Autodata accelerates term loan deadline; Madrid, Big Ass Solutions disclose price talk

By Sara Rosenberg

New York, May 20 – In the primary market on Monday, Autodata Group moved up the commitment deadline for its first-lien term loan, Madrid (AI Plex AcquiCo) and Big Ass Solutions (Big Ass Fans LLC) released price talk with launch, and Spencer Spirit surfaced with new deal plans.

Autodata Group accelerated the commitment deadline for its $375 million seven-year first-lien term loan to noon ET on Wednesday from noon ET on Thursday, a market source remarked.

Talk on the first-lien term loan is Libor plus 350 bps to 375 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

The company’s $590 million of credit facilities also include a $40 million revolver and a $175 million privately placed eight-year second-lien term loan.

RBC Capital Markets, KKR Capital Markets and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to help fund the buyout of the company by Thoma Bravo LLC from Internet Brands.

Closing is subject to customary conditions.

Autodata is a London, Ont.-based provider of data, technology platforms and services to the automotive industry.

Madrid reveals guidance

Madrid held its New York bank meeting on Monday and announced talk of Libor/Euribor plus 475 bps to 500 bps with a 0% floor, an original issue discount of 99 and 101 soft call protection for six months on its €520 million equivalent U.S. dollar seven-year term loan B and €965 million seven-year term loan B, according to a market source.

A bank meeting for European investors will take place in London on Wednesday.

The company’s €1,785,000,000 equivalent of credit facilities also include a €300 million 6.5-year multi-currency revolver.

Commitments are due at 10 a.m. ET on June 4, the source said.

Barclays, Deutsche Bank and Goldman Sachs are the physical bookrunners on the deal, and mandated lead arrangers include Bank of America Merrill Lynch, Bank of China, Helaba, HSBC, RBC and NatWest.

The new debt will be used to help fund the buyout of Evonik Industries AG’s methacrylates business (Madrid) by Advent International for €3 billion.

Closing is expected by the third quarter, subject to customary conditions and regulatory approvals.

Madrid is a provider of methacrylate solutions to a variety of end markets.

Big Ass sets talk

Big Ass Solutions came out with original issue discount talk of 99.5 on its $100 million incremental first-lien term loan (B) due May 21, 2024 that launched with an afternoon call, a market source said.

Pricing on the incremental term loan is Libor plus 375 bps with a 1% Libor floor, in line with pricing on the company’s existing roughly $245 million first-lien term loan.

Commitments are due at noon ET on May 30.

Credit Suisse Securities (USA) LLC and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to refinance a seller note and fund a shareholder distribution.

Lenders are being offered a 10 bps consent fee for an amendment.

Big Ass Solutions is a Lexington, Ky.-based producer of high volume, low speed and connected fans.

Spencer on deck

Spencer Spirit set a bank meeting for 11 a.m. ET on Thursday to launch a $385 million term loan B, according to a market source.

Guggenheim and Wells Fargo Securities LLC are leading the deal that will be used to refinance existing debt.

Spencer is an Egg Harbor Township, N.J.-based specialty retailer focused on lifestyle accessories and specialized Halloween merchandise.

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