Presidio, Asurion, SBA, Genesys break; Prestige, American Bath, Realogy changes surface

By Sara Rosenberg

New York, Jan. 17 – Presidio Inc. finalized the spread on its term loan at the low end of guidance, and then the debt freed up for trading on Tuesday above its issue price, and Asurion LLC, SBA Senior Finance II LLC and Genesys made their way into the secondary market as well.

Over in the primary market, Prestige Brands Inc. upsized its term loan B-4, and American Bath Group LLC increased the size of its incremental first-lien term loan, lowered the spread and revised the original issue discount, and added a repricing of its existing first-lien term loan to its transaction.

Also, Realogy Holdings Corp. trimmed pricing and extended the call protection on its term loan, and AmWINS Group LLC and Travel Leaders Group LLC moved up the commitment deadlines on their credit facilities.

In addition, MEG Energy Corp., Innocor Inc., V.Group, Worldwide Express, Samsonite International SA, Reynolds Group Holdings Inc., Vistra Operations Co. LLC, Power Products LLC, Rovi Solutions Corp., Service King Collision Repair Centers, Microsemi Corp. and Genex Holdings Inc. released price talk with launch.

Furthermore, Onvoy LLC and Daseke Inc. came out with timing on the launch of their loans, and BJ’s Wholesale Club Inc., Compuware Corp., Milacron LLC, Electrical Components International Inc., Time Manufacturing Co., Continental Building Products Operating Co. LLC, Builders FirstSource Inc. and Acelity LP Inc. joined this week’s calendar.

Presidio firms, trades

Presidio finalized the spread on its $704 million first-lien term loan (B1/B) due February 2022 at Libor plus 350 basis points, the low end of the Libor plus 350 bps to 375 bps talk, according to a market source.

The loan still has a 25 bps step-down subject to a qualified initial public offering and total net leverage less than 4 times, a 1% Libor floor, a par issue price and 101 soft call protection for six months.

With final terms in place, the loan broke for trading on Tuesday, and levels were quoted at par ½ bid, 101 offered, the source said.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Barclays, RBC Capital Market and J.P. Morgan Securities are leading the deal that will be used to reprice an existing term loan down from Libor plus 425 bps with a 1% Libor floor.

Presidio is a New York-based IT infrastructure solutions provider.

Asurion frees up

Asurion’s $2.65 billion term loan B-4 (B+) due August 2022 began trading too, with levels quoted at par ½ bid, 101 offered, a trader said.

Pricing on the loan is Libor plus 325 bps, after firming last week at the low end of the Libor plus 325 bps to 350 bps talk. The debt has a 1% Libor floor and 101 soft call protection for six months, and was issued at par.

Bank of America Merrill Lynch, Morgan Stanley Senior Funding Inc., Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Goldman Sachs Bank USA are leading the deal that will be used to reprice an existing term loan B-4 from Libor plus 400 bps with a 1% Libor floor.

Asurion is a Nashville-based provider of technology protection services.

SBA hits secondary

SBA Senior Finance’s $1,466,000,000 term loan B-1 due March 24, 2021 and its $494 million term loan B-2 due June 10, 2022 broke as well, with levels on both tranches quoted at par ¼ bid, par 5/8 offered, according to a trader.

Pricing on the term loans is Libor plus 225 bps with no Libor floor, and they were issued at par. The debt has 101 soft call protection for six months.

Wells Fargo Securities LLC is the left lead arranger on the deal that will be used to reprice existing term loan B-1 and B-2 debt down from Libor plus 250 bps with a 0.75% Libor floor.

SBA Senior Finance is a subsidiary of SBA Communications Corp., a Boca Raton, Fla.-based owner and operator of wireless communications infrastructure.

Genesys breaks

Genesys’ $1,575,000,000 term loan B due 2023 also freed up, with levels quoted at par 3/8 bid, par 7/8 offered, a trader remarked.

Pricing on the loan is Libor plus 400 bps, after being finalized last week at the low end of the Libor plus 400 bps to 425 bps talk. The debt has a 1% Libor floor and 101 soft call protection for six months, and was issued at par.

