Doosan Bobcat, Delos Finance, Openlink Financial break; Genex Services revises deal

By Sara Rosenberg

New York, March 5 – Doosan Bobcat (Clark Equipment Co.) saw its term loan free to trade on Monday above its issue price, and deals from Delos Finance Sarl (AerCap) and Openlink Financial LLC (Ocean Bidco Inc.) hit the secondary market too.

Meanwhile, in the primary market Genex Services tightened the original issue discount on its first-lien term loan B as a result of strong oversubscription.

Also, McDermott International Inc., Travelport Finance (Luxembourg) Sarl, GVC Holdings plc, Pike Corp., Pinnacle Foods Finance LLC, Cincinnati Bell Inc., Atkins Nutritionals Holdings Inc. (Simply Good Foods Co.), SpecialtyCare, E.W. Scripps Co. and Hyland Software Inc. released price talk with launch.

Furthermore, Prince, Amneal Pharmaceuticals Inc., Carlisle FoodService Products and Output Services Group Inc. (OSG Billing Services) joined this week’s primary calendar.

Doosan Bobcat frees up

Doosan Bobcat’s $1,235,000,000 term loan B due May 18, 2024 began trading on Monday, with levels quoted at par 1/8 bid, par 3/8 offered, according to a trader.

Pricing on the term loan B is Libor plus 200 basis points with a 0% Libor floor and it was issued at par. The debt has 101 soft call protection for one year.

During syndication, pricing on the term loan B firmed at the low end of the Libor plus 200 bps to 225 bps talk and the call protection finalized from talk of either being six months or one year.

Bank of America Merrill Lynch is leading the deal that will be used to refinance an existing term loan B.

Doosan Bobcat is a manufacturer of compact farm and construction equipment.

Delos hits secondary

Delos Finance’s $1.5 billion term loan B (Baa2/BBB-) due Oct. 6, 2023 broke as well, with levels quoted at par ¼ bid, par ½ offered, a trader said.

Pricing on the term loan is Libor plus 175 bps with a 0% Libor floor and it was issued at par. The debt has

101 soft call protection for six months.

Deutsche Bank Securities Inc. and RBC Capital Markets are leading the deal that will be used to reprice an existing term loan down from Libor plus 200 bps with a 0% Libor floor.

Closing is expected this week.

Delos is a subsidiary of Dublin-based aircraft leasing company AerCap Holdings NV.

Openlink tops OID

Openlink’s credit facilities also freed up, with its $348 million seven-year first-lien term loan quoted at par bid, 101 offered, a market source remarked.

Pricing on the U.S. term loan is Libor plus 500 bps with a 1% Libor floor and it was sold at an original issue discount of 99.5. The tranche has 101 soft call protection for six months.

The company’s senior secured credit facilities (B3/B-) also include a €150 million seven-year first-lien term loan and a $21 million five-year revolver.

The euro term loan is priced at Euribor plus 450 bps with a 1% floor and it was issued at a discount of 99.5. This tranche has 101 soft call protection for six months as well.

During syndication, the U.S. term loan was upsized from $275 million and the spread was reduced from Libor plus 575 bps, and the euro term loan was downsized from €200 million while pricing was lowered from Euribor plus 525 bps.

UBS Investment Bank is leading the deal that will be used to help fund the acquisition of the company by ION Investment Group from Hellman & Friedman.

Openlink is a Uniondale, N.Y.-based provider of trading and risk management solutions. ION is a provider of trading and workflow automation software solutions.

Genex tweaks deal

Moving to the primary market, Genex Services modified the original issue discount on its $365 million seven-year first-lien term loan B (B) to 99.875 from 99.5, according to a market source.

As before, the first-lien term loan is priced at Libor plus 325 bps with a 0% Libor floor, and has 101 soft call protection for six months.

The company’s $535 million of credit facilities also include a $50 million five-year revolver (B), and a $120 million eight-year second-lien term loan (CCC+) priced at Libor plus 700 bps with a 0% Libor floor. The second-lien loan has hard call protection of 102 in year one and 101 in year two.

Recommitments were due at 5 p.m. ET on Monday, the source said.

SunTrust Robinson Humphrey Inc., RBC Capital Markets, Capital One, Fifth Third Bank and KKR Capital Markets are leading the deal, with SunTrust left on the first-lien loan and RBC left on the second-lien loan.

Proceeds will be used to help fund the buyout of the company by Stone Point Capital LLC from Apax Partners, which is expected to close this quarter.

Genex is a Wayne, Pa.-based provider of cost containment services to the workers’ compensation, disability and auto industries.

McDermott price talk

McDermott International held its lender call on Monday and disclosed price talk on its $2.15 billion seven-year first-lien term loan, according to a market source.

The term loan is talked at Libor plus 400 bps to 425 bps with a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, the source said.

Commitments are due at noon ET on March 21.

Barclays, Credit Agricole, Goldman Sachs Bank USA, MUFG, ABN Amro, RBC Capital Markets and Standard Chartered are leading the deal that will be used to refinance existing debt, to cash collateralize letters of credit and to pay related fees and expenses.

