Duff, Ability, Phoenix, WorldStrides, Warner, ProAmpac, Gemini, AccentCare, Telenet set talk

By Sara Rosenberg

New York, Nov. 28 – In the primary market on Tuesday, Duff & Phelps Corp., Ability Network Inc., Phoenix Services, WorldStrides, Warner Music Group (WMG Acquisition Corp.), ProAmpac, Gemini HDPE LLC, AccentCare, Telenet, CSRA Inc. and Mortgage Contracting Services all released price talk with launch.

Furthermore, Gigamon Inc., Rexnord LLC, Learfield Communications LLC, Global Tel*Link Corp. Inc., Navitas Midstream Midland Basin LLC, Harsco Corp. and TRC Cos. Inc. joined this week’s primary calendar.

Duff & Phelps holds meeting

Duff & Phelps disclosed structure and price talk on its senior secured credit facilities in connection with its bank meeting on Tuesday, a market source remarked.

The $1.12 billion of facilities (B2) consist of a $100 million revolver, and a $1.02 billion term loan B talked at Libor plus 325 basis points to 350 bps with a 1% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months, the source added.

Commitments are due on Dec. 5.

UBS Investment Bank is leading the deal that will be used to help fund the buyout of the company by Permira from the Carlyle Group, Neuberger Berman, the University of California’s Office of the Chief Investment Officer of the Regents and Pictet & Cie for $1.75 billion. The Duff & Phelps management team will maintain a significant equity stake in the firm and will continue to lead the company in their current roles.

Closing is expected in the first quarter of 2018, subject to customary conditions.

Duff & Phelps is a New York-based independent adviser with expertise in the areas of valuation, corporate finance, disputes and investigations, compliance and regulatory matters, and other governance-related issues.

Ability Network talk

Ability Network held its bank meeting and announced price talk on its $375 million seven-year first-lien term loan (B2/B-) and $150 million eight-year second-lien term loan (Caa2/CCC), according to a market source.

Talk on the first-lien term loan is Libor plus 375 bps with a 0% 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 with a 0% Libor floor, a discount of 99 and hard call protection of 102 in year one and 101 in year two, the source said.

The company’s $545 million of senior secured credit facilities also include a $20 million five-year revolver (B2/B-).

Commitments are due at noon ET on Dec. 8, the source added.

Jefferies LLC, Macquarie Capital (USA) Inc. and Nomura are leading the deal that will be used to refinance existing debt, support continued investment in growth initiatives for the business and fund a distribution to Summit Partners and other shareholders.

Ability is a Minneapolis-based provider of web-based connectivity and workflow solutions that simplify clinical and administrative tasks for healthcare providers.

Phoenix details surface

Phoenix Services launched at its bank meeting $615 million of credit facilities split between a $50 million revolver (B1), a $425 million first-lien term loan (B1) and a $140 million second-lien term loan (Caa1), a market source remarked.

The first-lien term loan is talked at Libor plus 450 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, and the second-lien term loan is talked at Libor plus 850 bps with a 0% Libor floor, a discount of 99 and hard call protection of 102 in year one and 102 in year two, the source continued.

Commitments are due on Dec. 12.

KKR Capital Markets and Jefferies LLC are leading the deal that will be used to refinance existing debt and fund a dividend.

Phoenix Services, an Olympus Partners portfolio company, is a provider of industrial services.

WorldStrides sets guidance

WorldStrides released talk of Libor plus 425 bps to 450 bps with a 1% Libor floor and an original issue discount of 99.5 on its $425 million seven-year term loan B and a $35 million delayed-draw term loan B with its morning bank meeting, according to a market source.

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

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

Goldman Sachs Bank USA and BNP Paribas Securities Corp. are leading the $460 million in senior secured term loans (B1/B) that will be used to help fund a strategic investment from Eurazeo and Primavera Capital Group.

Closing is expected by year end.

WorldStrides is a Charlottesville, Va.-based educational student travel and study abroad organization.

Warner Music hosts call

Warner Music Group surfaced in the morning with plans to hold a lender call at 11 a.m. ET to launch a $1,006,000,000 covenant-light first-lien term loan due November 2023 talked at Libor plus 225 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, a market source said.

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

Credit Suisse Securities (USA) LLC is leading the deal that will be used to reprice an existing term loan down from Libor plus 250 bps with a 0% Libor floor.

Warner Music is a New York-based music company.

