Great Canadian, MaxLinear, Signify Health, ICON, Madison IAQ, Pregis, Ilpea free to trade

By Sara Rosenberg

New York, June 16 – Great Canadian Gaming Corp. trimmed pricing on its term loan B, added a step-down and modified the issue price, MaxLinear Inc. tightened the spread and original issue discount on its term loan B, and Signify Health LLC firmed pricing on its first-lien term loan B at the low end of guidance and added a step-down, and then all of these transactions broke for trading on Wednesday.

Other deals to make their way into the secondary market during the session included ICON plc, Madison IAQ, Pregis (Pregis Topco LLC) and Ilpea Industries Inc.

In more happenings, Culligan (Osmosis Debt Merger Sub Inc.) reduced the spread on its term loan debt and set the original issue discount at the tight side of talk, and Osmose Utilities Services Inc. shifted some funds between its first-and second-lien term loans, lowered pricing, removed the step-down and updated the issue price,

Additionally, Orbcomm Inc. cut the spread on its first-lien term loan and adjusted the original issue discount, and Blackstone Mortgage Trust Inc. tightened the issue price on its term loan debt.

Also, Cengage Learning Inc., Medforth, Herman Miller Inc., Cano Health LLC, Element Solutions Inc. and Gastro Health released price talk with launch.

Furthermore, Visual Comfort & Co. (Illuminate Merger Sub Corp.), WCG Purchaser Corp., Unified Women’s Healthcare LP, CentroMotion, Tenable Inc., MedData Inc. and At Home Group Inc. joined this week’s primary calendar.

Great Canadian revised, breaks

Great Canadian Gaming cut pricing on its $725 million covenant-lite term loan B (roughly C$875 million equivalent) (B2/B+/BB+) due Nov. 1, 2026 to Libor plus 400 basis points from talk in the range of Libor plus 450 bps to 475 bps, added a step-down to Libor plus 375 bps upon ratings of B2/B/B with stable outlooks, and tightened the original issue discount to 99.5 from 99, according to a market source.

The 0.75% Libor floor and 101 soft call protection for six months on the term loan were unchanged.

Previously in syndication, the term loan was upsized from U.S. dollar equivalent C$650 million as the company’s senior secured notes offering was reduced from its initially planned amount to $350 million.

Commitments were due at noon ET on Wednesday and the term loan B broke in the afternoon, with levels quoted at par bid, par ½ offered, another source added.

Deutsche Bank Securities Inc., Barclays, TD Securities (USA) LLC, Macquarie Capital (USA) Inc., BMO Capital Markets and Citizens Bank are leading the deal that will be used to help fund the buyout of the company by Apollo Global Management Inc. for C$45.00 in cash per share.

Great Canadian Gaming is an Ontario-based gaming, entertainment and hospitality company.

MaxLinear flexes, frees

MaxLinear lowered pricing on its $350 million seven-year covenant-lite term loan B (Ba3/BB-) to Libor plus 225 bps from Libor plus 250 bps and changed the original issue discount to 99.75 from 99.5, a market source remarked.

The term loan still has a 0.5% Libor floor and 101 soft call protection for six months.

Recommitments were due at noon ET on Wednesday and the term loan B began trading later in the day, with levels quoted at par bid, par ½ offered, another source added.

Wells Fargo Securities LLC, MUFG, BMO Capital Markets and Citizens Bank are leading the deal that will be used to repay a term loan A due 2023 and a term loan B due 2024.

The company also plans on getting a new $100 million revolver (Ba3) due 2026.

Closing is expected during the week of June 21.

MaxLinear is a Carlsbad, Calif.-based provider of integrated, radio-frequency analog, and mixed-signal semiconductor solutions for broadband communications applications.

Signify tweaked, trades

Signify Health set pricing on its $350 million seven-year first-lien term loan B (B1/B) at Libor plus 325 bps, the low end of the Libor plus 325 bps to 350 bps talk, and added a 25 bps step-down upon an S&P issuer credit rating of B+, according to a market source.

As before, the term loan has a 0.5% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Commitments were due at noon ET on Wednesday and the term loan B broke for trading later in the day, with levels quoted at 99 5/8 bid, par 1/8 offered, another source added.

