DigiCert, Victory Capital, Blackstone break; RealPage, Liftoff, Ivanti accelerate deadlines

By Sara Rosenberg

New York, Feb. 16 – DigiCert Inc. (DCert Buyer Inc.) finalized the original issue discount on its second-lien term loan at the tight end of guidance, Victory Capital Holdings Inc. widened the spread on its term loan B and Blackstone Mortgage Trust Inc. modified the issue price on its incremental term loan B-1, and then all of these deals freed to trade on Tuesday.

In more happenings, RealPage Inc., Liftoff Mobile Inc. and Ivanti Software Inc. accelerated the commitment deadlines for their term loan transactions.

Also, Hillman Group Inc., Graham Packaging Co. Inc., Novolex Holdings LLC, BellRing Brands LLC, Spectrum Brands Inc., Sophos, Grosvenor Capital Management Holdings LLLP, BrightSpring Health Services (Phoenix Guarantor Inc.) and Patriot Rail & Ports released price talk with launch.

Furthermore, 84 Lumber Co., Alacrity Solutions Group LLC, Horizon Therapeutics plc, Petco Health and Wellness Co. Inc., Gigamon Inc., Ancestry.com (Arches Buyer Inc.), CCRR Parent, Tegra118 Wealth Solutions Inc., Anthology, DiversiTech Holdings Inc., TierPoint LLC and Xplornet Communications Inc. joined this week’s primary calendar.

DigiCert updated

DigiCert set the original issue discount on its $515 million eight-year second-lien term loan (Caa2/CCC/CCC+) at 99.75, the tight end of the 99.5 to 99.75 talk, according to a market source.

The second-lien term loan is priced at Libor plus 700 basis points with a 0% Libor floor and has call protection of 102 in year one and 101 in year two.

Previously in syndication, the second-lien term loan was hanged from a fungible $130 million incremental second-lien term loan due October 2027 talked at Libor plus 800 bps with a 0% Libor floor and an original issue discount of 99.5, to a fungible $40 million eight-year incremental second-lien term loan plus a $475 million eight-year second-lien term loan to refinance its existing $475 million second-lien term loan due October 2027 priced at Libor plus 800 bps with a 0% Libor floor. The call protection on the debt was revised from 101 through October.

The company is also getting a fungible $427 million incremental first-lien term loan (B2/B-/BB-) due October 2026 priced at Libor plus 400 bps with a 0% Libor floor, which matches existing first-lien term loan pricing, and an issue price of par. The debt has 101 soft call protection for six months.

Las week, the incremental first-lien term loan was upsized from $337 million and the issue price was changed from talk in the range of 99.5 to 99.75.

DigiCert hits secondary

On Tuesday, following the noon ET commitment deadline, DigiCert’s bank debt made its way into the secondary market, with the incremental first-lien term loan quoted at par 1/8 bid, par ½ offered and the second-lien term loan quoted at par ¼ bid, 101¼ offered, another source added.

Credit Suisse Securities (USA) LLC is the left lead on the deal.

The incremental debt will be used to fund a shareholder distribution.

DigiCert is a Lehi, Utah-based provider of digital certificates, certificate management solutions and public-key infrastructure solutions.

Victory revised, trades

Victory Capital raised pricing on its $756 million term loan B due July 2026 to Libor plus 225 bps from Libor plus 200 bps, a market source said.

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

The term loan began trading late in the day, with levels quoted at par bid, par ¼ offered, a trader added.

RBC Capital Markets and Barclays are leading the deal that will be used to reprice an existing term loan down from Libor plus 250 bps with a 0% Libor floor.

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

Blackstone tightened, breaks

Blackstone Mortgage Trust adjusted the original issue discount on its fungible $200 million incremental term loan B-1 to 99.25 from 99, according to a market source.

Like the existing term loan B-1, the incremental term loan is priced at Libor plus 225 bps with a 0% Libor floor.

In the afternoon, the incremental term loan freed to trade, with levels quoted at 99 3/8 bid, 99 7/8 offered, another source added.

