Jefferies, Spirit Aero break; Alliance Laundry, Canada Goose, RBmedia, UnitedLex revised

By Sara Rosenberg

New York, Sept. 30 – Jefferies Finance LLC revised the original issue discount on its term loan before freeing up for trading during Wednesday’s session, and Spirit AeroSystems Holdings Inc.’s term loan B began trading as well.

In more happenings, Alliance Laundry Systems LLC increased the size of its term loan B, lowered the spread and modified the issue price, and Canada Goose Inc. trimmed pricing on its first-lien term loan, reduced the Libor floor and changed the original issue discount.

Also, RBmedia revised the Libor floor and issue price on its add-on term loan B, UnitedLex raised pricing on its term loan and extended the call protection, and Press Ganey (Azalea TopCo Inc.) moved up the commitment deadline for its incremental first-lien term loan.

Additionally, Genesys, Wheelabrator Technologies Inc. (Granite Acquisition Inc.), Oxbow Carbon and FLY Leasing Ltd. disclosed price talk with launch.

Jefferies tweaked, breaks

Jefferies Finance adjusted the original issue discount on its $350 million seven-year senior secured term loan (Ba3/BB-/BB) to 99 from talk in the range of 98 to 98.5, according to a market source.

As before, the term loan is priced at Libor plus 375 basis points with a 0.75% Libor floor and has 101 soft call protection for six months.

Commitments were due at 11 a.m. ET on Wednesday and the term loan freed to trade in the early afternoon, with levels quoted at 99¼ bid, par offered, another source added.

Jefferies LLC is leading the deal that will be used to repay the company’s existing 7¼% senior notes due 2024 and to pay related fees and expenses.

Jefferies Finance is a New York-based leveraged loan arranger and investor with over $12 billion of managed capital equally owned by Jefferies Group LLC and Massachusetts Mutual Life Insurance Co.

Spirit hits secondary

Spirit AeroSystems’ $400 million senior secured term loan B (Ba2/BB-) broke for trading too, with levels quoted at 99¾ bid, par 1/8 offered, a trader remarked.

Pricing on the term loan is Libor plus 525 bps with a 0.75% Libor floor and it was sold at an original issue discount of 99.5.

During syndication, the discount on the term loan was tightened from talk in the range of 98.5 to 99.

BofA Securities Inc., Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc. and Citigroup Global Markets Inc. are the lead banks on the deal.

Proceeds will be used with $500 million of senior secured notes, upsized recently from $400 million, to repay in full amounts borrowed under a term loan A and delayed-draw term loan A, and for general corporate purposes.

Spirit AeroSystems is a Wichita, Kan.-based designer and builder of aerostructures for both commercial and defense customers.

Alliance Laundry reworked

Back in the primary market, Alliance Laundry Systems raised its seven-year covenant-lite term loan B to $1.325 billion from $1.25 billion, cut pricing to Libor plus 350 bps from talk in the range of Libor plus 375 bps to 400 bps and revised the original issue discount to 99.25 from 99, a market source said.

The term loan still has a 0.75% Libor floor and 101 soft call protection for six months.

Recommitments were due at 3 p.m. ET on Wednesday, the source added.

Allocations are expected on Thursday.

UBS Investment Bank, BofA Securities Inc., BMO Capital Markets, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are leading the deal that will be used to refinance existing debt.

Alliance Laundry is a Ripon, Wis.-based designer, manufacturer and marketer of commercial laundry equipment.

Canada Goose revised

Canada Goose reduced pricing on its $300 million seven-year covenant-lite first-lien term loan (B2/BB) to Libor plus 425 bps from Libor plus 450 bps, lowered the Libor floor to 0.75% from 1% and modified the original issue discount to 99 from 98, according to a market source.

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

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

Credit Suisse Securities (USA) LLC, CIBC, BofA Securities Inc. and HSBC Securities (USA) Inc. are leading the deal that will be used to refinance existing debt and for general corporate purposes.

Canada Goose is a Toronto-based maker of performance luxury apparel.

RBmedia updated

RBmedia changed the Libor floor on its $250 million add-on first-lien term loan B (B3/B-) due Aug. 31, 2025 to 0.5% from 0% and the original issue discount to 99 from talk in the range of 99.03 to 99.5, according to a market source.

In addition, the add-on term loan was switched to non-fungible from fungible, the source said.

Pricing on the add-on term loan remained at Libor plus 425 bps with a 25 bps step-down at less than 3.8x first-lien net leverage.

Recommitments were due at 3:30 p.m. ET on Wednesday, the source added.