Barclays, JPMorgan Chase Bank, Goldman Sachs Bank USA, BofA Securities Inc. and UBS Investment Bank are leading the deal that will be used to repay existing term loans and to pay related fees and expenses.

Signify Health is a Dallas-based health care platform that powers and creates value-based payment programs.

ICON hits secondary

ICON’s $5.515 billion seven-year covenant-lite term loan B (Ba1/BB+) freed to trade, with levels quoted at par bid, par 3/8 offered, according to a market source.

Pricing on the term loan is Libor plus 250 bps with a 25 bps step-down at 4x first-lien net leverage and a 0.5% Libor floor. The loan was sold at an original issue discount of 99.5 and has 101 soft call protection for six months.

Of the total term loan amount, $4.415 billion is at Icon Lux SARL and $1.1 billion is at US Merger Sub.

During syndication, the term loan was upsized from $4 billion as the company’s secured notes offering was reduced to $500 million from $2.015 billion, pricing was cut from Libor plus 275 bps and the step-down was added.

Citigroup Global Markets Inc. is global coordinator and left lead on the deal. JPMorgan Chase Bank is a joint bookrunner, and Santander, HSBC Securities (USA) Inc. and Morgan Stanley Senior Funding Inc. are joint lead arrangers.

ICON buying PRA

Proceeds will be used with cash on hand and the notes to fund the acquisition of PRA Health Sciences Inc. for $80 in cash and 0.4125 of a share of ICON’s stock, and to refinance existing debt at both companies. The transaction is valued at about $12 billion.

Closing is expected on July 1.

Pro forma net debt is anticipated to be around 4.5x at close.

ICON is a Dublin-based provider of outsourced drug and device development and commercialization services. PRA is a Raleigh, N.C.-based contract research organization.

Madison IAQ frees up

Madison IAQ’s $1.825 billion seven-year first-lien term loan (B1/B) surfaced in the secondary market too, with levels quoted at par 1/8 bid, par 3/8 offered, a market source remarked.

Pricing on the loan is Libor plus 325 bps with a 25 bps step-down at 3.6x net first-lien leverage and a 0.5% Libor floor. The loan was sold at an original issue discount of 99.5 and has 101 soft call protection for six months.

During syndication, the term loan was downsized from $1.925 billion, pricing was lowered from talk in the range of Libor plus 350 bps to 375 bps, the step-down was added and the discount was revised from 99.

Goldman Sachs Bank USA, Citigroup Global Markets Inc., CIBC, Barclays, BofA Securities Inc., HSBC Securities (USA) Inc., MUFG, Capital One, Golub and Stifel are leading the deal.

Proceeds will be used with $700 million of senior secured notes, upsized recently from $600 million, $1.035 billion of senior unsecured notes, upsized recently from $885 million, and equity from Madison Industries to fund the acquisition of Nortek Air from Melrose Industries plc and refinance Madison IAQ’s existing debt.

Closing is expected this summer.

Madison IAQ is a provider of indoor air quality solutions. Nortek Air is a provider of critical air management, thermal and HVAC solutions.

Pregis tops par

Pregis’ fungible $67.5 million incremental first-lien term loan due August 2026 and repriced $232.5 million covenant-lite first-lien term loan due August 2026 broke for trading as well, with levels quoted at par 1/8 bid, par 5/8 offered, a market source said.

Pricing on the term loan debt is Libor plus 400 bps with a 25 bps step-down at 4.35x first-lien net leverage and a 0.5% Libor floor. The debt was issued at par and has 101 soft call protection for six months.

During syndication, the issue price on the incremental term loan was modified from 99.75.

Credit Suisse Securities (USA) LLC, Barclays, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc., UBS Investment Bank and Wells Fargo Securities LLC are leading the deal.

Proceeds from the incremental term loan will be used to fund growth capital expenditures, and the repricing will take the existing term loan down from Libor plus 425 bps with a 0.75% Libor floor.

Pregis is a Deerfield, Ill.-based supplier of packaging systems, consumables and surface protection films.

Ilpea starts trading

Ilpea Industries’ $225 million seven-year term loan B freed to trade, with levels quoted at 99 5/8 bid, 99 7/8 offered, according to a market source.

Pricing on the term loan is Libor plus 450 bps with a 0.75% Libor floor and it was sold at an original issue discount of 99.25. The debt has 101 soft call protection for six months.

