ION, Rent-A-Center, Kloeckner, Idera, LogMeIn free up; NielsenIQ, Dentalcorp revised

By Sara Rosenberg

New York, Feb. 4 – ION Analytics tightened the original issue discount on its U.S. and euro term loans, and Rent-A-Center Inc. lowered the spread and revised the issue price on its term loan B, and then both of these deals broke for trading on Thursday.

Also, Kloeckner Pentaplast modified the original issue discount on its euro term loan and freed its U.S. term loan up for trading, and deals from Idera Inc. and LogMeIn Inc. surfaced in the secondary market too.

In more happenings, NielsenIQ trimmed the spread on its U.S. and euro term loans and revised the original issue discounts, Dentalcorp Health Services ULC upsized its incremental first-and second-lien term loans, and Multi-Color Corp. set the spread on its euro term loan B at the low end of guidance.

Furthermore, Adtalem Global Education Inc., Liftoff Mobile Inc., Ensemble Health, DigiCert Inc. (Dcert Buyer Inc.) and ProAmpac released price talk with launch, and Tosca Services LLC and Compassus LLC surfaced with new deal plans.

ION tweaked

ION Analytics modified the original issue discount on its $910 million seven-year first-lien covenant-lite term loan to 99.75 from revised talk of 99.5 and initial talk of 99, and the discount on its €780 million seven-year first-lien covenant-lite term loan to 99.75 from revised talk of 99 to 99.5 and initial talk of 98.5, according to a market source.

The term loan debt is priced at Libor/Euribor plus 400 basis points with a 25 bps step-down at 4.75x first-lien net leverage. The U.S. term loan has a 0.5% Libor floor, the euro term loan has a 0% floor and both term loans have 101 soft call protection for six months.

Previously in syndication, the U.S. term loan was upsized from $850 million, the euro term loan was downsized from €865 million, pricing was lowered from Libor/Euribor plus 425 bps and the step-down was added.

Recommitments for the U.S. term loan were due at 10 a.m. ET on Thursday, and recommitments for the euro term loan were due at 8 a.m. ET on Thursday.

ION hits secondary

On Thursday, ION Analytics’ bank debt freed up for trading, with the U.S. term loan quoted at par ¼ bid, par ¾ offered, another source added.

Credit Suisse is the global coordinator on the deal (B2/B), and Credit Suisse and UBS Investment Bank are the joint bookrunners.

Proceeds will be used to refinance existing debt and pay transactions fees and expenses.

London-based ION Analytics was formed through the combination of Dealogic and Acuris, two providers of capital markets data, content and intelligence.

Rent-A-Center flexes, trades

Rent-A-Center cut pricing on its $875 million term loan B (Ba3/BB-) to Libor plus 400 bps from Libor plus 450 bps and moved the original issue discount to 99.5 from 99, according to a market source.

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

Earlier in syndication, the term loan was upsized from $575 million.

The term loan began trading on Thursday, with levels quoted at par bid, par ½ offered, another source added.

J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC and HSBC Securities (USA) Inc. are leading the deal that will be used with borrowings under an asset-based revolver and $450 million of senior unsecured notes to fund the acquisition of Acima Holdings LLC for $1.273 billion in cash and about 10.8 million shares of Rent-A-Center common stock.

Closing is expected in the first half of this year subject to customary conditions.

Rent-A-Center is a Plano, Tex.-based omni-channel lease-to-own provider for the credit constrained customer. Acima is a Salt Lake City-based provider of virtual lease-to-own solutions.

Kloeckner modified, breaks

Kloeckner Pentaplast tightened the original issue discount on its €600 million term loan to 99.5 from revised talk of 98.5 to 99 and initial talk of 98.5, a market source remarked.

Pricing on the euro term loan is Euribor plus 475 bps with a 0% floor.

The company is also getting a $725 million term loan priced at Libor plus 475 bps with a 0.5% Libor floor and a discount of 99.5.

Both loans have 101 soft call protection for six months.

