BGIS, Waystar, ImageFirst break; Crash Champions, Artera, TenCate, Sharp Services updated

By Sara Rosenberg

New York, Feb. 6 – BGIS increased the size of its first-lien term loan and lowered the spread before freeing up for trading on Tuesday, and deals from Waystar and ImageFirst Holdings LLC made their way into the secondary market as well.

In more happenings, Crash Champions (Champions Financing Inc.) upsized its term loan B, cut the spread and updated the issue price, and Artera Services LLC trimmed pricing on its first-lien term loan and tightened the original issue discount.

Also, TenCate Grass Holding BV (Touchdown Acquirer Inc.) reduced the spread on its U.S. and euro term loans and revised issue prices, and Sharp Services LLC modified the original issue discount guidance on its add-on first-lien term loan.

Additionally, Nord Anglia Education (Fugue Finance LLC) and Global Healthcare Exchange LLC released price talk with launch, and Wrench Group LLC and AssuredPartners Inc. joined this week’s primary calendar.

BGIS revised, frees

BGIS raised its senior secured covenant-lite first-lien term loan (B3/B) due May 31, 2028 to $915 million from $885 million and trimmed pricing to SOFR plus 425 basis points from SOFR plus 450 bps, according to a market source.

As before, the term loan has a 0.5% floor, an original issue discount of 98 and 101 soft call protection for six months.

Recommitments were due at 11:30 a.m. ET on Tuesday and the term loan began trading in the afternoon, with levels quoted at 98½ bid, 99¼ offered, another source added.

Citigroup Global Markets Inc., Morgan Stanley Senior Funding Inc., BMO Capital Markets, TD Securities (USA) LLC, Citizens Bank, CIBC and MUFG are leading the deal that will be used to refinance an existing first-lien term loan due May 31, 2026 and, due to the upsizing, for general corporate purposes.

Closing is expected during the week of Feb. 12.

BGIS is an integrated facilities management company.

Waystar starts trading

Waystar’s $2.2 billion first-lien term loan (B3/B-/BB-) due May 2029 broke for trading, with levels quoted at par bid, par 3/8 offered, a market source said.

Pricing on the term loan is SOFR plus 400 bps with a 25 bps step-down at 0.5x inside closing leverage and a 25 bps step-down upon an initial public offering, and a 0% floor. The debt was sold at an original issue discount of 99.875 and has 101 soft call protection for six months.

During syndication, the discount on the term loan was tightened from 99.5.

JPMorgan Chase Bank, Barclays, BofA Securities Inc., Deutsche Bank Securities Inc., Goldman Sachs Bank USA and RBC Capital Markets are leading the deal that will be used to refinance an existing $1.731 billion first-lien term loan due 2026 and a $469 million privately placed second-lien term loan due 2027.

Waystar is a provider of health care payments software.

ImageFirst hits secondary

ImageFirst’s $382.9 million term loan, which includes a $20 million delayed-draw tranche, freed to trade as well, with levels quoted at 99¾ bid, par ¼ offered, according to a market source.

Pricing on the term loan is SOFR plus 425 bps with a 0.75% floor, and it was issue at par for rollover commitments and at an original issue discount of 99.75 for new money orders. The debt has 101 soft call protection for six months.

Antares Capital is leading the deal that will be used to refinance existing term loans due April 2028, including an existing $20 million delayed-draw term loan that is available for general corporate purposes or acquisitions.

ImageFirst is a King of Prussia, Pa.-based provider of outsourced laundry and textile rental services, with a focus on outpatient and specialty health care.

Crash reworked

Crash Champions increased its five-year senior secured term loan B (B3/B-) to $750 million from $650 million, flexed pricing to SOFR plus 475 bps from SOFR plus 500 bps, and set the original issue discount at 99, the tight end of revised talk of 98.5 to 99 and tighter than initial talk in the range of 98 to 98.5, according to a market source.

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

Recommitments were due at 2:15 p.m. ET on Tuesday and allocations were expected later in the day, the source added.

BofA Securities Inc., BMO Capital Markets, JPMorgan Chase Bank, Deutsche Bank Securities Inc. and Truist Securities are leading the deal that will be used with senior secured notes and new PIK preferred equity to refinance existing Service King and Crash Champions debt.

The funds from the term loan upsizing reduced the size of the notes and equity components.

Crash Champions is a collision repair platform and a multiple shop operator.

Artera flexed

Artera Services cut pricing on its $740 million seven-year first-lien term loan (B3/B-) to SOFR plus 450 bps from SOFR plus 500 bps and changed the original issue discount to 99.25 from talk in the range of 98 to 99, a market source remarked.

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

Commitments continued to be due at 5 p.m. ET on Tuesday, the source added.

UBS Investment Bank, BofA Securities Inc., BMO Capital Markets, BNP Paribas Securities Corp., Citizens, Deutsche Bank Securities Inc., Jefferies LLC, Mizuho, MUFG and PNC are leading the deal. Credit Suisse is the administrative agent.