During syndication, the term loan was upsized from $220 million, the spread firmed at the high end of the Libor plus 425 bps to 450 bps talk, the Libor floor was set at the wide end of the 0.5% to 0.75% talk and the discount finalized at the midpoint of the 99 to 99.5 talk.

PNC Bank is leading the deal that will be used to refinance existing debt, to fund a dividend and for general corporate purposes.

Closing is targeted for Friday.

Ilpea is a Scottsburg, Ind.-based producer of custom plastic extrusions for the appliance and construction industries.

Culligan changes emerge

Back in the primary market, Culligan lowered pricing on its $2 billion seven-year covenant-lite first-lien term loan B and $250 million delayed-draw covenant-lite term loan to Libor plus 400 bps from talk in the range of Libor plus 425 bps to 450 bps, and firmed the original issue discount at 99.5, the tight end of the 99 to 99.5 talk, according to a market source.

Additionally, the company will now host quarterly lender calls, the source said.

The term loan debt still has 25 bps step-downs at 0.5x and 1x inside closing first-lien net leverage, a 0.5% Libor floor and 101 soft call protection for six months, and delayed-draw term loan ticking fees are still half the margin from days 46 to 90 and the full margin thereafter.

Culligan’s $2.475 billion of senior secured credit facilities also include a $225 million five-year revolver.

Commitments continued to be due at 5 p.m. ET on Wednesday, with allocations expected on Thursday.

Morgan Stanley Senior Funding Inc. and Citigroup Global Markets Inc. are leading the deal that will be used to fund the acquisition of a majority interest in the company by BDT Capital Partners LLC from Advent International and Centerbridge Partners LP. Advent will reinvest to acquire a minority stake in the business.

Culligan is a Rosemont, Ill.-based provider of water treatment products and services.

Osmose reworked

Osmose Utilities Services lifted its seven-year first-lien term loan (B2/B) to $810 million from $760 million and scaled back its privately placed second-lien term loan to $220 million from $270 million, a market source said.

The company also reduced pricing on the first-lien term loan to Libor plus 325 bps from talk in the range of Libor plus 350 bps to 375 bps, eliminated the 25 bps step-down at 0.5x inside closing date net first-lien secured leverage and tightened the original issue discount to 99.5 from 99.

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

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

Goldman Sachs Bank USA, RBC Capital Markets, UBS Investment Bank and Societe Generale are leading the deal that will be used to refinance the company’s existing capital structure and fund a distribution to shareholders. Societe Generale is the administrative agent.

Osmose Utilities, an EQT Infrastructure portfolio company, is a Peachtree City, Ga.-based provider of structural integrity management and resiliency services for utility and telecommunications infrastructure.

Orbcomm modified

Orbcomm lowered pricing on its $360 million seven-year covenant-lite first-lien term loan to Libor plus 425 bps from talk in the range of Libor plus 450 bps to 475 bps and moved the original issue discount to 99.5 from 99, a market source remarked.

The term loan still has a 0.75% Libor floor and 101 soft call protection for six months.

The company’s $410 million of credit facilities (B3/B) also include a $50 million revolver.

Recommitments are due at 10 a.m. ET on Thursday, the source added.

Credit Suisse Securities (USA) LLC, Jefferies LLC, Truist and Citizens Bank are leading the deal that will be used with $796.6 million of equity to fund the buyout of the company by GI Partners for $11.50 in cash per outstanding share of common stock. The transaction is valued at $1.1 billion, including net debt.

Closing is expected in the second half of the year, subject to customary conditions, including approval by stockholders and the receipt of required regulatory approvals.

Orbcomm is a Rochelle Park, N.J.-based provider of Internet of Things (IoT) solutions.

Blackstone tightens

Blackstone Mortgage Trust revised the issue price on its $100 million incremental term loan and repricing of its existing $323 million term loan to par from 99.75, a market source said.

Pricing on the term loan debt remained at Libor plus 275 bps with a 0.5% Libor floor, and the debt still has 101 soft call protection for six months.

JPMorgan Chase Bank is leading the deal.

The incremental term loan will be used to refinance existing debt and the repricing will take the existing term loan down from Libor plus 475 bps with a 1% Libor floor.

