Belron, Ellie Mae, Ascensus break; Clarivate, MI Windows, GoodRx changes surface

By Sara Rosenberg

New York, Oct. 25 – Belron finalized its U.S. and euro term loan tranche sizes and adjusted issue prices, and Ellie Mae Inc. changed the original issue discount on its incremental first-lien term loan, and then these deals freed to trade, and Ascensus Inc.’s first-lien term loan broke as well.

In more happenings, Clarivate Analytics reduced the size of its term loan B and tightened the original issue discount, and MI Windows and Doors LLC widened spread talk and the issue price on its term loan B.

Furthermore, GoodRx modified the issue price on its incremental first-lien term loan, and Promontory Interfinancial Network LLC moved up the commitment deadline for its first-lien term loan.

Belron revised, trades

Belron set its U.S. seven-year incremental covenant-lite term loan B size at €750 million equivalent, the high end of the €700 million to €750 million equivalent talk, and changed the original issue discount to 99.75 from 99, while leaving pricing at Libor plus 250 basis points with a 0% Libor floor, a market source said.

In addition, the company firmed its fungible add-on euro term loan due November 2024 size at €100 million, the low end of the €100 million to €150 million talk, and finalized the issue price at 100.5, the tight end of revised talk of 100.25 to 100.5 and tighter than initial talk of 99.75, the source continued. This tranche is priced at Euribor plus 275 bps with a 0% floor.

The term loans have 101 soft call protection for six months.

Recommitments were due at 1 p.m. ET on Friday and the U.S. term loan broke for trading in the afternoon, with levels quoted at par bid, par ˝ offered, another source added.

BofA Securities, Inc., J.P. Morgan Securities LLC, ING, BNP Paribas Securities Corp., Barclays, Fifth Third Bank, Goldman Sachs, KBC and Citizens Bank are leading the deal (Ba3) that will fund a dividend. BofA is left on the U.S. loan and JPMorgan is left lead on the euro loan. JPMorgan is the administrative agent.

Belron is a United Kingdom-based operator in the vehicle glass repair and replacement market.

Ellie Mae tweaked, breaks

Ellie Mae tightened the original issue discount on its fungible $350 million incremental first-lien term loan due April 17, 2026 to 99.25 from 99, according to a market source.

The incremental term loan is priced at Libor plus 400 bps with a 0% Libor floor, and has 101 soft call protection for six months.

On Friday, the incremental term loan emerged in the secondary market and levels were quoted at 99 3/8 bid, 99 7/8 offered, another source added.

Jefferies LLC, Macquarie Capital (USA) Inc. and Nomura are leading the deal that will be used to fund an acquisition.

Ellie Mae is a Pleasanton, Calif.-based cloud-based platform provider for the mortgage finance industry.

Ascensus hits secondary

Ascensus’ non-fungible $160 million covenant-lite first-lien term loan (B-) due December 2022 began trading in the morning, with levels seen at 99˝ bid, par offered, a market source remarked.

Pricing on the term loan is Libor plus 425 bps with a 1% Libor floor and it was sold at an original issue discount of 99.25. The debt has 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to fund tuck-in acquisitions.

Ascensus is a Dresher, Pa.-based service provider of retirement and college savings plans.

Clarivate reworked

Back in the primary market, Clarivate Analytics trimmed its seven-year term loan B to $900 million from $1.1 billion as its senior secured notes offering was increased to $700 million from $500 million, and moved the original issue discount to 99.75 from 99, according to a market source.

The term loan is priced at Libor plus 325 bps with a 25 bps step-down at 4.5x total net leverage and a 0% Libor floor, and has 101 soft call protection for six months.

The company’s now $1.15 billion of credit facilities (B2/B) also include a $250 million revolver.

Allocations are expected on Monday, the source said.

BofA Securities, Inc., Citigroup Global Markets Inc., RBC Capital Markets, Barclays, Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and J.P. Morgan Securities LLC are leading the deal that will be used with the bonds to refinance existing credit facilities, redeem 7 7/8% senior notes due 2024 and fund termination payment obligations under a tax receivable agreement.

Clarivate is a Philadelphia-based provider of comprehensive intellectual property and scientific information, decision support tools and services.

MI Windows flexes

MI Windows and Doors modified price talk on its $675 million term loan B to a range of Libor plus 525 bps to 550 bps from a range of Libor plus 450 bps to 475 bps and revised the original issue discount to 98 from 99, a market source remarked.

The term loan still has a 0% Libor floor.

M&T Bank and RBC Capital Markets are leading the deal that will be used to help fund the acquisition of Milgard Windows and Doors from Masco Corp. for about $725 million.

Closing is expected in the fourth quarter, subject to customary conditions and regulatory review.

MI Windows is a Gratz, Pa.-based supplier of vinyl and aluminum windows and doors.

GoodRx tightened

GoodRx adjusted the original issue discount on its fungible $155 million incremental first-lien term loan (B2/B) due October 2025 to 99.75 from talk in the range of 99 to 99.5, a market source said.

The incremental term loan is priced in line with the existing term loan at Libor plus 300 bps with a step-down to Libor plus 275 bps at 4x net first-lien leverage and a 0% Libor floor, and has 101 soft call protection for six months.

Recommitments were due at 3:30 p.m. ET on Friday and the loan allocated late in the day, the source added.

Goldman Sachs Bank USA, Barclays, BofA Securities, Inc., Credit Suisse Securities (USA) LLC, KKR Capital Markets, Citizens Bank and SunTrust Robinson Humphrey Inc. are leading the deal that will be used with cash on hand to refinance an existing second-lien term loan.

GoodRx is a Santa Monica, Calif.-based operator of a prescription drug price comparison and coupon platform.

Promontory accelerated

Promontory Interfinancial Network moved the commitment deadline for its $620 million seven-year covenant-lite first-lien term loan (B1/B) to 5 p.m. ET on Tuesday from Wednesday, according to a market source.

Talk on the first-lien term loan is Libor plus 400 bps to 425 bps with a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

The company’s $950 million of credit facilities also include a $100 million revolver (B1/B) and a $230 million privately placed second-lien term loan.

Morgan Stanley Senior Funding Inc., Nomura, RBC Capital Markets, UBS Investment Bank and Blackstone are leading the deal that will be used to help fund the buyout of the company by the Blackstone Group.

Promontory Interfinancial is an Arlington, Va.-based provider of balance sheet management solutions to banks.

Monotype allocates

In other news, Monotype Imaging Holdings Inc.’s $425 million seven-year covenant-lite first-lien term loan allocated on Friday, a market source remarked.

Pricing on the first-lien term loan is Libor plus 550 bps with a 0% Libor floor and it was sold at an original issue discount of 94. The loan has 101 soft call protection for one year.

During syndication, the first-lien term loan was downsized from $440 million, the spread was lifted from revised talk of Libor plus 525 bps and original talk of Libor plus 500 bps, the discount was changed from revised talk of 95, talk prior to that of 98 and initial talk of 99, the call protection was extended from six months, and a number of modifications were made to documentation.

The company’s $630 million of credit facilities also include a $70 million revolver and a $135 million privately placed second-lien term loan.

Deutsche Bank Securities Inc., Antares Capital, Macquarie Capital and BNP Paribas Securities Corp. are leading the deal that supports the recently completed buyout of the company by HGGC for $19.85 per share in cash, representing an aggregate equity value of about $825 million.

Monotype is a Woburn, Mass.-based provider of type related software solutions and technologies.

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