eResearch, International Seaways break; Anchor sets spread; Diversey, ASG move deadlines

By Sara Rosenberg

New York, July 20 – eResearchTechnology Inc. firmed pricing on its first-lien term loan at the tight side of talk and then freed up for trading on Thursday, and International Seaways Operating Corp. hit the secondary market as well.

In more happenings, Anchor Glass Container Corp. set the spread on its first-lien term loan at the low end of guidance, and Diversey (Diamond BC BV) and ASG Technologies Group Inc. moved up the commitment deadlines on their loan transactions.

Also, Cision, Accudyne Industries, Tibco Software Inc., Travelport, United Pacific, Victory Capital Operating LLC and MedRisk LLC disclosed talk with launch, and Green Plains Inc., Syncsort Inc. and Compuware Corp. joined the near-term new issue calendar.

eResearch firms, trades

eResearchTechnology set pricing on its fungible $210 million incremental first-lien term loan (B1/B) due May 2023 and repricing of its existing $559 million term loan B (B1/B) due May 2023 at Libor plus 375 basis points, the low end of the Libor plus 375 bps to 400 bps talk, according to a market source.

The term loan still has a 1% Libor floor, an original issue discount of 99.75 for new money orders, a par issue price for the repricing and 101 soft call protection for six months.

With final terms in place, the first-lien term loan debt began trading on Thursday and levels were quoted at par 1/8 bid, par 7/8 offered, another source remarked.

Goldman Sachs Bank USA, Jefferies LLC and Bank of America Merrill Lynch are leading the deal.

The incremental loan will be used for mergers and acquisitions and to repay revolver borrowings, and the repricing will take the existing term loan down from Libor plus 500 bps with a 1% Libor floor.

eResearch second-lien

Along with the first-lien term loan transaction, eResearchTechnology is getting $30 million in incremental second-lien fungible notes due May 2024 and repricing its existing $220 million second-lien notes due May 2024.

The incremental second-lien notes and repriced notes are priced at Libor plus 825 bps with a 1% Libor floor and a par issue price, and are non-callable for one year.

The repricing is taking the existing second-lien notes down from Libor plus 925 bps with a 1% Libor floor.

Closing is expected on July 31, the source added.

eResearchTechnology is a Philadelphia-based provider of software-enabled clinical research solutions to pharmaceutical, biopharmaceutical and contract research organizations.

International Seaways breaks

International Seaways’ $50 million add-on term loan freed to trade too, with levels quoted at 98½ bid, par offered, a trader remarked.

Pricing on the add-on term loan is Libor plus 550 bps with a 1% Libor floor, in line with existing term loan pricing, and the new debt was sold at an original issue discount of 98.

Jefferies LLC, J.P. Morgan Securities LLC and UBS Investment Bank are leading the deal that will be used to help fund the acquisition of two Suezmax tankers.

International Seaways is a New York-based tanker company.

Anchor Glass updated

Back in the primary market, Anchor Glass Container finalized pricing on its $647 million first-lien term loan (B1/B) due Dec. 7, 2023 at Libor plus 275 bps, the tight end of the Libor plus 275 bps to 300 bps talk, and left the 1% Libor floor, par issue price and 101 soft call protection for six months unchanged, according to a market source.

Commitments were due at 5 p.m. ET on Thursday and allocations are expected on Friday, the source said.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to reprice an existing term loan from Libor plus 325 bps with a 1% Libor floor.

Anchor Glass is a Tampa, Fla.-based manufacturer of glass packaging products.

Diversey tweaks deadline

Diversey, a hygiene and cleaning solutions company, accelerated the commitment deadline on its credit facilities (B1/B) to noon ET on Friday from Tuesday, a market source said.

The facilities consist of a $250 million revolver, a $900 million seven-year covenant-light first-lien term loan and an €820 million seven-year covenant-light first-lien term loan.

