Samsonite, Mega Broadband break; Anticimex tweaked; Rocket, Masorange and more set talk

By Sara Rosenberg

New York, April 9 – Samsonite International SA finalized the original issue discount on its term loan B at the wide end of guidance before freeing up for trading on Tuesday, and Mega Broadband Investments LLC’s incremental term loan B made its way into the secondary market as well.

In more happenings, Anticimex Inc. lowered the spread on its term loan B, removed the leverage-based step-down and revised the issue price.

Furthermore, Rocket Software Inc., Masorange (Lorca Finco plc), American Greetings Corp. and Les Schwab Tire Centers disclosed price talk with launch, and Brock Holdings III LLC and Flexera Software LLC joined this week’s primary calendar.

Samsonite finalized, frees

Samsonite firmed the original issue discount on its $500 million term loan B at 99.75, the wide end of the 99.75 to par talk, a market source remarked.

Pricing on the term loan remained at SOFR plus 200 basis points with a 0.5% floor, and the debt still has 101 soft call protection for six months.

On Tuesday, the term loan broke for trading, with levels quoted at 99 7/8 bid, par ¼ offered, another source added.

JPMorgan Chase Bank is the left lead on the deal that will be used to reprice an existing term loan down from SOFR plus 275 bps with a 0.5% floor.

Samsonite is a Hong Kong-based manufacturer of bags and luggage.

Mega Broadband breaks

Mega Broadband’s fungible $60 million incremental covenant-lite term loan B due 2027 allocated and freed to trade during the session, with levels quoted at 99 3/8 bid, 99 7/8 offered, according to a market source.

Pricing on the term loan is SOFR+CSA plus 300 bps with a 25 bps step-down at 4.75x leverage and a 0.75% floor, and the incremental debt was sold at an original issue discount of 99.27. CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Truist Securities, UBS Investment Bank, Citizens Bank and others to be named are leading the deal that will be used to repay revolver borrowings.

Mega Broadband is a broadband provider.

Anticimex flexed

Anticimex trimmed pricing on its $402 million covenant-lite term loan B due November 2028 (B2/B) to SOFR plus 350 bps from SOFR plus 375 bps, eliminated the 25 bps step-down at 4.5x first-lien net leverage and changed the issue price to par from 99.75, a market source said.

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

Recommitments were due at 3 p.m. ET on Tuesday and the loan priced late in the day, the source added.

Deutsche Bank Securities Inc. is the sole physical bookrunner on the deal. BNP Paribas Securities Corp., Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc., Nordea and SEB are joint bookrunners. DNB is the Nordic bookrunner. Global Loan Agency Services Ltd. is the agent.

The term loan will be used to repay revolver borrowings, for general corporate purposes and to reprice an existing $197 million term loan B-5.

Anticimex is a Stockholm-based preventive pest control company.

Rocket guidance

Rocket Software held its lender call at 9 a.m. ET on Tuesday and announced price talk on its $1 billion equivalent U.S. and euro term loan B due November 2028 (B3/B-/BB-), according to a market source.

Talk on the U.S. term loan is SOFR plus 475 bps with a 0.5% floor and an original issue discount of 98.5, and talk on the euro term loan is Euribor plus 475 bps with a 0% floor and a discount of 98.63, the source said. Both loans have 101 soft call protection for six months.

Sizes of the U.S. and euro tranches are still to be determined.

Commitments are due at noon ET on April 17.

RBC Capital Markets, Barclays, Deutsche Bank Securities Inc., UBS Investment Bank, Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Mizuho Securities USA Inc., SMBC and Goldman Sachs Bank USA are leading the deal.

Rocket buying AMC

Rocket Software will use the new term loan debt, along with $1 billion of other secured debt, new cash equity from Rocket Software’s existing shareholders and cash from the balance sheet, to fund the acquisition of the Application Modernization and Connectivity business (AMC) of OpenText for $2.275 billion.

