Aptos, Bomgar free to trade; Verra Mobility, Parts Town update deals; GlobalLogic sets talk

By Sara Rosenberg

New York, July 18 – Aptos Inc. shifted some funds between its first- and second-lien term loans, sweetened spread, original issue discount and call protection on the first-lien tranche, and widened the issue price on the second-lien piece before hitting the secondary market on Wednesday, and Bomgar Corp.’s term loan freed to trade too.

In more happenings, Verra Mobility Inc. modified the issue price on its incremental term loan B, and Parts Town (PT Intermediate Holdings III LLC) firmed the original issue discount on its incremental first-lien term loan at the tight end of guidance.

Also, GlobalLogic Holdings Inc. released price talk on its term loan debt, and California Cryobank Life Sciences (GI Chill Acquisition LLC), Consolidated Precision Products Corp. (WP CPP Holdings LLC), Omnia Partners Inc., United Site Services (USS Ultimate Holdings, Inc.) and MW Industries joined this week’s calendar.

Aptos reworked, breaks

Aptos increased its seven-year first-lien term loan to $280 million from $230 million, lifted pricing to Libor plus 550 basis points from Libor plus 500 bps, moved the original issue discount to 99 from 99.5 and extended the 101 soft call protection to one year from six months, according to a market source. The 0% Libor floor was unchanged.

Additionally, the company trimmed its eight-year second-lien term loan to $50 million from $100 million and modified the discount to 98 from 99, the source said.

The second-lien term loan remained priced at Libor plus 900 bps with a 0% Libor floor and still has call protection of 102 in year one and 101 in year two.

Recommitments were due at noon ET on Wednesday and then the debt began trading, with the first-lien term loan quoted at 99½ bid, and the second-lien term loan quoted at 98½ bid, 99½ offered, another source added.

Credit Suisse Securities (USA) LLC and RBC Capital Markets are leading the $330 million in new debt that will be used to refinance an existing first-lien term loan.

Aptos is an Atlanta-based retail technology solutions company.

Bomgar frees up

Bomgar’s $115 million incremental first-lien term loan due April 17, 2025 broke during the session as well, with levels seen at 99¾ bid, par ½ offered, a market source remarked.

Pricing on the incremental term loan is Libor plus 400 bps with a 0% Libor floor, in line with existing term loan pricing, and it was sold at an original issue discount of 99.5.

On Tuesday, the incremental loan was upsized from $105 million.

Jefferies LLC and Golub are leading the deal that will be used to help fund the acquisition of Avecto Ltd., a provider of endpoint privilege management.

Closing is expected on July 25.

Bomgar is a provider of remote support and privileged access management solutions to enterprise customers.

Verra tweaks deal

Back in the primary market, Verra Mobility tightened the original issue discount on its fungible $70 million incremental covenant-light term loan B (B2) due March 1, 2025 to 99.875 from talk in the range of 99.5 to 99.75, according to a market source.

The incremental loan is priced at Libor plus 375 bps with a 0% Libor floor, in line with the existing term loan, and has 101 soft call protection for six months.

Allocations are targeted for Thursday, the source said.

Bank of America Merrill Lynch is the left lead on the deal that will be used to refinance a portion of the company’s second-lien term loan as part of the agreement to merge with Gore Holdings II, and to pay related fees and expenses.

Verra Mobility, formerly known as ATS Consolidated Inc., is a Mesa, Ariz.-based provider of tech-enabled smart transportation solutions.

Parts Town sets OID

Parts Town firmed the original issue discount on its fungible $28 million incremental first-lien term loan (B3) due Dec. 7, 2024 at 99.75, the tight end of the 99.5 to 99.75 talk, a market source said.

The incremental term loan is priced at Libor plus 400 bps with a 1% Libor floor.

Jefferies LLC is leading the deal that will be used to back the acquisition of PartsXpress, the commercial foodservice equipment parts business division of Smart Care Equipment Solutions.

Closing is expected on Thursday.

Parts Town is an Addison, Ill.-based OEM parts distributor and service provider to the foodservice equipment market.

