New issue calendar builds with Cision, Open Lending, J.D. Power, Flexera, Presidio on deck

By Sara Rosenberg

New York, Jan. 6 – Cision, Open Lending LLC, J.D. Power/Autodata Group and Flexera Software LLC all joined this week’s primary calendar, and timing surfaced for the launch of Presidio Holdings Inc.’s term loan B.

Cision came out with plans to hold a bank meeting in New York on Tuesday and a bank meeting in London on Thursday to launch a $1 billion term loan B and a €500 million term loan B, a market source said.

BofA Securities, Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc., BMO Capital Markets, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Macquarie Capital (USA) Inc. and RBC Capital Markets are leading the deal that will be used to help fund the buyout of the company by Platinum Equity for $10.00 per share in cash, or about $2.74 billion.

Closing is expected this quarter, subject to approval by Cision’s shareholders, regulatory approvals and other customary conditions.

Cision is a Chicago-based software-as-a-service platform for communications professionals.

Open Lending coming soon

Open Lending set a bank meeting for Thursday to launch a $225 million term loan B, according to a market source.

UBS Investment Bank is leading the deal that will be used for a dividend recapitalization.

Open Lending is an Austin, Tex.-based provider of lending enablement and risk analytics solutions to financial institutions.

J.D. Power readies loan

J.D. Power/Autodata emerged with plans to hold a lender call at 10:30 a.m. ET on Tuesday to launch a fungible $75 million add-on first-lien term loan, a market source remarked.

Commitments are due at noon ET on Jan. 14, the source added.

RBC Capital Markets, KKR Capital Markets, SunTrust Robinson Humphrey Inc. and UBS Investment Bank are leading the deal that will be used to fund an acquisition.

Existing first-lien term loan pricing is Libor plus 350 basis points.

J.D. Power and Autodata merged in December following the acquisition of J.D. Power by Thoma Bravo LLC. The combined company is a Troy, Mich.-based provider of automobile transactional data, valuation tools, vehicle feature information and consumer analytics to the automotive industry.

Flexera joins calendar

Flexera Software scheduled a lender call for 11 a.m. ET on Tuesday to launch a fungible $60 million incremental first-lien term loan due February 2025, according to a market source.

Like the existing first-lien term loan, the incremental loan is priced at Libor plus 350 bps with a 25 bps leverage-based step-down and a 1% Libor floor, the source said.

Commitments are due at 2 p.m. ET on Friday.

Jefferies LLC is leading the deal that will be used to fund an acquisition.

Flexera is an Itasca, Ill.-based provider of software and services that enable software publishers and device makers to install, enforce and deploy software licenses.

Presidio sets timing

Presidio set a bank meeting for 11 a.m. ET on Tuesday to launch a $625 million seven-year term loan B (B1), a market source said.

Commitments are due at noon ET on Jan. 16, the source added.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc., RBC Capital Markets, BofA Securities, Inc. and MUFG are leading the deal that will be used to help fund the already completed acquisition of the company by BC Partners for $16.60 in cash per common stock share. The transaction is valued at about $2.2 billion, including Presidio’s net debt.

Upon closing on the buyout in December, the company said in an 8-K filed with the Securities and Exchange Commission that funding for the transaction came from a $100 million five-year revolver, a $1,025,000,000 seven-year term loan, a $400 million one-year senior unsecured bridge loan and equity.

However, as a result of plans to launch a smaller term loan to investors, the company is now expected to get $400 million of unsecured debt and $400 million of secured debt.

Presidio is a New York-based IT solutions provider.

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