Previously in syndication, the total term amount was upsized from €1.175 billion equivalent, pricing on the U.S. and euro tranches finalized at the low end of the Libor/Euribor plus 475 bps to 500 bps talk and the discount on the U.S. term loan was revised from 98.5.

The U.S. term loan broke for trading, with levels quoted at par ¼ bid, par ¾ offered, another source added.

J.P. Morgan Securities LLC, Credit Suisse, Deutsche Bank, Goldman Sachs, BofA Securities, Wells Fargo and Rabobank are leading the deal that will be used to refinance the company’s existing capital structure.

Kloeckner Pentaplast is a Montabaur, Germany-based manufacturer of rigid plastic film solutions.

Idera starts trading

Idera’s bank debt made its way into the secondary market too, with the fungible $330 million seven-year incremental first-lien term loan and repriced and extended $786.8 million first-lien term loan quoted at par bid, par ½ offered, and the $350 million eight-year second-lien term loan (Caa2/CCC) quoted at par bid, according to a trader.

Pricing on the first-lien term loan debt (B2/B-) is Libor plus 375 bps with a 0.75% Libor floor. The incremental loan was sold at an original issue discount of 99.75 and the amend and extend was issued at par, with a 37.5 bps consent fee. The debt has 101 soft call protection for six months.

The second-lien term loan is priced at Libor plus 675 bps with a 0.75% Libor floor and was issued at a discount of 99.25. This tranche has hard call protection of 102 in year one and 101 in year two.

During syndication, pricing on the first-lien term loan debt firmed at the low end of the Libor plus 375 bps to 400 bps talk and the discount on the incremental loan was changed from 99.5. Also, pricing on the second-lien term loan was reduced from Libor plus 725 bps and the discount was tightened from talk in the range of 98.5 to 99.

The company’s $1.567 billion of credit facilities also include a $100 million five-year revolver (B2/B-).

Idera lead banks

Jefferies LLC, Credit Suisse Securities (USA) LLC, Barclays, Mizuho, RBC Capital Markets, UBS Investment Bank, BNP Paribas Securities Corp. and Oakhill are the leads on Idera’s credit facilities.

is the lead arranger on the deal.

Proceeds will be used to fund the majority acquisition of Idera by Partners Group AG. Current shareholders HGGC and TA Associates will continue as significant equity investors in the company, along with Idera’s management team.

Along with extending the existing first-lien term loan to 2028 from June 2024 to be coterminous with the new incremental term loan and repricing the debt from Libor plus 400 bps with a 1% Libor floor, the company’s amendment permits the new debt financing and related distribution to existing shareholders, and adjusts basket and ratio sizing to reflect the increased scale and new capitalization of the business.

Idera is a Houston-based provider of database, application development and testing software.

LogMeIn frees up

LogMeIn’s fungible $500 million incremental senior secured first-lien term loan B due Aug. 31, 2027 also broke during the session, with levels quoted at 99 3/8 bid, 99 7/8 offered, a market source said.

Pricing on the incremental term loan is Libor plus 475 bps with a 0% Libor floor, in line with existing term loan pricing, and the new debt was sold at an original issue discount of 99.25. The incremental loan has 101 soft call protection through August.

During syndication, the incremental term loan was upsized from $200 million and the discount finalized at the midpoint of the 99 to 99.5 talk.

Barclays, RBC Capital Markets, Deutsche Bank Securities Inc., Jefferies LLC and Mizuho Bank Ltd. are leading the deal that will be used to repay in full the company’s $500 million second-lien term loan due 2028.

Francisco Partners is the sponsor.

LogMeIn is a Boston-based provider of cloud-based connectivity.

NielsenIQ tightens

Back in the primary market, NielsenIQ cut pricing on its $950 million term loan and $650 million equivalent euro term loan to Libor/Euribor plus 400 bps from talk in the range of Libor/Euribor plus 450 bps to 475 bps and adjusted the original issue discount on the loans to 99.5 from 99, a market source remarked.

Also, the Libor floor on the U.S. term loan was changed to 0% from 0.5%.

