Chase Bank is leading the deal that will be used to refinance incremental term loan borrowings and to add cash to the balance sheet.

Service Logic is a Charlotte, N.C.-based provider of aftermarket maintenance, repair and replacement services for commercial HVAC equipment, chilled water systems, and building automation and controls systems.

Amer Sports updated

Amer Sports firmed pricing on its $600 million seven-year term loan B at SOFR plus 325 bps, the low end of the SOFR plus 325 bps to 350 bps talk, and changed the original issue discount to 99.5 from 99, a market source remarked.

Additionally, pricing on the company’s €600 million seven-year term loan B was set at Euribor plus 350 bps, the low end of the Euribor plus 350 bps to 375 bps talk, a 25 bps step-down was added at corporate ratings of Ba3/BB-, and the issue price was tightened to par from 99.5, the source continued.

As before, the term loans (B1/BB) have a 0% floor and 101 soft call protection for six months.

Recommitments for the U.S. term loan were due at 5 p.m. ET on Thursday, the source added.

JPMorgan Chase Bank and Goldman Sachs are leading the deal that will be used with $600 million of senior secured notes to refinance existing debt, for general corporate purposes and to pay related fees and expenses.

Amer Sports is a sports and outdoor apparel, footwear, equipment, protective gear and accessories company.

Genesys accelerated

Genesys moved up the commitment deadline for its $800 million incremental term loan B (B) due December 2027 to 10 a.m. ET on Friday from 5 p.m. ET on Tuesday, according to a market source.

Talk on the term loan is SOFR+CSA plus 400 bps with a 0.75% floor, an original issue discount of 99 to 99.5 and 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.

Goldman Sachs Bank USA is the left lead on the deal that will be used to fund a distribution to shareholders.

Permira and Hellman & Friedman are the sponsors.

Genesys is a Daly City, Calif.-based provider of AI-powered experience orchestration.

First Eagle holds call

First Eagle Investment surfaced in the morning with plans to hold a lender call at 11 a.m. ET on Thursday to launch a $1.775 billion five-year covenant-lite first-lien term loan B talked at SOFR plus 275 bps with a 0% floor, an original issue discount of 99 and 101 soft call protection for six months, a market source said.

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

Morgan Stanley Senior Funding Inc. is the left lead on the deal that will be used to refinance an existing term loan B due February 2027.

Cashless roll is available for existing lenders.

First Eagle is a New York-based investment management firm.

WhiteWater guidance

WhiteWater DBR held a lender call at 11 a.m. ET, launching a $540 million seven-year senior secured term loan B (BB) at talk of SOFR plus 275 bps to 300 bps with a 0% floor, an original issue discount of 99 and 101 soft call protection for six months, a market source remarked.

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

Barclays is leading the deal that will be used to help fund the acquisition of a 90% equity ownership interest in Delaware Basin Residue LLC and to pay related fees and expenses.

I Squared Capital is the sponsor.

WhiteWater DBR is an intra-basin Permian natural gas pipeline with direct connection to LNG, Mexico export and Gulf Coast demand.

Interstate shops add-on

Interstate Waste Services held a lender call at 2:30 p.m. to launch a fungible $150 million add-on term loan due 2030 talked with an original issue discount of 99.5 to 99.75, according to a market source.

Pricing on the add-on term loan is SOFR plus 450 bps with a 0.5% floor, in line with existing term loan pricing.

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

JPMorgan Chase Bank, BMO Capital Markets, MUFG, Stifel and Comerica are leading the deal that will be used to fund an acquisition.

Interstate Waste is a Teaneck, N.J.-based provider of waste and recycling services.

Ensono wraps

Ensono allocated on Thursday its fungible $100 million add-on term loan (B2) that priced in line with talk at an original issue discount of 99.04, a market source said.

Pricing on the term loan is SOFR+CSA plus 400 bps with a step-down to SOFR plus 375 bps and a 0.75% 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.

KKR Capital Markets is leading the deal, which will be used for general corporate purposes.

Ensono is a Downers Grove, Ill.-based technology adviser, innovation partner and managed service provider.

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