CLEAResult, Anastasi, PLH, Alexander Mann update deals; Convergint accelerates deadline

By Sara Rosenberg

New York, Aug. 1 – CLEAResult (CRCI Longhorn Holdings Inc.) on Wednesday moved some funds between its first-and second-lien term loans, lowered pricing on the tranches and tightened the original issue discount on the second-lien piece.

Also, Anastasia Beverly Hills modified the issue price on its term loan B, and PLH Group downsized its term loan, raised pricing, widened the discount and sweetened the call protection, and upsized its revolver.

Furthermore, Alexander Mann Solutions revised the original issue discount on its term loan B debt and extended the call protection, and Convergint (Gopher Sub Inc.) moved up the commitment deadline on its incremental first-lien term loan.

In addition, Cetera Financial Group, Allen Media LLC, Compuware Corp., BJ’s Wholesale Club Inc., RBmedia, Compass Power Generation LLC and Telenet announced price talk with launch, 24-7 Intouch released further details on its upcoming transaction, and Alion Science & Technology Corp. joined the calendar.

CLEAResult reworked

CLEAResult lifted its seven-year first-lien term loan (B1/B) to $445 million from $425 million and trimmed pricing to Libor plus 350 basis points from talk in the range of Libor plus 375 bps to 400 bps, while leaving the 0% Libor floor, original issue discount of 99.5 and 101 soft call protection for six months unchanged, according to a market source.

Also, the company decreased its eight-year second-lien term loan (Caa1/CCC+) to $130 million from $150 million, cut the spread to Libor plus 725 bps from talk in the range of Libor plus 750 bps to 775 bps and moved the discount to 99.25 from 99, the source said. This tranche still has a 0% Libor floor and call protection of 102 in year one and 101 in year two.

The company’s $660 million of credit facilities also include an $85 million revolver (B1/B).

CLEAResult shuts books

Recommitments for CLEAResult’s credit facilities were due at noon ET on Wednesday, the source added.

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

The new debt will be used to help fund the buyout of the company by TPG Growth and Rise Fund from General Atlantic.

Closing is expected later this year, subject to customary conditions, including regulatory approval.

CLEAResult is an Austin, Texas-based provider of energy efficiency solutions for utility companies.

Anastasia tweaks OID

Anastasia Beverly Hills tightened the original issue discount on its $650 million seven-year covenant-light term loan B to 99.5 from 99, a market source remarked.

As before, the term loan is priced at Libor plus 375 bps with a 0% Libor floor and has 101 soft call protection for six months.

The company’s $800 million of credit facilities (B2/B/BB+) also include a $150 million revolver.

Commitments are due at noon ET on Thursday, moved up from 5 p.m. ET on Thursday, the source added.

RBC Capital Markets, Goldman Sachs Bank USA, UBS Investment Bank and Deutsche Bank Securities Inc. are leading the deal that will be used to help fund TPG Capital’s strategic minority investment in the company.

Anastasia Beverly Hills is a beauty and cosmetics company.

PLH changes emerge

PLH Group trimmed its five-year senior secured first-lien term loan to $175 million from $200 million, raised pricing to Libor plus 600 bps from talk in the range of Libor plus 475 bps to 500 bps, changed the original issue discount to 97 from 99.5, extended the 101 soft call protection to one year from six months and increased amortization to 5% per annum from 1% per annum, a market source said. The debt still has a 1% Libor floor.

Also, the excess cash flow sweep was changed to 50%, stepping to 0% at first-lien net leverage of 1 times, from 50%, stepping to 25% and 0% at first-lien net leverage of 2 times and 1.5 times, respectively, the incremental free and clear was reduced to $10 million from $25 million, and the ratio incremental basket was modified to pari passu debt up to 2 times first-lien net leverage from 2.5 times.

In addition, the unlimited restricted payments were changed to 1 times total net leverage from 1.5 times, the available amount starter was lowered to $10 million from $20 million and the total net leverage covenant was revised to 4 times, stepping to 3.5 times after one year, from 4.5 times with no step-downs, the source continued.

