EisnerAmper tweaks deal, breaks for trading; Packers Holdings price talk surfaces

By Sara Rosenberg

New York, Aug. 16 – EisnerAmper LLP (Eisner Advisory Group LLC) finalized the spread on its term loans at the low end of guidance and made a number of changes to documentation, and then the debt made its way into the secondary market on Monday.

In more happenings, Packers Holdings LLC (PSSI) released price talk on its incremental first-lien term loan in connection with its lender call.

EisnerAmper updated

EisnerAmper set pricing on its $440 million of term loans (B-/B+) at Libor plus 525 basis points, the low end of the Libor plus 525 bps to 550 bps talk, according to a market source.

The company also changed MFN to 50 bps for life from 75 bps for six months, and carve-outs were removed for broadly syndicated pari passu loans, maturity prior to one year after initial term loan B and de-minimus threshold of $39.6 million/50% of EBITDA.

Other documentation revisions included removing asset sale step-downs, reducing the restricted payments available amount starter, reducing general restricted payments, reducing the ratio restricted payments basket, and adding language limiting the transfer of material intellectual property to unrestricted subsidiaries, the source said.

As before, the term loan debt, split between a $400 million seven-year covenant-lite first-lien term loan B and a $40 million delayed-draw covenant-lite term loan available for six months, has a 50 bps step-down tied to delivery of fiscal year 2021 audits and upon receipt of Moody’s rating of B3, a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

Delayed-draw ticking fees are half the margin from days 46 to 90 and the full margin thereafter.

EisnerAmper frees up

Recommitments for EisnerAmper’s term loan debt were due at 10:30 a.m. ET on Monday and the debt broke for trading later in the day, with levels quoted at 99¼ bid, 99¾ offered, another source added.

Deutsche Bank Securities Inc. and Golub are leading the deal that will be used to help fund the buyout of the company by TowerBrook.

EisnerAmper is a New York-based professional services firm with a full suite of accounting, tax and advisory services.

Packers guidance

Packers Holdings held its call on Monday morning and announced original issue discount talk of 98.5 on its fungible $165 million incremental senior secured first-lien term loan (//B) due March 9, 2028, according to a market source.

The incremental term loan is priced at Libor plus 325 bps with a 0.75% Libor floor.

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

Jefferies LLC, Blackstone, Nomura and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to fund the acquisition of Safe Foods Inc., a food safety performance management company.

Packers Holdings is a Kieler, Wis.-based provider of mission critical cleaning, sanitation and compliance services to the food processing industry.

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