AppLovin revises loan, hits secondary; Samsonite comes to market; Conservice on deck

By Sara Rosenberg

New York, April 29 – AppLovin Corp. increased the size of its incremental term loan and firmed the original issue discount at the tight end of guidance before freeing up for trading on Wednesday afternoon.

In more happenings, Samsonite released price talk on its incremental term loan B-2 with launch, and Conservice Midco LLC surfaced with new deal plans.

AppLovin updated, breaks

AppLovin raised its non-fungible incremental term loan to $300 million from $250 million and set the original issue discount at 95, the tight end of the 94 to 95 talk, according to a market source.

As before, the term loan is priced at Libor plus 400 basis points with a 0% Libor floor and has 101 soft call protection for six months.

Recommitments were due at noon ET on Wednesday, and then the debt made its way into the secondary market with levels quoted at 95˝ bid, 96˝ offered, the source said.

KKR Capital Markets and BofA Securities, Inc. are leading the deal that will be used for general corporate purposes.

AppLovin is a Palo Alto, Calif.-based mobile monetization platform that enables performance-based user acquisition campaigns for mobile game and other app developers.

Samsonite holds call

Samsonite hosted a lender call at 11 a.m. ET on Wednesday to launch a $500 million incremental first-lien term loan B-2 due April 25, 2025 talked at Libor plus 450 bps to 475 bps with a 1% Libor floor and an original issue discount of 97, a market source remarked.

The term loan is non-callable for one year, then has a 101 hard call in year two.

Commitments are due at 1 p.m. ET on Thursday, the source added.

Morgan Stanley Senior Funding Inc. is the left lead on the deal, which will be used for general corporate purposes.

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

Conservice on deck

Conservice set a lender call for 11 a.m. ET on Thursday to launch a $475 million seven-year covenant-lite first-lien term loan that has 101 soft call protection for one year, according to a market source.

Commitments are due at 5 p.m. ET on May 7, the source said.

The company’s $715 million of credit facilities also include a $50 million revolver and a $190 million privately placed second-lien term loan.

Credit Suisse Securities (USA) LLC and Golub are leading the deal that will be used to help fund a significant strategic investment in the company by Advent International, who will join existing investor TA Associates.

Conservice is a Logan, Utah-based provider of utility management software and billing solutions to property owners and managers.

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