Bank of America Merrill Lynch is leading the deal that will be used to refinance an existing term loan B that closed late last year as a $1,558,000,000 tranche priced at Libor plus 525 bps with a 1% Libor floor, and includes 101 soft call protection for one year.

Genesys is a Daly City, Calif.-based provider of omnichannel customer experience and contact center solutions.

Prestige lifts size

Moving to the primary market, Prestige Brands increased its seven-year term loan B-4 to $1,427,000,000 from $740 million, and left talk at Libor plus 275 bps to 300 bps with a 0.75% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, according to a market source.

Also, the commitment deadline was moved up to 5 p.m. ET on Thursday from Jan. 24, the source said.

Barclays, Citigroup Global Markets Inc., Morgan Stanley Senior Funding Inc., RBC Capital Markets LLC and Deutsche Bank Securities Inc. are leading the deal that will be used to help fund the $825 million acquisition of C.B. Fleet Co. Inc., and, due to the upsizing, to refinance an existing $687 million term loan B-3, the source added.

Net secured leverage is 3.8 times, total net leverage is 5.8 times.

Closing is expected in the company’s fiscal 2017 fourth quarter, subject to customary conditions and regulatory approval.

Prestige Brands is a Tarrytown, N.Y.-based marketer and distributor of over-the-counter and household cleaning products. C.B. Fleet is a manufacturer, marketer and distributor of feminine care and other over-the-counter healthcare products.

American Bath reworked

American Bath Group raised its incremental first-lien term loan due Sept. 30, 2023 to $265 million from $225 million, with $25 million of that being a delayed-draw piece, cut pricing to Libor plus 525 bps from Libor plus 575 bps and moved the original issue discount to 99.5 from 99, a source said.

The incremental term loan still has a 1% Libor floor.

The delayed-draw term loan will have three month availability, and ticking fees are the full spread after 30 days.

With the changes to the incremental loan, the company is now seeking a repricing of its existing $322 million first-lien term loan to Libor plus 525 bps with a 1% Libor floor from Libor plus 575 bps with a 1% Libor floor. The repricing is offered at par, and existing lenders will get paid out at 101, the source continued.

Also, the company is refreshing the $50 million incremental shared freebie.

American Bath lead banks

Credit Suisse Securities (USA) LLC, RBC Capital Markets and Jefferies Finance LLC are leading American Bath’s debt transaction.

As before, the company expects to get a $15 million incremental revolver and a $65 million incremental second-lien term loan that was privately placed.

Proceeds from the new debt and new equity will be used to fund the acquisition of Maax Bath & Spas.

Consents/recommitments are due at 3 p.m. ET on Thursday, the source added.

American Bath Group is a Savannah, Tenn.-based designer and manufacturer of fiberglass reinforced plastic, sheet molded compound and acrylic bathtubs and showers. Maax is a Lachine, Quebec-based manufacturer of bathtubs, showers and shower doors.

Realogy tweaks deal

Realogy lowered pricing on its roughly $1.1 billion term loan B due 2022 to Libor plus 225 bps from Libor plus 250 bps and extended the 101 soft call protection to one year from six months, according to a market source.

The loan still has a 0.75% Libor floor and a par issue price.

J.P. Morgan Securities LLC is leading the deal that will be used to reprice an existing term loan down from Libor plus 300 bps with a 0.75% Libor floor.

With the repricing, the company intends to increase the borrowing capacity of its revolver up to $1 billion, from the existing $815 million capacity.

Realogy is a Madison, N.J.-based real estate company.

AmWINS revises deadline

AmWINS accelerated the commitment deadline on its $1,375,000,000 credit facility to noon ET on Wednesday, with pricing expected Thursday, from noon ET on Thursday, a market source remarked.

The facility consists of a $125 million revolver (B1/B+), a $1.05 billion seven-year first-lien term loan (B1/B+) and a $200 million eight-year second-lien term loan (Caa1/B-).

