Cook & Boardman hits secondary; ProQuest, Global Payments, Amynta Group update terms

By Sara Rosenberg

New York, Oct. 12 – Cook & Boardman Group set the spread on its term loan at the high end of talk and then freed up for trading on Friday above its original issue discount.

In more happenings, ProQuest LLC finalized the issue price on its term loan B at the wide side of guidance, Global Payments Inc. firmed pricing on its term loan B at the low end of talk, and Amynta Group increased the size of its term loan B through an add-on, set pricing at the high side of talk and revealed the original issue discount on the add-on tranche.

In addition, Aspen Dental Management Inc. and Mitchell International Inc. announced pricing guidance on their term loans with launch, and Thor Industries Inc. released talk on its term loans in preparation for its upcoming bank meetings.

Furthermore, Unifrax, SubCom, Infrastructure & Energy Alternatives Inc. and EnTrans International LLC joined the near-term primary calendar.

Cook sets spread, frees up

Cook & Boardman Group firmed pricing on its $212 million seven-year first-lien term loan (B3/B) at Libor plus 575 basis points, the high end of the Libor plus 550 bps to 575 bps talk, and left the 1% Libor floor, original issue discount of 99 and 101 soft call protection for one year intact, a market source said.

The term loan broke for trading on Friday and levels were seen at 99¼ bid, par ¼ offered, another source added.

Goldman Sachs Bank USA, SunTrust Robinson Humphrey Inc. and KKR Capital Markets are leading the deal that will be used to help fund the buyout of the company by Littlejohn & Co.

Closing is expected during the week of Oct. 15.

Cook & Boardman is a Winston-Salem, N.C., distributor of commercial door entry solutions.

ProQuest firms

ProQuest set the issue price on its $705 million term loan B at 99.75, the wide end of the 99.75 to par talk, according to a market source.

The term loan is priced at Libor plus 325 bps with a 0% Libor floor, and has 101 soft call protection for six months.

Goldman Sachs Bank USA and Bank of America Merrill Lynch are leading the deal that will be used to reprice an existing term loan B down from Libor plus 375 bps with a 1% Libor floor.

ProQuest is an Ann Arbor, Mich.-based provider of digital content and Software as a Service solutions primarily for the academic community.

Global Payments updated

Global Payments finalized the spread on its $500 million seven-year covenant-light term loan B (BBB-) at Libor plus 175 bps, the low end of the Libor plus 175 bps to 200 bps talk, while leaving the 0% Libor floor, original issue discount of 99.75 and 101 soft call protection for six months unchanged, a market source remarked.

Bank of America Merrill Lynch is the left lead on the deal that will be used to repay a portion of the outstanding borrowings under the company’s revolver.

Global Payments is an Atlanta-based provider of payment technology services.

Amynta reworked

Amynta Group lifted its covenant-light first-lien term loan B due Feb. 28, 2025 to $601.1 million through the addition of a $50 million add-on tranche, firmed the spread on the term loan B debt at Libor plus 400 bps, the high end of the Libor plus 375 bps to 400 bps talk, and announced an original issue discount of 99.875 on the add-on piece, according to a market source.

As before, the term loan B tranche that is not an add-on is offered at par, and the debt has a 0% Libor floor and 101 soft call protection for six months.

Allocations are expected on Monday, the source said.

Bank of America Merrill Lynch is leading the deal.

The add-on term loan will be put into an acquisition account and the remaining amount will be used to reprice an existing term loan B down from Libor plus 450 bps with a 0% Libor floor.

Amynta Group, formerly known as FeeCo, is a team of warranty and specialty risk companies as well as managing general agents.

Aspen Dental guidance

Also in the primary market, Aspen Dental Management came out with talk of Libor plus 300 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months on its $868 million term loan B (B2/B) that launched with a Friday morning call, according to a market source.

Commitments are due at 5 p.m. ET on Oct. 19.

RBC Capital Markets is leading the deal that will be used to reprice an existing term loan B down from Libor plus 325 bps with a 0% Libor floor.

Aspen Dental is an East Syracuse, N.Y.-based dental support organization.

