Stetson, Nautilus revise deals; Anastasia, California Cryobank, EagleView and more set talk

By Sara Rosenberg

New York, July 19 – In the primary market on Thursday, Stetson Midstream widened price talk and the original issue discount on its term loan B and made some documentation changes, and Nautilus Power LLC tightened the issue price on its add-on term loan B.

Also, Anastasia Beverly Hills, California Cryobank Life Sciences (GI Chill Acquisition LLC), EagleView Technology Corp., Technimark LLC, Consolidated Precision Products Corp. (WP CPP Holdings LLC), United Site Services (USS Ultimate Holdings Inc.), PSAV and Omnia Partners Inc. came out with price talk on their loan transactions with launch.

Furthermore, Dynatrace, Global Business Travel Holdings Ltd. (Amex GBT), Quality Distribution (Gruden Acquisition Inc.) and Compuware Corp. surfaced with new deal plans.

Stetson Midstream reworked

Stetson Midstream modified price talk on its $1 billion seven-year senior secured term loan B (Ba3/B+/BB-) to a range of Libor plus 425 basis points to 450 bps from Libor plus 375 bps, moved the original issue discount to 98.5 from 99.5 and removed the MFN sunset, according to a market source.

Also, the incremental facility was cut to $150 million from $250 million, and the excess cash flow sweep step-down to 0% was changed to occur at less than 2.5 times total leverage from at less than 3.5 times total leverage, the source said. The excess cash flow sweep is 75% if total leverage is more than 5 times and 50% if total leverage is less than 5 times but more than 2.5 times.

The 0% Libor floor and 101 soft call protection for six months under the term loan were unchanged.

Commitments are due at 5 p.m. ET Monday, the source added.

Goldman Sachs Bank USA, Barclays, Bank of America Merrill Lynch, RBC Capital Markets and Credit Suisse Securities (USA) LLC are leading the deal that will be used to fund the acquisition of equity interests in ENLK, ENLC and EnLink Midstream Manager.

Stetson Midstream is a diversified U.S. midstream platform.

Nautilus tweaks deal

Nautilus Power revised the original issue discount on its fungible $85 million add-on term loan B due May 16, 2024 to 99.875 from 99.5, a market source remarked.

The add-on term loan is priced at Libor plus 425 bps with a 1% Libor floor.

Recommitments were due at 5 p.m. ET on Thursday and allocations are targeted for Friday, the source added.

Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC and Goldman Sachs Bank USA are leading the deal that will be used with new cash equity from sponsor Carlyle Power Partners to fund the $115 million acquisition of Rock Springs units 1 and 2 from Old Dominion Electric Cooperative.

Carlyle currently owns Rock Springs units 3 and 4 and operates units 1 and 2 on behalf of Old Dominion.

Nautilus is a Massachusetts-based wholesale power generation and marketing company.

Anastasia discloses guidance

Anastasia Beverly Hills hosted its bank meeting on Thursday and launched its $650 million seven-year covenant-light term loan B at talk of Libor plus 375 bps with a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, a market source said.

The company’s $800 million of credit facilities (B2/B/BB+) also include a $150 million revolver.

Commitments are due at 5 p.m. ET on Aug. 2, the source added.

RBC Capital Markets, Goldman Sachs Bank USA, UBS Investment Bank and Deutsche Bank Securities Inc. are leading the deal that will be used to help fund TPG Capital’s strategic minority investment in the company.

Anastasia Beverly Hills is a beauty and cosmetics company.

California Cryobank launches

California Cryobank Life Sciences disclosed talk of Libor plus 400 bps to 425 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months on its $410 million covenant-light first-lien term loan (B2/B-) with its morning bank meeting, according to a market source.

The company’s $612 million of credit facilities also include a $40 million revolver (B2/B-) and a $162 million privately-placed second-lien term loan.

Commitments are due on Aug. 1, the source said.

Golub Capital is leading the deal that will be used to help fund the combination of Cord Blood Registry and California Cryobank and buyout by GI Partners. Cord Blood is being bought from AMAG Pharmaceuticals Inc. for $530 million in cash and California Cryobank is being purchased from Longitude Capital and NovaQuest.

Closing is expected in the third quarter, subject to customary conditions and regulatory approvals.

California Cryobank Life Sciences is a Los Angeles-based donor reproductive tissue banking and umbilical cord blood/tissue stem cell collection and storage company.

