Westmoreland, Ascensus unfazed by add-on news; IPC, Mirion, Kaufman Hall disclose talk

By Sara Rosenberg

New York, Jan. 8 – Westmoreland Coal Co. and Ascensus Inc. both saw their terms loans hold steady in the secondary market on Thursday following news that the companies are planning add-on financings.

In more happenings, IPC Corp., Mirion Technologies LLC and Kaufman Hall & Associates LLC released talk with launch, and Ascend Learning came out with original issue discount guidance on its add-on loan.

Furthermore, timing was announced on Platform Specialty Products Corp./MacDermid Inc.’s incremental term loan and Advanced Computer Software Group joined next week’s calendar.

Westmoreland steady

Westmoreland Coal’s existing term loan remained quoted in the 98 bid to 99 offered range after it was revealed that the company is planning on holding a call on Friday to launch a $50 million add-on senior secured term loan, according to a trader.

The existing $350 million six-year term loan was syndicated last month at pricing of Libor plus 650 basis points with a 1% Libor floor.

Proceeds from the add-on term loan will be used to back the company’s recently completed $34 million acquisition of Buckingham Coal Co. LLC.

Westmoreland is an Englewood, Colo.-based coal company. Buckinham is a conductor of underground room and pillar mining operations in Ohio.

Ascensus holds firm

Ascensus also came out with add-on news, after which its first-lien term loan was quoted at 99¼ bid, par ¼ offered and its second-lien term loan was quoted at 99 bid, par offered, both unchanged on the day, a trader said.

During the session, the company launched with a call a $72 million add-on first-lien term loan (B) talked at Libor plus 400 bps to 425 bps with a 1% Libor floor and a discount of 99, and a $15 million add-on second-lien term loan (CCC+) talked at Libor plus 800 bps to 825 bps with a 1% Libor floor and a discount of 99, a source said.

Current pricing on the company’s existing first-lien term loan is Libor plus 400 bps with a 1% Libor floor and on its existing second-lien term loan is Libor plus 800 bps with a 1% Libor floor.

The add-on first-lien term loan and the existing first-lien term loan will get 101 soft call protection for six months, and existing first- and second-lien lenders are offered a 25 bps amendment fee.

Commitments are due on Jan. 22, the source added.

BMO Capital Markets is leading the $87 million of add-on term loans that will be used to fund a dividend.

Ascensus is a Dresher, Pa.-based retirement plan services provider.

IPC sets guidance

Over in the primary, IPC held its bank meeting on Thursday morning, and with the event, price talk on its first- and second-lien term loans was announced, according to a market source.

The $555 million seven-year first-lien covenant-light term loan (B1/B) is talked at Libor plus 475 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, and the $345 million eight-year second-lien covenant-light term loan (Caa2/B-) is talked at Libor plus 850 bps with a 1% Libor floor, a discount of 98½, and call protection of 102 in year one and 101 in year two, the source remarked.

The company’s $925 million credit facility also includes a $25 million five-year revolver (B1/B).

Commitments are due on Jan. 22, the source added.

Barclays and Credit Suisse Securities (USA) LLC are leading the deal that will be used to help fund the roughly $1.2 billion buyout of the company by Centerbridge Partners LP from Silver Lake Partners.

Closing is expected this month, subject to customary conditions and approvals.

IPC is a Jersey City, N.J.-based provider of mission-critical network services and trading communication technology to the financial markets community.

Mirion talk emerges

Mirion Technologies released price talk on its $280 million seven-year first-lien covenant-light term loan a few hours before its afternoon bank meeting kicked off, according to a market source.

The term loan is talked at Libor plus 475 bps with a 25 bps step-down based on net leverage, a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, the source said.

The company’s $315 million credit facility also includes a $35 million five-year revolver.

Commitments are due on Jan. 22.

Credit Suisse Securities (USA) LLC, RBC Capital Markets and HSBC Securities (USA) Inc. are leading the deal that will be used to help fund the buyout of the company by Charterhouse Equity Partners LLC from American Capital.

Mirion is a provider of radiation detection products.

Kaufman reveals pricing

Kaufman Hall & Associates set talk at Libor plus 500 bps to 525 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year on its $150 million six-year term loan B that launched with a morning meeting, according to a market source.

The company’s $170 million credit facility also includes a $20 million five-year revolver.

Commitments are due on Jan. 22, the source said.

Barclays and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to fund the buyout of the company by Madison Dearborn Partners.

Kaufman Hall is a Skokie, Ill.-based consulting firm and provider of software serving U.S. not-for-profit health care providers.

Ascend Learning reveals OID

Ascend Learning launched with a morning call its $40 million add-on first-lien term loan due July 31, 2019 with original issue discount talk of 98½, a market source said.

As previously reported, the add-on loan is priced at Libor plus 500 bps with a 1% Libor floor, which matches the existing first-lien term loan.

Bank of America Merrill Lynch, GE Capital Markets and Barclays are leading the deal that will be used with cash on hand to fund the acquisition of a U.S.-based medical education management services provider.

Burlington, Mass., and Leawood, Kan.-based Ascend Learning is a provider of technology-based learning services focused on student training and testing results in health care and other vocational fields.

Platform timing surfaces

Platform Specialty Products scheduled a bank meeting for 11 a.m. ET on Monday to launch its $1.1 billion U.S. dollar and euro non-fungible incremental covenant-light term loan due June 7, 2020, according to a market source.

Barclays, Credit Suisse Securities (USA) LLC, UBS AG and Nomura Securities International LLC are leading the deal that will be used to help fund the roughly $3.51 billion acquisition of Arysta LifeScience Ltd. from the Permira Funds.

The company previously said in filings with the Securities and Exchange Commission that it would also use $900 million of senior notes, $652 million of cash on hand, $600 million from Arysta seller financing and $350 million from a common stock offering to fund the transaction.

Closing is expected this quarter, subject to regulatory approval.

Platform is a Miami-based specialty chemicals company. Arysta is a Tokyo-based provider of crop services with expertise in agrochemical and biological products.

Advanced Computer on deck

Advanced Computer Software set a bank meeting for 10 a.m. ET on Wednesday to launch a U senior secured credit facility that consists of a $50 million revolver, a £320.5 million U.S. dollar equivalent first-lien term loan and a £128 million U.S. dollar equivalent second-lien term loan, a market source said.

Morgan Stanley Senior Funding Inc. and Goldman Sachs Bank USA are leading the deal, with Morgan Stanley left lead on the term loan B and Goldman Sachs the left lead on the second-lien loan.

Proceeds will be used to help fund the buyout of the U.K.-based provider of software and IT services by Vista Funds for £140 million per share, or about £725 million.

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