Goldman Sachs Bank USA, KKR Capital Markets, Morgan Stanley Senior Funding Inc., ING and Truist are leading the deal that will be used to fund a dividend to existing shareholders.

RBmedia is a Landover, Md.-based digital audiobook and related spoken-word content producer.

UnitedLex changes emerge

UnitedLex widened pricing on its $110 million term loan to Libor plus 575 bps from talk in the range of Libor plus 500 bps to 525 bps, extended the 101 soft call protection to one year from six months and made a number of documentation changes, a market source said.

As before, the term loan has a 0% Libor floor and an original issue discount of 97.

Commitments are due at the end of the day on Thursday, the source added.

Macquarie Capital (USA) Inc. and BNP Paribas Securities Corp. are leading the deal.

The term loan originally closed in March but is now being offered to the market.

Original use of proceeds was to repay the existing credit facility, partially repay a shareholder loan, make a payment to the prior sellers given a component of the deferred purchase price, and provide cash to the balance sheet.

UnitedLex is an Overland Park, Kan.-based legal outsourcing services provider.

Press Ganey moves deadline

Press Ganey accelerated the commitment deadline for its non-fungible $180 million incremental first-lien term loan due July 25, 2026 to 5 p.m. ET on Wednesday from noon ET on Thursday, a market source remarked.

Talk on the term loan is Libor plus 400 bps to 425 bps with a 0.75% Libor floor, an original issue discount of 98 to 98.5 and 101 soft call protection for six months.

Barclays is leading the deal that will be used to fund a portion of the purchase price of two acquisitions either signed or under letters of intent.

Press Ganey is a South Bend, Ind.-based provider of patient experience measurement and performance improvement solutions to health care organizations.

Genesys price guidance

Also in the primary market, Genesys held its lender call on Wednesday and announced price talk on its $3.35 billion equivalent of term loans (B3/B-), according to a market source.

The $2.825 billion seven-year term loan B is talked at Libor plus 400 bps to 425 bps with a 0.75% Libor floor and an original issue discount of 99, and the $525 million euro equivalent seven-year term loan B is talked at Euribor plus 400 bps to 425 bps with a 0% floor and a discount of 98, the source said.

Both term loans have 101 soft call protection for six months.

Commitments are due on Oct. 7, the source added.

BofA Securities Inc., Goldman Sachs Bank USA, Citigroup Global Markets Inc., RBC Capital Markets, Wells Fargo Securities LLC and Credit Suisse Securities (USA) LLC are leading the deal that will be used to refinance existing debt and fund a dividend.

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

Wheelabrator sets talk

Wheelabrator Technologies launched on its morning call its $1,396,500,000 term loan B due Sept. 19, 2022 at talk of Libor plus 375 bps with a 1% Libor floor, according to a market source.

The term loan is split between $72.5 million of incremental debt and an extension of the existing $1.324 billion term loan B from December 2021.

The incremental piece is talked with an original issue discount of 99.5, the source said.

Commitments are due at the close of business on Monday.

Deutsche Bank Securities Inc., Barclays, Citizens, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and RBC Capital Markets are leading the deal.

Wheelabrator is a Portsmouth, N.H.-based owner and operator of waste-to-energy facilities and independent power-producing facilities.

Oxbow proposed terms

Oxbow Carbon came out with talk of Libor plus 425 bps to 450 bps with a 0.75% Libor floor, an original issue discount of 98.5 and 101 soft call protection for one year on its $400 million five-year term loan B (B1/BB-) that launched with a call in the morning, a market source said.

Commitments are due at 11 a.m. ET on Oct. 9, the source added.

BofA Securities Inc., J.P. Morgan Securities LLC, Rabobank, Truist, Capital One and Citizens Bank are leading the deal that will be used to refinance existing debt.

Oxbow Carbon is a West Palm Beach, Fla.-based recycler of refinery and natural gas byproducts.

FLY holds call

FLY Leasing hosted a lender call at 1 p.m. ET on Wednesday, launching a $180 million five-year senior secured term loan B (Ba3/BBB-) talked at Libor plus 525 bps to 550 bps with a 1% Libor floor and an original issue discount of 96 to 97, a market source remarked.

The term loan is non-callable for one year, the source added.

Commitments are due at 5 p.m. ET on Oct. 7.

RBC Capital Markets is the left lead on the deal that will be used for general corporate purposes, to pay transaction related expenses and fees, and to potentially repay existing senior unsecured notes due 2021.

FLY is a Dublin-based aircraft lessor.

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