Boyd breaks; Prestige, EverCommerce tweak timing; ICON, Signify, Samsonite, Paya set talk

By Sara Rosenberg

New York, June 8 – Boyd Corp. (LTI Holdings Inc.) modified original issue discount guidance on its term loan debt and then firmed the price at the tight end of the revised talk before freeing up for trading on Tuesday.

In more happenings, Prestige Brands Inc. and EverCommerce Inc. moved up the commitment deadlines for their term loans.

Also, ICON plc, Signify Health LLC, Samsonite International SA, Great Canadian Gaming Corp. and Paya Inc. announced price talk with launch, and E2open, Tivity Health Inc. and Solmax joined this week’s primary calendar.

Boyd revised, frees up

Boyd changed original issue discount talk on its $125 million add-on first-lien term loan (B2/B-) due 2026 and $75 million delayed-draw term loan (B2/B-) due 2026 with 12-month availability to a range of 99.25 to 99.5 from 99, and then firmed the price at 99.5 later in the day, a market source remarked.

The term loans are priced at Libor plus 475 basis points with a 0% Libor floor, and the delayed-draw term loan has a ticking fee of half the spread from days 31 to 60 and the full spread thereafter.

Upon the fully drawn delayed-draw term loan, both tranches are expected to be fungible with the company’s existing first-lien term loan due 2026.

The new debt and the existing Libor plus 475 bps term loan will get 101 soft call protection for six months.

On Tuesday, the new term loan debt made its way into the secondary market, with levels quoted at 99¾ bid, another source added.

JPMorgan Chase Bank, RBC Capital Markets and Jefferies LLC are leading the deal that will be used to fund an acquisition.

Boyd is a Pleasanton, Calif.-based provider of highly engineered thermal management and environmental sealing solutions.

Prestige accelerated

Prestige Brands moved up the commitment deadline for its $600 million seven-year senior secured term loan (Ba2/BB) to 5 p.m. ET on Wednesday from noon ET on Friday, according to a market source.

Talk on the term loan is Libor plus 225 bps to 250 bps with a 0.5% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months.

Barclays is the left lead on the deal that will be used to fund the acquisition of a portfolio of over-the-counter brands from Akorn Operating Co. LLC for $230 million in cash and refinance an existing senior secured term loan B.

Closing is expected during the company’s fiscal second quarter, subject to customary conditions, including clearance under the Hart-Scott Rodino Antitrust Improvements Act of 1976.

Prestige Brands is a Tarrytown, N.Y.-based marketer and distributor of over-the-counter health care and household cleaning products.

EverCommerce deadline

EverCommerce accelerated the commitment deadline for its $300 million seven-year term loan (B1/B+) to noon ET on Thursday from June 15, a market source said.

Talk on the term loan is Libor plus 350 bps to 375 bps with a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

KKR Capital Markets and RBC Capital Markets are leading the deal that will be used for a recapitalization in connection with the company’s initial public offering of common stock.

EverCommerce is a Denver-based service commerce platform.

ICON details emerge

ICON held its call on Tuesday and launched a $4 billion seven-year covenant-lite term loan B (Ba1/BB+) talked at Libor plus 275 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 16, the source 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.

The loan will be used with $2 billion of other secured debt and cash on hand to fund the acquisition of PRA Health Sciences Inc. for $80 in cash and 0.4125 shares of ICON stock, and refinance existing debt at both companies. The transaction is valued at about $12 billion.

Closing is expected on July 1 and 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.

Signify launches

Signify Health launched on its afternoon call its $350 million seven-year first-lien term loan B (B1/B) at talk of Libor plus 325 bps to 350 bps with a 0.5% Libor floor and an original issue discount of 99.5, a market source remarked.

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

Commitments are due at 5 p.m. ET on June 17, the 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 pay related fees and expenses.