J.P. Morgan Securities LLC is leading the deal that will be used for general corporate purposes.

Blackstone Mortgage Trust is a New York-based real estate finance company.

RealPage tweaks timing

In other news, RealPage moved up the commitment deadline for its $2.75 billion seven-year first-lien term loan B (B2/B/B+) to 5 p.m. ET on Wednesday from 5 p.m. ET on Thursday, a market source remarked.

The first-lien term loan is talked at Libor plus 350 bps to 375 bps with a 0.75% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Ticking fees on the first-lien term loan are half the margin from days 61 to 90 and the full margin thereafter.

The company is also getting a $1 billion second-lien term loan that has been privately placed and a $250 million revolver (B2/B/B+).

Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, UBS Investment Bank, Apollo, Barclays, BMO Capital Markets, Deutsche Bank Securities Inc., KKR Capital Markets, Nomura Securities International Inc., RBC Capital Markets, TB Credit, Truist Securities Inc., Wells Fargo Securities LLC and Stone Point are leading the deal.

RealPage being acquired

Proceeds from RealPage’s credit facilities will be used to help fund its buyout by Thoma Bravo for $88.75 in cash per share. The transaction is valued at $10.2 billion, including net debt.

Other funds for the transaction will come from $7.36 billion of equity.

Closing is expected in the second quarter, subject to customary conditions, including RealPage shareholder approval, expiration or early termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and receipt of other required regulatory approvals.

RealPage is a Richardson, Tex.-based provider of software and data analytics to the real estate industry.

Liftoff accelerated

Liftoff Mobile moved up the commitment deadline for its $300 million seven-year covenant-lite first-lien term loan B to noon ET on Wednesday from noon ET on Thursday, according to a market source.

The term loan is talked at Libor plus 425 bps to 450 bps with a 0.75% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months.

The company’s $350 million of senior secured credit facilities (B2/B+) also include a $50 million five-year revolver.

Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC, Barclays, Nomura and Blackstone are leading the deal that will be used to finance the majority investment in Liftoff by Blackstone and pay fees and expenses related to the transaction.

Closing is subject to customary conditions.

Liftoff is a Redwood City, Calif.-based performance-based mobile app marketing optimization platform.

Ivanti moves deadline

Ivanti Software accelerated the commitment deadline for its non-fungible $440 million covenant-lite add-on first-lien term loan B due Dec. 1, 2027 to noon ET on Wednesday from noon ET on Thursday, a market source said.

Talk on the term loan is Libor plus 425 bps to 450 bps with a 0.75% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months.

Morgan Stanley Senior Funding Inc., UBS Investment Bank, BMO Capital Markets and Antares Capital are leading the deal that will be used to finance the acquisition of Cherwell Software, a provider of enterprise service management solutions, and to pay related fees and expenses.

Ivanti is a South Jordan, Utah-based company that automates IT and security operations.

Hillman guidance

Hillman Group held its call at 1:30 p.m. ET on Tuesday and, shortly before the call began, price talk was announced on its $835 million seven-year first-lien term loan B-1 (B+), $150 million seven-year first-lien term loan B-2 (B+) and $200 million first-lien delayed-draw term loan (B+) with availability for 24 months, according to a market source.

All three term loan tranches, which will be allocated as a strip, are talked at Libor plus 300 bps to 325 bps with a 0.5% Libor floor, an original issue discount of 99.5, 101 soft call protection for six months, and ticking fees paid from the time of allocations of half the margin for days 46 to 90 and the full margin thereafter, the source said.

Delayed-draw term loan ticking fees paid from closing are half the margin from days 61 to 120 and the full margin thereafter.

The company’s $1.435 billion of credit facilities also include a $250 million five-year ABL revolver.

Commitments are due at noon ET on Feb. 23, the source added.

Hillman leads

Jefferies LLC and Barclays are leading Hillman’s credit facilities, which will be used in conjunction with the merger with Landcadia Holdings III Inc., a publicly traded special purpose acquisition company.