EagleView comes to market

EagleView Technology launched with its morning lender presentation its $535 million seven-year covenant-light first-lien term loan B at talk of Libor plus 375 bps with a 0% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months, a market source remarked.

The company’s $850 million of senior secured credit facilities also include an $85 million five-year revolver and a $230 million pre-placed second-lien term loan.

Commitments are due on Aug. 1, the source added.

Morgan Stanley Senior Funding Inc., Barclays, Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and Macquarie Capital (USA) Inc. are leading the deal that will be used to help support a significant new equity investment by Clearlake Capital Group LP, refinance an existing first-lien term loan, fund a dividend to shareholders, and pay related fees and expenses.

Under the transaction, Vista Equity Partners will remain a significant owner of the company.

Closing is expected in the third quarter.

EagleView is a Bothell, Wash.-based provider of aerial imagery and property data analytics.

Technimark reveals talk

Technimark came out with talk of Libor plus 400 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months on its $275 million seven-year covenant-light term loan that launched with a morning meeting, according to a market source.

The company’s $325 million of credit facilities also include a $50 million five-year revolver.

Commitments are due on Aug. 2, the source added.

Antares Capital and Credit Suisse Securities (USA) LLC are leading the deal that will be used to refinance existing debt.

Technimark, a PPC Partners portfolio company, is an Asheboro, N.C.-based manufacturer of high-value injection-molded components.

Consolidated Precision guidance

Consolidated Precision Products released price talk on its $273 million incremental covenant-light first-lien term loan B due April 2025 and $166 million incremental covenant-light second-lien term loan due April 2026 with its afternoon call, according to a market source.

Talk on the incremental first-lien term loan B is Libor plus 375 bps with a 1% Libor floor and an original issue discount of 99.5, and talk on the $166 million incremental second-lien term loan is Libor plus 775 bps with a 1% Libor floor and a discount of 99, the source said.

Commitments are due at noon ET on July 30.

Morgan Stanley Senior Funding Inc., Antares Capital, ING Capital LLC and HSBC Securities (USA) Inc. are leading the $439 million of incremental senior secured term loans that will be used to fund the acquisition of Selmet Inc., a manufacturer of complex, titanium castings and machined components for the aerospace and defense industries.

Consolidated Precision Products is a Cleveland-based manufacturer of engineered components and subassemblies primarily for the commercial aerospace, defense and industrial gas turbine markets.

United Site floats OIDs

United Site Services held its call in the morning, launching its fungible $125 million incremental covenant-light first-lien term loan (B2/B) due Aug. 25, 2024 with original issue discount talk of 99.5 and its fungible $50 million incremental covenant-light second-lien term loan due Aug. 25, 2025 with discount talk of 99.25, a market source remarked.

Like the existing loans, the incremental first-lien term loan is priced at Libor plus 375 bps with a step-down to Libor plus 350 bps when corporate ratings are B2/B or better and a 1% Libor floor, and the incremental second-lien term loan is priced at Libor plus 775 bps with a step-down to Libor plus 750 bps when corporate ratings are B2/B or better and a 1% Libor floor.

The first-lien term loan is getting 101 soft call protection for six months, while call protection on the incremental second-lien term loan will be unchanged from the call protection on the existing second-lien loan

United Site consent fee

United Site Services is seeking an amendment along with the $175 million of incremental term loans and is offering existing lenders a 50 bps consent fee, the source continued.

Commitments and consents are due at noon ET on July 26, the source added.

Bank of America Merrill Lynch, Morgan Stanley Senior Funding Inc., Jefferies LLC, Goldman Sachs Bank USA and Deutsche Bank Securities Inc. are leading the debt that will be used to replenish cash funds used for a recent acquisition and to fund two additional acquisitions currently under letters of intent, and about $34 million of the proceeds will be cash added to the balance sheet to support additional near-term acquisition activity.

United Site Services is a Westborough, Mass.-based provider of portable restrooms, temporary fence and related site services.

PSAV seeks add-on

PSAV launched on its morning call a fungible $125 million add-on first-lien term loan (B2) due March 2025 talked at Libor plus 325 bps with a 1% Libor floor, an original issue discount of 98.75 and 101 soft call protection for six months, a market source said.

Commitments are due on Wednesday, the source added.

Goldman Sachs Bank USA is leading the deal that will be used to support the buyout of the company by Blackstone from affiliates of Goldman Sachs and Olympus Partners.