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

Samsonite sets talk

Samsonite released talk of Libor plus 300 bps to 325 bps with a 0.75% Libor floor and an original issue discount of 99.5 on its $495.5 million term loan B-2 (B+) due April 25, 2025 that launched with a call in the morning, a market source said.

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

Commitments are due at noon ET on June 15.

HSBC Securities (USA) Inc. is the left lead on the deal, which will be used to reprice an existing term loan B-2 down from Libor plus 450 bps with a 1% Libor floor. Bank of America is the agent.

The term loan B-2 is currently sized at $595.5 million but will be paid down by $100 million from balance sheet cash.

Samsonite is a Hong Kong-based manufacturer of bags and luggage.

Great Canadian guidance

Great Canadian Gaming launched on its morning call its C$650 million equivalent U.S. dollar covenant-lite term loan B (B2/B+/BB+) due Nov. 1, 2026 at talk of Libor plus 450 bps to 475 bps with a 0.75% Libor floor and an original issue discount of 99, according to a market source.

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

Commitments are due at noon ET on June 17.

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.

Paya proposed terms

Paya came out with talk of Libor plus 375 bps with a 0.75% Libor floor and an original issue discount of 99 to 99.5 on its $250 million seven-year covenant-lite first-lien term loan shortly before its 10 a.m. ET lender call began, a market source remarked.

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

The company’s $295 million of credit facilities (B1/B+) also include a $45 million revolver.

Commitments are due at noon ET on June 18.

Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc., Jefferies LLC, Ares, Golub Capital and GSO are leading the deal that will be used to refinance an existing term loan.

Paya is an Atlanta-based integrated payments and commerce platform.

E2open on deck

E2open set a lender call for 10:30 a.m. ET on Wednesday to launch its previously announced fungible $380 million add-on term loan B, according to a market source.

Based on the commitment letter, the company is also expected to get a $30 million incremental revolver.

Goldman Sachs Bank USA and Credit Suisse Securities (USA) LLC are leading the deal that will be used with $300 million in a common equity PIPE to fund the acquisition of BluJay Solutions for an aggregate of 72.4 million shares of class A common stock and about $760 million of cash, which includes the repayment of debt, subject to certain adjustments. The stock and cash transaction is valued at around $1.7 billion.

Pro forma net leverage is expected to be 4.1x fiscal year 2022 EBITDA at closing.

Closing is targeted for the third quarter, subject to regulatory approvals, E2open shareholder approval and other customary conditions.

E2open is an Austin, Tex.-based network-based provider of cloud-based, mission-critical, end-to-end supply chain management software. BluJay is a Holland, Mich.-based cloud-based, logistics execution platform.

Tivity readies deal

Tivity Health scheduled a lender call for 2 p.m. ET on Wednesday to launch $500 million of senior secured credit facilities (B+), a market source said.

The facilities consist of a $100 million revolver and a $400 million first-lien term loan B, the source added.

Morgan Stanley Senior Funding Inc. is the left lead on the deal that will be used to refinance existing credit facilities and pay related fees, expenses and original issue discount.

Tivity is a Franklin, Tenn.-based provider of fitness and health improvement programs.

Solmax coming soon

Solmax will hold a lender call at 9:30 a.m. ET on Thursday to launch a $535 million seven-year senior secured term loan (B2/B), according to a market source.

The term loan has 101 soft call protection for six months, the source added.

Commitments are due at noon ET on June 24.

Barclays and TD Securities (USA) LLC are the bookrunners on the deal and joint lead arrangers with HSBC Securities (USA) Inc. and BMO Capital Markets.

The loan will be used to fund the acquisition of TenCate Geosynthetics from Koninklijke Ten Cate and refinance existing Solmax debt.

Closing is expected this quarter, subject to customary approvals by regulatory authorities.

Solmax is a Quebec-based producer of polyethylene geomembranes for industrial and environmental applications. TenCate is a provider of geosynthetics and industrial fabrics.

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