The transaction implies an enterprise valuation for Hillman of $2.642 billion.

Closing is expected in the second quarter, subject to approval of the stockholders of Landcadia III and of Hillman and other customary conditions.

Hillman is a Cincinnati-based distributor of hardware and home improvement products, personal protective equipment and robotic kiosk technologies.

Graham holds call

Graham Packaging emerged in the morning with plans to hold a lender call at 2 p.m. ET on Tuesday to launch a $1.445 billion covenant-lite first-lien term loan (B1/B) due August 2027 talked at Libor plus 300 bps to 325 bps with a 0.75% Libor floor, a par issue price and 101 soft call protection for six months, according to a market source.

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

Credit Suisse Securities (USA) LLC and HSBC Securities (USA) Inc. are leading the deal that will be used to reprice an existing term loan down from Libor plus 375 bps with a 0.75% Libor floor.

Graham Packaging is a designer, manufacturer and seller of food, beverage, household and automotive containers.

Novolex refinancing

Novolex surfaced early in the day with plans to hold a lender call at 3:30 p.m. ET on Tuesday to launch a $1.276 billion seven-year first-lien term loan (B2/B) talked at Libor plus 350 bps with a 0.5% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months, a market source remarked.

Commitments are due at 5 p.m. ET on Feb. 23, the source added.

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA, Citigroup Global Markets Inc., Jefferies LLC, Fifth Third, ING, Citizens and Carlyle are leading the deal that will be used to refinance an existing term loan due 2023.

Novolex is a Hartsville, S.C.-based manufacturer of packaging products for consumer focused end markets.

BellRing repricing

BellRing Brands announced in the morning its intention to hold a lender call at 11:30 a.m. ET to launch a $636.2 million first-lien term loan (B2/B+) due October 2024 talked at Libor plus 400 bps to 425 bps with a 0.75% Libor floor, a par issue price and 101 soft call protection for six months, a market source said.

Commitments are due at noon ET on Feb. 23, the source added.

Credit Suisse Securities (USA) LLC, BofA Securities Inc., Morgan Stanley Senior Funding Inc., Barclays, Citigroup Global Markets Inc., Goldman Sachs Bank USA, J.P. Morgan Securities LLC, BMO Capital Markets, Rabobank, Nomura, Truist, UBS Investment Bank and Wells Fargo Securities LLC are leading the deal that will be used to reprice an existing term loan down from Libor plus 500 bps with a 1% Libor floor.

BellRing is a St. Louis-based manufacturer of active nutrition brands.

Spectrum launches

Spectrum Brands held a lender call at 2 p.m. ET to launch a $350 million term loan B talked at Libor plus 225 bps to 250 bps with a 0.5% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on Feb. 23, the source added.

RBC Capital Markets is the left lead on the deal that will be used with an offering of new notes and cash on hand to redeem 6.125% senior notes due 2024 and 5.75% senior notes due 2025.

Spectrum Brands is a Middleton, Wis.-based consumer products company.

Sophos shops add-on

Sophos launched with a call at noon ET a fungible $380 million add-on term loan B (//B) due March 2027 talked with an original issue discount of 99, a market source remarked.

Pricing on the add-on term loan is Libor plus 350 bps with a 0% Libor floor, in line with existing term loan pricing, and the debt has 101 soft call protection for six months.

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

Goldman Sachs Bank USA, BofA Securities Inc., Barclays, Credit Suisse Securities (USA) LLC and HSBC Securities (USA) Inc. are leading the deal that will be used to refinance the company’s existing second-lien term loan due 2028.

Thoma Bravo is the sponsor.

Sophos is an Oxford, U.K.-based provider of next-generation cybersecurity.

Grosvenor hosts call

Grosvenor Capital Management held a call at 2 p.m. ET on Tuesday to launch a $290 million covenant-lite first-lien term loan B (Ba3/BB+) due February 2028 talked at Libor plus 250 bps with a 0.75% Libor 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 noon ET on Friday, the source added.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to reprice and extend an existing roughly $340 million term loan B alongside a roughly $50 million prepayment of the debt.

