Edgewater, Inmar set pricing; FastMed to launch $525 million term loans on Thursday

By Paul A. Harris

Portland, Ore., Jan. 22 – In the Tuesday leveraged loan session Edgewater Generation set pricing for a $100 million incremental covenant-light first-lien term loan due Dec. 13, 2025 (Ba3/BB).

Inmar, Inc. set price talk on its $415 million incremental, fungible covenant-light first-lien term loan due May 1, 2024 (B1/B).

And FastMed Urgent Care set a bank meeting at 10 a.m. ET Thursday to launch $525 million of term loan debt.

Meanwhile the daily cash flows of the dedicated bank loan funds were negative on Friday, the most recent session for which data was available at press time, a trader said.

The dedicated loan funds sustained $130 million of outflows on Friday, the source said, adding that of that amount $99 million flowed from the bank loan ETFs.

Edgewater sets pricing

Edgewater Generation set pricing for a $100 million incremental covenant-light first-lien term loan due Dec. 13, 2025 (Ba3/BB), according to a market source.

The deal features a 375 basis points spread to Libor and a 0% Libor floor, the same as the existing loan.

Discount talk is 98.50.

Commitments are due noon ET Friday.

Credit Suisse is the lead arranger.

The 101 soft call protection until June 10, 2019 is also the same as with the existing loan.

Proceeds will be used for acquisition financing.

Commitments are due at noon ET on Jan. 25.

The borrowing entity will be Pade Facilities II, LLC.

Edgewater is a portfolio of two unregulated operational gas-fired combined-cycle gas turbines.

Inmar sets talk

Inmar set price talk on its $415 million incremental, fungible covenant-light first-lien term loan due May 1, 2024 (B1/B).

The deal is talked with a 400 bps spread to Libor atop a 1% Libor floor at 98.

Credit Suisse, Jefferies, Wells Fargo and Deutsche Bank are the arrangers.

The deal comes with 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on Jan. 30.

The Winston-Salem, N.C.-based technology company plans to use the proceeds to fund its acquisition of You Technology, a Cincinnati-based digital coupon and digital rebate publishing unit owned by Kroger.

FastMed sets bank meeting

FastMed Urgent Care set a bank meeting at 10 a.m. ET Thursday to launch $525 million of term loan debt, according to a market source.

The deal features a $400 million seven-year first-lien term loan and a $125 million eight-year second-lien term loan.

Bookrunner Barclays is the agent. SG and Antares are also bookrunners.

The Clayton, NC-based provider of walk-in clinic services plans to use the proceeds to fund the acquisition of NextCare Holdings.

StandardAero moves up timing

StandardAero Aviation Holdings Inc. (Dynasty Acquisition Co. Inc.) moved up timing on its $2,145,000,000 seven-year covenant-light first-lien term loan.

Commitments are due noon ET on Wednesday. Books had previously been scheduled to remain open until Friday.

As reported, the deal is in the market with price talk of Libor plus 425 bpswith a 0% Libor floor and an original issue discount of 98 to 98.5.

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

The company’s $2,595,000,000 of credit facilities also include a $150 million revolving credit facility and a $300 million asset-based revolver.

Credit Suisse Securities (USA) LLC, RBC Capital Markets, Macquarie Capital, Barclays, Jefferies LLC, Nomura Securities, Goldman Sachs Bank USA and Mizuho are the lead arrangers on the deal.

Proceeds will be used to help fund the buyout of the company by the Carlyle Group from Veritas Capital.

Other funds for the transaction will come from equity.

Closing is expected this quarter, subject to customary regulatory conditions.

StandardAero is a Scottsdale, Ariz.-based provider of aircraft engine maintenance, repair and overhaul services.

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