Inclusive of expected synergies, the company expects the acquisition will be leverage neutral on a total leverage basis, but leveraging on a secured basis.

Closing is expected in the second quarter, subject to regulatory approvals and other customary conditions.

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

Masorange talk

Masorange came out with talk on its €1.5 billion equivalent U.S and euro seven-year covenant-lite term loan B (Ba3/BB+/BB+) in connection with its morning lender call, a market source remarked.

Talk on the U.S. term loan is SOFR plus 350 bps with a 0% floor and an original issue discount of 99.5, and talk on the euro term loan is Euribor plus 350 bps to 375 bps with a 0% floor and a discount of 99.5, the source continued. Both loans have 101 soft call protection for six months.

The total term loan amount includes a roughly €190 million pre-placement.

Commitments are due at noon ET on April 18.

Masorange leads

BofA Securities Inc. and BNP Paribas Securities Corp. are the joint global coordinators on Masorange’s new loan debt. BofA Securities and BNP Paribas are the physical bookrunners on the U.S. loan, and BNP Paribas, BofA Securities, BBVA and Natixis are the physical bookrunners on the euro loan. Caixa, Credit Agricole, Credit Suisse, Goldman Sachs, ING, Intesa, JPMorgan Chase Bank, Mizuho, Santander, SMBC and Societe Generale are passive bookrunners. Kroll Agency Services is the agent.

The term loan B borrowings will be used with other secured debt, a €4.35 billion drawn term loan A and €121 million of cash from the balance sheet to refinance the drawn facilities that funded a €6.1 billion payment upstreamed to the shareholders at closing of the formation of Masorange, a joint venture of Orange Spain and MasMovil.

Masorange is a mobile and fixed telecom company in Spain.

American Greetings launches

American Greetings launched on its morning call its $800 million 5½-year senior secured term loan B at talk of SOFR plus 575 bps to 600 bps with a 0% floor and an original issue discount of 98 to 98.5, according to a market source.

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

Commitments are due at 5 p.m. ET on April 23, the source added.

Barclays is leading the deal that will be used to refinance an existing first-lien term loan due 2028 and any outstanding revolver borrowings, to fund a distribution to shareholders and to add cash to the balance sheet.

American Greetings is a Cleveland-based celebration solutions provider offering greeting cards, gift packaging, party goods, gifting products and digital offerings.

Les Schwab holds call

Les Schwab Tire Centers held a lender call at 10:30 a.m. ET, launching a $1.918 billion term loan B at talk of SOFR plus 325 bps with a 0% floor and an original issue discount of 99.5, a market source said.

Commitments are due on April 17, the source added.

JPMorgan Chase Bank is leading the deal that will be used to refinance an existing term loan B and for general corporate purposes.

Les Schwab is a Bend, Ore.-based tire retail chain.

Brock on deck

Brock set a lender call for 10 a.m. ET on Wednesday to launch a $500 million six-year first-lien term loan B (B3/B-), a market source remarked.

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

Commitments are due at 5 p.m. ET on April 24, the source added.

The company also plans on getting a $150 million asset-based revolver.

Deutsche Bank Securities Inc. is the left lead on the deal that will be used to refinance the company’s existing capital structure.

Brock is a Houston-based industrial specialty craft services provider of scaffolding, coatings, insulation, painting, abatement, and other soft crafts, as well as mechanical and safety services.

Flexera joins calendar

Flexera Software scheduled a lender call for 10 a.m. ET on Wednesday to launch a fungible $210 million incremental first-lien term loan due March 2028, according to a market source.

Pricing on the term loan is SOFR+CSA plus 375 bps with a 0.75% floor, in line with existing term loan 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.

Original issue discount talk on the incremental term loan is 99.5 to 99.75, the source said.

Commitments are due at noon ET on April 16.

Jefferies LLC is the left lead on the deal that will be used with cash from the balance sheet to pay down an existing second-lien term loan.

Flexera is an Itasca, Ill.-based SaaS and Software Asset Management and Software Monetization provider.

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