Pro forma first-lien net leverage is 0.7 times and net total leverage is 1.8 times.

McDermott is a Houston-based provider of integrated engineering, procurement, construction and installation, front-end engineering and design and module fabrication services for upstream field developments.

Travelport launches

Travelport hosted a lender call in the afternoon to launch a $1.5 billion seven-year covenant-light term loan B talked at Libor plus 275 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, a market source remarked.

Commitments are due at 10 a.m. ET on Friday, the source added.

Bank of America Merrill Lynch, Morgan Stanley Senior Funding Inc., Citigroup Global Markets Inc., Goldman Sachs Bank USA and UBS Investment Bank are leading the deal that will be used with $650 million in senior secured notes due 2026 to refinance an existing term loan B.

Travelport is a Langley, U.K.-based technology company that operates a travel commerce platform.

GVC releases guidance

GVC Holdings came out with talk on its £1.4 billion equivalent six-year covenant-light first-lien term loan B debt with its London bank meeting on Monday, a market source said. A bank meeting for U.S. investors will take place at 10 a.m. ET in New York on Tuesday.

The $400 million term loan B is talked at Libor plus 275 bps with a 1% Libor floor, the €900 million term loan B is talked at Euribor plus 275 bps with a 0% floor and the £325 million term loan B is talked at Libor plus 350 bps with a 0% Libor floor, the source said. All tranches are talked with an original issue discount of 99.5 and 101 soft call protection for six months.

Sizes of the U.S., euro and sterling term loan B tranches are indicative amounts.

The company’s credit facilities also include a £550 million equivalent multi-currency five-year revolver.

Commitments are due on March 15.

Credit Suisse, Deutsche Bank, Barclays, Mediobanca and Natwest Markets are the bookrunners on the deal (Ba2/BB/BB+), with Credit Suisse left on the U.S. and Deutsche left on the euro and sterling. Nomura and Santander are mandated lead arrangers.

The credit facilities will be used by the Isle of Man-based online gambling company to help fund the acquisition of Ladbrokes Coral Group, to refinance existing debt and for general corporate purposes.

Pike terms surface

Pike disclosed talk of Libor plus 375 bps to 400 bps with a 1% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months on its $935 million seven-year senior secured covenant-light term loan B (B2/B) that launched with an afternoon lender call, a market source remarked.

Commitments are due at noon ET on March 14, the source added.

Morgan Stanley Senior Funding Inc., KeyBanc Capital Markets Inc., SunTrust Robinson Humphrey Inc. and Fifth Third Bank are leading the deal that will be used to refinance an existing term loan and preferred securities.

Pike is a Mount Airy, N.C.-based specialty construction and engineering firm.

Pinnacle holds call

Pinnacle Foods emerged in the morning with plans to hold a lender call at 1:30 p.m. ET to launch a $1,593,000,000 term loan B due Feb. 3, 2024 talked at Libor plus 175 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, according to a market source.

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

Bank of America Merrill Lynch and Barclays are leading the deal that will be used with a new term loan A and cash on the balance sheet to pay down a portion of the existing term loan B and reprice the remaining $1,593,000,000 term loan B balance.

Pinnacle Foods is a Parsippany, N.J.-based producer, marketer and distributor of branded food products.

Cincinnati comes to market

Cincinnati Bell held a call in the afternoon to launch a $600 million senior secured covenant-light term loan B due Oct. 2, 2024 talked at Libor plus 325 bps with a 1% Libor floor, a par issue price and 101 soft call protection for six months, a market source remarked.

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

Morgan Stanley Senior Funding Inc., CoBank, PNC Capital Markets LLC, Regions Capital Markets, Citizens Capital Markets, Barclays, Citigroup Global Markets Inc. and MUFG are leading the deal that will be used to reprice an existing term loan B down from Libor plus 375 bps with a 1% Libor floor.

Cincinnati Bell is a Cincinnati-based provider of integrated communications solutions.

Atkins repricing

Atkins Nutritionals surfaced in the morning with plans to hold a lender call at 2:30 p.m. ET to launch a $200 million term loan B due July 7, 2024, and then in the afternoon, talk on the loan emerged at Libor plus 350 bps with a 1% Libor floor, a par issue price and 101 soft call protection for six months, according to a market source.

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

Barclays and Goldman Sachs Bank USA are leading the deal that will be used to reprice an existing term loan B down from Libor plus 400 bps with a 1% Libor floor.

Atkins is a Denver-based developer, marketer and seller of nutritional foods and snacking products.

SpecialtyCare details emerge

SpecialtyCare launched on its call a roughly $22 million fungible add-on first-lien term loan, a repricing of its existing roughly $229 million first-lien term loan and a roughly $15 million fungible add-on second-lien term loan, a market source said.

Talk on the add-on first-lien term loan and repriced first-lien term loan is Libor plus 375 bps with a 25 bps step-down when first-lien leverage is 0.5 times the level at closing, a 1% Libor floor and 101 soft call protection for six months, the source continued. Original issue discount talk on the add-on first-lien term loan is 99.5.

