Cox Media Group, WIRB-Copernicus, Aramark Services disclose loan pricing guidance

By Sara Rosenberg

New York, Dec. 2 – In the primary market on Monday, Cox Media Group (Terrier Media Buyer Inc.), WIRB-Copernicus Group and Aramark Services Inc. all released price talk on their loan transactions with launch.

Furthermore, Liaison (LI Group Holdings Inc.), Tank Holding Corp. and Mirion Technologies Inc. surfaced with new deal plans.

Cox proposed terms

Cox Media Group held its bank meeting on Monday and announced talk on its $1.875 billion seven-year term loan B at Libor plus 400 basis points to 425 bps with a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

The company’s $2.2 billion of credit facilities (Ba3/BB-) also include a $325 million five-year revolver.

Commitments are due at noon ET on Dec. 12, the source said.

RBC Capital Markets, J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Mizuho are leading the deal that will be used with $1.165 billion of eight-year senior unsecured debt to help fund the buyout of the company by Apollo Global Management Inc. from Cox Enterprises Inc.

Closing is expected in mid-to-late December.

First-lien leverage is 3.7x and total leverage is 6x.

Cox Media is an Atlanta-based broadcasting, publishing, direct marketing and digital media company.

WIRB-Copernicus guidance

WIRB-Copernicus came out with talk of Libor plus 425 bps to 450 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months on its $920 million first-lien term loan (B2/B) that launched with a bank meeting during the session, a market source said.

Commitments are due at 5 p.m. ET on Dec. 13, the source added.

The company’s $1.39 billion of credit facilities also include a $125 million revolver (B2/B) and a $345 million privately placed second-lien term loan.

Barclays, Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA, BMO Capital Markets, Golub Capital and HSBC Securities (USA) Inc. are leading the deal, which will be used to help fund the buyout of the company by Leonard Green & Partners LP.

Closing is expected in the first quarter of 2020, subject to customary approvals.

WIRB-Copernicus is a Princeton, N.J.-based provider of clinical trial optimization solutions.

Aramark holds call

Aramark emerged in the morning with plans to hold a lender call at 11 a.m. ET to launch a $900 million seven-year first-lien term loan (Ba1/BBB-) talked at Libor plus 175 bps to 200 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, according to a market source.

Commitments are due at 5 p.m. ET on Dec. 11, the source said.

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Barclays, BofA Securities, Inc., Goldman Sachs Bank USA and Wells Fargo Securities LLC are leading the deal that will be used to refinance senior notes due 2024 and to pay related fees and expenses.

Aramark is a Philadelphia-based professional services company that provides food, hospitality and facility management services as well as uniform and work apparel.

Liaison on deck

Liaison is set to hold a bank meeting at 10:30 a.m. ET in New York on Tuesday to launch $240 million of credit facilities, a market source remarked.

The facilities consist of a $15 million revolver, and a $225 million seven-year covenant-lite first-lien term loan talked with a 1% Libor floor and 101 soft call protection for six months, the source added.

Commitments are due at 5 p.m. ET on Dec. 16.

Credit Suisse Securities (USA) LLC and UBS Investment Bank are leading the deal that will be used to help fund the buyout of the company by Meritage Group.

Liaison is an admission management software for higher education.

Tank joins calendar

Tank Holding scheduled a lenders’ call for 11 a.m. ET on Tuesday to launch a $30 million add-on first-lien term loan, according to a market source.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to repay revolver borrowings.

Tank Holding is a Lincoln, Neb.-based manufacturer of rotationally molded poly and welded steel bulk storage and material handling products.

Mirion readies loan

Mirion Technologies will hold a lenders’ call at 12:30 p.m. ET on Tuesday to launch a $66 million add-on first-lien term loan, a market source said.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to fund tuck-in acquisitions, for general corporate purposes and to pay related fees and expenses.

Mirion is a provider of radiation detection, measurement, analysis and monitoring products to nuclear power, medical, military, and homeland security markets.

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