Whatabrands, CDK, Presidio, Delrin, Cvent, LifePoint, Cetera, Setanta and more break

By Sara Rosenberg

New York, May 9 – Whatabrands LLC (Whataburger) firmed the spread on its first-lien term loan B at the low end of talk and changed the issue price on the incremental portion of the transaction, CDK Global Inc. lowered pricing on its term loan B, and Presidio Inc. (Fortress Intermediate 3 Inc.) reduced the size of its first-lien term loan B, and then these deals freed to trade on Thursday.

Also, before breaking for trading, Delrin trimmed pricing on its first-lien term loan and eliminated a leverage-based step-down, Cvent Holding Corp. (Capstone Borrower Inc.) upsized its first-lien term loan B, and LifePoint Health Inc. increased the size of its term loan B, reduced the spread and tightened the issue price.

Other deals to make their way into the secondary market during the session included Cetera Financial Group Inc. (Aretec Group Inc.), Setanta Aircraft Leasing DAC, Southern Veterinary Partners LLC, Cinemark Holdings Inc. and Evertec Inc.

In more happenings, BroadStreet Partners Inc. upsized its term loan B-4 and modified the original issue discount, AmWINS Group Inc. changed the issue price on its add-on term loan B, Creative Planning accelerated the commitment deadline for its term loan B, and Cloud Software Group Inc. (Picard Parent Inc.) approached investors with a first-lien term loan B.

Whatabrands tweaked, frees

Whatabrands set pricing on its $2,727,382,650 covenant-lite first-lien term loan B due Aug. 3, 2028 at SOFR plus 275 basis points, the low end of the SOFR plus 275 bps to 300 bps talk, and revised the issue price on the $140 million fungible incremental piece under the term loan to par from talk in the range of 99.5 to 99.75, a market source said. The issue price on the $2,587,382,650 repricing portion of the term loan remained at par.

The term loan still has a 0.5% floor, 101 soft call protection for six months and 0 bps CSA.

Recommitments were due at 12:30 p.m. ET on Thursday, and the term loan broke for trading later in the day, with levels quoted at par ¼ bid, par ½ offered, a trader added.

Morgan Stanley Senior Funding Inc., JPMorgan Chase Bank, BofA Securities Inc., UBS Investment Bank and Citigroup Global Markets are leading the deal for the San Antonio-based restaurant company.

The incremental piece will be used to fund the redemption of remaining preferred equity on the company’s balance sheet, and the repricing will take the existing term loan B down from SOFR+CSA plus 325 bps if total net first-lien leverage is more than 5x and SOFR+CSA plus 300 bps if total net first-lien leverage is 5x or lower, with a 0.5% floor. Current CSA is 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Closing is expected during the week of May 13.

CDK revised, breaks

CDK Global cut pricing on its $3.573 billion term loan B due July 2029 to SOFR plus 325 bps from talk in the range of SOFR plus 350 bps to 375 bps, a market source remarked.

The term loan still has a 0% floor, an original issue discount of 99.75 for new money, a par issue price for rolling commitments and 101 soft call protection for six months.

Recommitments were due at 2 p.m. ET on Thursday, and the term loan freed up in the afternoon, with levels quoted at par 3/8 bid, par ¾ offered, another source added.

Goldman Sachs Bank USA, UBS Investment Bank, BMO Capital Markets, Barclays, Deutsche Bank Securities Inc., RBC Capital Markets LLC, TD Securities (USA) LLC, Wells Fargo Securities LLC, BofA Securities Inc., Morgan Stanley Senior Funding Inc., BNP Paribas Securities Corp., CIBC, Credit Agricole, MUFG, Bank of Nova Scotia, Societe Generale and Golub are leading the deal. UBS is the agent.

The term loan will be used to reprice an existing $3.573 billion term loan B due 2029 down from SOFR plus 400 bps with a 0% floor.

CDK is a Hoffman Estates, Ill.-based provider of a fully integrated cloud-based software platform to auto dealerships and original equipment manufacturers.

Presidio downsized

Presidio scaled back its seven-year first-lien term loan B (B2/B) to $1.853 billion from $2.103 billion, while keeping pricing at SOFR plus 375 bps with a 25 bps step-down at 5x first-lien net leverage and a 25 bps step-down upon an initial public offering, a 0% floor and an original issue discount of 99.5, according to a market source.