Grosvenor Capital is a Chicago-based independent alternative asset management firm.

BrightSpring proposed terms

BrightSpring Health Services held a call during the session to launch a fungible $600 million incremental first-lien term loan due March 2026 talked with an original issue discount of 99.75 to par, a market source said.

Pricing on the incremental term loan is Libor plus 375 bps with a 0.5% Libor floor, and the debt has 101 soft call protection through April 7.

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

Jefferies LLC, KKR Capital Markets LLC, Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC, BMO Capital Markets, Deutsche Bank Securities Inc., BofA Securities Inc., HSBC Securities (USA) Inc., Credit Agricole and Natixis are leading the deal that will be used to fund an acquisition.

BrightSpring Health is a Louisville, Ky.-based provider of home and community-based health services.

Patriot price talk

Patriot Rail & Ports held a call at 1 p.m. ET to launch a roughly $303 million term loan B (B2) due Oct. 18, 2026 talked at Libor plus 450 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, according to a market source.

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

RBC Capital Markets is the left lead on the deal that will be used to reprice an existing term loan down from Libor plus 525 bps with a 0% Libor floor.

Patriot Rail is a Jacksonville, Fla.-based owner of a portfolio of short-line railroads, port terminals and related infrastructure assets, providing transportation and logistics solutions.

84 Lumber on deck

84 Lumber set a lender call for 9 a.m. ET on Wednesday to launch a fungible $300 million covenant-lite add-on term loan B due Nov. 13, 2026 and a repricing of its existing roughly $307 million covenant-lite term loan B due Nov. 13, 2026, according to a market source.

The term loan debt (B2) has 101 soft call protection for six months after closing, the source said.

Commitments are due at noon ET on Feb. 25.

Wells Fargo Securities LLC and PNC Capital Markets are leading the deal.

The add-on loan will be used to repay existing ABL borrowings, fund a $50 million dividend, and pay transaction-related fees and expenses.

84 Lumber is an Eighty Four, Pa.-based supplier of building materials, manufactured components and services for single and multi-family residences and commercial buildings.

Alacrity readies loan

Alacrity Solutions Group scheduled a lender call for 3 p.m. ET on Wednesday to launch a fungible $60 million incremental first-lien term loan, a market source remarked.

Commitments are due at 5 p.m. ET on Feb. 25, the source added.

Antares Capital is leading the deal that will be used to fund a shareholder distribution.

Alacrity, formerly known as Worley Claims Services LLC, is a Fishers, Ind.-based provider of insurance claims management services.

Horizon timing emerges

Horizon Therapeutics will hold a lender call at 3:30 p.m. ET on Wednesday to launch a new loan to current and prospective lenders, according to a market source.

The company has a commitment for a $1.3 billion seven-year senior secured covenant-lite incremental term loan to help fund its acquisition of Viela Bio Inc. for $53.00 per share in cash, which represents a fully diluted equity value of $3.05 billion, or around $2.67 billion net of Viela Bio’s cash and cash equivalents.

Citigroup Global Markets Inc. is the left lead on the deal. Based on the commitment letter, Morgan Stanley Senior Funding Inc. and J.P. Morgan Securities LLC are lead arrangers and bookrunners as well.

Closing on the acquisition is expected this quarter subject to customary conditions, including the expiration or termination of the waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976.

Horizon is a Dublin-based researcher and developer of medicines that address critical needs for people impacted by rare and rheumatic diseases. Viela Bio is a Gaithersburg, Md.-based biotechnology company.

Petco joins calendar

Petco Health and Wellness set a lender call for 10:30 a.m. ET on Wednesday to launch a $1.2 billion seven-year senior secured covenant-lite first-lien term loan B talked at Libor plus 325 bps to 350 bps with a 0.75% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, a market source said.

Commitments are due at noon ET on Feb. 24, the source added.

