Mirion Technologies, Tank Holding free up; Select Medical tweaked; Aramark accelerated

By Sara Rosenberg

New York, Dec. 5 – Mirion Technologies Inc. and Tank Holding Corp. tightened issue prices on their add-on first-lien term loans, and then both deals allocated and freed to trade on Thursday afternoon.

In more happenings, Select Medical Corp. revised the issue price on its add-on term loan, and Aramark Services Inc. moved up the commitment deadline for its term loan.

Also, Berry Global Group Inc., AmWINS Group Inc., E.W. Scripps Co., Horizon Therapeutics USA Inc., Everi Holdings Inc. and Installed Building Products Inc. released price talk with launch.

Mirion updated, breaks

Mirion Technologies modified the issue price on its fungible $66 million add-on covenant-lite first-lien term loan B due March 6, 2026 to par from talk of 99.75, according to a market source.

The add-on term loan is priced at Libor plus 400 basis points with a 0% Libor floor.

Recommitments were due at 11 a.m. ET on Thursday and the add-on term loan was quoted in trading at par 1/8 bid, par 5/8 offered in the afternoon, a trader added.

Morgan Stanley Senior Funding Inc. and HSBC Securities (USA) Inc. are leading the deal that will be used to fund tuck-in acquisitions, for general corporate purposes and to pay related fees and expenses.

Closing is expected on Monday.

Mirion Technologies is a provider of radiation detection, measurement, analysis and monitoring products to nuclear power, medical, military, and homeland security markets.

Tank revised, frees up

Tank Holding tightened the original issue discount on its fungible $30 million add-on covenant-lite first-lien term loan B due March 26, 2026 to 99.875 from talk in the range of 99.5 to 99.75, a market source said.

Pricing on the add-on term loan is Libor plus 400 bps with a 0% Libor floor.

Recommitments were due at 11 a.m. ET on Thursday and, later in the day, the add-on term loan was quoted at par bid, par ½ offered in the secondary market, a trader added.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to repay revolver borrowings and to pay related fees and expenses.

Closing is expected during the week of Dec. 9.

Tank Holding is a Lincoln, Neb.-based manufacturer of rotationally molded poly and welded steel bulk storage and material handling products.

Select Medical modified

Select Medical tightened the issue price on its $615 million add-on term loan (Ba2) to par from 99.5, according to a market source.

The add-on term loan is priced at Libor plus 250 bps with a 0% Libor floor.

J.P. Morgan Securities LLC is leading the deal that will be used with $675 million of senior notes to repay outstanding term loans at Select Medical’s joint venture subsidiary Concentra Inc.

Select Medical is a Mechanicsburg, Pa.-based health care company.

Aramark tweaks timing

Aramark accelerated the commitment deadline for its $900 million seven-year first-lien term loan (Ba1/BBB-) to 5 p.m. ET on Monday from 5 p.m. ET on Wednesday, a market source remarked.

Talk on the term loan is Libor plus 175 bps to 200 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Barclays, BofA Securities, Inc., Goldman Sachs Bank USA and Wells Fargo Securities LLC are leading the deal that will be used to refinance senior notes due 2024 and to pay related fees and expenses.

Aramark is a Philadelphia-based professional services company that provides food, hospitality and facility management services as well as uniform and work apparel.

Berry reveals guidance

Also in the primary market, Berry Global held its lender call on Thursday morning and announced price talk on its $4,626,000,000 equivalent of term loans, according to a market source.

Talk on the $3.85 billion term loan Y due July 2026 is Libor plus 225 bps and talk on the $776 million equivalent term loan Z due July 2026 is Euribor plus 225 bps, with both tranches having a step-down at 0.5x inside closing date total net leverage, a 0% floor, a par issue price and 101 soft call protection for six months, the source said.

Commitments are due at 10 a.m. ET on Dec. 12.

Goldman Sachs Bank USA is leading the deal that will be used with $800 million of other secured debt to refinance/reprice an existing $4.25 billion term loan U down and an existing $1,176,000,000 equivalent term loan V down from Libor/Euribor plus 250 bps.

Berry is an Evansville, Ind.-based manufacturer and marketer of plastic packaging products, plastic film products, specialty adhesives and coated products.

AmWINS discloses talk

AmWINS Group came out with original issue discount talk of 99.05 on its fungible $250 million add-on first-lien term loan B (Ba3/B+) due Jan. 25, 2024 that launched with a morning call, a market source said.

The add-on term loan is priced at Libor plus 275 bps with a 1% Libor floor, in line with the existing term loan, and has 101 soft call protection for six months.

Commitments and amendment consents are due on Dec. 12, the source added.

Goldman Sachs Bank USA, Barclays, J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc. and Wells Fargo Securities LLC are leading the deal that will be used with a $250 million note offering and cash on hand to fund a dividend to shareholders.

AmWINS is a Charlotte, N.C.-based specialty insurance broker.

E.W. Scripps holds call

E.W. Scripps emerged in the morning with plans to hold a lender call at 11:30 a.m. ET to launch a $761 million covenant-lite term loan B-1 due May 1, 2026 talked at Libor plus 250 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, according to market sources.

Commitments are due at noon ET on Wednesday, sources said.

Wells Fargo Securities LLC is the left lead on the deal that will be used to reprice an existing term loan B-1 down from Libor plus 275 bps.

E.W. Scripps is a Cincinnati-based broadcasting and digital media company.

Horizon details emerge

Horizon Therapeutics held its call in the morning and launched to investors a $418 million senior secured covenant-lite term loan B due May 22, 2026 talked at Libor plus 225 bps with a 25 bps step-down when total net leverage is 2x, with cash netting capped at $50 million, a 0% Libor floor, a par issue price and 101 soft call protection for six months, a market source remarked.

Commitments are due at 5 p.m. ET on Dec. 13, the source added.

Citigroup Global Markets Inc., Morgan Stanley Senior Funding Inc. and Goldman Sachs Bank USA are leading the deal that will be used to reprice an existing term loan B down from Libor plus 250 bps.

Closing is expected on Dec. 18.

Horizon Therapeutics is a Dublin-based biopharmaceutical company.

Everi proposed terms

Everi Holdings launched on its morning call a repricing of its existing senior secured first-lien term loan due May 2024 at talk of Libor plus 275 bps with a 1% Libor floor, a par issue price and 101 soft call protection for six months, according to a market source.

Consents and new money commitments are due at 4 p.m. ET on Wednesday, the source said.

Jefferies LLC is leading the deal that will reprice an existing term loan down from Libor plus 300 bps.

As of Sept. 30, the company had $782 million outstanding under the term loan, but plans to pay down a portion of the debt using some of the proceeds from an offering of 10 million shares of its common stock.

Subject to the final equity pricing, the expected pro forma term loan size is around $751 million following the proposed paydown.

Everi is a Las Vegas-based provider of video and mechanical reel gaming content and solutions, integrated gaming payment solutions and compliance and efficiency software solutions.

Installed Building repricing

Installed Building Products held a lender call during the session to launch a repricing of its $200 million covenant-lite term loan B due April 15, 2025 at talk of Libor plus 225 bps with a 0% Libor floor, an original issue discount of 99.875 to par and 101 soft call protection for six months, a market source said.

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

BofA Securities, Inc. is leading the deal that will be used to reprice an existing term loan B down from Libor plus 250 bps with a 1% Libor floor.

Closing is expected during the week of Dec. 16.

Installed Building Products is a Columbus, Ohio-based installer of insulation products and complementary building products.

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