Talk on the first-lien term loan is Libor plus 300 bps with a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, and talk on the second-lien term loan is Libor plus 750 bps with a 1% Libor floor, a discount of 99 and call protection of 102 in year one and 101 in year two.

Goldman Sachs Bank USA, Barclays, J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc. and Wells Fargo Securities LLC are leading the deal that will be used to refinance existing debt and for general corporate purposes.

AmWINS is a Charlotte, N.C.-based specialty insurance broker.

Travel Leaders shutting early

Travel Leaders Group accelerated the commitment deadline on its $425 million senior secured credit facility (B2/B+) to 5 p.m. ET on Wednesday from Thursday, a source said.

The facility consists of a $25 million five-year revolver, and a $400 million seven-year covenant-light first-lien term loan B talked at Libor plus 550 bps to 575 bps with no floor, an original issue discount of 99 and 101 soft call protection for six months.

Morgan Stanley Senior Funding Inc. and UBS Securities LLC are leading the deal that will be used to refinance existing debt, for general corporate purposes and for certain acquisitions.

Travel Leaders is a Plymouth, Minn.-based travel agency.

MEG Energy guidance

Also in the primary, MEG Energy held its bank meeting on Tuesday, launching its $1,235,000,000 senior secured covenant-light term loan B (Ba3/BB+/BB) due Dec. 31, 2023 at talk of Libor plus 375 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

Commitments are due at 5 p.m. ET on Jan. 24, the source said.

Barclays, BMO Capital Markets and RBC Capital Markets are leading the deal that will be used to refinance an existing term loan B due 2020.

The Calgary, Alta.-based oil sands company also plans to extend the maturity on its revolver by two years to Nov. 5, 2021 and reduce the commitment amount to $1.4 billion.

Also, the company expects to amend its credit agreement to allow for the issuance of second-lien debt, to permit the sale of its interest in the Access Pipeline without lender consent, provided 70% of the net proceeds are used to repay first-lien term debt, and to allow for the sale of an additional $550 million of certain encumbered assets, in addition to the $200 million already permitted, without lender consent, provided that 70% of the net proceeds from any such sale are used to repay first-lien term debt.

Innocor terms emerge

Innocor disclosed price talk on its $425 million seven-year covenant-light first-lien term loan (B2/B+) and $125 million eight-year covenant-light second-lien term loan (Caa1/CCC+) with its bank meeting, a market source remarked.

Talk on the first-lien term loan is Libor plus 475 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, and talk on the second-lien term loan is Libor plus 900 bps with a 1% Libor floor, a discount of 98 and hard call protection of 102 in year one and 101 in year two, the source continued.

The company’s $675 million senior secured credit facility also includes a $125 million asset-based revolver.

Commitments are due at noon ET on Jan. 30, the source added.

Barclays, Bank of America Merrill Lynch, Macquarie Capital (USA) Inc., Mizuho and Wells Fargo Securities LLC are leading the deal, with Barclays left on the first-lien and Bank of America left on the second-lien.

Proceeds will be used to help fund the buyout of the company by Bain Capital Private Equity from Sun Capital Partners Inc., which is expected to close this quarter.

Innocor is a Red Bank, N.J.-based designer and manufacturer of advanced foam products.

V.Group reveals talk

V.Group released talk of Libor plus 325 bps to 350 bps with a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months on its $495 million seven-year senior secured term loan B that launched with a morning bank meeting, a market source said.

The company’s $552.5 million credit facility (B1/B) also includes a $57.5 million revolver.

Commitments are due on Jan. 31, the source added.

Goldman Sachs Bank USA, HSBC Securities (USA) Inc., Citigroup Global Markets Inc., RBS and RBC Capital Markets LLC are leading the deal that will be used to help fund the acquisition of a controlling stake in the company by Advent International from Omers Private Equity.

V.Group is a London-based marine and offshore vessel management and support services provider.

Worldwide Express terms

Worldwide Express held its bank meeting, and with the event price talk was announced on its $360 million seven-year first-lien term loan (B1/B) and $125 million eight-year second-lien term loan (Caa1/CCC+), according to a market source.

