Rocket Software modifies structure; Sabre Industries, Ascensus move up deadlines

By Sara Rosenberg

New York, May 19 – In the primary market on Wednesday, Rocket Software Inc. reduced the size of its U.S. incremental first-lien term loan B and added a euro first-lien term loan to its transaction.

Furthermore, Sabre Industries Inc. and Ascensus accelerated the commitment deadlines for their term loans.

Additionally, CQP Holdco and PQ Corp. released price talk with launch, and Univar Inc., Dessert Holdings, Smart Start Inc. and BayMark Health Services joined this week’s primary calendar.

Rocket reworked

Rocket Software downsized its incremental first-lien term loan B to about $490 million (based on the current exchange rate) from $825 million, and left talk at Libor plus 425 basis points with a 0% Libor floor, an original issue discount of 98 and 101 soft call protection for six months, according to a market source.

With the downsizing, the company added a €275 million first-lien term loan to its capital structure that is talked at Euribor plus 425 bps with a 0% floor, a discount of 98 and 101 soft call protection for six months, the source said.

Commitments are due at noon ET on Friday, extended from noon ET on Thursday.

RBC Capital Markets and Deutsche Bank Securities Inc. are leading the deal that will be used with some excess balance sheet cash to fund the acquisition of ASG Technologies, a Naples, Fla.-based provider of information management and mainframe systems performance management, from Evergreen Coast Capital.

Closing is subject to receipt of applicable regulatory approvals and other customary conditions.

Bain Capital is the sponsor.

Rocket Software is a Waltham, Mass.-based provider of enterprise infrastructure software.

Sabre moves deadline

Sable accelerated the commitment deadline for its $875 million seven-year first-lien term loan (B1/B) to 2 p.m. ET on Thursday from 5 p.m. ET on Monday, a market source remarked.

Talk on the first-lien term loan is Libor plus 375 bps with a 25 bps step-down at 0.5x inside closing date first-lien net leverage, a 0.5% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months.

The company is also getting a $345 million privately placed second-lien term loan.

Goldman Sachs Bank USA and Citigroup Global Markets Inc. are leading the deal that will be used to help fund the buyout of the company by Blackstone from The Jordan Co.

Closing is expected this quarter, subject to customary conditions.

Sabre is an Alvarado, Tex.-based designer and manufacturer of highly engineered, mission-critical overhead steel poles, towers, battery storage solutions, and related services for electrical utility and telecom end markets.

Ascensus tweaks timing

Ascensus moved up the commitment deadline for its $1.05 billion seven-year first-lien term loan (B2/B-) to noon ET on Thursday from Tuesday, a market source said.

Talk on the term loan is Libor plus 375 bps with a 0.5% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call for six months.

JPMorgan Chase Bank is the left lead on the deal that will be used with a privately placed second-lien term loan (Caa2) to help fund the buyout of the company by Stone Point Capital and GIC from Genstar Capital, Aquiline Capital Partners and Atlas Merchant Capital. Genstar and Aquiline will maintain a minority stake in the company.

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

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

CQP guidance

CQP Holdco launched on its call on Wednesday morning its $2.9 billion seven-year first-lien term loan B at talk of Libor plus 350 bps to 375 bps with a 0.5% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, according to a market source.

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

Morgan Stanley Senior Funding Inc. and Credit Suisse Securities (USA) LLC are leading the deal that will be used with $1 billion of other secured debt to refinance existing debt.

CQP Holdco is an owner and operator of natural gas facilities.

PQ details emerge

PQ held its call in the morning and launched a $900 million seven-year senior secured covenant-lite term loan B (B1/BB-) at talk of Libor plus 275 bps to 300 bps with a 25 bps step-down at 0.5x inside closing date net first-lien net leverage, a 0.5% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, a market source remarked.

Commitments are due at noon ET on May 26, the source added.

Citigroup Global Markets Inc. is leading the deal. Credit Suisse Securities (USA) LLC is the administrative agent.

The new debt will be used to refinance a portion of the company’s existing term loan B’s due in 2027.

Closing is expected during the week of May 31.

PQ is a Malvern, Pa.-based producer of specialty inorganic performance chemicals and catalysts.

Univar readies deal

Univar set a lender call for 11 a.m. ET on Thursday to launch a $1 billion term loan B (BBB-/BBB-) talked at Libor plus 200 bps with a 0% Libor floor, an original issue discount of 99.25 to 99.5 and 101 soft call protection for six months, according to a market source.

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

JPMorgan Chase Bank, BofA Securities Inc., Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Wells Fargo Securities LLC, Citigroup Global Markets Inc., Morgan Stanley Senior Funding Inc. and BMO Capital Markets are leading the deal that will be used to refinance existing debt.

Univar is a Downers Grove, Ill.-based specialty chemical, ingredient and solutions provider.

Dessert coming soon

Dessert Holdings scheduled a lender call for 10 a.m. ET on Thursday to launch $665 million of credit facilities, a market source said.

The facilities consist of a $75 million revolver, a $380 million first-lien term loan, a $75 million first-lien delayed-draw term loan and a $135 million second-lien term loan, the source added.

Antares Capital, Barclays, BMO Capital Markets, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., KKR Capital Markets, MUFG, Nomura Securities, RBC Capital Markets, Sumitomo Mitsui Banking Corp. and Stifel Nicolaus and Co. are leading the deal that will be used to help fund the buyout of the company by Bain Capital Private Equity from Gryphon Investors.

Closing is expected this quarter, subject to customary conditions, including regulatory approvals.

Dessert Holdings is a St. Paul, Minn.-based dessert company.

Smart Start on deck

Smart Start will hold a lender call at 2 p.m. ET on Thursday to launch a new first-lien loan facility, according to a market source.

BNP Paribas Securities Corp. is leading the deal.

Smart Start is a Grapevine, Tex.-based provider of ignition interlocks and portable devices for alcohol monitoring.

BayMark joins calendar

BayMark Health Services set a lender call for 1 p.m. ET on Thursday to launch $650 million of credit facilities, a market source remarked.

The facilities consist of a $40 million revolver, a $360 million first-lien term loan, a $100 million delayed-draw first-lien term loan, a $100 million second-lien term loan and a $50 million delayed-draw second-lien term loan, the source added.

Capital One, BMO Capital Markets and KeyBanc Capital Markets are leading the deal that will be used to refinance existing debt and fund near-term acquisitions.

BayMark is a Lewisville, Tex.-based provider of medication-assisted treatment to patients in recovery from substance use disorder.

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