Advanced Drainage Systems, Autokiniton, Edgewell, Cerence, Jeld-Wen disclose price talk

By Sara Rosenberg

New York, Sept. 9 – In the primary market on Monday, Advanced Drainage Systems Inc., Autokiniton Global Group, Edgewell Personal Care Co., Cerence Inc., UFC and Jeld-Wen Inc. all released price guidance with launch.

Virtu Financial LLC (VFH Parent LLC), Cumulus Media Inc., Ahead/Data Blue, HighTower Holdings LLC and Concentra Group Holdings LLC joined this week’s primary calendar.

Advanced Drainage Systems held its bank meeting on Monday morning and announced talk on its $700 million seven-year first-lien term loan at Libor plus 275 basis points to 300 bps with a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

The company’s $1.05 billion of credit facilities (Ba1/BB) also includes a $350 million five-year revolver.

Commitments are due at 5 p.m. ET on Sept. 19, the source said.

Barclays, Morgan Stanley Senior Funding Inc., BofA Securities Inc., PNC Capital Markets, BMO Capital Markets, Fifth Third Bank and HSBC Securities (USA) Inc. are leading the deal that will be used with an upcoming senior notes offering and a recently completed equity offering to support the acquisition of Infiltrator Water Technologies Ultimate Holdings Inc. and to pay related fees and expenses.

Infiltrator Water is an Old Saybrook, Conn.-based on-site septic wastewater treatment company.

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