The first-lien term loan is talked at Libor plus 475 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, and the second-lien term loan is talked at Libor plus 875 bps with a 1% Libor floor, a discount of 98.5 and hard call protection of 102 in year one and 101 in year two, the source said.

The company’s $545 million credit facility also includes a $60 million revolver (B1/B).

Commitments are due on Jan. 31, the source added.

Antares Capital, Deutsche Bank Securities Inc. and Citizens Bank are leading the deal, with Antares left lead on the first-lien debt and Deutsche left lead on the second-lien loan.

Proceeds will be used to help fund the buyout of the company by Ridgemont Equity Partners from Quad-C Management and merger with Unishippers Global Logistics, an existing portfolio company of Ridgemont.

Dallas-based Worldwide Express and Salt Lake City-based Unishippers are non-asset-based third-party logistics providers.

Power Products guidance

Power Products held its bank meeting, launching its $270 million covenant-light first-lien term loan (B1/B) with talk of Libor plus 450 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call for six months, according to a market source.

The company’s senior secured credit facility also includes a $30 million revolver (B1/B) and a $92.5 million privately placed second-lien term loan.

Commitments are due on Jan. 31, the source said.

RBC Capital Markets is leading the deal that will be used to help fund the buyout of the company by Genstar Capital for $496 million.

First-lien leverage is 4.2 times and total leverage is 5.6 times, the source added.

Power Products is a Menomonee Falls, Wis.-based manufacturer and supplier of electrical products for construction and maintenance, recreational marine and specialty vehicles, industrial power and transportation.

Samsonite repricing

Samsonite launched on its morning call a repricing of its $673,312,500 term loan B (Ba2/BBB-) due Aug. 1, 2023 that is talked at Libor plus 225 bps to 250 bps with no Libor floor, a par issue price and 101 soft call protection for six months, a market source remarked.

Commitments/consents are due at noon ET on Jan. 24, the source added.

Morgan Stanley Senior Funding Inc., HSBC Bank USA, Bank of America Merrill Lynch, SunTrust Robinson Humphrey Inc. and MUFG are leading the deal that will reprice the existing term loan B down from Libor plus 325 bps with a 0.75% Libor floor.

Samsonite is a Hong Kong-based manufacturer of bags and luggage.

Reynolds holds call

Reynolds Group emerged in the morning with plans to hold a lender call at 3 p.m. ET on Tuesday to launch a repricing of its $3,315,000,000 first-lien term loan due February 2023 and its €249 million first-lien term loan due February 2023, according to a market source.

The repriced U.S. term loan is talked at Libor plus 275 bps to 300 bps and the euro term loan is talked at Euribor plus 350 bps, with both tranches having a 25 bps step-down at B2/B corporate ratings, no floor, a par issue price and 101 soft call protection for six months, the source said.

Commitments are due at 5 p.m. ET on Monday.

Credit Suisse Securities (USA) LLC and HSBC Securities (USA) Inc. are leading the deal (B2/B+) that will reprice the U.S. term loan down from Libor plus 325 bps with a 1% Libor floor and the euro term loan down from Euribor plus 375 bps with no floor.

Closing is expected in February.

Reynolds Group is an Auckland, New Zealand-based manufacturer and supplier of consumer food and beverage packaging and storage products.

Vistra launches

Vistra Operations came out in the morning with plans for a lender call at 4 p.m. ET on Tuesday to launch a repricing of its $2.85 billion covenant-light term loan B due August 2023 and $650 million covenant-light term loan C due August 2023 at talk of Libor plus 275 bps with a 0.75% Libor floor, an original issue discount of 99.875 and 101 soft call protection for six months, a market source remarked.

Commitments are due by the close of business on Friday, the source added.

Deutsche Bank Securities Inc. is leading the deal that will reprice the term loan B and the term loan C down from Libor plus 400 bps with a 1% Libor floor.

Vistra, formerly known as Texas Competitive Electric Holdings Co. LLC, is a Dallas-based power generator and retail electric provider.

