Avast hits secondary; TransUnion modifies structure, firms terms, RadNet sets loan pricing

By Sara Rosenberg

New York, March 18 - Avast's credit facility made its way into the secondary market on Tuesday with the term loan seen trading above its original issue discount price, and Covanta Energy Corp.'s held steady from its recent break levels.

Moving to the primary, TransUnion LLC removed the delayed-draw component on its deal and enlarged the funded term loan B, set the spread at the high end of talk and the discount at the low end of talk, and extended the call protection.

In addition, RadNet Inc. firmed pricing on its second-lien loan at the high end of guidance and set the original issue discount on its tack-on first-lien term loan at the tight side of talk.

Furthermore, Capital Safety North America Holdings Inc., AssuredPartners Inc., Lineage Logistics LLC, Cooper-Standard Automotive Inc., Flexera Software LLC and Fairmount Minerals Ltd. released additional details on their deals with launch, and Serena Software, Bauer Performance Sports Ltd., Aricent Inc., U.S. Renal Care Inc. and AWAS are getting ready to bring new loans to market.

Avast frees up

Avast's credit facility began trading on Tuesday, with the $420 million six-year first-lien covenant-light term loan quoted at par bid, par ½ offered, according to a trader.

Pricing on the term loan is Libor plus 400 basis points with a step-down to Libor plus 375 bps at 3 times first-lien leverage. There is a 1% Libor floor and 101 soft call protection for one year, and the debt was sold at an original issue discount of 991/2.

Earlier this week, pricing on the term loan was reduced from Libor plus 425 bps, the step-down was added and the discount was revised from 99.

The company's $460 million credit facility (B1/B+) also includes a $40 million five-year revolver.

Credit Suisse Securities (USA) LLC, UBS Securities LLC and Jefferies Finance LLC are leading the deal that will help fund an investment in the company by CVC Capital Partners, which is expected to close this month.

Avast is a Czech Republic-based provider of security software for PCs, smartphones and tablets.

Covanta steady

Covanta Energy's $295 million term loan B was quoted at par ¼ bid, par ¾ offered, unchanged from where it freed up for trading in the prior session, a trader said.

The loan is priced at Libor plus 250 bps with a 0.75% Libor floor and was issued at par. There is 101 soft call protection for six months.

During syndication, the spread on the loan firmed at the wide end of the Libor plus 225 bps to 250 bps talk.

Bank of America Merrill Lynch is leading the deal that will be used to reprice an existing term loan from Libor plus 275 bps with a 0.75% Libor floor.

Covanta is a Morristown, N.J.-based owner and operator of energy-from-waste and power generation projects.

TransUnion reworks deal

Over in the primary, TransUnion is now getting a $1,862,000,000 seven-year covenant-light funded term loan B (Ba3/B+), as opposed to a $1,175,000,000 funded tranche and a $687 million delayed-draw tranche, and pricing on the debt firmed at Libor plus 300 bps, the high end of the Libor plus 275 bps to 300 bps talk, a market source said.

In addition, the discount was set at 993/4, the tight end of the 99½ to 99¾ talk, the 101 soft call protection was extended to one year from six months and the MFN sunset provision was removed, the source continued. The 1% Libor floor was unchanged.

The company's $2,052,000,000 credit facility (Ba3/B+) also includes a $190 million revolver.

Recommitments are due at noon ET on Wednesday, the source added.

Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Bank of America Merrill Lynch, RBC Capital Markets and Credit Suisse Securities (USA) LLC are leading the deal that will be used to refinance existing debt.

TransUnion is a Chicago-based provider of information management and risk management services.

RadNet updates deal

RadNet finalized pricing on its $180 million seven-year second-lien covenant-light term loan (Caa1/CCC+) at Libor plus 700 bps, the wide end of the Libor plus 675 bps to 700 bps talk, and kept the 1% Libor floor, original issue discount of 99 and call protection of non-callable for one year, then at 102 in year two and 101 in year three unchanged, according to a market source.

Also, the offer price on the $30 million tack-on first-lien term B (Ba3) due Oct. 10, 2018 firmed at 991/2, the low end of the 99¼ to 99½ talk, the source said, while pricing was left at Libor plus 325 bps with a 1% Libor floor . This tranche still has 101 soft call protection for six months.

