Big Ass Solutions frees up; Perforce Software, Wencor, PGS, Crosby release price talk

By Sara Rosenberg

New York, May 29 – Big Ass Solutions (Big Ass Fans LLC) saw its incremental first-lien term loan make its way into the secondary market on Wednesday, and the debt was seen trading above its original issue discount.

Meanwhile, in the primary market, Perforce Software Inc., Wencor (Jazz Acquisition Inc.), PGS ASA (Petroleum Geo Services) and Crosby US Acquisition Corp. announced price talk with launch.

Additionally, Imperial Dade (BCPE Empire Holdings Inc.) and CoreCivic Inc. joined the near-term calendar.

Big Ass breaks

Big Ass Solutions’ $110 million incremental first-lien term loan (B2/B) due May 21, 2024 began trading on Wednesday, with levels quoted at par bid, par 3/8 offered, according to a market source.

Pricing on the incremental term loan is Libor plus 375 basis points with a 1% Libor floor, in line with the existing first-lien term loan, and the new debt was sold at an original issue discount of 99.75.

On Tuesday, the incremental term loan was upsized from $100 million and the discount was tightened from 99.5.

Credit Suisse Securities (USA) LLC and SunTrust Robinson Humphrey Inc. are leading the deal that will be used to refinance a seller note and fund a shareholder distribution.

Lenders were offered a 10 bps consent fee for an amendment.

Currently the company has about $245 million outstanding under its existing first-lien term loan.

Big Ass Solutions is a Lexington, Ky.-based producer of high volume, low speed and connected fans.

Perforce reveals talk

Moving to the primary market, Perforce Software held its bank meeting on Wednesday and released price talk on its $800 million seven-year covenant-lite first-lien term loan (B2/B-) at Libor plus 450 bps with a 0% Libor floor and an original issue discount of 99, according to a market source.

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

Commitments are due at 5 p.m. ET on June 12.

The company’s $1,175,000,000 of credit facilities also include a $75 million revolver (B2/B-) and a $300 million privately placed second-lien term loan.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA and Bank of America Merrill Lynch are leading the deal that will be used to refinance the company’s existing capital structure in conjunction with a significant new equity investment from Francisco Partners. Francisco will become an equal partner with affiliates of Clearlake Capital Group LP, which initially invested in the company in late 2017.

Closing is expected this quarter.

Perforce is a Minneapolis-based provider of enterprise-grade development operations software solutions.

Wencor sets guidance

Wencor came out with price talk on its $405 million seven-year covenant-lite first-lien term loan (B2/B-) and $125 million eight-year covenant-lite second-lien term loan (Caa2/CCC) shortly before its afternoon bank meeting kicked off, a market source remarked.

The first-lien term loan is talked at Libor plus 400 bps to 425 bps with a 0% Libor floor and an original issue discount of 99, and the second-lien term loan is talked at Libor plus 800 bps to 825 bps with a 0% Libor floor and a discount of 98.5, the source added.

As previously reported, the first-lien term loan has 101 soft call protection for six months and the second-lien term loan has call protection of 102 in year one and 101 in year two.

The company’s $605 million of credit facilities also include a $75 million revolver (B2/B-).

Commitments are due at 5 p.m. ET on June 12.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to refinance existing debt.

Wencor is a Peachtree City, Ga.-based aftermarket solutions provider for commercial aerospace.

PGS proposed terms

PGS held its New York bank meeting and announced talk on its $525 million five-year covenant-lite first-lien term loan B at Libor plus 550 bps with a step-up to Libor plus 600 bps if total net leverage is greater than 2.5 times, a 0% Libor floor and an original issue discount of 98 to 98.5, according to a market source.

The first-lien term loan has 101 soft call protection for one year.

A bank meeting for European investors will take place in London on Monday.

The company’s $775 million of credit facilities (B2/B+/B+) also include a $250 million 4.5-year revolver.

Commitments are due at noon ET on June 13, the source said.

Barclays, JPMorgan, DNB and Clarksons are leading the deal that will be used with $150 million of 5.5-year second-lien debt, balance sheet cash and the second installment from the sale of RamformSterling to redeem and repay the company’s $212 million senior notes due December 2020, to repay an existing $380 million term loan B due March 2021, to repay some revolver borrowings, and to pay related fees and expenses.

Closing is expected in mid-June.

Total net leverage is 2.5 times and first-lien net leverage is 1.8 times.

PGS is a Norway-based marine geophysical company.

Crosby details emerge

Crosby launched at its morning bank meeting a $625 million seven-year first-lien term loan talked at Libor plus 475 bps with a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, a market source said.

Commitments are due on June 12, the source added.

UBS Investment Bank and KKR Capital Markets are leading the deal that will be used to refinance existing debt.

Crosby is a Tulsa, Okla.-based provider of lifting, rigging and material handling hardware.

Idera launches

Idera announced original issue discount talk of 99.25 to 99.5 on its fungible $100 million add-on first-lien term loan (B2/B-) due 2026 with its morning lender call, a market source remarked.

Pricing on the add-on term loan is Libor plus 450 bps, which matches the existing first-lien term loan spread, and all of the debt is getting 101 soft call protection for six months. The add-on term loan is talked with a 0% Libor floor.

With the add-on, the company is looking to amend its existing first-lien term loan to revise the Libor floor to 0% from 1% and extend the maturity to 2026 from 2024, the source continued.

Consents are due at 3 p.m. ET on Monday and commitment for the add-on loan are due at 3 p.m. ET on June 5, the source added.

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

Proceeds from the add-on first-lien loan and a $205 million privately placed second-lien term loan (Caa2/CCC) will be used to support a minority investment from Partners Group.

Partners Group will join existing investors HGGC, TA Associates and company management.

Idera is a Houston-based provider of software tools for databases.

Imperial Dade on deck

Imperial Dade set a bank meeting for 10 a.m. ET in New York on Thursday to launch $965 million of credit facilities, according to a market source.

The facilities consist of a $175 million ABL revolver, and a $790 million seven-year covenant-lite first-lien term loan (B3/B), which includes a $130 million delayed-draw tranche, and has a 0% Libor floor and 101 soft call protection for six months, the source said.

Commitments are due at 5 p.m. ET on June 12.

The company is also getting a privately placed $250 million second-lien term loan (Caa2/CCC+) and a privately placed $50 million delayed-draw second-lien term loan.

Credit Suisse Securities (USA) LLC, Barclays and Citizens Bank are leading the debt that will be used to help fund the buyout of the company by Bain Capital. Audax Private Equity will retain a stake in the company.

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

Imperial Dade is a distributor of disposable food service and janitorial supplies with headquarters in Jersey City, N.J. and Miami.

CoreCivic joins calendar

CoreCivic emerged with plans to hold a bank meeting at 10 a.m. ET on Tuesday to launch a $250 million seven-year covenant-lite term loan B that has 101 soft call protection for six months, a market source said.

Citizens Bank, SunTrust Robinson Humphrey Inc. and PNC Bank are the bookrunners on the deal and joint lead arrangers with Regions Bank.

The new loan will be used to refinance revolver borrowings and add cash to the balance sheet.

CoreCivic is a Nashville, Tenn.-based owner of partnership correctional, detention and residential reentry facilities.

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