Rovi seeks repricing

Rovi Solutions held a lender call at 1:30 p.m. ET, launching a $682.5 million senior secured term loan B (Ba2/BB) due July 2, 2021 talked at Libor plus 250 bps with a 0.75% Libor floor, a par issue price and 101 soft call protection for six months, according to a market source.

Commitments/consents are due at 3 p.m. ET on Friday, the source said.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to reprice an existing term loan B.

Rovi is a Santa Clara, Calif.-based technology company that became a wholly-owned subsidiary of TiVo Corp. in conjunction with the September 2016 transaction.

Service King hits market

Service King held a lender call at 2 p.m. ET to launch a repricing of its $609 million term loan B that is talked at Libor plus 275 bps to 300 bps with a 1% Libor floor, a par issue price and 101 soft call protection for six months, a source said.

Commitments are due on Friday, the source added.

Bank of America Merrill Lynch is leading the deal that will reprice the existing term loan down from Libor plus 350 bps with a 1% Libor floor.

Service King is a Dallas-based operator of a chain of automobile body repair centers.

Microsemi launches loan

Microsemi launched with a lender call at 3:30 p.m. ET a $674.7 million senior secured covenant-light term loan B due Jan. 15, 2023 talked at Libor plus 225 bps to 250 bps with no Libor floor, a par issue price and 101 soft call protection for six months, a market source remarked.

Consents/commitments are due at 3 p.m. ET on Friday, the source added.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to reprice an existing term loan B down from Libor plus 300 bps with a 0.75% Libor floor.

Microsemi is an Aliso Viejo, Calif.-based provider of semiconductor solutions.

Genex floats OID

Genex Holdings disclosed original issue discount talk of 99.25 to 99.5 on its fungible $33 million add-on first-lien term loan (B2/B) due May 30, 2021 that launched with an afternoon call, according to a market source.

Pricing on the add-on is Libor plus 425 bps with a 1% Libor floor, in line with existing first-lien term loan pricing.

Commitments are due on Jan. 25, the source said.

RBC Capital Markets LLC and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to fund the acquisition of ECN.

Apax Partners LLP is the sponsor.

Genex is a Wayne, Pa.-based provider of integrated managed care services, focused on controlling health-care costs and reducing disability expenses.

Onvoy readies launch

Onvoy set a bank meeting for 10 a.m. ET in New York on Wednesday to launch its $35 million revolver and a $500 million seven-year first-lien term loan, according to a market source.

The company is also getting a $180 million second-lien term loan that was privately placed.

Included in the first-lien term loan is a 1% Libor floor and 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on Jan. 30, the source said.

Credit Suisse Securities (USA) LLC and Regions Bank are leading the debt that will be used with equity to fund Onvoy’s merger with Inteliquent Inc. that will take place in connection with Inteliquent’s buyout by GTCR LLC for $23.00 in cash per share of common stock. The value of the transaction is about $800 million.

Closing is expected this quarter, subject to Inteliquent stockholders’ approval and regulatory approvals.

Onvoy is a Plymouth, Minn.-based communications enabler. Inteliquent is a Chicago-based interconnection partner for communications service providers.

Daseke timing emerges

Daseke scheduled a bank meeting for 10 a.m. ET in New York on Thursday to launch a $350 million seven-year first-lien term loan, including a $100 million delayed-draw component, that is talked with a 1% Libor floor and 101 soft call protection for six months, a source said.

Commitments are due at 5 p.m. ET on Feb. 2, the source added.

Credit Suisse Securities (USA) LLC, UBS Investment Bank and PNC Capital Markets are leading the term loan that will be used to help fund the acquisition of the company by Hennessy Capital Acquisition Corp. II. The transaction will introduce Daseke as a publicly traded company, with an anticipated initial enterprise value of about $702 million. With the merger, Hennessy will change its name to Daseke Inc.

The company is also expected to get a $70 million asset-based revolver led by PNC.

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

Daseke is an Addison, Texas-based owner of open deck equipment and a transportation and logistics solutions company in the open deck trucking market.

