Greystar, Generation Bridge break, Tenneco, AZZ, Four Seasons, Tronox and more set talk

By Sara Rosenberg

New York, Aug.7 – Greystar Real Estate Partners increased the size of its first-lien term loan, finalized the spread at the low end of guidance and tightened the original issue discount before freeing up for trading on Monday, and Generation Bridge Northeast LLC’s term loan B made its way into the secondary market as well.

In more happenings, Tenneco Inc., AZZ Inc., Four Seasons Hotels Ltd., Tronox, Cushman & Wakefield, Tacala Cos., Convergint Technologies and Acuren (Rockwood Service Corp.) released price talk with launch.

Furthermore, ECL Entertainment LLC and Epicor Software Corp. joined this week’s primary calendar.

Greystar reworked, frees

Greystar Real Estate Partners raised its seven-year first-lien term loan to $450 million from $400 million, firmed pricing at SOFR plus 375 basis points, the low end of the SOFR plus 375 bps to 400 bps talk, and moved the original issue to 98.5 from 98, according to a market source.

As before, the term loan has a 0.5% floor and 101 soft call protection for six months.

Recommitments were due at 3 p.m. ET on Monday and the term loan broke for trading later in the day, with levels quoted at 98¾ bid, 99¼ offered, another source added.

JPMorgan Chase Bank, Capital One, Wells Fargo Securities LLC and BofA Securities Inc. are leading the deal that will be used with $400 million of senior secured notes to redeem 5¾% senior secured notes due 2025, to repay revolving credit facility borrowings and for general corporate purposes.

Greystar is a Charleston, S.C.-based real estate company.

Generation Bridge breaks

Generation Bridge Northeast’s $865 million six-year senior secured term loan B (Ba2/BB) freed to trade, with levels quoted at 99¾ bid, par ½ offered, a market source remarked.

Pricing on the term loan is SOFR plus 425 bps with a 0% floor and it was sold at an original issue discount of 99. The debt has 101 soft call protection for six months.

During syndication, the term loan was upsized from $850 million, pricing finalized at the low end of the SOFR plus 425 bps to 450 bps talk, the 10 bps CSA was removed and the discount was tightened from 98.

The company’s $965 million of credit facilities also include a $100 million five-year revolver.

Jefferies LLC, MUFG, Goldman Sachs Bank USA, BMO Capital Markets, Investec and ArcLight Capital Partners are leading the deal.

The term loan will be used to repay all outstanding debt at Generation Bridge II LLC and to fund a distribution, and the revolver will be used for working capital and letters of credit.

Generation Bridge Northeast is an owner of power generation facilities that is being formed through the combination by ArcLight Capital Partners of two portfolio companies, Generation Bridge LLC and Generation Bridge II.

Tenneco proposed terms

Tenneco held its lender call on Monday morning, launching a $1.397 billion senior secured covenant-lite term loan B due November 2028 at talk of SOFR+10 bps CSA plus 500 bps with a 0.5% floor, an original issue discount of 85 to 86 and 101 soft call protection through Nov. 17, 2023, according to a market source.

Commitments are due at 5 p.m. ET on Aug. 14, the source added.

Citigroup Global Markets Inc., BofA Securities Inc., Barclays, BNP Paribas Securities Corp., Jefferies LLC, RBC Capital Markets, TD Securities (USA) LLC, Wells Fargo Securities LLC, Deutsche Bank Securities Inc., BMO Capital Markets, Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, ING, Mizuho, MUFG, Santander and U.S. Bank are leading the deal that will be used with senior secured notes to repay all or a portion of the company’s senior secured interim credit facility associated with its buyout by Apollo for $20.00 per share that was completed in November 2022, and to pay related fees and expenses.

Tenneco is a Lake Forest, Ill.-based designer, manufacturer and marketer of automotive products for original equipment and aftermarket customers.

AZZ repricing

AZZ surfaced early in the day with plans to hold a lender call at 11 a.m. ET to launch a $1.03 billion senior secured covenant-lite term loan B (Ba3/B) due May 13, 2029 talked at SOFR plus 375 bps to 400 bps with a 0.5% floor, a par issue price and 101 soft call protection for six months, a market source said.

Commitments from existing lenders are due at 5 p.m. ET on Wednesday and new money commitments are due at noon ET on Thursday, the source added.

Citigroup Global Markets Inc. is leading the deal that will be used to reprice an existing term loan B down from SOFR plus 425 bps with a 0.5% floor.

AZZ is a Fort Worth, Tex.-based provider of hot-dip galvanizing and coil coating solutions.

Four Seasons holds call

Four Seasons emerged in the early morning with plans to hold a lender call at 10:30 a.m. ET to launch an $845,750,000 senior secured covenant-lite first-lien term loan B due Nov. 30, 2029 talked at SOFR+10 basis points CSA plus 250 bps with a 0.5% floor, an original issue discount of 99.75 and 101 soft call protection for six months, according to a market source.

