Endo, ECL Entertainment, AmaWaterways break; Flexera updated; Buyers Edge accelerated

By Sara Rosenberg

New York, April 11 – Endo Inc. increased the size of its term loan B, reduced the spread and tightened the original issue discount, and ECL Entertainment LLC upsized its first-lien term loan, lowered pricing and changed the issue price on the incremental portion of the transaction, and then these deals freed to trade on Thursday.

Also, AmaWaterways trimmed the margin on its term loan B, eliminated leverage-based pricing step-downs and modified the original issue discount before breaking for trading during the session.

In more happenings, Flexera Software LLC revised the issue price on its incremental first-lien term loan, and Buyers Edge Platform moved up the commitment deadline for its term loan.

Furthermore, Cedar Fair approached lenders with a new term loan B, Thryv Inc. released price talk on its term loan B in connection with its lender call, and DaVita Inc. joined the near-term primary calendar.

Endo reworked, frees

Endo raised its seven-year term loan B to $1.5 billion from $1.25 billion, trimmed pricing to SOFR plus 450 basis points from talk in the range of SOFR plus 475 bps to 500 bps and revised the original issue discount to 99 from talk in the range of 98 to 98.5, according to a market source.

As before, the term loan has a 25 bps step-down at 0.5x inside closing date first-lien net leverage, a 0.5% floor and 101 soft call protection for six months.

Recommitments were due at 10:30 a.m. ET on Thursday and the term loan began trading in the afternoon, with levels quoted at 99½ bid, par ¼ offered, another source added.

The company’s $1.9 billion of credit facilities (B2/B+) also include a $400 million super-priority revolver.

Goldman Sachs Bank USA, JPMorgan Chase Bank, Barclays, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc., Santander, TCBI and BofA Securities Inc. are leading the deal that will be used with $1 billion of senior secured notes, downsized from $1.25 billion, to fund the company’s exit from Chapter 11.

Closing is expected during the week of April 22.

Endo is a Dublin-based diversified specialty pharmaceutical company.

ECL revised, trades

ECL Entertainment lifted its fungible incremental first-lien term loan due August 2030 to $61 million from $50 million, cut pricing on the incremental and on the $379 million repriced first-lien term loan due August 2030 to SOFR plus 400 bps from SOFR plus 425 bps, and modified the original issue discount on the incremental to 99.75 from 99.5, a market source remarked.

The now total $440 million first-lien term loan (B2/B+), up from $429 million, still has a 0% floor and 101 soft call protection for six months, and the repricing still has a par issue price.

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

Santander is leading the deal.

The incremental debt will be used to fund a joint venture investment, and the repricing will take the company’s existing term loan down from SOFR plus 475 bps.

ECL is a multi-property regional gaming company.

AmaWaterways tweaked, breaks

AmaWaterways reduced pricing on its $525 million seven-year term loan B (B2/B) to SOFR plus 350 bps from talk in the range of SOFR plus 375 bps to 400 bps, removed the two 25 bps step-downs at 4.5x and 4x first-lien net leverage, and tightened the original issue discount to 99.5 from 99, according to a market source.

Also, changes were made to documentation, including adding J. Crew, Serta and Chewy protections, the source said.

The term loan still has a 25 bps step-down upon an initial public offering, a 0% floor and 101 soft call protection for six months.

Recommitments were due at 11 a.m. ET on Thursday and the term loan broke in the afternoon, with levels quoted at 99¾ bid, par ¼ offered, another source added.

JPMorgan Chase Bank, BofA Securities Inc. and Wells Fargo Securities LLC are leading the deal that will be used to help fund the buyout of the company by L Catterton from a consortium of investors led by Certares.

AmaWaterways is a Calabasas, Calif.-based luxury river cruise line.

Flexera tightened

Flexera Software adjusted the issue price on its fungible $210 million incremental first-lien term loan due March 2028 to par from talk in the range of 99.5 to 99.75, a market source said.

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.

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

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.

Buyers Edge accelerated

Buyers Edge Platform moved up the commitment deadline for its $550 million seven-year term loan B (B1) to 11 a.m. ET on Friday from 5 p.m. ET on Monday, according to a market source.

Talk on the term loan is SOFR plus 400 bps with a 0% floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months.

JPMorgan Chase Bank, BofA Securities Inc., Truist Securities, Wells Fargo Securities LLC and GA Credit are leading the deal that will be used to refinance existing debt, fund a distribution and add cash to the balance sheet.

Buyers Edge is a Waltham, Mass.-based provider of procurement, supply chain management and software services to foodservice operators.

Cedar Fair holds call

Cedar Fair held a lender call at 2 p.m. ET on Thursday to launch a $1 billion term loan B due 2031 (Ba2/BB+) talked at SOFR plus 250 bps with a 0.5% floor, an original issue discount of 99.5 and 101 soft call protection for six months, a market source remarked.

Commitments are due at 10 a.m. ET on April 19, the source added.

Goldman Sachs Bank USA, JPMorgan Chase Bank, Wells Fargo Securities LLC, PNC, KeyBanc Capital Markets, Fifth Third, Citizens Bank, HSBC Securities (USA) Inc., Texas Capital and Capital One are leading the deal that will be used to refinance the company’s 5½% senior secured notes due 2025.

The transaction is being done in connection with the merger of Cedar Fair LP and Six Flags Entertainment Corp., under which Cedar Fair unitholders will receive one share of common stock in the new combined company for each unit owned, and Six Flags shareholders will receive 0.58 shares of common stock for each share owned.

Closing is expected in the first half of this year, subject to shareholder and regulatory approvals.

Sandusky, Ohio-based Cedar Fair and Arlington, Tex.-based Six Flags are amusement park operators. Upon closing, the combined company will operate under the name Six Flags and be based in Charlotte, N.C.

Thryv guidance

Thryv came out with talk of SOFR plus 700 bps with a 1% floor and an original issue discount of 98 on its $350 million five-year term loan B (B3/B+) that launched with a call in the morning, according to a market source.

The term loan has soft call protection of 102 in year one and 101 in year two.

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

Citizens Bank is leading the deal, which will be used to refinance existing debt, including the company’s term loan B due 2026.

Thryv is a Dallas-based software and marketing services company.

DaVita on deck

DaVita set a lender call for 2 p.m. ET on Monday to launch a $2.6 billion term loan B due 2031 talked at SOFR plus 200 bps with no CSA, a 0% floor, an original issue discount of 99.5 and 101 soft call protection for six months, a market source said.

Commitments are due at 10 a.m. ET on April 25, the source added.

Goldman Sachs Bank USA is the left lead on the deal that will be used to refinance an existing $2.6 billion term loan B.

DaVita is a Denver-based provider of kidney dialysis services to patients with chronic kidney failure.

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