J.D. Power/Autodata tweaked; LifePoint, Westinghouse, Victory, Calpine, ASM set talk

By Sara Rosenberg

New York, Jan. 8 – In the loan market on Wednesday, J.D. Power/Autodata Group modified the issue price on its add-on first-lien term loan due to strong demand and moved up the commitment deadline.

In addition, LifePoint Health Inc., Westinghouse, Victory Capital Holdings Inc., Calpine Corp. and ASM Global (SMG) announced price talk with launch, and LGC Group hopped on to this week’s primary calendar.

J.D. Power updated

J.D. Power/Autodata Group changed the issue price on its fungible $75 million add-on first-lien term loan to par from 99.75, a market source said.

Also, the commitment deadline was accelerated to 5 p.m. ET on Thursday from noon ET on Tuesday, the source added.

The add-on term loan is priced at Libor plus 350 basis points with a 0% Libor floor, which matches existing first-lien term loan pricing.

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.

J.D. Power/Autodata, a Thoma Bravo LLC portfolio company, is a Troy, Mich.-based provider of automobile transactional data, valuation tools, vehicle feature information and consumer analytics to the automotive industry.

LifePoint details emerge

LifePoint Health held its call on Wednesday, launching a $3.115 billion senior secured term loan B (B1/B+) due November 2025 at talk of Libor plus 400 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, according to a market source.

Commitments are due at 5 p.m. ET on Jan. 15, the source said.

Citigroup Global Markets Inc. is leading the deal that will be used to reprice an existing term loan B down from Libor plus 450 bps.

The existing term loan B is currently sized at $3.515 billion, but there will be a $400 million paydown of the debt with the repricing.

Closing is expected on Jan. 17, the source added.

LifePoint is a Brentwood, Tenn.-based health care provider.

Westinghouse guidance

Westinghouse came out with talk of Libor plus 300 bps to 325 bps with a 0.75% Libor floor and a par issue price on its $3.031 billion first-lien term loan (B2/B/B+) due August 2025 that launched with an afternoon call, a market source remarked.

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

Commitments are due at noon ET on Jan. 15.

Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, Deutsche Bank Securities Inc., BMO Capital Markets, RBC Capital Markets, Barclays, Credit Agricole and BNP Paribas Securities Corp. are leading the deal that will be used to reprice an existing term loan down from Libor plus 350 bps.

Westinghouse is a Pittsburgh-based provider of infrastructure services to a nuclear reactor fleet.

Victory launches

Victory Capital launched on its morning call a $952 million term loan B (Ba3/BB-) due July 1, 2026 talked at Libor plus 275 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, a market source said.

Commitments are due at noon ET on Jan. 15, the source added.

RBC Capital Markets and Barclays are leading the deal that will be used to reprice an existing term loan B down from Libor plus 325 bps. Barclays is the administrative agent.

Victory Capital is a Brooklyn, Ohio-based asset management firm.

Calpine seeks repricing

Calpine launched in the morning a $748,125,000 first-lien term loan B-10 (Ba2/BB) due Aug. 12, 2026 at talk of Libor plus 200 bps to 225 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on Tuesday, the source said.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to reprice an existing term loan B-10 down from Libor plus 250 bps.

Calpine is a Houston-based provider of power generation services.

ASM reveals talk

ASM Global held its lender call in the afternoon and announced price talk on its fungible $190 million incremental first-lien term loan (B1/BB-) due January 2025 at Libor plus 275 bps to 300 bps with a 0% Libor floor and an original issue discount of 99.5, a market source said.

Currently, the company’s existing roughly $415 million first-lien term loan is priced at Libor plus 300 bps but the debt would be repriced to match the incremental loan if the spread firms at Libor plus 275 bps, the source explained.

All of the first-lien term loan debt is getting 101 soft call protection for six months.

Commitments are due on Jan. 15.

Jefferies LLC, Nomura, BofA Securities, Inc., Goldman Sachs Bank USA and Macquarie Capital (USA) Inc. are leading the incremental term loan that will be used to pay down existing second-lien term loan borrowings.

ASM is a venue management company, providing a full range of venue management and food & beverage services.

LGC readies loan

LGC Group set a bank meeting for 8:30 a.m. GMT in London on Friday to launch a £1.042 billion equivalent U.S. and euro seven-year covenant-lite term loan, of which the U.S. portion will be a minimum of $330 million, a market source remarked.

The term loan debt is talked with a 0% floor and 101 soft call protection for six months, the source added.

Commitments are due at 5 p.m. GMT on Jan. 23.

BNP Paribas, HSBC, KKR Capital Markets and Morgan Stanley Senior Funding Inc. are the global coordinators and joint active bookrunners on the deal. SMBC is a joint bookrunner. Barclays, Credit Agricole, Mizuho, MUFG, Natixis, NatWest and Nomura are mandated lead arrangers.

The new debt will be used to help fund the buyout of the company by a consortium jointly led by Astorg and Cinven, to refinance existing debt and for cash overfunding.

LGC is a U.K.-based provider of life sciences tools.

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