The euro term loan has a 0% floor and both term loans have 101 soft call protection for six months.

The company’s $1.95 billion equivalent of secured credit facilities (B1/B/BB) also include a $350 million revolver.

BofA Securities Inc., UBS Investment Bank, Barclays, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., RBC Capital Markets, MUFG, Wells Fargo Securities LLC, Fifth Third, BMO Capital Markets, BNP Paribas Securities Corp., Capital One, Mizuho, SMBC and TD Securities are leading the deal, with BofA the left lead on the U.S. loan and UBS the left lead on the euro loan.

Recommitments are due at 9 a.m. ET on Friday, the source added.

NielsenIQ being acquired

NielsenIQ will used the new credit facilities to help funds its buyout by Advent International and James Peck, former chief executive officer of TransUnion, from Nielsen Holdings plc for $2.7 billion, and Nielsen will also receive warrants in the new company exercisable in certain circumstances.

The transaction will also be funded with up to $989 million of equity.

Closing is expected in the second quarter, subject to approval by Nielsen shareholders, regulatory approvals, consultation with the works council and other customary conditions.

NielsenIQ is a Chicago-based provider of actionable information to consumer packaged goods manufacturers and retailers.

Dentalcorp upsizes

Dentalcorp lifted its fungible incremental first-lien term loan due June 2025 to $100 million from $75 million and its fungible incremental second-lien term loan due June 2026 to $50 million from $25 million, according to a market source.

The incremental first-lien term loan is talked with an original issue discount of 99.03 and the incremental second-lien term loan is talked with an original issue discount of 99.5.

Like the existing term loan, the incremental first-lien term loan is priced at Libor plus 375 bps with a 1% Libor floor and the incremental second-lien term loan is priced at Libor plus 750 bps with a 1% Libor floor.

Jefferies LLC is leading the deal that will be used to fund cash to the balance sheet for acquisitions.

Existing lenders are being offered a 10 bps consent fee for a one-time waiver of debt incurrence tests to allow for the incremental term loans.

Commitments and consents continue to be due at noon ET on Friday, the source added.

Pro forma for the transaction, the first-lien term loan will total about $933.3 million and the second-lien term loan will total $350 million.

Dentalcorp is a dental support organization in Canada providing a full spectrum of dental services.

Multi-Color updated

Multi-Color firmed pricing on its €500 million covenant-lite term loan B due July 2026 at Euribor plus 425 bps, the low end of the Euribor plus 425 bps to 450 bps talk, and left the 0% floor and par issue price unchanged, a market source said.

Pricing on the company’s $632 million covenant-lite term loan B due July 2026 finalized at talk at Libor plus 400 bps with a 0% Libor floor and a par issue price.

Both term loans have 101 soft call protection for six months.

BofA Securities Inc. and Deutsche Bank Securities Inc. are the global coordinators and physical bookrunners on the debt (B), with BofA the left lead on the U.S. piece and Deutsche the left lead on the euro piece.

Proceeds will be used to reprice existing U.S. and euro term loans.

Multi-Color is a Batavia, Ohio-based label maker.

Adtalem reveals talk

Adtalem held its call at 1 p.m. ET on Thursday and, shortly before the call began, talk on its $1 billion seven-year covenant-lite term loan B surfaced at Libor plus 350 bps to 375 bps with a 0.75% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, according to a market source.

The company’s $1.4 billion of senior secured credit facilities (B1/BB-) also include a $400 million five-year revolver.

Commitments are due at noon ET on Feb. 11, the source added.

Morgan Stanley Senior Funding Inc., Barclays, Credit Suisse Securities (USA) LLC, MUFG and Fifth Third are leading the deal that will be used with cash on the balance sheet and $650 million of other secured debt to fund the acquisition of Walden University from Laureate Education Inc. for $1.48 billion and refinance Adtalem’s existing credit agreement.

Closing is expected in the first quarter of fiscal year 2022, subject to regulatory approvals and other customary conditions.

Adtalem is a Chicago-based workforce solutions provider. Walden University is an online health care education provider.