PLH ups revolver

Another revision made to PLH’s proposed credit facilities was that the 4.5-year ABL revolver size was increased to $80 million from $60 million.

Recommitments were due at 3 p.m. ET on Wednesday, the source added.

Barclays and KeyBanc Capital Markets LLC are leading the deal that will be used to refinance substantially all of the company’s existing debt, fund a distribution to shareholders, and pay transaction fees and expenses.

PLH is an Irving, Texas-based full-service specialty contractor serving the electric power and pipeline industries.

Alexander Mann revised

Alexander Mann Solutions changed the original issue discount on its £325 million equivalent seven-year term loan B to 96 from 99.5 and extended the 101 soft call protection to one year from six months, according to a market source.

Additionally, a maintenance covenant was included, the freebie basket was tightened, incurrence ratio terms were tightened, the MFN was improved, permitted payments terms were tightened, EBITDA adjustments were tightened and mandatory prepayment terms were tightened, the source said.

The term loan, priced at Libor plus 550 bps with a 0% Libor floor, is split between a U.S. tranche talked at a size of £100 million to £125 million equivalent and a GBP tranche talk at a size of £200 million to £225 million.

Unconditional commitments are due at noon UK time on Tuesday, the source added.

Bank of America Merrill Lynch and HSBC are leading the deal that will be used to help fund the buyout of the company by OMERS Private Equity for an enterprise value of £820 million.

Alexander Mann is a Berkshire, England-based talent acquisition and management business.

Convergint moves deadline

Convergint accelerated the commitment deadline on its $55 million incremental first-lien term loan due Feb. 1, 2025 to 2 p.m. ET on Thursday from 10 a.m. ET on Friday, a market source remarked.

The incremental loan is priced at Libor plus 300 bps with a 0.75% Libor floor, in line with the existing term loan, and is talked with an original issue discount of 98.75.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to repay revolver borrowings and for general corporate purposes.

Convergint is a Schaumberg, Ill., service-based security systems integrator.

Cetera comes to market

Also in the primary market, Cetera Financial held its bank meeting on Wednesday and announced price talk on its $775 million first-lien term loan and $240 million second-lien term loan, according to a market source.

Talk on the first-lien term loan is Libor plus 425 bps to 450 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, and talk on the second-lien term loan is Libor plus 825 bps to 850 bps with a 0% Libor floor, a discount of 99 and call protection of 102 in year one and 101 in year two, the source said.

The company’s $1,115,000,000 of credit facilities also include a $100 million revolver.

Commitments are due on Aug. 15, the source added.

UBS Investment Bank, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, SunTrust Robinson Humphrey Inc., Antares Capital and Jefferies LLC are leading the deal that will be used to help fund the buyout of the company by Genstar Capital.

Leverage through the second-lien debt will be about 5.5 times.

Cetera is an El Segundo, Calif.-based network of financial advisers.

Allen reveals guidance

Allen Media came out with talk of Libor plus 600 bps with a 1% Libor floor and an original issue discount of 99 on its $500 million seven-year term loan B that launched with a morning bank meeting, a market source said.

The term loan B has 101 hard call protection for one year.

Commitments are due at noon ET on Aug. 10.

Deutsche Bank Securities Inc. and Jefferies LLC are leading the deal that will be used to support the Target Acquisition, repay existing debt, issue a dividend to management and fund cash to the balance sheet.

Allen Media is a media, content and technology company with a differentiated set of lifestyle and entertainment businesses across a variety of platforms.

Compuware sets talk

Compuware held its bank meeting in the afternoon and launched its $475 million seven-year first-lien term loan at talk of Libor plus 400 bps to 425 bps with a 0% Libor floor and an original issue discount of 99.5, a market source remarked.

The company’s $535 million of credit facilities also include a $60 million five-year revolver.

Commitments are due on Aug. 10, the source added.