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

Cengage proposed terms

Cengage Learning held its call on Wednesday morning and announced talk on its $1.25 billion five-year covenant-lite first-lien term loan B (B2) at Libor plus 475 bps to 500 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

Commitments are due at 5 p.m. ET on June 28, the source added.

Morgan Stanley Senior Funding Inc. is the left lead on the deal that will be used with $400 million of other secured debt to refinance the company’s existing term loan B.

Cengage is a Boston-based educational content, technology and services company for the higher education and K-12, professional, library and workforce training markets.

Medforth guidance

Medforth came out with talk of Libor plus 325 bps with a 0.5% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months on its $1.05 billion term loan that launched with a call in the afternoon, a market source said.

Commitments are due on June 28, the source added.

Macquarie Capital (USA) Inc., Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., TCG and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to fund a recapitalization by the Carlyle Group.

Medforth is a New York-based educational institution, providing students medical degrees and veterinary degrees.

Herman Miller launches

Herman Miller held its call in the morning, launching its $625 million seven-year term loan B (Ba1/BBB-) at talk of Libor plus 225 bps with a 0% 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 5 p.m. ET on June 29, the source added.

Goldman Sachs Bank USA, Wells Fargo Securities LLC, Citizens Bank, JPMorgan Chase Bank, KeyBanc Capital Markets Inc., PNC Capital Markets LLC, Huntington National Bank and Truist Securities Inc. are leading the deal that will be used to help fund the acquisition of Knoll Inc. for $11.00 in cash and 0.32 of a share of Herman Miller common stock for each share of Knoll common stock. The transaction is valued at $1.8 billion.

Closing is expected by the end of the third quarter, subject to approval by Herman Miller and Knoll shareholders, the receipt of required regulatory approvals and the satisfaction of other customary conditions.

Herman Miller is a Zeeland, Mich.-based manufacturer of office furniture and equipment. Knoll is an East Greenville, Pa.-based manufacturer of home and workplace furnishings, accessories, textiles and leathers.

Cano reveals talk

Cano Health launched on its morning call its fungible $295 million incremental covenant-lite first-lien term loan due November 2027 with original issue discount talk of 99.5, a market source remarked.

Like the existing term loan, the incremental term loan is priced at Libor plus 450 bps with a 25 bps step-down at B2/B corporate family ratings and a 0.75% Libor floor.

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

Commitments are due at 5 p.m. ET on June 23.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to help fund the acquisition of University Health Care, a private medical provider, for $540 million in cash and $60 million in equity.

Pro forma for the transaction, the first-lien term loan will total $549 million.

Cano Health is a Miami-based tech-powered, value-based care delivery platform.

Element Solutions guidance

Element Solutions disclosed original issue discount talk of 99.03 to 99.5 on its fungible $400 million tack-on senior secured term loan B (Ba1/BBB-) due Jan. 31, 2026 that launched with a call in the morning, according to a market source.

Pricing on the tack-on term loan is Libor plus 200 bps with a 0% Libor floor, in line with pricing on the company’s existing $733 million term loan B, and all of the debt is getting 101 soft call protection for six months.

Ticking fees on the tack-on term loan are half the margin from days 46 to 90 and the full margin thereafter.

Commitments are due at noon ET on June 23.

Goldman Sachs Bank USA, Citigroup Global Markets Inc., JPMorgan Chase Bank, Barclays and BofA Securities Inc. are leading the deal, which will be used with cash on hand to fund the acquisition of Coventya Holding SAS for about €420 million, including the assumption or repayment of debt, subject to certain adjustments.

Closing is anticipated late in the third quarter or in the fourth quarter, subject to regulatory approvals, completion of required employee consultation procedures and other customary conditions.

Element Solutions is a Fort Lauderdale, Fla.-based diversified specialty chemicals company. Coventya is a France-based provider of specialty chemicals for the surface finishing industry.

Gastro holds call

Gastro Health launched on its call during the session its $300 million first-lien term loan (B-) and $100 million delayed-draw first-lien term loan (B-) at talk of Libor plus 450 bps with a 0.75% Libor floor and an original issue discount of 99, a market source remarked.

The first-lien term loan has 101 soft call protection for six months, the source said.

Commitments are due at noon ET on June 30, the source added.

The company’s $550 million of credit facilities also include a $60 million revolver (B-) and a $90 million privately placed second-lien term loan (CCC).