Liftoff sets guidance

Liftoff Mobile came out with talk of Libor plus 425 bps to 450 bps with a 0.75% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months on its $300 million seven-year covenant-lite first-lien term loan B that launched with a call in the morning, a market source remarked.

The company’s $350 million of senior secured credit facilities also include a $50 million five-year revolver.

Commitments are due at noon ET on Feb. 18, the source added.

Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC, Barclays, Nomura and Blackstone are leading the deal that will be used to finance the majority investment in Liftoff by Blackstone and pay fees and expenses related to the transaction.

Closing is subject to customary conditions.

Liftoff is a Redwood City, Calif.-based performance-based mobile app marketing optimization platform.

Ensemble details emerge

Ensemble Health launched on its call a fungible $685 million incremental term loan B (B2/B) due Aug. 1, 2026 talked with an original issue discount of 99, according to a market source.

Pricing on the incremental term loan is Libor plus 375 bps with a 0% Libor floor, in line with the existing term loan.

Commitments are due on Feb. 11, the source added.

Goldman Sachs Bank USA, Antares Capital, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Guggenheim and Mizuho are leading the deal that will be used to fund a distribution to shareholders.

The company is seeking an amendment of its existing credit agreement to get a one-time restricted payment waiver to allow for the transaction and lenders are being offered a 12.5 bps amendment fee.

Golden Gate Capital is the sponsor.

Ensemble Health is a Cincinnati-based provider of technology-enabled revenue cycle management services to hospitals and health systems.

DigiCert holds call

DigiCert emerged in the morning with plans to hold a lender call at noon ET to launch $467 million of term loans, split between a fungible $337 million incremental first-lien term loan (B-) due October 2026 talked with an original issue discount of 99.5 to 99.75 and a fungible $130 million incremental second-lien term loan (CCC) due October 2027 talked with a discount of 99.5, a market source said.

Like the existing term loans, pricing on the incremental first-lien term loan is Libor plus 400 bps with a 0% Libor floor and pricing on the incremental second-lien term loan is Libor plus 800 bps with a 0% Libor floor.

The incremental first-lien term loan has 101 soft call protection for six months and the incremental second-lien term loan has call protection of 101 through October.

Commitments are due at 5 p.m. ET on Feb. 11, the source added.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will fund a shareholder distribution.

Existing lenders are being offered a 15 bps consent fee.

DigiCert is a Lehi, Utah-based provider of digital certificates, certificate management solutions and public-key infrastructure solutions.

ProAmpac proposed terms

ProAmpac launched on its afternoon call its fungible $380 million incremental first-lien term loan with original issue discount talk of 99.75, a market source remarked.

The incremental term loan is priced at Libor plus 400 bps with a 1% Libor floor and has 101 soft call protection through May, all of which matches the existing term loan.

Commitments are due at 5 p.m. ET on Feb. 11, the source added.

Antares Capital is the left lead on the deal that will be used to fund acquisitions, repay the non-extended term loan, term out the revolver and pay transaction fees and expenses.

ProAmpac, a Pritzker Private Capital portfolio company, is a Cincinnati-based supplier of flexible packaging products to a diverse set of end markets, including food, pet food, consumer, medical, pharmaceutical, industrial and specialty retail.

Tosca joins calendar

Tosca Services set a lender call for 10 a.m. ET on Friday to launch a $526.5 million first-lien term loan (B2/B) due August 2027, according to a market source.

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

Commitments are due at noon ET on Feb. 11.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., UBS Investment Bank, Goldman Sachs Bank USA, Rabobank, KKR Capital Markets and Mizuho are leading the deal that will be used to reprice an existing term loan.

Tosca is an Atlanta-based provider of reusable packaging supply chain solutions.

Compassus on deck

Compassus scheduled a lender call for 11 a.m. ET on Friday to launch a $150 million incremental term loan, a market source said.

BofA Securities Inc. is leading the deal that will be used to refinance existing notes due 2028.

Compassus is a Nashville-based post-acute care company.

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