Zelis, GoDaddy break; Hilton Grand, Jane Street, Internet Brands, Whatabrands updated

By Sara Rosenberg

New York, Jan. 10 – Zelis Payments Buyer Inc. firmed pricing on its first-lien term loan B at the low end of revised guidance, and GoDaddy Inc. finalized the spread on its term loan B-5 at the high end of talk, and then these deals freed to trade on Wednesday.

In more happenings, Hilton Grand Vacations Borrower LLC set pricing on its incremental term loan B at the low end of guidance and modified the original issue discount, Jane Street Group LLC and Internet Brands (MH SUB I LLC) increased the sizes of their term loan transactions, and Whatabrands LLC (Whataburger) tightened the original issue discount on its incremental first-lien term loan B a few hours after its lender call.

Also, Focus Financial Partners LLC, Conservice Midco LLC, 1-800 Contacts Inc., Ryan Specialty Group LLC, TMS International Corp. and HarbourVest Partners released price talk with launch.

Furthermore, Imperial Dade (BCPE Empire Holdings Inc.), Ensemble, Aegion Corp., Parexel, Access CIG LLC, Rough Country and MKS Instruments Inc. joined this week’s primary calendar.

Zelis finalized, trades

Zelis Payments Buyer set pricing on its $1,977,981,495 senior secured covenant-lite first-lien term loan B (B1/B+) due Sept. 30, 2029 at SOFR plus 275 basis points, the low end of revised talk SOFR plus 275 bps to 300 bps and down from initial talk in the range of SOFR plus 300 bps to 325 bps, a market source remarked.

The term loan still has a 0% floor, an original issue discount of 99.5 and 101 soft call protection for six months.

On Wednesday, the term loan freed to trade, with levels quoted at 99¾ bid, par ¼ offered, a trader added.

Morgan Stanley Senior Funding Inc., Deutsche Bank Securities Inc., UBS Investment Bank, Antares Capital, Truist Securities, Jefferies LLC, Apogem and Goldman Sachs Bank USA are leading the deal that will be used to refinance/extend an existing term loan B due September 2026.

Closing is expected early in the week of Jan. 15.

Zelis is a Boston-based health care technology company, providing a connected platform that bridges the gaps and aligns interests across payers, providers and health care consumers.

GoDaddy updated, frees

GoDaddy firmed pricing on its $1.752 billion term loan B-5 (Ba1/BB) due November 2029 at SOFR plus 200 bps, the high end of the SOFR plus 175 bps to 200 bps talk, according to a market source.

As before, the term loan has a 0% floor, a par issue price and 101 soft call protection for six months.

Commitments continued to be due at noon ET on Wednesday and the term loan B-5 broke for trading in the afternoon, with levels quoted at par ¼ bid, par ½ offered, a trader added.

RBC Capital Markets, HSBC Securities (USA) Inc., Wells Fargo Securities LLC, BNP Paribas Securities Corp., JPMorgan Chase Bank, Morgan Stanley Senior Funding Inc., Barclays, MUFG, Goldman Sachs Bank USA and Deutsche Bank Securities Inc. are leading the deal that will be used to reprice an existing term loan B-5 due November 2029 down from SOFR plus 250 bps with a 0% floor.

GoDaddy is Tempe, Ariz.-based provider of web hosting and domain names.

Hilton tweaked

Hilton Grand Vacations finalized pricing on its $900 million seven-year incremental term loan B (Ba2/BB+) at SOFR plus 275 bps, the low end of the SOFR plus 275 bps to 300 bps talk, and adjusted the original issue discount to 99.75 from 99.5, a market source said.

The term loan still has a 0% floor and 101 soft call protection for six months.

Commitments continued to be due at 2 p.m. ET on Wednesday and allocations were expected later in the day, the source added.

BofA Securities Inc., Deutsche Bank Securities Inc., Barclays, JPMorgan Chase Bank, MUFG and Goldman Sachs Bank USA are leading the deal will be used with $900 million of senior secured notes to fund the acquisition of Bluegreen Vacations Holding Corp. for $75 per share in an all-cash transaction, representing total consideration of about $1.5 billion, inclusive of net debt.