Comments are due at noon ET on Wednesday with allocations to follow, the source added.

RadNet lead banks

Barclays, RBC Capital Markets, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and GE Capital Markets are leading RadNet's deal that is expected to close in April.

Proceeds will be used to refinance $200 million of the company's 10 3/8% senior unsecured notes due 2018.

First-lien leverage is 3.5 times and second-lien leverage is 5 times.

RadNet is a Los Angeles-based owner and operator of fixed-site diagnostic imaging centers.

Capital Safety holds meeting

Also on the new deal front, Capital Safety hosted its bank meeting on Tuesday morning, launching its $700 million seven-year first-lien term loan with talk of Libor plus 325 bps with a 1% Libor floor, an original issue discount of 99¾ and 101 soft call protection for six months, according to a market source.

Also, the $135 million eight-year second-lien term loan was launched with talk of Libor plus 625 bps with a 1% Libor floor, a discount of 99½ and call protection of 102 in year one and 101 in year two, the source said.

The company's $900 million credit facility includes a $65 million five-year revolver as well.

Commitments are due on March 26, the source added.

UBS Securities LLC, Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA, Mizuho Securities USA Inc. and KKR Capital Markets are leading the deal that will repay existing debt and fund a distribution to shareholders.

Capital Safety is a Red Wing, Minn.-based provider of fall protection, confined space and rescue equipment.

AssuredPartners first-lien

AssuredPartners launched with a morning bank meeting its $420 million seven-year first-lien term loan (B) with talk of Libor plus 350 bps with a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months, according to a market source.

Talk on the company's $135 million eight-year second-lien term loan (CCC+), which also launched on Tuesday, came out the other day at Libor plus 700 bps with a 1% Libor floor, an original issue discount of 99 and call protection of 102 in year one and 101 in year two.

Bank of America Merrill Lynch (left on first-lien), J.P. Morgan Securities LLC (left on second-lien) and RBC Capital Markets are leading the $555 million deal that will be used to refinance existing debt and add cash to the balance sheet.

AssuredPartners is a Lake Mary, Fla.-based investor in property and casualty and employee benefits brokerage firms.

Lineage Logistics launches

Lineage Logistics came out with talk of Libor plus 350 bps with a 1% Libor floor and an original issue discount of 99½ on its $600 million seven-year first-lien covenant-light term loan (B) shortly before its afternoon bank meeting kicked off, according to a market source.

As previously reported, the term loan has 101 soft call protection for six months and a commitment deadline of March 28.

The company's $700 million credit facility also includes a $100 million ABL revolver.

Credit Suisse Securities (USA) LLC, Goldman Sachs Banks USA and MCS Capital are leading the deal that will be used to fund the acquisition of Millard Refrigerated Services and to refinance existing debt.

Lineage Logistics is a Colton, Calif.-based cold storage warehousing and logistics company. Millard is an Omaha, Neb.-based third-party warehousing and logistics company.

Cooper-Standard sets guidance

Cooper-Standard Automotive held its bank meeting, launching its $725 million seven-year covenant-light term loan B with talk of Libor plus 350 bps with a 1% Libor floor and a discount of 991/2, a market source said.

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

Leads, Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Barclays, J.P. Morgan Securities LLC and UBS Securities LLC, are asking for commitments by March 28, the source added.

Proceeds will be used to refinance existing debt, including 8½% notes due 2018 and 7 3/8% PIK toggle notes due 2018.

Pro forma total net leverage is 1.9 times based on Dec. 31 adjusted EBITDA of $287 million.

Closing is expected the week of March 31.

Cooper-Standard is a Novi, Mich.-based supplier of systems and components for the automotive industry.

Flexera pricing surfaces

Flexera Software released price talk on its first- and second-lien term loans with its bank meeting in the morning, according to a market source.

The $345 million six-year first-lien term loan is talked at Libor plus 375 bps with a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months, and the $125 million seven-year second-lien term loan is talked at Libor plus 725 bps with a 1% Libor floor, a discount of 99 and call protection of 102 in year one and 101 in year two, the source said.

Commitments for the $495 million credit facility, which also includes a $25 million five-year revolver, are due on March 28, the source added.

Jefferies Finance LLC, BMO Capital Markets Corp. and Bank of America Merrill Lynch are leading the deal that will be used to refinance existing debt and fund a dividend.