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

Morgan Stanley Senior Funding Inc. is the sole bookrunner on the deal. Citigroup Global Markets Inc. is the administrative agent.

The loan will be used to reprice an existing term loan B $845,750,000 senior secured covenant-lite first-lien term loan B due Nov. 30, 2029 down from SOFR+10 bps CSA plus 325 bps with a 0.5% floor.

Four Seasons is a Toronto-based luxury hotels company.

Tronox comes to market

Tronox held a lender call at 1 p.m. ET to launch a $300 million incremental term loan B (Ba2) due 2028 talked at SOFR plus 350 bps with a 0.5% floor, an original issue discount of 98.5 to 99 and 101 soft call protection for six months, a market source said.

Commitments are due at 1 p.m. ET on Thursday, the source added.

Goldman Sachs Bank USA, HSBC Securities (USA) Inc., BofA Securities Inc., Barclays, BNP Paribas Securities Corp. and Deutsche Bank Securities Inc. are leading the deal that will be used to opportunistically repay outstanding borrowings under the company’s existing revolving credit facilities and supplement existing liquidity, with remaining cash to fund capital expenditures and general corporate purposes.

Tronox is a Stamford, Conn.-based producer of titanium bearing mineral sands and titanium dioxide pigment.

Cushman launches

Cushman & Wakefield launched with an 11 a.m. ET call a $700 million term loan B (BB) due Jan. 31, 2030 talked at SOFR plus 425 bps with a 0.5% floor and an original issue discount of 96, a market source remarked.

Commitments are due at 10 a.m. ET on Friday, the source added.

JPMorgan Chase Bank is leading the deal that will be used with $500 million of other secured debt to refinance a portion of the company’s existing term loan B due 2025.

Cushman & Wakefield is a Chicago-based commercial real estate services company.

Tacala guidance

Tacala launched on its morning call a fungible $85 million add-on first-lien term loan talked at SOFR+CSA plus 425 bps with a 0.75% floor and an original issue discount of 98, according to a market source. CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

KKR Capital Markets and Wells Fargo Securities LLC are leading the deal that will be used with cash on hand to pay a $140 million dividend.

The company is also getting a $25 million add-on revolver.

And, with this transaction, the company is repricing its existing first-lien term loan to SOFR+ARRC CSA plus 425 bps with a 0.75% floor from SOFR+ARRC CSA plus 350 bps with a 0.75% floor and its existing second-lien term loan to SOFR+ARRC CSA plus 800 bps with a 0.75% floor from SOFR+ARRC CSA plus 750 bps with a 0.75% floor.

Commitments/amendment consents are due at 5 p.m. ET on Aug. 14, the source added.

There is no amendment fee being offered to existing lenders.

Tacala is a Vestavia Hills, Ala.-based franchise operator of Taco Bell restaurants.

Convergint shops add-on

Convergint Technologies launched a fungible $150 million add-on first-lien term loan due March 2028 that is talked with an original issue discount of 98 to 98.5 and 101 soft call protection for six months, a market source said.

Pricing on the add-on term loan is SOFR plus 475 bps with a 0.75% floor.

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

JPMorgan Chase Bank, Credit Suisse Securities (USA) LLC, Mizuho and MUFG are leading the deal. Credit Suisse is the administrative agent.

The loan will be used to repay revolver borrowings and for general corporate purposes.

Convergint is a Schaumberg, Ill.-based service-based security systems integrator.

Acuren launches

Acuren launched a fungible $150 million add-on first-lien term loan with original issue discount talk of 99.27 to 99.5, a market source remarked.

Pricing on the first-lien term loan is SOFR+CSA plus 425 bps with a 25 bps step-down at 3.5x first-lien net leverage and a 0% floor. CSA is a 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

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

BofA Securities Inc., BMO Capital Markets and Antares Capital are leading the deal that will be used to fund a dividend.

Acuren is a provider of testing services to energy and industrial markets.

ECL on deck

ECL Entertainment set a lender call for 11:30 a.m. ET on Tuesday to launch a $380 million seven-year covenant-lite term loan B (B+), according to a market source.

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

Commitments are due at 5 p.m. ET on Aug. 16, the source added.

Deutsche Bank Securities Inc. and Citizens are leading the deal. Citizens is the administrative agent.

Proceeds will be used with a new revolver to refinance the company’s existing capital structure.

ECL is a regional gaming company focused on the Nashville, Knoxville and Southern Kentucky markets.

Epicor joins calendar

Epicor Software will hold a lender call at 4 p.m. ET on Tuesday to launch a non-fungible $350 million incremental term loan, a market said.

KKR Capital Markets is leading the deal that will be used to repay some second-lien term loan borrowings and floating-rate notes.

Epicor is an Austin, Tex.-based provider of enterprise business software services.

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