Closing is expected in the first half of this year, subject to customary conditions and regulatory approvals.

Hilton Grand Vacations is an Orlando, Fla.-based timeshare company. Bluegreen Vacations is a Boca Raton, Fla.-based vacation ownership company.

Jane Street revised

Jane Street lifted its term loan B due Jan. 26, 2028 to $2.978 billion from $2.678 billion, according to a market source.

Of the total term loan B amount, $2.378 billion is to reprice an existing term loan B due January 2028 and $600 million, up from $300 million, is a fungible incremental term loan B that will be used for general corporate purposes, including additional trading capital.

Talk on the term loan is SOFR+CSA plus 250 bps with a 0% floor, a par issue price on the repricing, an original issue discount of 99.5 for new money and 101 soft call protection for six months. CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Commitments continue to be due at 5 p.m. ET on Thursday, the source added.

Barclays is the left lead on the deal.

The repricing will take the existing term loan down from SOFR+ARRC CSA plus 275 bps with a 0% floor.

Jane Street is a New York-based liquidity provider and electronic market maker with trading capabilities across asset classes.

Internet Brands upsized

Internet Brands raised its fungible add-on term loan B-3 (B1/B) due May 2028 to $600 million from $300 million plus, a market source said.

Pricing on the add-on term loan B-3 is SOFR plus 425 bps with a 0.5% floor, in line with existing term loan B-3 pricing, and the new debt has an original issue discount of 98 and 101 soft call protection for six months.

Commitments continued to be due at 5 p.m. ET on Wednesday, the source added.

RBC Capital Markets and KKR Capital Markets are leading the deal that will be used to fully, instead of partially, refinance an existing term loan B-1 and term loan B-2, with a combined total amount of $498 million, and to add cash to the balance sheet for future mergers and acquisitions.

Pro forma for the transaction, the term loan B-3 will be sized at about $4.7 billion.

Internet Brands is an El Segundo, Calif.-based provider of software as a service and traffic driven marketplace/media offerings across health, legal, dental and media verticals.

Whatabrands tightened

Whatabrands held a lender call at 10:30 a.m. ET, launching a fungible $340 million incremental senior secured covenant-lite first-lien term loan B due Aug. 3, 2028 with original issue discount talk of 99.03 and then the discount was changed to 99.75 later in the day, a market source remarked.

Pricing on the incremental term loan is SOFR+CSA plus 325 bps if total net first-lien leverage is more than 5x and SOFR+CSA plus 300 bps if total net first-lien leverage is 5x or lower, with a 0.5% floor, in line with existing term loan pricing. CSA is 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Commitments were due at 5 p.m. ET on Wednesday, with allocations expected on Thursday morning, the source added.

Morgan Stanley Senior Funding Inc., JPMorgan Chase Bank, BofA Securities Inc., Citigroup Global Markets Inc. and UBS Investment Bank are leading the deal that will be used to fund a partial redemption of preferred equity and to pay fees and expenses.

Whatabrands is a San Antonio-based restaurant company.

Omnia allocates

Omnia Partners LLC allocated during the session its $1.805 billion senior secured term loan B (B2/B) due July 25, 2030, a market source said.

Pricing on the term loan is SOFR plus 375 bps with a 25 bps step-down at about a turn inside of opening first-lien net leverage, but can’t step down for 12 months post-closing, and a 0% floor. The debt was issued at par and has 101 soft call protection for six months.

Barclays is the left lead on the deal that will be used to reprice an existing $1.805 billion senior secured term loan B due July 25, 2030 down from SOFR plus 425 bps with a 0% floor. The existing term loan has a 25 bps step-down at 1x inside closing date consolidated first-lien net leverage, but was unable to step down prior to 12 months from the original closing date.

Omnia, owned by TA Associates, Leonard Green & Partners and management, is a Franklin, Tenn.-based non-health care group purchasing organization.

Focus details emerge

Focus Financial launched on its call in the morning a $2.237 billion term loan B-7 (B1/B+) due June 30, 2028 talked at SOFR plus 275 bps with a 0.5% floor, an original issue discount of 99.875 and 101 soft call protection for six months, according to a market source.