Jefferies LLC, J.P. Morgan Securities LLC and Goldman Sachs Bank USA are leading the deal that will be used to repay the company’s existing HoldCo debt in connection with the spinoff of Dynatrace from the existing business.

Compuware is a Detroit-based technology performance company.

BJ’s Wholesale launches

BJ’s Wholesale Club released talk of Libor plus 300 bps with a step-down to Libor plus 275 bps at 3 times first-lien net leverage, a 0% Libor floor and a par issue price on its $1,643,000,000 first-lien term loan due Feb. 3, 2024 that launched with an afternoon call, according to a market source.

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

Commitments are due at noon ET on Tuesday.

Nomura, Bank of America Merrill Lynch and Deutsche Bank Securities Inc. are leading the deal that will be used to reprice from Libor plus 350 bps with a 1% Libor floor an existing first-lien term loan, which is being reduced from $1,893,000,000 with excess proceeds from a recently priced initial public offering and borrowings under an ABL credit facility.

Closing is expected during the week of Aug. 13.

BJ’s is a Westborough, Mass.-based operator of warehouse clubs.

RBmedia floats terms

RBmedia held its bank meeting in the afternoon, launching its $335 million seven-year first-lien term loan at talk of Libor plus 450 bps to 475 bps with a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, a market source remarked.

The company’s $365 million of credit facilities also include a $30 million revolver.

Commitments are due at 5 p.m. ET on Aug. 9, the source added.

Goldman Sachs Bank USA, KKR Capital Markets and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to help fund the buyout of the company by KKR from Shamrock Capital.

RBmedia is a Landover, Md.-based digital audiobook and related spoken-word content producer.

Compass Power repricing

Compass Power Generation launched with an afternoon call a $744,136,000 senior secured term loan B due Dec. 20, 2024 talked at Libor plus 325 bps to 350 bps with a 1% Libor floor, a par issue price and 101 soft call protection for six months, according to a market source.

Commitments/consents are due at 5 p.m. ET on Aug. 8, the source said.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to reprice an existing term loan B from Libor plus 375 bps with a 1% Libor floor.

Compass Power Generation, a Starwood Energy Group portfolio company, is a 1.2 GW natural gas power portfolio.

Telenet holds call

Telenet hosted a lender call at 11 a.m. ET on Wednesday to launch €610 million equivalent of term loans, split between an add-on U.S. term loan AN due August 2026 and an add-on euro term loan AO due December 2027, according to a market source.

The add-on U.S. term loan AN is priced at Libor plus 225 bps with a 0% Libor floor and the add-on euro term loan AO is priced at Euribor plus 250 bps with a 0% floor, in line with pricing on the existing term loans. Original issue discount talk on the add-on U.S. term loan AN is in the 98.75 area and discount talk on the add-on euro term loan AO is in the 98 area, the source said.

Commitments are due at 5 p.m. ET on Monday for the U.S. loan and at 2 p.m. UK time on Tuesday for the euro loan.

Goldman Sachs Bank USA, Deutsche Bank Securities Inc., ING Capital, Rabobank, Bank of Nova Scotia and Societe Generale are leading the deal that will be used to fund a €600 million extraordinary dividend payment.

Telenet is a Mechelen, Belgium-based cable operator.

24-7 Intouch tranching

24-7 Intouch revealed that it will be launching $370 million of senior secured credit facilities at its previously announced Tuesday bank meeting that will take place at 10 a.m. ET in New York, a market source said.

The facilities consist of a $45 million revolver, a $245 million first-lien term loan and an $80 million second-lien term loan, the source added.

RBC Capital Markets and Credit Suisse Securities (USA) LLC are leading the deal.

Ontario Teachers’ Pension Plan is the sponsor.

24-7 Intouch is a provider of technology enabled, omnichannel, outsourced customer care to consumer-facing businesses.

Alion readies deal

Alion Science & Technology set a bank meeting for 9:30 a.m. ET in New York on Tuesday to launch a senior secured credit facility, according to a market source.

UBS Investment Bank is leading the deal.

Alion is a McLean, Va.-based research and development, IT and operational services company.

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