Mirion Technologies, Janus free to trade; Quorum Business, Equinox price talk surfaces

By Sara Rosenberg

New York, Feb. 26 – Mirion Technologies Inc. trimmed the spread on its term loan B for a second time and finalized the original issue discount at the tight end of revised guidance before emerging in the secondary market on Tuesday, and Janus International Group’s term loan broke as well.

In more happenings, Quorum Business Solutions (QBS Parent Inc.) and Equinox Holdings Inc. released price talk with launch, and ConvergeOne Holdings Inc. (PVKG Merger Sub Inc.) is getting ready to relaunch syndication of its buyout financing transaction that was pulled last year and funded early this year.

Mirion tweaked again

Mirion Technologies cut pricing on its $450 million seven-year covenant-light first-lien term loan B to Libor plus 400 basis points from revised talk of Libor plus 425 bps and initial talk of Libor plus 450 bps, according to a market source.

In addition, the original issue discount talk on the term loan B was set at 99.5, the tight end of revised talk of 99 to 99.5 and tight of initial talk of 98.5, the source said.

As before, the term loan B has a 0% Libor floor and 101 soft call protection for six months.

When the first pricing flex was announced last week, the company added a permitted change of control, subject to conditions, to the loan.

The company’s senior secured credit facilities (B2/B) also include a $90 million revolver and a privately placed €125 million first-lien term loan B.

Mirion breaks

Commitments for Mirion Technologies’ U.S. term loan B were due at noon ET on Tuesday and the debt freed to trade later in the day, with levels seen at par bid, 100½ offered, a trader added.

Morgan Stanley Senior Funding Inc. and Goldman Sachs Bank USA are the joint lead arrangers and global bookrunners on the deal, and J.P. Morgan Chase Bank and HSBC Securities (USA) Inc. are bookrunners. Morgan Stanley is the administrative agent.

The new credit facilities will be used to refinance existing debt and pay related fees and expenses.

Closing is expected during the week of March 4.

Mirion Technologies is a provider of radiation detection, measurement, analysis and monitoring products to nuclear power, medical, military, and homeland security markets.

Janus hits secondary

Janus International Group’s non-fungible $75 million incremental first-lien term loan (B2/B+) allocated on Monday evening and broke for trading on Tuesday morning, with levels quoted at 98¾ bid, 99¼ offered, a market source said.

Pricing on the incremental term loan is Libor plus 450 bps with a 1% Libor floor and an original issue discount of 98.5. The debt has 101 soft call protection for one year.

UBS Investment Bank and ING are the bookrunners on the deal that will be used to support several tuck-in acquisitions.

Janus is a Temple, Ga.-based manufacturer of roll up and swing doors, hallway systems and re-locatable storage units for the self-storage industry.

Quorum reveals talk

Back in the primary market, Quorum Business Solutions held its lender call in the afternoon and announced talk on its fungible $90 million covenant-light incremental first-lien term loan (B2/B/BB-) due September 2025 at Libor plus 425 bps with a 0% Libor floor and an original issue discount of 98.375, a market source remarked.

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

Commitments are due at noon ET on March 8.

Credit Suisse Securities (USA) LLC and Macquarie Capital (USA) Inc. are leading the deal that will be used to fund the acquisition of Coastal Flow Measurement Inc., a Houston-based energy measurement services and software company.

In connection with this transaction, the company will lift pricing on its existing first-lien term loan to Libor plus 425 bps from Libor plus 400 bps, the source added.

Quorum is a provider of software to energy companies.

Equinox floats guidance

Equinox Holdings came out with talk of Libor plus 375 bps to 400 bps with a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months on its non-fungible $200 million incremental seven-year covenant-light term loan B (B1/B+) with its lender call on Tuesday, according to a market source.

Commitments are due at noon ET on March 7, the source said.

Bank of America Merrill Lynch, Morgan Stanley Senior Funding, City National Bank, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Goldman Sachs Bank are leading the deal that will be used for capital expenditures associated with new club openings and for general corporate purposes.

Equinox is a New York-based exercise and fitness company.

ConvergeOne on deck

ConvergeOne set a lender call for 2:30 p.m. ET on Wednesday to launch its $1,235,000,000 of term loans, split between a $960 million seven-year covenant-light first-lien term loan (B2/B-) and a $275 million eight-year covenant-light second-lien term loan (Caa2/CCC), a market source remarked.

The first-lien term loan is talked at Libor plus 500 bps with a 0% Libor floor and 101 soft call protection for one year, and the second-lien term loan is talked at Libor plus 850 bps with a 0% Libor floor. Original issue discount talk on the term loans is not yet available, the source added.

Deutsche Bank Securities Inc., UBS Investment Bank, Citigroup Global Markets, Macquarie Capital (USA) Inc. and Societe Generale are leading the term loans, with Deutsche left on the first-lien and UBS left on the second-lien.

In addition to the term loans, the company has a $250 million five-year ABL revolver.

ConvergeOne backing buyout

Proceeds from ConvergeOne’s credit facilities will be used to help fund its already completed buyout by CVC Capital Partners for $12.50 per share, or about $1.8 billion.

The company disclosed in a regulatory filing in early January that it closed on the credit facilities at the structure and pricing outlined for the term loans gearing up for syndication.

However, when the deal came to market in 2018, it was structured as a $925 million seven-year covenant-light first-lien term loan talked at Libor plus 450 bps to 475 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, and a $350 million eight-year covenant-light second-lien term loan talked at Libor plus 825 bps to 850 bps with a 0% Libor floor, a discount of 98.5 and call protection of 102 in year one and 101 in year two. Syndication of the debt was postponed last year due to market conditions.

ConvergeOne is an Eagan, Minn.-based IT and managed services provider of collaboration and technology solutions.

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