Amynta Group revisions surface; Terex accelerates deadline; Dental Corp. reveals guidance

By Sara Rosenberg

New York, March 1 – Amynta Group raised the spread on its add-on term loan, added a pricing step-down and finalized the original issue discount at the wide side of guidance, and Terex Corp. moved up the commitment deadline on its incremental first-lien term loan B-1.

Additionally, Dental Corp. of Canada Inc. came out with price talk on its incremental first-and second-lien term loans in connection with its lender call.

Amynta reworked

Amynta Group lifted pricing on its fungible $125 million add-on covenant-light term loan (B2/B-) due February 2025 to Libor plus 450 basis points from Libor plus 425 bps, added a step-down to Libor plus 425 bps when corporate ratings are B2/B, and set the original issue discount at 97, the wide end of the 97 to 97.5 talk, according to a market source.

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

Bank of America Merrill Lynch is leading the deal that will be used to fund acquisitions.

In connection with this transaction, pricing on the company’s existing term loan will be increased to Libor plus 450 bps from Libor plus 400 bps to match the add-on term loan pricing.

Amynta Group, formerly known as FeeCo, is a team of warranty and specialty risk companies as well as managing general agents.

Terex revises timing

Terex accelerated the commitment deadline on its non-fungible $200 million incremental first-lien term loan B-1 due Jan. 31, 2024 to noon ET on Monday from noon ET on Wednesday, a market source said.

Talk on the incremental term loan B-1 is Libor plus 300 bps with a 0.75% Libor floor, an original issue discount of 98.5 to 99 and 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Morgan Stanley Senior Funding Inc., Credit Agricole, Commerzbank and Barclays are leading the deal that will be used to repay revolving credit facility borrowings.

Terex is a Westport, Conn.-based lifting and material handling solutions company.

Dental Corp. launches

Dental Corp. of Canada held its lender call on Friday morning and announced price talk on its $127 million incremental first-lien term loan (B2) due June 6, 2025 and $50 million incremental second-lien term loan (Caa2) due June 6, 2026, according to a market source.

The incremental first-lien term loan is talked at Libor plus 375 bps with a 0% Libor floor and an original issue discount of 98.56, and the incremental second-lien term loan is talked at Libor plus 750 bps with a 0% Libor floor and a discount of 98.26, the source said.

The first-lien term loan is getting 101 soft call protection for six months.

Jefferies LLC is leading the debt that will be used to fund acquisitions.

With this transaction, the company is asking to amend its existing credit agreement to permit incremental borrowings and lenders are being offered a 10 bps amendment fee.

Commitments and consents are due at 1 p.m. ET on Thursday, the source added.

Dental Corp. is a network of general and specialist dental clinics in Canada.

Windstream talk emerges

Windstream Services LLC is talking its $500 million debtor-in-possession covenant-light term loan at Libor plus 275 bps to 300 bps with no Libor floor, an original issue discount of 99.5 and 101 call protection during the first six months, a market source remarked.

The company’s $1 billion 24-month DIP facilities, which launched with a call on Thursday afternoon, also include a $500 million revolver.

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

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, Barclays and Deutsche Bank Securities Inc. are leading the deal that will be used for general corporate purposes, adequate protection payments and restructuring expenses.

Windstream is a Little Rock, Ark.-based telecommunications provider.

Virtu closes

In other happenings, Virtu Financial LLC completed its acquisition of Investment Technology Group Inc. for $30.30 per share, or about $1 billion, a news release said.

To help fund the acquisition and to refinance existing first-lien debt at both companies, Virtu got $1.55 billion of senior secured credit facilities (Ba3/B+/BB-) consisting of a $50 million three-year revolver priced at Libor plus 350 bps with a 0% Libor floor, and a $1.5 billion seven-year first-lien term loan priced at Libor plus 350 bps with a 25 bps leverage-based step-down and a 0% Libor floor. The term loan was sold at an original issue discount of 99.5 and has 101 soft call protection for one year.

During syndication, the discount on the term loan finalized at the tight end of the 99 to 99.5 talk, the call protection was expected from six months and a ticking fee was added of half the spread from days 31 to 60 and the full spread thereafter.

Jefferies LLC and RBC Capital Markets led the deal.

Virtu is a New York-based technology-enabled market maker and liquidity provider to the financial markets. Investment Technology is a New York-based financial technology company.

P.F. Chang’s buyout wraps

The acquisition of P.F. Chang’s China Bistro Inc. (PFC Acquisition Corp.) by TriArtisan Capital Partners LLC and Paulson & Co. Inc. from Centerbridge Partners LP has been completed, according to a news release.

To help fund the transaction, P.F. Chang’s got $485 million of credit facilities (B/B+) consisting of a $55 million revolver and a $430 million seven-year first-lien term loan.

Pricing on the term loan is Libor plus 650 bps with a 25 bps step-down at 4 times net total leverage and a 0% Libor floor. The debt was sold at an original issue discount of 99 and has call protection of 102 in year one and 101 in year two.

During syndication, pricing on the term loan was reduced from talk in the range of Libor plus 675 bps to 700 bps, the step-down was added and the discount was tightened from 98.

Credit Suisse Securities (USA) LLC and KKR Capital Markets led the deal.

P. F. Chang’s is a Scottsdale, Ariz.-based Asian-themed casual dining restaurant chain.

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