Integrity Marketing changes surface; C&D, Latham Pool, Berlin, Priority Payment set talk

By Sara Rosenberg

New York, Nov. 29 – In the primary market on Thursday, Integrity Marketing reworked its first-and second-lien term loan amounts and lifted pricing on the second-lien debt.

Furthermore, C&D Technologies Inc., Latham Pool Products Inc., Berlin Packaging LLC and Priority Payment Systems announced price talk with launch.

Integrity revised

Integrity Marketing raised its first-lien term loan to $267.5 million from $260 million, while leaving pricing on the tranche, as well as on a $50 million delayed-draw first-lien term loan, at Libor plus 425 basis points with a 0% Libor floor and an original issue discount of 99.5, according to a market source.

In addition, the company scaled back its funded second-lien term loan to $87.5 million from $115 million and its delayed-draw second-lien term loan to $10 million from $15 million, and flexed pricing on the debt to Libor plus 850 bps from Libor plus 825 bps, the source said.

As before, the first-lien term loan has 101 soft call protection for six months, and the second-lien term loan debt has a 0% Libor floor, a discount of 99 and call protection of 102 in year one and 101 in year two.

The company’s now $435 million of credit facilities also include a $20 million revolver.

Antares Capital is leading the deal that allocated on Thursday and will be used to refinance existing debt and fund a distribution to existing shareholders.

Integrity Marketing, a portfolio company of HGGC, is a Dallas-based marketer and distributor of senior health and life insurance products.

C&D reveals guidance

C&D Technologies held its bank meeting on Thursday and released talk on its $400 million seven-year covenant-light first-lien term loan B (B3/B-) in the Libor plus 500 bps area with a 0% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on Dec. 13, the source said.

Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, ING and KeyBanc Capital Markets are leading the deal that will be used with a subordinated sponsor subscription facility, ABL borrowings and a cash contribution from KPS Capital Partners to fund the acquisition of Trojan Battery Co. LLC from Charlesbank Capital Partners and to refinance existing debt.

C&D, a KPS portfolio company, is a Blue Bell, Pa.-based manufacturer and servicer of industrial lead acid batteries and battery systems. Trojan is a Santa Fe Springs, Calif.-based manufacturer, marketer and distributor of industrial deep-cycle batteries for both the motive and stationary power markets.

Latham discloses talk

Latham Pool Products came out with talk of Libor plus 600 bps with a 0% Libor floor, an original issue discount of 98 and 101 soft call protection for one year on its $215 million seven-year covenant-light term loan B that launched with an afternoon bank meeting, a market source said.

The company’s $245 million of credit facilities (B2/B+) also include a $30 million five-year revolver.

Commitments are due on Dec. 12, the source added.

Nomura is leading the deal that will be used to fund the buyout of the company by Pamplona and Wynnchurch, refinance existing debt and pay related fees and expenses.

Closing is expected in late December.

Latham is a Latham, N.Y.-based designer and manufacturer of residential in-ground swimming pools and related accessories.

Berlin holds call

Berlin Packaging hosted a lender call at 3 p.m. ET on Thursday to launch a $60 million incremental first-lien term loan (B3) due Nov. 7, 2025 that is talked with an original issue discount of 98.55, according to a market source.

The incremental loan is priced in line with the existing term loan at Libor plus 300 bps with a 0% Libor floor.

Commitments are due at noon ET on Dec. 5, the source said.

Jefferies LLC is leading the deal that will be used to fund the acquisition of the company by Oak Hill Fund IV, Canada Pension Plan Investment Board and other co-investors from Oak Hill Fund III. As part of the transaction, Canada Pension Plan Investment Board will make a $500 million investment in the company.

The acquisition will be a permitted change of control so the company is just tacking on the new debt to its existing debt.

Closing is expected by year-end.

Berlin Packaging is a Chicago-based hybrid packaging supplier.

Priority Payment launches

Priority Payment Systems launched at its lender meeting its $130 million add-on term loan B and repricing of its existing term loan B at talk of Libor plus 475 bps, a market source remarked.

Original issue discount talk on the add-on term loan is 99.5, the source added.

SunTrust Robinson Humphrey Inc. is leading the deal.

The add-on debt will be used to fund acquisitions and repay revolver borrowings.

Priority Payment is an Alpharetta, Ga.-based payment technology company.

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