The term loan still 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 375 bps to 400 bps talk, the discount was changed from 99, some changes were made to documentation, including to MFN and some baskets, and J. Crew, Serta and Chewy protections were added.

With the term loan downsizing, the company raised its senior secured notes offering to $750 million from $500 million.

Presidio frees

During the session, Presidio’s term loan B broke for trading, with levels quoted at par bid, par ½ offered, another source added.

JPMorgan Chase Bank, Citigroup Global Markets Inc., BNP Paribas Securities Corp., Deutsche Bank Securities Inc., RBC Capital Markets, UBS Investment Bank, Wells Fargo Securities LLC, Goldman Sachs Bank USA, Santander Bank, Credit Agricole, MUFG, Natixis, PNC Bank, SMBC, Regions Bank, Bank of Nova Scotia, Societe Generale, SPCFC, TD Securities (USA) LLC and Truist Securities are the leads on the deal.

Proceeds from the term loan and notes will be used to help fund the buyout of the company by Clayton Dubilier & Rice from BC Partners. BC Partners will retain minority ownership interest in Presidio.

Closing is expected in the second quarter, subject to customary conditions.

Presidio is a New York-based technology services and solutions provider.

Delrin flexes, trades

Delrin reduced pricing on its $700 million first-lien term loan due November 2030 to SOFR plus 350 bps from SOFR plus 375 bps and removed a 25 bps step-down at 3.5x first-lien net leverage, a market source remarked.

As before, the term loan has a 0.5% floor, a par issue price and 101 soft call protection for six months.

Recommitments were due at noon ET on Thursday, and the term loan started trading in the afternoon, with levels quoted at par ¼ bid, par 5/8 offered, another source added.

Goldman Sachs Bank USA is the left lead on the deal that will be used to reprice an existing term loan B due November 2030 down from SOFR plus 425 bps with a 25 bps step-down at 3.5x first-lien net leverage and a 0.5% floor.

The Jordan Co. is the sponsor.

Delrin is a producer of acetal homopolymer, a high-end engineering thermoplastic.

Cvent upsized, breaks

Cvent lifted its senior secured covenant-lite first-lien term loan B due June 15, 2030 to $567 million from $547 million, according to a market source.

Pricing on the term loan remained at SOFR plus 325 bps with a 0% floor and a par issue price, and the debt still has 101 soft call protection for six months.

In the afternoon, the loan broke for trading, with levels quoted at par ¼ bid, par 5/8 offered, a trader added.

Morgan Stanley Senior Funding Inc., UBS Investment Bank, Citizens, Fifth Third, MUFG and RBC Capital Markets are leading the deal that will be used to reprice an existing term loan due June 2030 down from SOFR plus 375 bps with a 0% floor.

With the repricing, the term loan is being paid down by $80 million to $567 million, instead of by $100 million to $547 million as originally proposed, with proceeds from a $100 million add-on senior secured notes offering, which will now also be used for general corporate purposes.

Closing is expected on May 16.

Cvent is a Tysons, Va.-based provider of meetings, events and hospitality technology.

LifePoint modified

LifePoint Health upsized its seven-year senior secured term loan B to $500 million from $400 million, changed price talk to a range of SOFR plus 400 bps to 425 bps from just SOFR plus 425 bps, and then firmed at SOFR plus 400 bps, and tightened the issue price to par from revised talk earlier in the day of 99.75 and initial talk of 99.5, a market source said.

The term loan still has a 0% floor and 101 soft call protection for six months.

Citigroup Global Markets Inc., Apollo, Barclays, JPMorgan Chase Bank, Morgan Stanley Senior Funding Inc., RBC Capital Markets, Capital One, Deutsche Bank Securities Inc., Wells Fargo Securities LLC, Truist Securities, BMO Capital Markets, Mizuho, Siebert and Regions are leading the deal.

LifePoint hits secondary

Recommitments for LifePoint’s term loan were due at 3:45 p.m. ET on Thursday and the debt freed up late in the day, with levels quoted at par 1/8 bid, par 3/8 offered, another source added.

It will be used with $800 million of senior unsecured notes, downsized from $900 million, to repay the company’s 9¾% senior unsecured notes due 2026.