ProAmpac comes to market

ProAmpac held its lender call, launching a $1,165,000,000 term loan at talk of Libor plus 350 bps with a step-down to Libor plus 325 bps at 4.25 times net first-lien leverage, 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 Dec. 5, the source said.

Antares Capital is leading the deal that will be used to refinance/reprice an existing $1.07 billion term loan and to fund an add-on acquisition.

Closing is tentatively scheduled for Dec. 8.

ProAmpac, a Pritzker Group Private Capital portfolio company, is a Cincinnati-based flexible packaging manufacturer.

Gemini HDPE launches

Gemini HDPE LLC launched on its call its $406 million seven-year senior secured term loan B (BB) at talk of Libor plus 225 bps to 250 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 5 p.m. ET on Monday, the source added.

Barclays is leading the deal that will be used to amend an existing term loan B.

Gemini HDPE is a bimodal, high-density polyethylene plant in Texas.

AccentCare price talk

AccentCare released talk of Libor plus 525 bps with a 1% Libor floor on its $55 million add-on delayed-draw term loan and repricing of its existing $164 million first-lien term loan, according to a market source.

The add-on delayed-draw term loan is talked with an original issue discount of 99.5, a one year draw period and a 100 bps ticking fee, and the repricing is offered with a 12.5 bps consent fee, the source said.

Capital One is leading the deal.

The add-on debt will be used for general corporate purposes including acquisitions and the repricing will take the existing first-lien term loan down from Libor plus 575 bps with a 1% Libor floor.

AccentCare, an Oak Hill portfolio company, is a Dallas-based home health provider.

Telenet refinancing

Telenet held a lender call at 10 a.m. ET to launch a $1.55 billion 8.25-year term loan talked at Libor plus 250 bps with a 0% Libor floor and an original issue discount of 99.75 to par, and an €830 million 9.25-year term loan talked at Euribor plus 275 bps with a 0% floor and a discount of 99.75 to par, a market source said.

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

J.P. Morgan Securities LLC and Goldman Sachs Bank USA are leading the deal, and Bank of Nova Scotia is the administrative agent.

Proceeds will be used with $750 million and €500 million of 10.25-year senior secured notes to refinance existing bank debt.

Telenet is a Mechelen, Belgium-based cable operator.

CSRA floats issue price

CSRA came out with talk of a par issue price on its $200 million add-on term loan B due November 2023 in connection with its morning lender call, according to a market source.

Like the existing $650 million term loan B, the add-on loan is priced at Libor plus 200 bps with a 0% Libor floor, and all of the debt is getting 101 soft call protection for six months, the source said.

Commitments are due on Dec. 5.

MUFG is leading the deal that will be used to refinance revolver borrowings used to fund a portion of the recent acquisitions of NES Associates and Praxis Engineering.

Funding will occur at year-end.

The company is also looking to amend and extend its existing $700 million revolver and $1,549,000,000 term loan A-2 to extend maturities to November 2022, and approvals from pro rata lenders to the amendment and extension are due by Dec. 12.

Pro forma leverage would be around 3 times including the add-on term loan B.

CSRA is a Falls Church, Va.-based provider of next-generation IT solutions and professional services to help government clients enhance public safety and support the well-being of U.S. citizens.

Mortgage Contracting OID talk

Mortgage Contracting Services launched with a call its $65 million add-on first-lien term loan due May 18, 2024 with original issue discount talk of 99.5, a market source said.

Pricing on the add-on term loan is Libor plus 475 bps with a 1% Libor floor, in line with existing first-lien loan pricing, and all of the first-lien term loan debt is getting 101 soft call protection for six months.

Commitments are due on Dec. 6, the source added.

Goldman Sachs Bank USA, Jefferies LLC and Deutsche Bank Securities Inc. are leading the deal that will be used to fund the acquisition of certain assets of Carrington Home Solutions’ field services division.

Mortgage Contracting Services is a Lewisville, Texas-based provider of critical specialized services to mortgage servicers and originators.

Gigamon timing emerges

In more primary happenings, Gigamon set a bank meeting for Thursday to launch its previously announced $450 million of first-lien senior secured credit facilities, according to a market source.

The facilities consist of a $50 million revolver and a $400 million seven-year first-lien term loan that includes 101 soft call protection for six months, the source said.

In addition, the company is getting a $150 million privately placed eight-year second-lien senior secured term loan.

Jefferies LLC is leading the deal that will be used with up to $838 million of equity to fund the acquisition of the company by Evergreen Coast Capital Corp. (Elliott Management) for $38.50 per share in cash, for a total value of about $1.6 billion.