Mitchell launches

Mitchell International held its lender call during the session and revealed talk on its $500 million add-on first-lien term loan to be Libor plus 325 bps with a 0% Libor floor and an original issue discount of 99.75, a market source said.

Commitments are due on Oct. 23, the source added.

KKR Capital Markets is the left lead on the deal that will be used to refinance Genex Services LLC’s existing credit facilities in connection with its merger with Mitchell.

The merger is subject to customary conditions, including regulatory approvals.

Mitchell is a San Diego-based provider of technology, connectivity and information solutions to the property and casualty claims and collision repair industries. Genex is a Wayne, Pa.-based provider of clinical solutions to the workers’ compensation, auto and disability insurance markets.

Thor floats talk

Thor Industries is talking its $1,866,000,000 seven-year term loan B (Ba2) and €350 million seven-year term loan B (Ba2/BB) at Libor/Euribor plus 300 bps to 325 bps with a 0% floor and an original issue discount of 99.5, a market source remarked.

As previously reported, bank meetings to launch the transaction will take place in London on Monday and New York on Tuesday.

Commitments are due on Oct. 30.

J.P. Morgan Securities LLC, Barclays, BMO Capital Markets, U.S. Bank and Wells Fargo Securities LLC are leading the deal that will be used to help fund the acquisition of Erwin Hymer Group SE for about €2.1 billion in cash and equity.

Closing is expected near year-end, subject to customary conditions, including regulatory and other necessary approvals.

Thor Industries is an Elkhart, Ind.-based manufacturer of recreational vehicles. Erwin Hymer is a Bad Waldsee, Germany-based manufacturer of recreational vehicles.

Unifrax readies deal

Unifrax scheduled a lenders’ presentation for 11 a.m. ET in New York on Tuesday and a lenders’ presentation in London for Wednesday to launch $1,325,000,000 equivalent of senior secured credit facilities, according to a market source.

The facilities consist of a $125 million revolver, a $550 million first-lien term loan, a $350 million equivalent euro first-lien term loan and a $300 million second-lien term loan, the source said.

Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC, UBS Investment Bank, RBC Capital Markets and Stifel, Nicolaus & Co. are leading the deal that will be used to help fund the buyout of the company by Clearlake Capital Group LP from American Securities LLC.

Unifrax is a Tonawanda, N.Y.-based supplier of high-performance specialty fibers and inorganic materials used in emission control, thermal management, filtration, battery and fire protection applications.

SubCom coming soon

SubCom surfaced with plans to hold a bank meeting at noon ET in New York on Monday to launch $550 million of credit facilities (B1), a market source said.

The facilities consist of a $100 million revolver and a $450 million first-lien term loan, the source added.

Goldman Sachs Bank USA, Barclays, Credit Suisse Securities (USA) LLC and Jefferies LLC are leading the deal that will be used to help fund the buyout of the company by Cerberus Capital Management LP from TE Connectivity Ltd.

Closing is expected in the fourth quarter, subject to customary conditions.

SubCom is an Eatontown, N.J.-based supplier of subsea communications systems.

Infrastructure on deck

Infrastructure & Energy Alternatives set a bank meeting for 10:30 a.m. ET on Tuesday to launch $350 million of credit facilities, according to a market source.

The facilities consist of a $50 million five-year revolver and a $300 million six-year first-lien term loan that has 101 soft call protection for six months, the source said.

Jefferies LLC and KeyBanc Capital Markets are leading the deal, which will be used to fund acquisitions.

Infrastructure & Energy is an Indianapolis-based infrastructure construction company with specialized energy and heavy civil experience.

EnTrans joins calendar

EnTrans International set a bank meeting for 11 a.m. ET in New York on Tuesday to launch a $255 million seven-year first-lien term loan (B) that has a 0% Libor floor and 101 soft call protection for six months, a market source said.

Commitments are due on Oct. 30, the source added.

Credit Suisse Securities (USA) LLC and Barclays are leading the deal that will be used to refinance existing debt.

EnTrans is an Athens, Tenn.-based producer of aluminum and stainless steel tank trailers and related parts and services.

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