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

RBC Capital Markets and SPC Capital Markets are leading the deal that will be used to merge into one tranche and reprice an existing $1.738 billion term loan B-5 priced at SOFR plus 325 bps with a 0.5% floor and an existing $499 million term loan B-6 priced at SOFR plus 350 bps with a 0.5% floor.

Stone Point and CD&R are the sponsors.

Focus Financial is a New York-based partnership of independent, fiduciary wealth management firms operating in the registered investment advisor industry.

Conservice comes to market

Conservice held a lender call at 3 p.m. ET to launch a roughly $728 million first-lien term loan due May 2027 talked at SOFR plus 400 bps with a 0% floor and 101 soft call protection for six months, a market source remarked.

Of the total term loan amount, $67.5 million is a fungible add-on that will be used to partially repay a second-lien term loan and fees and expenses, and the remainder is a repricing of the existing first-lien term loan.

New money commitments are talked with an original issue discount of 99.75 and existing lender commitments are talked with a par issue price, the source added.

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

UBS Investment Bank is leading the deal.

Conservice is a River Heights, Utah-based provider of utility management and billing software solutions to property owners and managers.

1-800 Contacts talk

1-800 Contacts came out with original issue discount talk of 99.5 on its fungible $350 million incremental term loan in connection with its lender call in the morning, according to a market source.

Like the existing term loan, the incremental term loan is priced at SOFR plus 375 bps with a 25 bps step-down at 5x net first-lien leverage and a 0.75% floor.

The term loan debt is getting 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on Jan. 17, the source added.

KKR Capital Markets is the left lead on the deal that will be used to partially refinance a second-lien term loan and to fund a shareholder distribution.

1-800 Contacts is an Orem, Utah-based seller of contact lenses.

Ryan Specialty repricing

Ryan Specialty Group held a lender call at noon ET on Wednesday to launch a $1.6 billion term loan B talked at SOFR plus 275 bps with a 0.75% floor, an original issue discount of 99.875 to par and 101 soft call protection for six months, a market source remarked.

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

JPMorgan Chase Bank is leading the deal that will be used to reprice an existing term loan B.

Ryan Specialty is a Chicago-based specialty insurance organization.

TMS launches

TMS International held a lender call at 1 p.m. ET, launching a $446.6 million term loan B due 2030 at talk of SOFR plus 425 bps with a 0.5% floor, an original issue discount of 99.75 to par and 101 soft call protection for six months, according to a market source.

Commitments are due at 5 p.m. ET on Jan. 17, the source added.

JPMorgan Chase Bank is leading the deal that will be used to reprice an existing term loan B down from SOFR plus 475 bps with a 0.5% floor.

TMS is a Pittsburgh-based provider of on-site industrial steel mill services for steelmakers.

HarbourVest shops loan

HarbourVest Partners held a lender call at 11 a.m. ET to launch a $499 million term loan B due April 2030 talked at SOFR plus 250 bps with a 0% floor, an original issue discount of 99.75 to par and 101 soft call protection for six months, a market source said.

Commitments are due at 5 p.m. ET on Jan. 17, the source added.

JPMorgan Chase Bank is leading the deal that will be used to reprice an existing term loan B down from SOFR plus 300 bps with a 0% floor.

HarbourVest is a private markets firm.

Imperial Dade on deck

Imperial Dade scheduled a lender call for 10 a.m. ET on Thursday to launch a roughly $2.143 billion first-lien term loan (B3/B-) due December 2028, according to a market source.

Of the total term loan amount, roughly $1.993 billion is a repricing of the company’s existing first-lien term loan and $150 million is a new fungible incremental piece to pay down ABL borrowings.

Talk on the term loan is SOFR plus 400 bps to 425 bps with a 0.5% floor, an original issue discount of 99.75 on rolled positions, a discount of 99.5 on new commitments and 101 soft call protection for six months, the source added.

Commitments are due at 5 p.m. ET on Jan. 17.

UBS Investment Bank is the left lead arranger on the deal. Credit Suisse is the administrative agent.

