Emerald Performance updates emerge; Ascensus, GoDaddy, Tutor Perini, Windstream set talk

By Sara Rosenberg

New York, Aug. 6 – In the primary market on Thursday, Emerald Performance Materials LLC increased the size of its first-lien term loan, trimmed the spread and modified the original issue discount.

Additionally, Ascensus (AqGen Ascensus Inc.), GoDaddy Inc., Tutor Perini and Windstream Holdings Inc. came out with price talk on their loan transactions with launch.

Emerald reworked

Emerald Performance raised its five-year covenant-lite first-lien term loan to $450 million from $425 million, cut pricing to Libor plus 400 basis points from talk in the range of Libor plus 425 bps to 450 bps and changed the original issue discount to 99 from 98.5, according to a market source.

As before, the term loan has a 1% Libor floor and 101 soft call protection for six months.

The company’s now $525 million of credit facilities (B2/B) also include a $75 million revolver.

Commitments remained due at 5 p.m. ET on Thursday.

Credit Suisse Securities (USA) LLC, KeyBanc Capital Markets, RBC Capital Markets, ING, Jefferies LLC and Lazard are leading the deal that will be used to refinance existing debt.

With the term loan upsizing, the company downsized its preferred equity by $25 million, the source added.

Emerald Performance is a Vancouver, Wash.-based manufacturer and marketer of specialty chemicals.

Ascensus proposed terms

Ascensus held its lender call on Thursday and announced price talk on its $1.052 billion covenant-lite first-lien term loan (B2/B-) due December 2026 at Libor plus 400 bps to 425 bps with a 1% Libor floor and an original issue discount of 99, a market source said.

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

Commitments are due at noon ET on Aug. 13.

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Barclays, Deutsche Bank Securities Inc. and Capital One are leading the deal that will be used to refinance existing first-lien term loans.

Ascensus is a Dresher, Pa.-based tech-enabled solutions provider focused on recordkeeping and administration in the U.S. tax advantages savings market.

GoDaddy shops loan

GoDaddy hosted a lender call at 2 p.m. ET to launch a $750 million seven-year covenant-lite first-lien term loan B (Ba1/BB) talked at Libor plus 250 bps with a 0% Libor floor, an original issue discount of 98.5 to 99 and 101 soft call protection for six months, according to a market source.

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

Morgan Stanley Senior Funding Inc. is leading the deal that will be used with cash on the balance sheet to retire payables to related parties pursuant to tax receivable agreements.

GoDaddy is Scottsdale, Ariz.-based provider of web hosting and domain names.

Tutor Perini guidance

Tutor Perini released talk of Libor plus 475 bps to 500 bps with a 1% Libor floor, an original issue discount of 97.5 and 101 soft call protection for one year on its $375 million seven-year first-lien term loan B (Ba3/BB-/BB+) that launched with a lender call in the morning, a market source remarked.

Commitments are due at noon ET on Aug. 13, the source added.

Goldman Sachs Bank USA, BMO Capital Markets, Deutsche Bank Securities Inc. and M&T Bank are leading the deal that will be used to repay revolver borrowings, to repurchase or retire outstanding convertible notes due 2021, to pay transaction-related fees and for other general corporate purposes.

Tutor Perini is a Los Angeles-based provider of diversified general contracting, design-build and self-perform construction services for public and private clients.

Windstream holds call

Windstream hosted a lender call at 1 p.m. ET to launch a $750 million exit financing term loan B (B3/B) talked at Libor plus 625 bps with a 1% Libor floor, an original issue discount of 96 and 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on Monday, the source continued.

J.P. Morgan Securities LLC, Goldman Sachs Bank USA, Truist Securities Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Morgan Stanley Senior Funding Inc. are leading the deal that will be used with a new revolver, $1.4 billion of senior first-lien notes and cash on hand to fund the repayment of a superpriority secured debtor-in-possession facility, fund other distributions provided for under the bankruptcy plan, and pay certain related fees and expenses.

Windstream is a Little Rock, Ark.-based provider of advanced network communications and technology solutions.

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