The term loan will be used with $740 million of senior secured first priority notes, cash from the balance sheet, a sponsor first-lien PIK term loan and a sponsor contribution to refinance existing first- and second-lien term loans, to repay borrowings outstanding under the company’s receivables facility, to redeem existing notes in full, and to pay related fees and expenses.

Artera is an Atlanta-based provider of integrated infrastructure services serving utilities and midstream operators in the natural gas market.

TenCate tightened

TenCate Grass trimmed pricing on its $835 million seven-year term loan B and €350 million seven-year term loan B to SOFR/Euribor plus 400 bps from talk in the range of SOFR/Euribor plus 425 bps to 450 bps and adjusted the original issue discount on the loans to 99 from 98.5, according to a market source.

The term loans (B2/B) still have a 0% floor and 101 soft call protection for six months.

Included in the U.S. term loan B is a $150 million delayed-draw tranche.

Commitments continue to be due at noon ET on Wednesday, the source added.

BofA Securities Inc. is the left lead on the U.S. loan. BofA Securities and Jefferies LLC are the joint physical bookrunners on the euro loan. Deutsche Bank Securities Inc., BMO Capital Markets, Societe Generale and ING are arrangers. BofA Securities is the administrative agent.

The loans will be used with contributed equity to fund the buyout of the company by Leonard Green & Partners LP from Crestview Partners and select other shareholders, to add cash to the balance sheet and to pay related fees. The current senior management team of TenCate will remain invested in the company.

TenCate, a Netherlands-based manufacturer, distributor and installer of artificial turf and other surfaces for sports and the outdoor living segment, expects the buyout to close this month.

Sharp Services tweaked

Sharp Services changed the original issue discount talk on its fungible $150 million add-on first-lien term loan (B3) due December 2028 to a range of 99.75 to par from 99.03, a market source said.

Pricing on the add-on term loan is SOFR+10 bps CSA plus 400 bps with a 0.5% floor.

Commitments continued to be due at 5 p.m. ET on Tuesday, the source added.

JPMorgan Chase Bank and RBC Capital Markets are co-leads on the deal that will be used with cash on hand to refinance an existing $157.5 million privately placed second-lien term loan.

Sharp Services is a provider of pharmaceutical packaging and clinical services.

Nord comes to market

Nord Anglia launched in the morning a $600 million seven-year covenant-lite term loan B (B2/B) talked at SOFR plus 375 bps to 400 bps with a 0.5% 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 Monday, the source added.

Deutsche Bank Securities Inc. and JPMorgan Chase Bank are joint physical bookrunners on the deal, and HSBC Securities is a passive bookrunner. BofA Securities Inc., Citigroup Global Markets Inc., DBS, E. Sun, Goldman Sachs, Morgan Stanley Senior Funding Inc. and others to be announced are joint lead arrangers and joint bookrunners. HSBC is the administrative agent.

The new loan will be used to repay some revolving credit loans, and for working capital and general corporate purposes, including the repayment of second-lien debt due September 2028.

BPEA EQT and CPP Investments are the sponsors.

Nord Anglia is a London-based K-12 schools platform.

Global Healthcare repricing

Global Healthcare Exchange held a lender call at 11 a.m. ET, launching a $721 million term loan B due June 2027 talked at SOFR plus 425 bps with a 0.5% floor, an original issue discount of 99.75 to par and 101 soft call protection for six months, a market source remarked.

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

JPMorgan Chase Bank is leading the deal that will be used to reprice an existing term loan B down from SOFR plus 475 bps with a 0.5% floor.

Global Healthcare Exchange is a Louisville, Colo.-based provider of cloud-based health care supply chain management technology and services.

Wrench joins calendar

Wrench Group set a lender call for 1:30 p.m. ET on Wednesday to launch a roughly $893 million first-lien term loan (B2) due Oct. 30, 2028 talked at SOFR+CSA plus 400 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. 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/consents are due at noon ET on Feb. 14, the source added.

Jefferies LLC, Macquarie Capital (USA) Inc. and Antares Capital are leading the deal that will be used to extend the company’s existing $744 million first-lien term loan and non-fungible $149 million incremental first-lien term loan from April 2026, reprice the incremental term loan and combine the loans into one extended tranche.

Wrench Group is a provider of home maintenance and repair services specializing in heating, ventilation and air conditioning, plumbing, electrical and water quality services.

AssuredPartners on deck

AssuredPartners scheduled a lender call for 11 a.m. ET on Wednesday to launch a $500 million seven-year senior secured incremental first-lien term loan B, a market source remarked.

Morgan Stanley Senior Funding Inc. is the left lead on the deal that will be used to repay revolver borrowings, to fund acquisitions under letters of intent and for general corporate purposes.

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

Fund flows

In other news, actively managed loan fund flows on Monday were negative $33 million and loan ETFs were positive $6 million, market sources said.

Outflows for loan funds week-to-date total an estimated $132 million, compared to inflows in the prior week of $410 million, sources added.

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