Talk on the U.S. term loan is Libor plus 325 bps to 350 bps and talk on the euro term loan is Euribor plus 350 bps 375 bps. Both loans are talked with a 0% floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, Bank of America Merrill Lynch, Barclays, Citigroup Global Markets Inc., RBC Capital Markets LLC, HSBC, SunTrust Robinson Humphrey Inc. and Jefferies LLC are leading the deal that will be used with €545 million in notes and equity to fund the buyout of the company by Bain Capital Private Equity from Sealed Air Corp. for about $3.2 billion.

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

ASG accelerated

ASG Technologies moved up the commitment deadline on its $300 million seven-year first-lien term loan (B2/B) to 5 p.m. ET on Monday from 5 p.m. ET on Wednesday, according to a market source.

Talk on the term loan is Libor plus 500 bps to 525 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC and Bank of America Merrill Lynch are leading the deal that will be used to refinance existing debt and pay related fees and expenses.

ASG is a Naples, Fla.-based infrastructure software company.

Cision reveals guidance

Also in the primary market, Cision held its bank meeting on Thursday, launching its $1.25 billion U.S. and euro senior secured covenant-light first-lien term loan B (B2/B) due June 2023 at talk of Libor/Euribor plus 450 bps with a 0% floor and an original issue discount of 99, according to a market source.

The euro piece of the term loan will have a minimum size of €250 million, the source said.

As reported earlier, the term loan has 101 soft call protection for six months.

Commitments are due on Aug. 2.

Deutsche Bank Securities Inc. is leading the deal that will be used to refinance an existing first-lien term loan, repay $38 million of revolver borrowings and $76 million of second-lien term loan debt, add $4 million of cash to the balance sheet, and cover fees and expenses.

Total debt to pro forma adjusted EBITDA will be 4.7 times and net debt will be 4.5 times.

Cision is a Chicago-based media intelligence company.

Accudyne discloses talk

Accudyne Industries came out with talk on its $705 million seven-year covenant-light first-lien term loan (B2/B) and $120 million eight-year covenant-light second-lien term loan (Caa2/B-) with its morning lender call, a market source remarked.

Talk on the first-lien term loan is Libor plus 375 bps to 400 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 775 bps to 800 bps with a 1% Libor floor, a discount of 99 and hard call protection of 102 in year one and 101 in year two, the source continued.

Accudyne’s $975 million senior secured deal also includes a $150 million five-year revolver (B2/B).

Commitments are due on Aug. 1, the source added.

Morgan Stanley Senior Funding Inc., Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and RBC Capital Markets are leading the deal that will be used to refinance existing debt and for general corporate purposes.

Accudyne is a Dallas-based provider of precision engineered, process-critical and technologically advanced flow control systems and industrial compressors.

Tibco comes to market

Tibco Software hosted a lender call at 1 p.m. ET to launch a repricing of its roughly $1.86 billion term loan that is talked at Libor plus 350 bps to 375 bps with a 1% Libor floor, a par issue price and 101 soft call protection for six months, according to a market source.

Commitments are due on Tuesday, the source said.

KKR Capital Markets and Jefferies LLC are leading the deal that will reprice the existing term loan down from Libor plus 450 bps with a 1% Libor floor.

Tibco is a Palo Alto, Calif.-based infrastructure and business intelligence software company.

Travelport repricing

Travelport held a lender call at 2 p.m. ET to launch a repricing of its $2,266,000,000 first-lien term loan due September 2021 at talk of Libor plus 275 bps to 300 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, a market source remarked.

Commitments are due at noon ET on July 27, the source added.

Goldman Sachs Bank USA, Bank of America Merrill Lynch, Citigroup Global Markets Inc., Morgan Stanley Senior Funding Inc. and UBS Investment Bank are leading the deal that will reprice the existing term loan down from Libor plus 325 bps with a 1% Libor floor.

Travelport is an Atlanta-based provider of transaction processing services to the travel industry.

United Pacific holds meeting

United Pacific came out with talk of Libor plus 450 bps with a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months on its $230 million seven-year first-lien term loan that launched with a morning bank meeting, a market source said.

