Envision finalizes first-lien term loan offer price; PGT readies bank meeting for next week

By Sara Rosenberg

New York, Aug. 27 – In primary bank loan happenings, Envision Pharmaceutical Holdings LLC firmed the original issue discount on its add-on first-lien term loan at the tight end of guidance, and PGT Inc. released timing on the launch of its credit facility.

Envision sets OID

Envision Pharmaceutical finalized the offer price on its $125 million add-on first-lien term loan (B2) at 99˝, the low end of the 99 to 99˝ talk, a market source said.

Pricing on the first-lien term loan is Libor plus 475 basis points with a 1% Libor floor.

The company’s $175 million transaction also includes a $50 million add-on second-lien term loan (Caa2) that priced in line with talk at Libor plus 875 bps with a 1% Libor floor and a discount of 99˝.

J.P. Morgan Securities LLC is leading the deal.

Proceeds will be used to fund the acquisition of MedTrak Services LLC, which is expected to close in the third or fourth quarter, subject to customary conditions and regulatory clearances.

Envision is a Twinsburg, Ohio-based full-service pharmacy benefit management company. MedTrak is an Overland Park, Kan.-based pharmacy benefit management company.

PGT timing emerges

PGT set a bank meeting for 10 a.m. ET in New York on Sept. 4 to launch its previously announced $235 million credit facility, according to a market source.

The facility consists of a $35 million five-year revolver and a $200 million seven-year term loan B.

Deutsche Bank Securities Inc. and KeyBanc Capital Markets Inc. are leading the deal that will be used with cash on hand to fund the acquisition of CGI Windows & Doors Holdings Inc. for roughly $111 million from Cortec Group Fund IV LP, to refinance existing debt, and for working capital and general corporate purposes.

Closing is expected in September, subject to customary conditions.

PGT is a North Venice, Fla.-based manufacturer and supplier of residential impact-resistant windows and doors. CGI is a Miami-based manufacturer of impact-resistant windows and doors.

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