Peraton updated; Liftoff/Vungle price talk emerges; primary calendar continues to build

By Sara Rosenberg

New York, Sept. 10 – On Friday, Peraton tightened the original issue discount on its add-on term loan B, and Liftoff Mobile Inc./Vungle Inc. (Mars Borrower LLC) came out with price talk on its term loan B in connection with its lender call.

Also, U.S. Anesthesia Partners, GIP II Blue Holding LP (HESM Holdco), Pactiv Evergreen, DexKo Global, Colonial First State and Global Medical Response joined the near-term primary calendar.

Peraton tweaked

Peraton modified the original issue discount on its fungible $240 million add-on term loan B to 99.875 from talk in the range of 99 to 99.5, according to a market source.

Pricing on the add-on term loan is Libor plus 375 basis points with a 0.75% Libor floor, and the debt has 101 soft call protection for six months.

Commitments were due at noon ET on Friday.

JPMorgan Chase Bank is leading the deal that will be used to fund an acquisition.

Peraton is a provider of highly differentiated national security solutions and technologies.

Liftoff sets guidance

Liftoff Mobile/Vungle held its lender call on Friday and announced talk on its $1.25 billion seven-year senior secured covenant-lite term loan B at Libor plus 375 bps to 400 bps with a 0.5% 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 $1.4 billion of credit facilities (B2/B) also include a $150 million revolver.

Commitments are due at 10 a.m. ET on Sept. 24, the source added.

Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC, Nomura, Goldman Sachs Bank USA, Barclays and Mizuho are leading the deal that will be used to refinance the company’s existing capital structure and pay a one-time dividend distribution to shareholders.

Liftoff/Vungle is a Redwood City, Calif.-based platform that fuels the mobile app growth cycle.

U.S. Anesthesia on deck

U.S. Anesthesia set a lender call for 11 a.m. ET on Monday to launch $1.95 billion of term loans, according to a market source.

The debt is split between a $1.6 billion first-lien term loan B (B) and a $350 million second-lien term loan (CCC+), the source said.

Goldman Sachs Bank USA is leading the deal that will be used with cash on the balance sheet to refinance existing debt and pay a dividend to shareholders.

U.S. Anesthesia is a Dallas-based physician-service organization that focuses on providing anesthesia services to patients.

GIP joins calendar

GIP II Blue Holding will hold a lender call at 2 p.m. ET on Monday to launch a $750 million senior secured term loan B, a market source said.

Morgan Stanley Senior Funding Inc. is the left lead on the deal that will be used to pay a special cash distribution to the holders of the borrower’s equity.

GIP directly and indirectly owns about 45% of Hess Midstream Operations LP (HESM Opco), a midstream infrastructure company. Hess Infrastructure Partners owns about 45% of HESM and public shareholders own the remaining roughly 10%.

Pactiv readies deal

Pactiv Evergreen scheduled a lender call for 11 a.m. ET on Monday to launch an $800 million seven-year covenant-lite senior secured term loan B (B1/B+) talked at Libor plus 350 bps with a 0.75% Libor floor, an original issue discount of 99 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 Sept. 20, the source added.

Credit Suisse Securities (USA) LLC and HSBC Securities (USA) Inc. are leading the deal that will be used with a senior secured notes offering to fund the $380 million acquisition of Fabri-Kal Corp. from Two Mitts Inc. and refinance an outstanding term loan B due 2023.

Closing is expected late in the third quarter or early in the fourth quarter.

Pactiv Evergreen is a Lake Forest, Ill.-based manufacturer and distributor of fresh foodservice and fresh beverage packaging. Fabri-Kal is a manufacturer of foodservice and custom thermoformed plastic packaging solutions.

DexCo coming soon

DexKo Global emerged with plans to hold a lender call at 10 a.m. ET on Monday to launch a $960 million seven-year covenant-lite first-lien term loan B and a $1.25 billion equivalent euro seven-year covenant-lite first-lien term loan B, a market source remarked.

The U.S. term loan includes a $160 million delayed-draw piece and the euro term loan includes a $120 million equivalent delayed-draw piece, and both term loans have 101 soft call protection for six months.

Commitments are due at noon ET on Sept. 23, the source added.

Credit Suisse is the physical bookrunner and agent on the deal. Other bookrunners include Deutsche Bank Securities Inc., BMO Capital Markets, BofA Securities Inc., Barclays, BNP Paribas Securities Corp., CIBC, Goldman Sachs, RBC Capital Markets and TD Securities.

The loans will be used to help fund the acquisition of the company by Brookfield Business Partners LP from KPS Capital Partners LP for $3.4 billion, and pay transaction fees and expenses.

DexKo is a Novi, Mich.-based producer of highly engineered products critical to safety and performance of towable industrial trailer and recreational trailer applications.

Colonial First sets call

Colonial First State will hold a lender call at 9:30 a.m. ET on Monday to launch a $735 million term loan, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

The company is also getting an A$500 million term loan and an A$150 million delayed-draw term loan.

BofA Securities Inc., KKR Capital Markets, Jefferies LLC, Commonwealth, Credit Suisse, HSBC Securities, MUFG, UBS Investment Bank and Natixis are leading the deal that will be used to help fund the buyout of a 55% interest in the company by KKR from Commonwealth Bank of Australia for about $1.7 billion.

Colonial First State is an Australia-based provider of superannuation, investment and retirement products.

Global Medical on deck

Global Medical Response scheduled a lender call for 1 p.m. ET on Monday to launch a $300 million add-on term loan B due March 2025, a market source said.

KKR Capital Markets is the left lead on the deal that will be used to refinance a portion of the company’s preferred equity.

Global Medical Response is a Greenwood Village, Colo.-based medical transportation and response company.

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