Closing is expected in late May.

LifePoint is a Brentwood, Tenn.-based operator of general acute care hospitals, community hospitals, regional health systems, physician practices, outpatient centers and post-acute care facilities.

Cetera frees up

Cetera Financial’s $2.525 billion first-lien term loan due August 2030 made its way into the secondary market, with levels quoted at par ½ bid, 101 offered, according to a market source.

Pricing on the term loan is SOFR plus 400 bps with a 0% floor, and it was issued at par. The loan has 101 soft call protection for six months.

Of the total term loan amount, $100 million is a fungible incremental piece for general corporate purposes and to cover fees and expenses, and $2.425 billion is a repricing of an existing first-lien term loan down from SOFR+CSA plus 450 bps with a 0% floor. Current CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

During syndication, the issue price for new commitments was tightened from 99.5, while the issue price for rolled commitments was unchanged.

UBS Investment Bank, Antares Capital, Barclays, BMO Capital Markets, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Jefferies LLC, Morgan Stanley Senior Funding Inc. and Truist are leading the deal.

Cetera, a Genstar portfolio company, is a San Diego-based provider of broker-dealer and advisory services through a network of independently managed firms.

Setanta starts trading

Setanta Aircraft Leasing’s $1 billion term loan B due Nov. 5, 2028 (Baa1/BBB/BBB) broke too, with levels quoted at par ¼ bid, par 5/8 offered, a market source remarked.

Pricing on the term loan is SOFR plus 175 bps with a 0% floor, and it was issued at par. The debt has 101 soft call protection for six months and no CSA.

Citigroup Global Markets Inc., Morgan Stanley Senior Funding and Wells Fargo Securities LLC are leading the deal that will be used to reprice the company’s term loan B down from SOFR+CSA plus 200 bps.

With this transaction, the term loan B is being downsized from $2 billion with cash from the parent company’s balance sheet.

Closing is expected in mid-May.

Setanta is an indirect wholly owned subsidiary of AerCap Holdings, a Dublin-based aircraft leasing company.

Southern Veterinary breaks

Southern Veterinary Partners’ roughly $1.448 billion first-lien term loan due Oct. 5, 2027 freed up during the session, with levels quoted at par ¼ bid, par ¾ offered, according to a market source.

Pricing on the term loan is SOFR plus 375 bps with a 1% floor, and it was issued at par. The loan has 101 soft call protection for six months and no CSA.

Jefferies LLC is leading the deal that will be used to reprice an existing first-lien term loan down from SOFR+ARRC CSA plus 400 bps with a 1% floor.

Southern Veterinary is a Birmingham, Ala.-based provider of general practice veterinary services.

Cinemark hits secondary

Cinemark’s $644 million first-lien term loan B due May 2030 began trading as well, with levels quoted at par 3/8 bid, par 5/8 offered, a market source said.

Pricing on the term loan is SOFR plus 325 bps with a 0.5% floor, and it was issued at par. The debt has 101 soft call protection for six months.

Barclays is the left lead on the deal that will be used to reprice an existing term loan down from SOFR plus 375 bps with a 0.5% floor.

The borrower is Cinemark USA Inc.

Cinemark is a Plano, Tex.-based motion picture exhibitor.

Evertec frees

Evertec’s $540 million term loan B also broke, with levels quoted at par ½ bid, 101 offered, a market source remarked.

Pricing on the term loan is SOFR plus 325 bps with a 0.5% floor, and it was issued at par. The debt has 101 soft call protection for six months.

Truist Securities Inc. is the left lead on the deal that will be used to reprice an existing term loan B down from SOFR plus 350 bps with a 0.5% floor.

Evertec is a Puerto Rico-based full-service transaction processing company.

Allied levels emerge

Allied Universal Holdco LLC’s fungible $1.1 billion incremental senior secured covenant-lite first-lien term loan due May 15, 2028 was quoted at par 1/8 bid, par 3/8 offered on Thursday morning after pricing on Wednesday evening, according to a trader.

Pricing on the incremental term loan is SOFR+10 bps CSA plus 375 bps with a 0.5% floor, in line with existing term loan pricing, and the new debt was issued at par.

