Gray Television breaks; GreenWaste, Entertainment Partners, MeridianLink tweak deals

By Sara Rosenberg

New York, Oct. 27 – Gray Television Inc. modified the original issue discount on its term loan D and then the debt made its way into the secondary market on Wednesday.

In more happenings, GreenWaste Recovery tightened the spread and issue price on its term loan B, Entertainment Partners reduced pricing on its term loan B and set the original issue discount at the tight end of guidance, and MeridianLink Inc. lowered the spread on its term loan B.

Also, United Site Services (PECF USS Intermediate Holding III Corp.), Vertex Aerospace and Parkway Generation LLC announced price talk with launch, and Acuren (Rockwood Service Corp.) joined this week’s primary calendar.

Gray tightens, trades

Gray Television changed the original issue discount on its $1.5 billion seven-year covenant-lite term loan D (Ba2/BB/BB+) to 99.75 from 99.5, according to a market source.

As before, the term loan is priced at Libor plus 300 basis points with a 0% Libor floor and has 101 soft call protection for six months.

Recommitments were due at noon ET on Wednesday and the term loan D broke for trading in the afternoon, with levels quoted at par bid, par ¼ offered, another source added.

Wells Fargo Securities LLC, BofA Securities Inc., Deutsche Bank Securities Inc., Regions Bank and Truist are leading the deal that will be used with $1.3 billion of senior notes and cash on hand to fund the acquisition of Meredith Corp.’s Local Media Group, which owns television stations, for $16.99 per share in cash, or $2.825 billion in total enterprise value, and to pay related fees and expenses.

The company also plans to amend and restate its revolver to increase capacity to up to $500 million from $300 million, split between a $425 million five-year tranche and a $75 million tranche due Jan. 2, 2026.

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

Gray Television is an Atlanta-based broadcast company.

GreenWaste flexes

GreenWaste Recovery trimmed pricing on its $400 million seven-year covenant-lite term loan B to Libor plus 325 bps from talk in the range of Libor plus 350 bps to 375 bps and adjusted the original issue discount to 99.5 from 99, a market source said.

The term loan still has a 0.5% Libor floor and 101 soft call protection for six months.

The company’s $500 million of credit facilities (B2/B+) also include a $100 million five-year revolver.

Recommitments were due at the end of the day on Wednesday, the source added.

Truist Securities, RBC Capital Markets, Fifth Third and MUFG are leading the deal that will be used to help fund the acquisition of the company by MIP V, a fund managed by Macquarie Asset Management.

GreenWaste is a San Jose, Calif.-based provider of solid waste collection and recycling solutions for homes and businesses.

Entertainment Partners revised

Entertainment Partners cut pricing on its $850 million seven-year term loan B (B1/B+) to Libor plus 350 bps from talk in the range of Libor plus 375 bps to 400 bps and firmed the original issue discount at 99.5, the tight end of the 99 to 99.5 talk, according to a market source.

The term loan still has a 0.5% Libor floor and 101 soft call protection for six months.

Commitments are due at noon ET on Thursday, accelerated from 5 p.m. ET on Thursday, the source added.

BofA Securities Inc., JPMorgan Chase Bank, Barclays, Citigroup Global Markets Inc., Goldman Sachs Bank USA, Mizuho, SVB and TPG Capital are leading the deal that will be used for a dividend recapitalization.

Entertainment Partners is a Burbank, Calif.-based provider of workforce management services to the TV, film and broader entertainment industries.

MeridianLink cuts spread

MeridianLink reduced pricing on its $435 million seven-year term loan B (B2/BB-/BB+) to Libor plus 300 bps from talk in the range of Libor plus 325 bps to 350 bps, a market source remarked.

The 0.5% Libor floor, original issue discount of 99.5 and 101 soft call protection for six months on the term loan were unchanged.

Recommitments were due at 5 p.m. ET on Wednesday, the source added.

BofA Securities Inc. is the left lead on the deal that will be used to refinance existing debt.

MeridianLink is a Costa Mesa, Calif.-based provider of SaaS-based solutions to financial institutions that simplify loan decisioning, deposit and loan originations and workflow challenges.

United Site talk

United Site Services held its call on Wednesday morning and released talk on its $1.25 billion seven-year term loan B (B2/B-) at Libor plus 450 bps to 475 bps with a 0.5% Libor floor and an original issue discount of 99, according to a market source.

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

Commitments are due at 5 p.m. ET on Nov. 4.

BofA Securities Inc., Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc., Barclays, Deutsche Bank Securities Inc. and Jefferies LLC are leading the deal that will be used with $550 million of senior secured notes and $750 million of senior unsecured notes to fund the acquisition of the company by a Platinum Equity Continuation Fund, to refinance existing debt, and to pay certain fees, commissions and expenses related to the transaction.

United Site Services is a Westborough, Mass.-based provider of portable restrooms, temporary fence and related site services.

Vertex proposed terms

Vertex Aerospace came out with talk of Libor plus 400 bps with a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months on its $890 million seven-year first-lien term loan (B1/B) that launched with a bank meeting in the morning, a market source said.

Commitments are due at noon ET on Nov. 9, the source added.

The company is also getting a $220 million eight-year privately placed second-lien term loan and upsizing its existing revolver to $100 million from $75 million.

RBC Capital Markets, Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC, MUFG and Citizens Bank are leading the deal, which will be used with a to fund the acquisition of Project Sky, a provider of training and sustainment services and products to the defense and commercial aerospace industries, from Raytheon Technologies Corp.

American Industrial Partners is the sponsor.

Vertex Aerospace is a Madison, Miss.-based defense aerospace company.

Parkway guidance

Parkway Generation launched on its afternoon call its $1.14 billion of seven-year senior secured term loans (Ba3/BB) at talk of Libor plus 450 bps to 475 bps with a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

The term loan debt consists of a $1 billion term loan B and a $140 million term loan C.

Commitments are due at noon ET on Nov. 5, the source added.

Morgan Stanley Senior Funding Inc., Jefferies LLC, BNP Paribas Securities Corp. and Goldman Sachs Bank USA are leading the deal.

The term loan B will be used to help fund ArcLight Capital Partners’ acquisition of Public Service Enterprise Group Inc.’s portfolio of eight natural gas-fired power generation facilities in New Jersey and Maryland totaling 4,805 MW (Parkway Generation), and the term loan C will be used to fund a collateral account to cash collateralize the issuance of letters of credit.

Acuren on deck

Acuren will hold a lender call at 11:30 a.m. ET on Thursday to launch a fungible $100 million add-on term loan B due January 2027, a market source remarked.

Pricing on the term loan is Libor plus 425 bps with a 0% Libor floor, and both the add-on term loan and existing term loan are getting 101 soft call protection for six months.

BofA Securities Inc. is the left lead on the deal that will be used to fund the acquisition of Premium Inspection & Testing Group, a provider of nondestructive testing, inspection and calibration services.

Acuren is a provider of testing services to energy and industrial markets.

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