Inspire Brands, American Bath tweak timing; Avolon, Packers, AmeriLife release talk

By Sara Rosenberg

New York, Nov. 17 – Inspire Brands Inc. (IRB Holding Corp.) and American Bath Group LLC (CP Atlas Buyer Inc.) announced on Tuesday that they moved up the commitment deadlines for their term loan transactions.

And, in more happenings, Avolon, Packers Holdings LLC (PSSI) and AmeriLife Holdings LLC announced price talk with launch, and Claros Mortgage Trust Inc. and Duff & Phelps emerged with new deal plans.

Inspire revises deadline

Inspire Brands accelerated the commitment deadline for its $2.575 billion seven-year senior secured first-lien term loan B (B2/B) to 5 p.m. ET on Wednesday from noon ET on Friday, according to a market source.

The credit agreement was posted for review on Monday and comments to the documentation are also requested by 5 p.m. ET on Wednesday, the source said.

Talk on the term loan is Libor plus 350 basis points to 375 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

Barclays, Capital One, Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, Golub, KeyBanc Capital Markets, Rabobank, Truist and Wells Fargo Securities LLC are leading the deal.

American Bath accelerated

American Bath moved up the commitment deadline for its $1.2 billion seven-year first-lien term loan (B2/B) to noon ET on Thursday from Friday, a market source said.

Talk on the term loan is Libor plus 450 bps to 475 bps with a 0.75% Libor floor, an original issue discount of 98 and 101 soft call protection for six months.

As previously reported, on Monday the term loan was revised to an all funded structure from being divided between a $900 million funded tranche and a $300 million delayed-draw piece.

Credit Suisse Securities (USA) LLC, RBC Capital Markets, BofA Securities Inc., BMO Capital Markets Corp., Truist Securities Inc., Barclays and UBS Investment Bank are leading the deal that will be used with $335 million of notes to help fund the buyout of the company by Centerbridge Partners LP from Lone Star Funds.

Closing is expected in the fourth quarter, subject to customary conditions and approvals.

American Bath is an Arlington, Tex.-based manufacturer of showers, bathtubs and related accessories.

Inspire buying Dunkin’

Proceeds from Inspire Brands’ term loan B, cash on hand and equity from its sponsor, Roark Capital Management LLC, will be used to fund the acquisition of Dunkin’ Brands Group, Inc. for $106.50 per share in cash in a transaction valued at about $11.3 billion, including the assumption of Dunkin’ Brands’ debt.

Closing is expected by the end of the year.

Inspire Brands is an Atlanta-based multi-brand restaurant company. Dunkin’ Brands is a Canton, Mass.-based franchisor of quick service restaurants.

Avolon shops loan

Avolon held a lender call on Tuesday to launch a $500 million term loan B-5 due December 2027 talked at Libor plus 250 bps to 275 bps with a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, a market source remarked.

Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, BNP Paribas Securities Corp., Credit Agricole, MUFG, Barclays, Fifth Third, ING, KeyBanc Capital Markets, Mizuho, Natixis, Bank of Nova Scotia, Societe Generale, Truist, NatWest and Wells Fargo Securities LLC are leading the deal.

The new loan will be used by the Ireland-based aircraft lessor for general corporate purposes, including the repayment of secured debt.

Avolon amending

With the new term loan B-5, Avolon is seeking an amendment to its existing credit agreement to decrease the loan-to-value maintenance covenant level threshold to 75% for two years post-close, after which point it will revert to the current 80% level, and to provide 45 days from the term loan B-5 drawing date to add additional aircraft to the collateral pool, the source continued. If more than 45 days are required to add additional aircraft, cash can be used as collateral in calculating the loan-to-value ratio.

The amendment would also refresh the 101 soft call protection on the existing term loan B-3 and term loan B-4.

Amendment signatures are due at 5 p.m. ET on Thursday and term loan B-5 commitments are due at 2 p.m. ET on Friday, the source added.

Packers holds call

Packers Holdings emerged in the morning with plans to hold a lender call at 4 p.m. ET on Tuesday to launch a non-fungible $300 million incremental first-lien term loan (B-/B+) due Dec. 4, 2024 talked at Libor plus 400 bps with a 0.75% Libor floor, an original issue discount of 98.5 and 101 soft call protection for six months, according to market sources.

Commitments are due at noon ET on Nov. 24, sources added.

Jefferies LLC is leading the deal that will be used to fund a distribution to shareholders.

Packers Sanitation is a Kieler, Wis.-based provider of mission critical cleaning, sanitation and compliance services to the food processing industry.

AmeriLife details surface

AmeriLife launched on its afternoon call a non-fungible $80 million incremental covenant-lite first-lien term loan (B) due March 18, 2027 talked at Libor plus 400 bps to 425 bps with a 0.75% Libor floor, an original issue discount of 98.5 and 101 soft call protection for six months, a market source said.

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

The company is also getting a $45 million privately placed add-on second-lien term loan (CCC+).

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to fund tuck-in acquisitions.

AmeriLife is a Clearwater, Fla.-based insurance marketing organization.

Claros readies loan

Claros Mortgage Trust set a lender call for Wednesday to launch a fungible $250 million incremental term loan B that is talked at Libor plus 500 bps with a 1% Libor floor and an original issue discount of 97.375, according to a market source.

J.P. Morgan Securities LLC is leading the deal.

Proceeds will be used for general corporate purposes.

In connection with this transaction, the company will lift pricing on its existing term loan B from Libor plus 325 bps with a 0% Libor floor to match the incremental term loan pricing.

Claros Mortgage Trust is a commercial mortgage real estate investment trust with a focus on lending on large scale, transitional assets.

Duff & Phelps on deck

Duff & Phelps scheduled a lender call for 2 p.m. ET on Wednesday to launch a fungible $250 million incremental term loan, a market source remarked.

Stone Point Capital Markets is leading the deal that will be used for tuck-in acquisition financing. Goldman Sachs Bank USA is the administrative agent.

Pricing on the existing term loan is Libor plus 375 bps with a 1% Libor floor.

Duff & Phelps is a New York-based independent adviser with expertise in the areas of valuation, corporate finance, disputes and investigations, compliance and regulatory matters, and other governance-related issues.

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