During syndication, the incremental term loan was upsized from $622 million, and the issue price firmed at the tight end of revised talk of 99.75 to par and tighter than initial talk of 99.5.

Pro forma for the transaction, the term loan will total $5.15 billion.

Allied lead banks

Morgan Stanley Senior Funding Inc., UBS Investment Bank, Citigroup Global Markets Inc., Mizuho, HSBC Securities (USA) Inc., Deutsche Bank Securities Inc., BNP Paribas Securities Corp., MUFG, Societe Generale, Wells Fargo Securities LLC, PNC, US Bank, ING, Goldman Sachs Bank USA, Truist Securities, BMO Capital Markets, KeyBanc Capital Markets and First Citizens are the lead banks Allied Universal’s term loan. Credit Suisse is the agent.

The term loan will be used with $500 million of senior secured notes and cash on hand to fully repay an incremental first-lien term loan due 2028, to partially repay senior secured notes due 2026 and to pay down revolver borrowings.

Closing is expected during the week of May 20.

Allied Universal is a Santa Ana, Calif.-based provider of security services.

BroadStreet reworked

Back in the primary market, BroadStreet Partners increased its seven-year term loan B-4 (B2/B) to $3.5 billion from $3.3 billion and adjusted the original issue discount to 99.875 from talk in the range of 99.5 to 99.75, according to a market source.

Pricing on the term loan remained at SOFR plus 325 bps with a 0% floor, and the debt still has 101 soft call protection for six months.

Commitments continued to be due at 5 p.m. ET on Thursday for rolled orders and at 11 a.m. ET on Friday for new money orders, the source added.

RBC Capital Markets and BMO Capital Markets are leading the deal that will be used to refinance a roughly $1.1 billion term loan B-1, a roughly $400 million term loan B-2, a roughly $1.3 billion term loan B-3 and a roughly $500 million term loan A, to repay revolver borrowings, and, due to the upsizing, to add cash to the balance sheet for acquisitions and general corporate purposes.

BroadStreet is a Columbus, Ohio-based insurance broker.

AmWINS tightened

AmWINS revised the original issue discount on its fungible $839 million add-on term loan B due February 2028 to 99.875 from talk in the range of 99.5 to 99.75, a market source remarked.

Pricing on the add-on term loan is SOFR+CSA plus 225 bps with a 0.75% floor, in line with pricing on the company’s existing $2.5 billion term loan due February 2028, and the debt is still getting 101 soft call protection for six months. CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Recommitments were due at 5 p.m. ET on Thursday, with allocations expected on Friday, the source added.

Goldman Sachs Bank USA is the left lead on the deal that will be used to refinance the company’s non-fungible $839 million term loan B priced at SOFR plus 275 bps.

AmWINS is a Charlotte, N.C.-based specialty insurance broker.

Creative Planning accelerated

Creative Planning moved up the commitment deadline for its $1.35 billion seven-year term loan B (Ba2/BB) to 10 a.m. ET on Friday from 5 p.m. ET on Monday, a market source said.

Talk on the term loan is SOFR plus 225 bps to 250 bps with a 25 bps step-down at 1.75x total net leverage and 25 bps step-down upon an initial public offering, a 0% floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Goldman Sachs Bank USA, Citizens, BMO Capital Markets, Capital One, MUFG, Wells Fargo Securities LLC, Mizuho and US Bank are leading the deal that will be used to refinance the company’s existing term loans A-1, A-2 and A-3.

Creative Planning is a registered investment adviser that provides a broad suite of wealth management services.

Cloud comes to market

Cloud Software launched on Thursday a $4.089 billion first-lien term loan B due March 30, 2029 talked at SOFR plus 400 bps with no CSA, a 0.5% floor, a par issue price and 101 soft call protection for six months, according to sources.

Commitments are due on Monday, sources added.

BofA Securities Inc., Goldman Sachs Bank USA, UBS Investment Bank and others are leading the deal that will be used with proceeds from a recently priced senior secured notes offering to partially repay and reprice an existing term loan B due March 30, 2029 down from SOFR+10 bps CSA plus 450 bps with a 0.5% floor.

The $4.089 billion term loan B size is net of a $915 million paydown.

Cloud Software is a provider of software franchises for and across data, automation, insight and collaboration serving enterprises across private, public, managed and sovereign cloud environments.

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