EmployBridge, Jeld-Wen, Meridian, Flutter, Entain break; Whatabrands, Madison accelerated

By Sara Rosenberg

New York, July 16 – EmployBridge Holding Co. lifted the spread on its term loan B and Jeld-Wen Inc. changed the original issue discount on its term loan B, and then both of these deals made their way into the secondary market on Friday.

Also, Meridian Adhesives Group Inc. increased pricing on its term loan and set the issue price at the wide side of talk before breaking for trading, and deals from Flutter Entertainment plc and Entain plc freed up as well.

In more happenings, Whatabrands LLC (Whataburger) and Madison IAQ accelerated the commitment deadlines for their term loan transactions, and Pilot Travel Centers LLC, Curia Global Inc. and CoolSys Inc. surfaced with new-deal plans.

EmployBridge flexes, trades

EmployBridge raised pricing on its $725 million seven-year term loan B (B3/B-/BB-) to Libor plus 475 basis points from Libor plus 450 bps, according to a market source.

As before, the term loan has a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

During the session, the term loan B made its way into the secondary market, with levels quoted at 99 1/8 bid, 99½ offered, a trader added.

RBC Capital Markets, Credit Suisse Securities (USA) LLC, Barclays, Deutsche Bank Securities Inc., Macquarie Capital (USA) Inc., Mizuho, Goldman Sachs Bank USA and Citizens Bank USA are leading the deal that will be used to help fund the buyout of the company by Apollo Global Management Inc.

Closing is subject to customary conditions, including regulatory approvals.

EmployBridge is an Atlanta-based industrial staffing company.

Jeld-Wen revised, frees

Jeld-Wen adjusted the original issue discount on its $550 million seven-year covenant-lite term loan B (Ba2/BB+) to 99.75 from 99.5, a market source remarked.

Pricing on the term loan remained at Libor plus 225 bps with a 0% Libor floor, and the debt still has 101 soft call protection for six months.

Commitments were due at noon ET on Friday and the term loan began trading in the afternoon, with levels quoted at 99 7/8 bid, par 3/8 offered, another source added.

Wells Fargo Securities LLC, BofA Securities Inc., Barclays, JPMorgan Chase Bank, Truist and RBC Capital Markets are leading the deal that will be used to refinance an existing term loan B due 2024.

Jeld-Wen is a Charlotte, N.C.-based door and window manufacturer.

Meridian updated, breaks

Meridian Adhesives Group increased pricing on its $300 million term loan (B2/B) to Libor plus 400 bps from Libor plus 375 bps and finalized the original issue discount at 99, the wide end of the 99 to 99.5 talk, a market source said.

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

On Friday, the term loan began trading, with levels quoted at 99½ bid, par ½ offered, another source added.

JPMorgan Chase Bank, RBC Capital Markets and Jefferies LLC are leading the deal that will be used to refinance existing debt and fund acquisitions.

Meridian Adhesives is a manufacturer of high-value adhesive technologies.

Flutter hits secondary

Flutter Entertainment’s $2.938 billion five-year covenant-lite term loan B (Ba1/BBB-/BBB) freed to trade, with levels quoted at 99 7/8 bid, par 1/8 offered, according to a market source.

Pricing on the U.S. term loan B is Libor plus 225 bps with a 0% Libor floor and it was sold at an original issue discount of 99.75. The debt has 101 soft call protection for six months.

The company is also getting a €507 million five-year covenant-lite term loan B (Ba1/BBB-/BBB) priced at Euribor plus 250 bps with a 0% floor and issued at a discount of 99.5. This tranche has 101 soft call protection for six months as well.

During syndication, pricing on the U.S. term loan firmed at the low end of the Libor plus 225 bps to 250 bps talk and the discount was modified from 99.5, and pricing on the euro term loan finalized at the low end of the Euribor plus 250 bps to 275 bps talk.

Flutter lead banks

Deutsche Bank Securities Inc. is the U.S. sole physical bookrunner on Flutter Entertainment’s transaction, and Barclays and JPMorgan Chase Bank are joint physical bookrunners on the euro loan. AIB, BofA Securities Inc., BMO Capital Markets, Bank of Ireland, Goldman Sachs, Lloyds, Mediobanca, Natwest Markets and Santander are bookrunners.

Proceeds will be used to fully redeem the company’s existing unsecured notes and for general corporate purposes, and to extend by one year and reprice an existing $1.438 billion covenant-lite term loan B and an existing €507 million covenant-lite term loan B.

The $1.5 billion of incremental term loan debt raised through this transaction for the notes redemption was initially described as U.S. and euro debt, with the currency split to be determined, but finalized during syndication as all U.S. debt.