Closing is expected in the first quarter of 2018, subject to customary conditions, including regulatory approvals and shareholder approval.

Gigamon is a Santa Clara, Calif.-based provider of active visibility into physical and virtual network traffic, enabling stronger security and performance.

Rexnord plans refinancing

Rexnord will hold a bank meeting at 12:30 p.m. ET in New York on Wednesday to launch an $800 million covenant-light first-lien term loan due August 2024 talked at Libor plus 225 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 5 p.m. ET on Dec. 5.

Credit Suisse Securities (USA) LLC, BMO Capital Markets, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Barclays, Goldman Sachs Bank USA and Mizuho are leading the deal that will be used with $500 million of senior notes and cash on hand to refinance an existing $1,594,000,000 covenant-light first-lien term loan due August 2023 priced at Libor plus 275 bps with a 1% Libor floor.

Lenders will be offered a 10 bps extension fee, the source added.

Rexnord is a Milwaukee-based industrial company comprising two strategic platforms: process & motion control and water management.

Learfield on deck

Learfield Communications plans to hold a lender call at 3 p.m. ET on Thursday to launch a $364 million incremental covenant-light first-lien term loan due Dec. 1, 2023, a market source said.

The spread on the incremental loan is Libor plus 325 bps, in line with existing first-lien term loan pricing, and the debt is getting 101 soft call protection for six months, the source added.

Including the incremental loan, the first-lien term loan will total $837 million.

Commitments are due at noon ET on Dec. 12.

Deutsche Bank Securities Inc., UBS Investment Bank, KKR Capital Markets, Antares Capital, SunTrust Robinson Humphrey Inc., Barclays, Jefferies LLC, J.P. Morgan Securities LLC and RBC Capital Markets are leading the deal that will be used to fund the merger of Learfield and IMG College, a subsidiary of WME | IMG.

The company will also seek an amendment from first-and second-lien lenders regarding the restricted payments made in connection with the transaction and the incremental equivalent debt incurred in the transaction.

Learfield is a Plano, Texas-based provider of collegiate sports multimedia rights administration and marketing services. IMG College represents schools, conferences and other collegiate institutions across multimedia rights, licensing, marketing, ticketing, seating, publishing, radio and digital.

Global Tel sets meeting

Global Tel*Link is scheduled to hold a bank meeting at 2:30 p.m. ET on Wednesday to launch a fungible $240 million incremental first-lien term loan due May 21, 2020 that is talked at Libor plus 400 bps with a 1.25% Libor floor, in line with existing term loan pricing, an original issue discount of 99.75 and 101 soft call protection for six months, a market source remarked.

Commitments are due on Dec. 6.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to fund a shareholder distribution.

First-lien lenders will be offered a 12.5 bps consent fee and second-lien lenders will be offered a 25 bps consent fee and a coupon bump to Libor plus 825 bps, the source added.

Global Tel*Link is a Reston, Va.-based provider of technology solutions to the corrections industry.

Navitas coming soon

Navitas Midstream Midland Basin will hold a bank meeting on Wednesday to launch $400 million of credit facilities, according to a market source.

The facilities consist of a $50 million super-priority revolver and a $350 million seven-year first-lien term loan that has 101 soft call protection for six months, the source said.

Jefferies LLC, Barclays and Credit Suisse Securities (USA) LLC are leading the deal that will be used to repay $135 million of outstanding bank debt, finance the construction of the next 200 MMcf/d state-of-the-art cryogenic natural gas processing plant (Glasscock Plant), and fund the further build-out of the system (pipeline and compression) to serve growing volumes.

Navitas is a The Woodlands, Texas-based natural gas gathering and processing company.

Harsco readies deal

Harsco scheduled a lender call for 10 a.m. ET on Wednesday to launch a repricing and amendment and extension of its $546 million senior secured term loan (BB+), a market source remarked.

Goldman Sachs Bank USA, Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Bank of America Merrill Lynch, RBC Capital Markets, U.S. Bank and KeyBanc Capital Markets are leading the deal.

Harsco is a Camp Hill, Pa.-based diversified industrial company providing a range of onsite services and engineered products to the global steel, energy and railway sectors.

TRC joins calendar

TRC will hold a lender call at 10 a.m. ET on Wednesday to launch a repricing of its existing $325 million term loan from Libor plus 400 bps with a 1% Libor floor, according to a market source.

UBS Investment Bank is leading the deal.

TRC is a Windsor, Conn.-based engineering, environmental consulting and construction management firm.

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