GlobalLogic guidance

GlobalLogic launched on Wednesday its $525 million seven-year term loan and $75 million seven-year delayed-draw term loan at talk of Libor plus 350 bps to 375 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 at noon ET on July 27.

J.P. Morgan Securities LLC is the left lead on the $600 million of term loans (B2/B+) that will be used to help fund the acquisition by Partners Group of Apax Partners’ stake in the company and to refinance existing debt.

The transaction values GlobalLogic at over $2 billion and, upon completion, Partners Group will be an equal shareholder with existing investor Canada Pension Plan Investment Board.

GlobalLogic is a San Jose, Calif.-based digital product engineering services provider.

California Cryobank on deck

Also in the primary market, California Cryobank Life Sciences emerged with plans to hold a bank meeting at 10 a.m. ET on Thursday to launch $450 million of first-lien credit facilities, a market source said.

The facilities consist of a $40 million revolver (B2/B-) and a $410 million first-lien term loan (B2/B-), the source added.

The company is also getting a $162 million privately placed second-lien term loan.

Golub Capital is leading the deal that will be used to help fund the combination of California Cryobank and Cord Blood Registry and buyout by GI Partners. California Cryobank is being bought from Longitude Capital and NovaQuest, and Cord Blood is being bought from AMAG Pharmaceuticals Inc. for $530 million in cash.

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

California Cryobank Life Sciences is a Los Angeles-based donor reproductive tissue banking and umbilical cord blood/tissue stem cell collection and storage company.

Consolidated coming soon

Consolidated Precision Products scheduled a lender call for 1:30 p.m. ET on Thursday to launch $439 million in incremental senior secured term loans, according to a market source.

The debt consists of a $273 million incremental first-lien term loan B and a $166 million incremental second-lien term loan, the source added.

Morgan Stanley Senior Funding Inc., Antares Capital, ING Capital LLC and HSBC Securities (USA) Inc. are leading the deal that will be used to fund the acquisition of Selmet Inc., a manufacturer of complex, titanium castings and machined components for the aerospace and defense industries.

Consolidated Precision Products is a Cleveland-based manufacturer of engineered components and subassemblies primarily for the commercial aerospace, defense and industrial gas turbine markets.

Omnia joins calendar

Omnia Partners will hold a lender call at 11 a.m. ET on Thursday to launch a $123.5 million add-on first-lien term loan, a market source remarked.

The company is also getting a $26 million pre-placed add-on second-lien term loan, the source added.

Barclays, Ares, Jefferies LLC and Fifth Third are leading the deal that will be used to fund a permitted acquisition.

TA Associates is the sponsor.

Omnia is a Franklin, Tenn.-based group purchasing organization.

United Site plans call

United Site Services scheduled a lender call for 9:30 a.m. ET on Thursday to launch $175 million of incremental term loans, a market source said.

The debt consists of a fungible $125 million incremental covenant-light first-lien term loan due Aug. 25, 2024 and a fungible $50 million incremental covenant-light second-lien term loan due Aug. 25, 2025, the source added.

Bank of America Merrill Lynch, Morgan Stanley Senior Funding Inc., Jefferies LLC, Goldman Sachs Bank USA and Deutsche Bank Securities Inc. are leading the deal that will be used to replenish cash funds used for a recent acquisition and to fund two additional acquisitions currently under letters of intent, and about $34 million of the proceeds will be cash added to the balance sheet to support additional near-term acquisition activity.

United Site Services is a Westborough, Mass.-based provider of portable restrooms, temporary fence and related site services.

MW readies loan

MW Industries set a lender call for Friday to launch a fungible $30 million add-on first-lien term loan, according to a market source.

Pricing on the first-lien term loan is Libor plus 350 bps with a 0% Libor floor.

RBC Capital Markets is leading the deal that will be used to fund an acquisition and to repay revolver borrowings.

The company’s first-lien term loan is currently sized at $457 million.

MW Industries is a Rosemont, Ind.-based designer and manufacturer of springs and other specialty engineered metal components for diverse end markets.

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