Masorange breaks; Aecom, TRC updates emerge; Press Ganey, Ahead DB, Viad set price talk

By Sara Rosenberg

New York, April 17 – Masorange (Lorca Finco plc) updated sizes of its U.S. and euro term loans, revised the original issue discount on the U.S. tranche and set the spread on the euro piece at the low end of talk, and then the U.S. loan freed to trade on Wednesday.

In more happenings, Aecom firmed the original issue discount on its first-lien term loan B at the tight end of revised guidance, and TRC Cos. LLC (Energize Holdco) increased the size of its incremental first-lien term loan and accelerated the commitment deadline.

Also, Press Ganey (Azalea TopCo Inc.), Ahead DB Holdings LLC and Viad Corp. disclosed price talk with launch, and Infoblox Inc. (Delta Topco Inc.) and Cast & Crew joined this week’s primary calendar.

Masorange tweaked

Masorange changed its seven-year covenant-lite term loan B (Ba3/BB+/BB+) to consist of a minimum $400 million tranche and a minimum €400 million tranche, from initial talk of a €1.5 billion equivalent U.S and euro term loan B with tranche sizes to be determined, and then sizes finalized as a $400 million term loan B and an €800 million term loan B, market sources remarked.

In addition, the original issue discount talk on the U.S. term loan was revised to a range of 99.5 to 99.75 from 99.5, and then finalized at 99.75, and pricing on the euro term loan firmed at Euribor plus 350 basis points, the low end of the Euribor plus 350 bps to 375 bps talk, sources continued.

The U.S. term loan is still priced at SOFR plus 350 bps, and both loans still have a 0% floor and 101 soft call protection for six months.

The company is also planning on getting a €600 million private placement of five-year, non-callable for two years, senior secured notes, versus revised talk of a minimum size of €500 million and no size given initially.

Masorange frees

Commitments were due at noon ET on Wednesday for Masorange’s U.S. loan and at 11 a.m. ET on Wednesday for the euro loan, accelerated from noon ET on Thursday, and then the U.S. loan broke for trading with levels quoted at par bid, par ˝ offered, sources added.

BofA Securities Inc. and BNP Paribas Securities Corp. are the joint global coordinators on the deal. 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 Bs and notes will be used with a term loan A and 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, and due to the increased debt raise, for general corporate purposes and to address upcoming maturities.

Masorange is a mobile and fixed telecom company in Spain.

Aecom updated

Aecom finalized the original issue discount on its $700 million seven-year first-lien term loan B (Baa3/BBB-) at 99.75, the tight end of revised talk of 99.5 to 99.75 and tighter than initial talk of 99.5, according to a market source.

As before, pricing on the term loan is SOFR plus 187.5 bps with a 0% floor, and the debt has 101 soft call protection for six months.

Previously in syndication, pricing on the term loan was set at the low end of the SOFR plus 187.5 bps to 200 bps talk.

BofA Securities Inc. is the left lead on the term loan B that will be used with a new term loan A to refinance the company’s existing first-lien credit facilities and to add cash to the balance sheet.

Aecom is a Dallas-based provider of professional infrastructure consulting services.

TRC upsized

TRC raised its fungible incremental first-lien term loan due December 2028 to $210 million from $105 million, a market source said.

Pricing on the incremental term loan is SOFR+CSA plus 375 bps with a 0.5% floor, in line with existing first-lien term loan pricing, and the incremental debt is talked with an original issue discount of 99.25.

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

UBS Investment Bank is the left lead on the deal that will be used to fully, instead of partially, refinance the company’s existing second-lien term loan.

Warburg Pincus is the sponsor.

TRC is a Windsor, Conn.-based tech-enabled consulting firm focused on providing end-to-end engineering, science and technology solutions.

Press Ganey guidance

Press Ganey held its lender call on Wednesday morning and announced price talk on its $1.825 billion seven-year term loan B (B-) at SOFR plus 375 bps to 400 bps with a 0% floor and an original issue discount of 99 to 99.5, 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 24.

Barclays is leading the deal that will be used to repay revolver borrowings, first-lien term loans and second-lien notes, and to redeem series A preferred stock, including fees and expenses.

Press Ganey is a provider of mission-critical experience management solutions for health care providers and payors, pharmaceutical companies and other complex industries outside the health care industry.

Ahead DB talk

Ahead DB came out with talk of SOFR plus 375 bps with a 0.75% floor, an original issue discount of 99.5 to 99.75 and 101 soft call protection until Aug. 1 on its $613 million first-lien term loan due February 2031 in connection with its afternoon lender call, a market source remarked.

Commitments are due at noon ET on Tuesday.

RBC Capital Markets is the left lead on the deal that will be used to extend an existing first-lien term loan-1 from October 2027 to be co-terminous with an existing first-lien term loan-2.

Berkshire Partners and Centerbridge Partners are the sponsors.

Ahead DB is a Chicago-based IT solutions provider of enterprise hardware and software.

Viad holds call

Viad emerged in the morning with plans to hold a lender call at 2 p.m. ET to launch a $321 million term loan B due July 31, 2028 talked at SOFR plus 425 bps to 450 bps with no CSA, a 0.5% floor, a par issue price and 101 soft call protection for six months, according to a market source.

Signature pages are due at noon ET on Tuesday and commitments are due at 5 p.m. ET on Tuesday, the source added.

BofA Securities Inc. is the left lead on the deal that will be used to reprice an existing $321 million term loan B due July 31, 2028 down from SOFR+CSA plus 500 bps with a 0.5% floor. Current CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Viad is a Scottsdale, Ariz.-based provider of experiential leisure travel and live events and marketing experiences.

Infoblox joins calendar

Infoblox set a lender call for noon ET on Thursday to launch $2.145 billion of term loans, a market source said.

The debt is split between a $1.69 billion senior secured first-lien term loan B and a $455 million second-lien term loan, the source added.

Morgan Stanley Senior Funding Inc. is left lead on the deal that will be used to refinance the company’s existing credit facilities and to fund a distribution to ownership.

Infoblox is a Santa Clara, Calif.-based provider of cloud networking and security services.

Cast & Crew on deck

Cast & Crew scheduled a lender call for 10:30 a.m. ET on Thursday to launch a $950 million term loan B due December 2028, according to a market source.

Goldman Sachs Bank USA is the left lead on the deal that will be used to refinance an existing $895 million term loan B and to repay revolver borrowings.

Cast & Crew is a Burbank, Calif.-based provider of software and services to the entertainment production industry.

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