BJ’s joins calendar

BJ’s Wholesale Club set a lender call for 2 p.m. ET on Wednesday to launch $2.45 billion in term loans, split between a $1.85 billion seven-year term loan B and a $600 million eight-year second-lien term loan, a market source remarked.

Nomura and Jefferies Finance LLC are leading the deal that will be used to refinance existing debt and fund a dividend.

BJ’s is a Westborough, Mass.-based operator of warehouse clubs.

Compuware deal surfaces

Compuware will hold a lender call at 1:30 p.m. ET on Thursday to launch a repricing of its existing $931 million term loan B-2 and a $310 million add-on to the term loan B-2, according to a market source.

The existing term loan B-2 is being repriced from Libor plus 525 basis points with a 1% Libor floor, and the add-on debt will be used to repay a term loan B-1 that is priced at Libor plus 525 bps with a 1% Libor floor.

Jefferies Finance LLC is leading the deal.

Compuware is a Detroit-based technology performance company.

Milacron coming soon

Milacron scheduled a lender call for Wednesday to launch an upsizing of its term loan to $947 million and extension of the maturity from September 2020, according to a market source.

As of Sept. 30, the company had $482 million outstanding under its term loan due September 2020.

Bank of America Merrill Lynch is the left lead bank on the deal.

Proceeds from the upsize will be used with cash on hand to repay all or a portion of the company’s $465 million 7¾% senior notes due 2021 and to pay fees and expenses associated with the refinancing transactions.

Milacron is a Cincinnati-based provider of plastics processing technologies and industrial fluids.

Electrical Components on deck

Electrical Components will hold a lender call on Wednesday to launch a $135 million add-on term loan, according to a market source.

Bank of America Merrill Lynch is leading the deal that will be used to fund the acquisition of Fargo Assembly Co., which is expected to close this quarter.

Pricing on the company’s existing term loan is Libor plus 475 bps with a 1% Libor floor.

Electrical Components, a portfolio company of KPS Capital Partners LP, is a St. Louis-based manufacturer of wire harnesses and provider of value-added assembly services for the home appliance industry. Fargo Assembly is a Fargo, N.D.-based supplier of wire harnesses to the motorcycle, agriculture, construction and specialty transportation end-markets.

Time Manufacturing launching

Time Manufacturing set a bank meeting for Wednesday to launch a new credit facility, a market source remarked.

BNP Paribas Securities Corp. is leading the deal that will be used to fund the buyout of the company.

Sterling Group is the sponsor.

Time Manufacturing is a Waco, Texas-based aerial lift manufacturer.

Continental Building plans call

Continental Building Products set a lender call for 10:30 a.m. ET on Wednesday to launch a new loan to existing and prospective lenders, a market source said.

Citigroup Global Markets Inc. is leading the deal.

Continental Building is a Herndon, Va.-based manufacturer of wallboard and gypsum-based products.

Builders readies launch

Builders FirstSource will hold a call for credit facility lenders at 10 a.m. ET on Wednesday, according to a market source.

Deutsche Bank Securities Inc. is leading the deal.

Builders FirstSource is a Dallas-based building materials manufacturer and supplier.

Acelity sets call

Acelity scheduled a call for Wednesday for credit facility lenders, according to a market source.

Bank of America Merrill Lynch is leading the deal.

Acelity is a San Antonio-based advanced wound care and regenerative medicine company.

Array reveals floor

In other news, it was disclosed that Array Canada Inc.’s proposed $275 million six-year first-lien term loan and $45 million six-year delayed-draw term loan are talked with a 1% Libor floor, according to a market source.

The company’s $360 million credit facility, which will launch with a bank meeting at 10:30 a.m. ET in New York on Wednesday, also includes a $40 million five-year revolver.

UBS Investment Bank, BMO Capital Markets and TD Securities (USA) LLC are the bookrunners on the deal.

Proceeds will be used to refinance debt and fund a dividend.

The Carlyle Group is the sponsor.

Array is a Toronto-based provider of retail merchandising displays and store fixtures to the cosmetics industry.

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