Imperial Dade is a Jersey City, N.J.-based distributor of foodservice disposables and janitorial sanitation products.

Ensemble coming soon

Ensemble surfaced with plans to hold a lender call at 11 a.m. ET on Thursday to launch a $1.7 billion term loan B due 2029, a market source said.

Goldman Sachs Bank USA is the left lead on the deal that will be used to refinance an existing $1.7 billion term loan B due 2026.

Berkshire Partners, Warburg Pincus and Golden Gate Capital are the sponsors.

Ensemble is a Cincinnati-based provider of technology-enabled, end-to-end revenue cycle management services to hospitals and health systems.

Aegion joins calendar

Aegion will hold a lender call at 3 p.m. ET on Thursday to launch a roughly $809 million first-lien term loan due May 17, 2028 that is talked at SOFR plus 425 bps with a 0.75% floor, a par issue price and 101 soft call protection for six months, a market source remarked.

Consents are due at noon ET on Jan. 18, the source added.

Jefferies LLC is leading the deal, which will be used to reprice the company’s existing first-lien term loan down from SOFR+CSA plus 475 bps with a 0.75% floor.

Aegion is a Chesterfield, Mo.-based provider of infrastructure maintenance, rehabilitation and protection solutions, primarily serving municipal water and wastewater entities.

Parexel readies deal

Parexel set a lender call for 10 a.m. ET on Thursday to launch a fungible $550 million add-on term loan B (B2), according to a market source.

Goldman Sachs Bank USA, Barclays, UBS Investment Bank, DNB, Jefferies LLC, BofA Securities Inc., BNP Paribas Securities Corp., RBC Capital Markets, ING, PNC and Mizuho are leading the deal that will be used to refinance a portion of the company’s second-lien term loan due November 2029.

EQT and Goldman Sachs Asset Management are the sponsors.

Parexel is a Durham, N.C.-based biopharmaceutical services company.

Access CIG on deck

Access CIG scheduled a lender call for 1:30 p.m. ET on Thursday to launch a fungible $125 million incremental first-lien term loan due Aug. 18, 2028, a market source said.

Like the existing term loan, the incremental term loan has 101 soft call protection through Feb. 18.

Commitments are due at noon ET on Jan. 18, the source added.

Jefferies LLC is leading the deal that will be used to refinance a portion of the company’s existing second-lien term loan.

Access CIG is a Livermore, Calif.-based provider of records and information management solutions for highly regulated industries including health care, financial services, law, consumer, and materials & industries.

Rough Country readies deal

Rough Country will hold a lender call at 4 p.m. ET on Thursday to launch a fungible $100 million add-on term loan, according to a market source.

Pricing on the term loan is SOFR+CSA plus 350 basis points with a 0.75% floor.

CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Golub Capital and Jefferies LLC are leading the deal that will be used to repay a portion of the company’s existing second-lien term loan.

Rough Country is a Dyersburg, Tenn.-based manufacturer and distributor of off-road accessories and suspension systems.

MKS joins calendar

MKS Instruments set a lender call for 9 a.m. ET on Thursday to launch a fungible $744 million equivalent U.S. and euro add-on term loan B due August 2029, a market source remarked.

Talk on the U.S. add-on term loan is SOFR plus 250 bps with a 0.5% floor and an original issue discount of 99 to 99.5, talk on the euro add-on term loan is Euribor plus 300 bps with a 0% floor and a discount of 99, and both tranches have 101 soft call protection for six months, the source added.

Commitments are due at 5 p.m. ET on Jan. 17 for the U.S. piece and at 7 a.m. ET on Jan. 18 for the euro piece.

JPMorgan Chase Bank is leading the deal that will be used to refinance an existing $744 million term loan A due 2027.

MKS is an Andover, Mass.-based provider of technology solutions to semiconductor manufacturing, electronics and packaging, and specialty industrial applications.

Fund flows

In other news, actively managed loan fund flows on Tuesday were negative $30 million and loan ETFs were positive $107 million, according to market sources.

Actively managed high-yield fund flows on Tuesday were positive $30 million and high-yield ETFs were negative $341 million, sources added.

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