Citigroup Global Markets Inc., Goldman Sachs Bank USA, Wells Fargo Securities LLC, BofA Securities Inc., Credit Suisse Securities (USA) LLC and UBS Investment Bank are leading the deal that will be used with an up to $500 million ABL facility and other secured debt to refinance the company’s existing capital structure.

Petco is a San Diego-based specialty retailer of pet food, supplies and services.

Gigamon coming soon

Gigamon scheduled a lender call for 10 a.m. ET on Wednesday to launch a $536,580,000 senior secured first-lien term loan (B2/B-) due December 2024 talked at Libor plus 375 bps to 400 bps with a 0.75% Libor floor, a par issue price for those rolling, an original issue discount of 99.75 for new money and 101 soft call protection for six months, according to a market source.

Commitments and consents are due at noon ET on Monday, the source added.

Jefferies LLC is leading the deal that will be used to reprice an existing term loan down from Libor plus 425 bps with a 1% Libor floor.

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

Ancestry sets call

Ancestry.com will hold a lender call at 10 a.m. ET on Wednesday to launch a $1.6 billion covenant-lite first-lien term loan due December 2027 (B1/B) talked at Libor plus 300 bps to 325 bps with a 0.5% 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 Friday, the source added.

Credit Suisse Securities (USA) LLC and Blackstone are leading the arranger group.

Proceeds will be used to reprice an existing term loan down from Libor plus 400 bps with a 0.5% Libor floor.

Ancestry.com is a Lehi, Utah-based provider of digital family history services and consumer genomics.

CCRR on deck

CCRR Parent set a lender call for Thursday to launch $550 million of credit facilities, according to a market source.

The facilities consist of a $50 million revolver and a $500 million term loan, the source said.

Citizens Bank and UBS Investment Bank are leading the deal that will be used to help fund the acquisitions by Cornell Capital LLC and Trilantic North America of trustaff Management Inc., CardioSolution and Stella.ai Inc. and merger of the three companies to create a healthcare staffing platform with a technology-driven approach.

Tegra118 plans repricing

Tegra118 Wealth Solutions scheduled a lender call for 2 p.m. ET on Wednesday to launch a repricing of its existing term loan, a market source said.

Citigroup Global Markets Inc. is leading the deal.

Tegra118, formerly known as Fiserv Investment Solutions, is a Warren, N.J.-based provider of financial services.

Anthology coming soon

Anthology will hold a lender call at 10 a.m. ET on Wednesday to launch a $325 million first-lien term loan, according to a market source.

Commitments are due at 5 p.m. ET on Feb. 23, the source added.

UBS Investment Bank is leading the deal that will be used to reprice an existing term loan down from Libor plus 550 bps with a 1% Libor floor.

Anthology, formerly known as Astra, is a Boca Raton, Fla.-based provider of higher education solutions that support the entire learner lifecycle.

DiversiTech readies deal

DiversiTech set a lender call for noon ET on Wednesday to launch a fungible $125 million add-on first-lien term loan and extension of its existing term loan maturity by six months, a market source remarked.

RBC Capital Markets is leading the deal.

The add-on term loan will be used to fund two acquisitions.

DiversiTech is an Atlanta-based manufacturer of components and products related to the heating, ventilating, air conditioning and refrigeration industry.

TierPoint plans call

TierPoint will hold a lender call at 2 p.m. ET on Wednesday to launch a $676 million term loan due May 2026, according to a market source.

RBC Capital Markets is leading the deal that will be used to amend, extend and reprice an existing term loan due May 2024, which is currently priced at Libor plus 375 bps with a 1% Libor floor.

Consents are due at noon ET on Feb. 26, the source added.

TierPoint is a St. Louis-based provider of hybrid IT solutions.

Xplornet joins calendar

Xplornet Communications set a lender call for 10 a.m. ET on Wednesday to launch a loan transaction, a market source said.

Credit Suisse Securities (USA) LLC is leading the deal.

Xplornet is a Woodstock, New Brunswick-based broadband service provider in Canada.

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