Closing is expected on Wednesday.

Flutter Entertainment is a Dublin-based sports betting and gaming operator.

Entain frees up

Entain’s $1.125 billion covenant-lite term loan B (Ba2/BB) due March 2027 began trading too, with levels quoted at 99 7/8 bid, par 3/8 offered, a market source remarked.

Pricing on the term loan is Libor plus 250 bps with a leverage-based grid and a 0.5% Libor floor. The debt was sold at an original issue discount of 99.75 and has 101 soft call protection for six months.

During syndication, the U.S. term loan B was upsized from $774 million as plans were cancelled for a €300 million covenant-lite term loan B, pricing was cut from Libor plus 275 bps and the discount was revised from 99.5.

The eliminated euro term loan due July 2028had been talked at Euribor plus 275 bps to 300 bps with a 0% floor, a discount of 99.5 and 101 soft call protection for six months.

Morgan Stanley Senior Funding Inc., Barclays, Deutsche Bank Securities Inc., Credit Suisse, Lloyds, Mediobanca, Natwest and Santander are leading the deal that will be used to refinance an existing $774 million term loan, and fund liquidity and ongoing corporate development. Wilmington Trust is the administrative agent.

Closing is expected during the week of July 26.

Entain is a London-based online-led sports-betting and gaming group.

Whatabrands tweaks timing

Back in the primary market, Whatabrands accelerated the commitment deadline for its $2.3 billion seven-year covenant-lite first-lien term loan B to 5 p.m. ET on Tuesday from noon ET on Wednesday, according to a market source.

Talk on the term loan is Libor plus 350 bps with leverage-based steps, a 0.5% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

The company’s $2.5 billion of credit facilities (B2/B) also include a $200 million revolver.

Morgan Stanley Senior Funding Inc., BofA Securities Inc., JPMorgan Chase Bank and UBS Investment Bank are leading the deal that will be used to refinance an existing term loan B and facilitate a broader recapitalization.

Whatabrands is a San Antonio-based restaurant company.

Madison IAQ accelerated

Madison IAQ moved up the commitment deadline for its $715 million incremental first-lien term loan (B1/B) due June 2028 to end of day on Monday from Thursday, a market source said.

Pricing on the incremental term loan is Libor plus 325 bps with a 0.5% Libor floor, in line with existing term loan pricing, and the new debt is talked with an original issue discount in the 99 area (plus or minus 0.25 a point).

Like the existing term loan, the incremental term loan has 101 soft call protection through December 2021.

Goldman Sachs Bank USA is leading the deal that will be used with $75 million of cash from the balance sheet and $320 million of new equity from Madison Industries to fund the acquisition of Big Ass Fans.

Madison IAQ is a provider of indoor air quality solutions. Big Ass Fans is a Lexington, Ky.-based producer of high volume, low speed and connected fans.

Pilot Travel on deck

Pilot Travel Centers set a lender call for 1 p.m. ET on Monday to launch a $3.5 billion seven-year covenant-lite term loan B, according to a market source.

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

Commitments are due at noon ET on July 29, the source added.

Wells Fargo Securities LLC, BofA Securities Inc., Truist and US Bank are leading the deal that will be used to fund the redemption of the outstanding $2.3 billion in preferred equity interests in the company held by the Haslam/Call families, repay a revolver due 2024 and repay a portion of an existing term loan A due 2024.

Berkshire Hathaway is the sponsor.

Pilot Travel is a Knoxville, Tenn.-based operator of travel centers and retailer of diesel fuel to the over-the-road market.

Curia joins calendar

Curia Global will hold a lender call at 9 a.m. ET on Monday to launch a $310 million incremental first-lien term loan (B2) due August 2026, a market source remarked.

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

Barclays is the left lead on the deal that will be used to help fund the acquisitions of Integrity Bio Inc., a Camarillo, Calif.-based formulation and fill-finish organization, and LakePharma, a biologics drug discovery, clinical research, development and manufacturing organization.

Closing on the acquisitions is expected in the third quarter, subject to customary conditions.

Curia, formerly known as Albany Molecular Research Inc., is an Albany-based contract research, development and manufacturing organization.

CoolSys readies deal

CoolSys scheduled a lender call for Tuesday to launch $510 million of credit facilities, according to a market source.

The facilities consist of a $70 million ABL revolver, a $360 million first-lien term loan and an $80 million delayed-draw first-lien term loan, the source said.

UBS Investment Bank, Macquarie Capital (USA) Inc. and Antares Capital are leading the deal that will be used to refinance existing debt.

CoolSys, a portfolio company of Ares Management, is a Brea, Calif.-based refrigeration and HVAC services company.

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