With this transaction, existing first-lien lenders are being offered a 12.5 bps amendment fee on current positions and existing second-lien lenders are being offered a 25 bps amendment fee on current positions.

PSAV is a Long Beach, Calif.-based event technology provider.

Omnia holds call

Omnia Partners held its call in the morning and announced original issue discount talk of 99.25 to 99.5 on its $123.5 million add-on first-lien term loan, a market source remarked.

The add-on first-lien term loan is priced at Libor plus 375 bps with a step-down to Libor plus 350 bps and a 0% Libor floor, which matches existing first-lien term loan pricing.

Commitments are due at 5 p.m. ET on July 26, the source added.

The company is also getting a $26 million pre-placed add-on second-lien term loan.

Barclays, Ares, Jefferies LLC and Fifth Third are leading the deal that will be used to fund a permitted acquisition.

TA Associates is the sponsor.

Omnia is a Franklin, Tenn.-based group purchasing organization.

Dynatrace readies deal

Also in the primary market, Dynatrace set a bank meeting for 1:30 p.m. ET on Monday to launch $1.18 billion of senior secured credit facilities, according to market sources.

The facilities consist of a $60 million five-year revolver, a $950 million seven-year first-lien term loan and a $170 million eight-year second-lien term loan, sources said.

Jefferies LLC is the left lead on the deal, which will be used to refinance debt.

Dynatrace is a Waltham, Mass.-based digital performance management company.

Global Business coming soon

Global Business Travel Holdings emerged with plans to hold a lender presentation at 2:30 p.m. ET on Tuesday to launch a $250 million term loan B, a market source remarked.

Morgan Stanley Senior Funding Inc. and Goldman Sachs Bank USA are leading the deal that will be used with cash on hand to fund the acquisition of Hogg Robinson Group plc, repurchase some of Hogg Robinson’s debt, pay related fees and expenses, and for other general corporate purposes.

Global Business Travel is a travel management company. Hogg Robinson is a B2B services company specializing in travel management.

Quality Distribution on deck

Quality Distribution scheduled a lender call for 10:30 a.m. ET on Friday to launch a fungible $60 million incremental first-lien term loan due Aug. 18, 2022 that has 101 soft call protection for six months, according to a market source.

Jefferies LLC is leading the deal that will be used to fund the acquisition of an intermodal company and to repay ABL revolver borrowings.

The company will also launch an amendment to its credit agreement, the source added.

Quality Distribution is a Tampa, Fla.-based operator of a dedicated bulk tank network.

Compuware joins calendar

Compuware plans to hold a bank meeting during the week of July 30 to launch new credit facilities, a market source said.

Jefferies LLC is leading the deal that will be used to refinance debt.

Compuware is a Detroit-based technology performance company.

Edelman closes

In other news, Edelman Financial Center LLC completed its acquisition of Financial Engines Inc. for $45 per share in cash, or about $3.02 billion, according to a news release.

To help fund the transaction, Edelman got $2.08 billion of senior secured credit facilities that include a $150 million five-year revolver, a $1,455,000,000 seven-year covenant-light first-lien term loan B and a $475 million eight-year covenant-light second-lien term loan.

Pricing on the first-lien term loan is Libor plus 325 bps with a 25 bps step-down at 0.5 times inside closing first-lien secured leverage and a 0% Libor floor. The debt was sold at an original issue discount of 99.5 and has 101 soft call protection for six months.

The second-lien term loan is priced at Libor plus 675 bps with a 0% Libor floor and was issued at a discount of 99.5. This tranche has hard call protection of 102 in year one and 101 in year two.

Edelman lead banks

Morgan Stanley Senior Funding Inc., J.P. Morgan Securities LLC, Barclays, Deutsche Bank Securities Inc. and UBS Investment Bank led Edelman’s credit facilities, with Morgan Stanley the left lead on the first-lien term loan and JPMorgan the left lead on the second-lien term loan.

During syndication, the first-lien term loan was upsized from $1.41 billion and the second-lien term loan was downsized from $495 million. Also, pricing on the second-lien term loan was trimmed from Libor plus 700 bps and the discount was changed from 99.

Edelman Financial, which is majority owned by Hellman & Friedman, is an independent financial planning firm. Financial Engines is a Sunnyvale, Calif.-based independent investment adviser.

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