Women’s Care, nThrive TSG, ERT release price talk; Utz Brands joins calendar

By Sara Rosenberg

New York, Jan. 5 – In the primary market on Tuesday, Women’s Care Holdings Inc. LLC, nThrive TSG (MedAssets Software Intermediate Holdings Inc.) and ERT (eResearchTechnology Inc.) disclosed price talk on their loan transactions with launch.

And, in more happenings, Utz Brands Inc. emerged with plans to hold a lender call this week.

Women’s Care guidance

Women’s Care came out with price talk on its $360 million seven-year covenant-lite first-lien term loan and its $120 million eight-year covenant-lite second-lien term loan shortly before its Tuesday morning lender call kicked off, according to market sources.

The first-lien term loan is talked at Libor plus 450 basis points to 475 bps with a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, and the second-lien term loan is talked at Libor plus 825 bps with a 0.75% Libor floor, a discount of 98 and hard call protection of 102 in year one and 101 in year two, sources said.

The company’s $550 million of credit facilities also include a $70 million five-year revolver.

Commitments are due at 3 p.m. ET on Jan. 14, sources added.

Women’s Care leads

Jefferies LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., RBC Capital Markets, Macquarie Capital (USA) Inc. and Nomura are leading Women’s Care credit facilities, with Jefferies the left lead on the first-lien and Credit Suisse the left lead on the second-lien.

The new debt will be used to help fund the buyout of the company by BC Partners.

Women’s Care is a women’s health platform dedicated to providing obstetrics, gynecology and fertility care for its patients.

nThrive TSG launches

nThrive TSG launched on its afternoon call its $440 million seven-year covenant-lite first-lien term loan B at talk of Libor plus 425 bps to 450 bps with a 0.75% Libor floor and an original issue discount of 99, a market source said.

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

Commitments are due at 5 p.m. ET on Jan. 19.

The company is also getting a $160 million second-lien term loan that is being privately placed.

Deutsche Bank Securities Inc., UBS Investment Bank, BMO Capital Markets, Jefferies LLC, Antares Capital, BNP Paribas Securities Corp. and Golub Capital are leading the deal that will be used to help fund the buyout of the company by Clearlake Capital Group LP from nThrive Holdings LP.

nThrive TSG is a provider of health care revenue cycle management software-as-a-service solutions.

ERT floats talk

ERT held its call in the afternoon and announced original issue discount talk of 98.79 to 99 on its fungible $750 million incremental first-lien senior secured term loan (B-) due Feb. 4, 2027, a market source remarked.

Like the existing first-lien term loan, the incremental first-lien term loan is priced at Libor plus 450 bps with a 1% Libor floor.

Of the total incremental first-lien term loan amount, $250 million has been pre-placed.

Commitments are due at noon ET on Jan. 12, the source added.

The company is also getting a $50 million pre-placed first-lien senior secured delayed-draw term loan and a $150 million pre-placed incremental second-lien senior secured term loan.

ERT buying Bioclinica

ERT will use its new term loan borrowings to fund the acquisition of Bioclinica and pay related fees and expenses.

Goldman Sachs Bank USA and Jefferies LLC are leading the deal.

Closing on the acquisition is expected this year, subject to customary conditions, including approval by regulatory agencies.

Nordic Capital and Astorg are the sponsors.

ERT is a Philadelphia-based provider of software-enabled clinical research solutions to pharmaceutical companies and contract research organizations. Bioclinica is a Princeton, N.J.-based provider of clinical trial imaging solutions.

Utz on deck

Utz Brands set a call for 11 a.m. ET on Wednesday for loan lenders, according to a market source.

BofA Securities Inc. is leading the deal.

As previously reported, the company closed in December on a $490 million senior secured bridge loan that was used to fund its $480 million acquisition of Truco Enterprises, a Dallas-based seller of tortilla chips, salsa and queso, from Insignia Capital Group.

The bridge loan is priced at Libor plus 425 bps through Jan. 29, Libor plus 525 bps from Jan. 30 through Feb. 28 and Libor plus 600 bps thereafter, and has a 0% Libor floor.

BofA Securities Inc., Goldman Sachs Bank USA and Credit Suisse Loan Funding LLC led the bridge loan, with BofA the administrative agent.

Utz is a Hanover, Pa.-based manufacturer of branded salty snacks. Truco is a Dallas-based seller of tortilla chips, salsa and queso.

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