Pricing on the add-on second-lien term loan matches existing second-lien term loan pricing at Libor plus 825 bps with a 1% Libor floor, and the add-on is talked with a discount of 99.

Amendment approvals and new money commitments are due on March 14, the source added.

Consenting first-and second-lien lenders will receive a 12.5 bps amendment fee.

Antares Capital is leading the deal

The add-on loans will be used to fund a distribution to shareholders and pay transaction fees and expenses, and the repricing will take the existing first-lien term loan down from Libor plus 425 bps with a 1% Libor floor.

SpecialtyCare is a Nashville, Tenn.-based provider of outsourced clinical services to hospitals and health systems.

E.W. Scripps sets talk

E.W. Scripps announced talk of Libor plus 200 bps with a step-down to Libor plus 175 bps when corporate family ratings are Ba2/BB or total net leverage is less than 2.75 times, a 0% Libor floor and a par issue price on its $299 million covenant-light term loan B due October 2024 that launched with a morning meeting and call, a market source remarked.

The term loan B has 101 soft call protection for six months.

Commitments are due at noon ET on Friday.

Wells Fargo Securities LLC and JPMorgan Chase are leading the deal that will be used to reprice an existing term loan down from Libor plus 225 bps with a 0% Libor floor.

E.W. Scripps is a Cincinnati-based broadcasting company.

Hyland floats OIDs

Hyland Software held its lender call in the afternoon, and shortly before the event kicked off, original issue discount talk was revealed on its fungible $110 million incremental first-lien term loan due July 1, 2022 and its fungible $95 million incremental second-lien term loan due July 7, 2025 in connection with its lender call on Monday, according to a market source.

Original issue discount talk on the incremental first-lien term loan is 99.75 and the incremental second-lien term loan is talked with a discount of 99.5, the source said.

The first-lien term loan is priced at Libor plus 325 bps with a 0.75% Libor floor and the second-lien term loan is priced at Libor plus 700 bps with a 0.75% Libor floor.

Commitments are due on Friday.

Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and UBS Investment Bank are leading the deal that will be used to fund the acquisition of OneContent, a provider of healthcare content management needs, from Allscripts.

Closing is expected in the second quarter.

Hyland, a Thoma Bravo portfolio company, is a Westlake, Ohio-based enterprise content-management software developer.

Prince readies deal

In more primary news, Prince set a bank meeting for 10 a.m. ET in New York on Wednesday to launch $750 million of credit facilities, a market source remarked.

The facilities consist of an $85 million revolver, a $505 million first-lien term loan and a $160 million second-lien term loan, the source added.

Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Jefferies LLC and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to help fund the buyout of the company by American Securities.

Prince is a manufacturer of specialty additives, providing customized, value-add products and services to customers across a wide range of end markets.

Amneal coming soon

Amneal Pharmaceuticals scheduled a bank meeting for Wednesday to launch a $2.7 billion seven-year term loan B talked at Libor plus 300 bps to 325 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, according to a market source.

Commitments are due on March 21, the source added.

JP Morgan Chase Bank, Bank of America Merrill Lynch and RBC Capital Markets are leading the deal that will be used to refinance currently outstanding debt at Amneal Pharmaceuticals LLC and Impax Laboratories Inc. in connection with the acquisition of Impax in an all-stock transaction.

Amneal members will own about 75% and Impax shareholders will own around 25% of the new company’s pro forma shares on an as converted basis.

Closing is expected in the first half of this year, subject to customary conditions, including receipt of regulatory approvals and Impax shareholder approval.

Amneal is a Bridgewater, N.J.-based generic pharmaceutical manufacturer. Impax is a Hayward, Calif.-based specialty pharmaceutical company.

Carlisle FoodService on deck

Carlisle FoodService Products will hold a bank meeting at 10 a.m. ET in New York on Wednesday to launch $445 million of first-lien senior secured credit facilities, a market source said.

The facilities consist of a $50 million revolver, a $320 million first-lien term loan and a $75 million delayed-draw first-lien term loan, the source added.

The company is also getting a $105 million privately placed second-lien term loan.

Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC and Jefferies LLC are leading the debt that will be used with equity to fund the buyout of the company by The Jordan Co. from Carlisle Cos. Inc. for $750 million in cash, subject to certain adjustments.

Closing is expected this quarter, conditioned on regulatory clearances and customary conditions.

Carlisle FoodService Products is a manufacturer and marketer of professional-grade solutions for the restaurant, hospitality, healthcare and janitorial segments.

Output Services plans meeting

Output Services Group scheduled a bank meeting for 1 p.m. ET on Thursday to launch $295 million of first-lien credit facilities, according to a market source.

The facilities consist of a $15 million revolver (B1), a $230 million first-lien term loan (B1) and a $50 million delayed-draw first-lien term loan (B1), the source said.

The company is also getting a $65 million pre-placed second-lien term loan (Caa1).

SunTrust Robinson Humphrey Inc. is leading the deal that will be used to refinance existing debt, add cash to the balance sheet and to fund future acquisitions.

Output Services is a Ridgefield Park, N.J.-based provider of billing and customer communications services.

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