BMO Capital Markets and Antares Capital are leading the deal that will be used to help fund the buyout of the company by Omers.

Closing is expected this quarter, subject to certain conditions, including regulatory approvals.

Gastro Health is a Miami-based platform supporting medical groups specializing in the treatment of gastrointestinal disorders, nutrition and digestive health.

Visual Comfort on deck

Visual Comfort will hold a lender call at 11 a.m. ET on Thursday to launch $1.17 billion of term loans, split between an $835 million seven-year covenant-lite first-lien term loan and a $335 million eight-year covenant-lite second-lien term loan, according to a market source.

The first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two, the source said.

Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Barclays, Credit Suisse Securities (USA) LLC, KeyBanc Capital Markets and Nomura are leading the deal, with Deutsche the left lead on the first-lien loan and Goldman Sachs the left lead on the second-lien loan.

The loans will be used to help fund a strategic investment in the company by Goldman Sachs Asset Management and Leonard Green & Partners LP alongside their existing investment partner, AEA Investors.

Closing is expected in the third quarter, subject to customary conditions, including regulatory approvals.

Visual Comfort is a Houston-based provider of decorative and functional lighting.

WCG readies loan

WCG Purchaser set a lender call for 11 a.m. ET on Thursday to launch a fungible $200 million first-lien term loan due Jan. 8, 2027, a market source said.

Barclays is the left lead on the deal that will be used to fund an acquisition.

WCG is Princeton, N.J.-based provider of clinical trial optimization solutions.

Unified Women’s plans call

Unified Women’s Healthcare scheduled a lender call for 1:30 p.m. ET on Thursday to launch a fungible $235 million first-lien term loan due Dec. 18, 2027, according to a market source.

Barclays, Credit Suisse Securities (USA) LLC, BofA Securities Inc., RBC Capital Markets, Deutsche Bank Securities Inc. and Antares Capital are leading the deal that will be used to fund the acquisition of CCRM, a provider of fertility science, research and treatment, and to pay fees and expenses.

The company is also requesting certain amendments from existing lenders to allow for the creation of a co-borrower structure with the initial borrower being Unified Women’s Healthcare LP and CCRM Management Co. LLC being added as a co-borrower following the acquisition, and the direct parent of CCRM being added as a guarantor with all of the obligations of Holdings, the source added.

Unified Women’s Healthcare is a Boca Raton, Fla.-based practice management platform in women’s health care.

CentroMotion joins calendar

CentroMotion will hold a lender call at 11 a.m. ET on Thursday to launch $545 million of first-lien term loans, a market source remarked.

The debt is split between a $420 million funded term loan and a $125 million delayed-draw term loan, the source added.

Commitments are due at 5 p.m. ET on June 30.

JPMorgan Chase Bank is leading the deal that will be used to fund the acquisition of Carlisle Brake & Friction, a manufacturer of friction materials and mechatronic solutions for off highway brake and transmission products, from Carlisle Cos. Inc., to repay debt and for general corporate purposes.

CentroMotion, a portfolio company of One Rock Capital Partners, is a Waukesha, Wis.-based designer and manufacturer of highly engineered components and systems for the industrial and transportation markets.

Tenable coming soon

Tenable scheduled a lender call for 10:30 a.m. ET on Thursday to launch a $350 million term loan B (B+) talked at Libor plus 300 bps to 325 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 5 p.m. ET on June 28, the source added.

JPMorgan Chase Bank is leading the deal that will be used for general corporate purposes.

Tenable is a Columbia, Md.-based cybersecurity company.

MedData on deck

MedData set a lender call for Thursday to launch a $230 million term loan B, a market source said.

KeyBanc Capital Markets is leading the deal that will be used to fund an acquisition and refinance existing debt.

MedData is a Spring, Tex.-based provider of medical revenue cycle management services.

At Home readies loan

At Home Group will hold a lender call on Thursday to launch a $600 million term loan B, according to a market source.

BofA Securities Inc., Barclays, Deutsche Bank Securities Inc. and Wells Fargo Securities LLC are leading the deal that will be used with $300 million of other secured debt, $500 million of unsecured debt and equity to fund the buyout of the company by Hellman & Friedman for $37.00 per share in cash.

At Home is a Plano, Tex.-based home decor superstore.

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