The company’s $255 million of credit facilities (B1) also include a $25 million revolver.

Commitments are due at noon ET on Aug. 2, the source added.

Goldman Sachs Bank USA is leading the deal that will be used to refinance existing bank debt, fund a dividend, add cash to the balance sheet and for general corporate purposes.

United Pacific is a seller of fuel and convenience items through its network of retail gas stations and a convenience store operator.

Victory details surface

Victory Capital held its lender call in the morning, launching the repricing of its $540 million term loan B (B2/BB-) due Oct. 31, 2021 at talk of Libor plus 550 bps to 600 bps with a 1% Libor floor, a par issue price and 101 soft call protection for six months, according to a market source.

Commitments are due on July 28, the source said.

RBC Capital Markets is leading the deal that will reprice the existing term loan B from Libor plus 750 bps with a 1% Libor floor.

Victory Capital is a Brooklyn, Ohio-based asset management firm.

MedRisk launches

MedRisk launched on its call a $170 million term loan due March 2023 and a $15 million revolver due March 2021, a market source said.

The revolver is talked at Libor plus 425 bps, and the term loan is talked at Libor plus 425 bps with a 1% Libor floor, a par issue price and 101 soft call protection for six months, the source added.

Commitments are due on July 27.

Antares Capital leading the deal that will be used with excess cash to refinance a $200 million term loan and a $15 million revolver.

MedRisk is a King of Prussia, Pa.-based provider of outpatient physical medicine network services to the U.S. workers’ compensation industry.

Green Plains coming soon

Green Plains set a bank meeting for 2 p.m. ET on Tuesday to launch a $500 million term loan B, a market source remarked.

BNP Paribas Securities Corp. is leading the deal that will be used to refinance existing debt.

Green Plains is an Omaha-based ethanol production, marketing and commodities company.

Syncsort on deck

Syncsort scheduled a bank meeting on Monday to launch $790 million in term loans, according to a market source.

The debt consists of a $590 million seven-year first-lien term loan and a $200 million eight-year second-lien term loan, the source said.

Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Antares Capital, Golub Capital, Jefferies LLC and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to help fund the acquisitions of Syncsort and Vision Solutions Inc. by Centerbridge Partners LP from Clearlake Capital Group LP and the merger of the two companies in a transaction valued at $1.26 billion. Clearlake is retaining a minority ownership stake.

Closing is expected in the third quarter, subject to regulatory approval and other customary conditions.

Pearl River, N.Y.-based Syncsort and Irvine, Calif.-based Vision Solutions are enterprise software providers. The merged company will operate under the Syncsort name and be based in Pearl River, N.Y.

Compuware plans add-on

Compuware will hold a call on Monday to launch a $200 million add-on first-lien term loan and related amendment requests, a market source said.

Pricing on the add-on term loan is Libor plus 425 bps with a 1% Libor floor, which matches existing term loan pricing, and the new debt will be offered with an original issue discount of 99.75, the source added.

The add-on term loan and existing term loan will get 101 soft call protection for six months.

Jefferies LLC is leading the deal that will be used with balance sheet cash to pay down a portion of the company’s existing second-lien term loan term loan at the 101 call premium.

Compuware is a Detroit-based technology performance company.

Zayo closes

In other news, Zayo Group LLC closed on its $1,119,275,000 senior secured covenant-light term loan B-2 due Jan. 19, 2024 that is priced at Libor plus 225 bps with a 1% Libor floor and was issued at par. The debt has 101 soft call protection for six months.

Morgan Stanley Senior Funding Inc., Barclays, SunTrust Robinson Humphrey Inc., RBC Capital Markets, Citigroup Global Markets Inc., Goldman Sachs Bank USA and J.P. Morgan Securities LLC are leading the deal that was used to reprice an existing term loan B-2 due 2024 down from Libor plus 250 bps with a 1% Libor floor.

Zayo is a Boulder, Colo.-based provider of communications infrastructure services.

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