Flexera is a Schaumburg, Ill.-based provider of strategic application usage management services for application producers and their enterprise customers.

Fairmount reveals talk

Fairmount Minerals launched with a call in the afternoon its $1,248,000,000 of term loan debt with talk of Libor plus 350 bps, according to a market source.

The debt consists of a $324 million first-lien term loan B-1 due March 15, 2017 with no floor and a par offer price, and a $924 million first-lien term loan B-2 due Sept. 5, 2019 with a 1% Libor floor, a par offer price and 101 soft call protection for six months, the source remarked.

Commitments are due at noon ET on Monday.

Barclays, KeyBanc Capital Markets LLC, PNC Capital Markets LLC and Wells Fargo Securities LLC are leading the deal that will be used to reprice the existing term loan B-1 from Libor plus 400 basis points with no floor and the existing term loan B-2 from Libor plus 400 bps with a 1% Libor floor.

Fairmount Minerals is a Chesterland, Ohio-based producer of industrial sand.

Serena details emerge

Serena Software came out with timing, structure and talk on its credit facility that will be used with equity to fund its buyout by HGGC and company founder, Doug Troxel, from Silver Lake Partners.

The $365 million facility consists of a $20 million five-year revolver, and a $345 million six-year first-lien term loan talked at Libor plus 550 bps with a 1% Libor floor, an original issue discount of 99 and soft call protection of 102 in year one and 101 in year two, a source said.

Credit Suisse Securities (USA) LLC is leading the deal that will launch with a bank meeting at 12:30 p.m. ET in New York on Thursday, and has a commitment deadline of April 3, the source added.

Closing on the buyout s subject to regulatory approvals and customary conditions.

Serena is a San Mateo, Calif.-based provider of orchestrated application development and release management services.

Bauer Performance on deck

Timing emerged on Bauer Performance Sports' $650 million credit facility, with the deal slated to launch with a bank meeting on Thursday, a market source said.

The facility consists of a $200 million asset-based revolver and a $450 million senior secured term loan B (B2/B+).

Bank of America Merrill Lynch, J.P. Morgan Securities LLC, RBC Capital Markets and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to help fund the acquisition of the Easton Baseball/Softball business from Easton-Bell Sports for $330 million, subject to a working capital adjustment, and to refinance some existing debt.

Closing is subject to regulatory approvals and other customary conditions.

Bauer Performance is a Canada-based developer and manufacturer of sports equipment and apparel.

Aricent joins calendar

Aricent scheduled a bank meeting for 10 a.m. ET in New York on Thursday to launch a $750 million credit facility, according to a market source.

The facility consists of a $75 million revolver, a $480 million seven-year first-lien term loan talked at Libor plus 450 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year, and a $195 million eight-year second-lien term loan talked at Libor plus 850 bps with a 1% Libor floor, a discount of 99 and call protection of non-callable for one year, then at 103 in year two, 102 in year three and 101 in year four, the source said.

Citigroup Global Markets Inc. (left lead on the first-lien loan) and Credit Suisse Securities (USA) LLC (left lead on the second-lien loan) are leading the deal that will refinance existing debt.

Aricent is a R&D services and software company.

U.S. Renal coming soon

U.S. Renal Care will hold a call at 11 a.m. ET on Wednesday to launch $250 million of term loan debt, according to a market source.

The debt consists of a $225 million incremental first-lien term loan and a $25 million incremental second-lien term loan, the source said.

Pricing on the company's existing first-lien term loan due July 3, 2019 is Libor plus 325 bps with a 1% Libor floor and there is 101 soft call protection until June 2014, and pricing on the existing second-lien term loan due Jan. 3, 2020 is Libor plus 750 bps with a 1% Libor floor.

Barclays, RBC Capital Markets, Goldman Sachs Bank USA and SunTrust Robinson Humphrey Inc. are leading the deal that will be used by the Plano, Texas-based provider of dialysis services to fund a dividend.

AWAS plans meetings

AWAS set a bank meeting in New York on Wednesday, in Singapore on Thursday and in Taipei on Monday to launch a $300 million unsecured revolver, a market source said.

RBS Securities Inc., RBC Capital Markets, BNP Paribas Securities Corp. and DBS Bank are leading the deal that will be used for general corporate purposes.

AWAS is a Dublin-based aircraft leasing company.

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