CCC, Evoqua, Floor & Decor, Cole-Parmer break; Custom Truck, Savage, PetVet, Ineos revised

By Sara Rosenberg

New York, Feb. 12 – CCC Information Services (Cypress Intermediate Holdings III Inc.) increased the size of its incremental first-lien term loan before freeing up for trading on Wednesday, and deals from Evoqua Water Technologies (EWT Holdings III Corp.), Floor & Decor Outlets of America Inc. and Cole-Parmer Instrument Co. LLC (CPI HoldCo LLC) emerged in the secondary market too.

In more happenings, Custom Truck One Source (CTOS LLC) upsized its term loan B and trimmed the spread, Savage Enterprises LLC reduced pricing on its first-lien term loan B, and PetVet Care Centers LLC upsized its incremental first-lien term loan.

Also, Ineos Enterprises upsized its euro add-on term loan B to reduce its U.S. term loan B and its term loan A borrowings, Mastronardi Produce finalized pricing on its term loan B at the low end of guidance, and Zayo Group Holdings Inc. moved up the commitment deadline for its term loans.

Furthermore, NorthRiver Midstream (Grizzly) and Trade Me Group Ltd. (Titan Acquisitionco) announced price talk with launch, and Messer Industries, Medforth and Cast & Crew Entertainment Services joined this week’s primary calendar.

CCC upsizes, trades

CCC Information lifted its fungible incremental first-lien term loan due March 2024 to $375 million from $250 million, while keeping the original issue discount at 99.5, according to a market source.

Pricing on the incremental term loan is Libor plus 300 basis points with one 25 bps leverage-based step-down and a 1% Libor floor.

On Wednesday, the incremental term loan began trading and levels were seen at 99 7/8 bid, par ¼ offered, another source added.

Jefferies LLC and Nomura are leading the deal that will be used to repay the company’s entire existing second-lien term loan.

The existing first-lien term loan is currently priced at Libor plus 275 bps, but the spread will move up to Libor plus 300 bps based on the existing leverage-based pricing grid.

CCC Information is a Chicago-based provider of mission-critical infrastructure to the automotive insurance and claim industry through its integrated software, data, analytics and workflow management systems.

Evoqua hits secondary

Evoqua’s $826 million first-lien term loan (B2/B) due December 2024 broke for trading, with levels quoted at par 1/8 bid, par ½ offered, according to a market source.

Pricing on the term loan is Libor plus 275 bps with a 0% Libor floor and it was issued at par. The debt has 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to reprice an existing first-lien term loan down from Libor plus 300 bps with a 1% Libor floor.

Evoqua is a Pittsburgh-based provider of mission critical water treatment solutions.

Floor & Decor tops OID

Floor & Decor’s $144.6 million seven-year first-lien term loan (Ba2/BB-) freed to trade too, with levels seen at par 1/8 bid, par 5/8 offered, a market source said.

Pricing on the term loan is Libor plus 200 bps with a step-up to Libor plus 225 bps when leverage is greater than 2x with a 0% Libor floor. The debt was sold at an original issue discount of 99.75 and has 101 soft call protection for six months.

During syndication, pricing on the term loan was reduced from Libor plus 225 bps with a step-up to Libor plus 250 bps at 2x leverage and the Libor floor was lowered from 1%.

UBS Investment Bank, Wells Fargo Securities LLC and BofA Securities, Inc. are leading the deal that will be used to amend, reprice and extend an existing term loan.

Floor & Decor is an Atlanta-based specialty retailer in the hard surface flooring market.

Cole-Parmer frees up

Cole-Parmer’s fungible $105 million incremental first-lien term loan (B2/B) due Nov. 4, 2026 began trading as well, with levels quoted at par ¼ bid, par ¾ offered, a market source remarked.

Pricing on the incremental term loan is Libor plus 425 bps with a 25 bps leverage-based step-down and a 0% Libor floor, in line with existing first-lien term loan pricing. The incremental loan was issued at par.

During syndication, the issue price on the incremental term loan firmed at the tight end of the 99.75 to par talk.

Jefferies LLC is leading the deal that will be used to fund the acquisition SPEX CertiPrep & SamplePrep.

Cole-Parmer is a Vernon Hills, Ill.-based provider of fluid handling, test & measurement, environmental and biosciences instrumentation and associated consumables.

Custom Truck reworked

Back in the primary market, Custom Truck One Source revised its senior secured covenant-lite term loan B due April 18, 2025 size to $600 million from $557 million and cut pricing to Libor plus 425 bps from Libor plus 450 bps, a market source said.

As before, the term loan has a 0% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months.

Recommitments were due at 2 p.m. ET on Wednesday, the source added.

Citigroup Global Markets Inc. is leading the deal. Morgan Stanley Senior Funding Inc. is the administrative agent.

Proceeds will be used to reprice an existing term loan and extend the maturity by two years, and the extra funds raised will be used to repay revolver borrowings.

Closing is expected on Feb. 19.

Custom Truck One Source is a Kansas City, Mo.-based provider of specialized truck and heavy equipment solutions.

Savage flexes

Savage Enterprises trimmed pricing on its first-lien term loan B (B1/BB) due Aug. 1, 2025 to Libor plus 300 bps from Libor plus 325 bps, according to a market source.

The term loan still has a 0% Libor floor, a par issue price and 101 soft call protection for six months.

Commitments remained due at 5 p.m. ET on Wednesday, the source added.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to reprice an existing term loan B down from Libor plus 400 bps.

The term loan is currently sized at $885 million but will be paid down by $225 million with proceeds from the recently announced asset sale of the Savage Inland Marine tank barge fleet to Kirby Corp.

Closing is expected in early March.

Savage is a Salt Lake City-based supply chain provider.

PetVet tweaked

PetVet Care Centers raised its fungible incremental first-lien term loan due February 2025 to $100 million from $75 million, a market source remarked.

As before, the incremental loan has an original issue discount of 98.8.

The incremental term loan is priced at Libor plus 325 bps with a 0% Libor floor, in line with the existing first-lien term loan.

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

Jefferies LLC and KKR Capital Markets are leading the deal that will be used to add cash to the balance sheet earmarked to fund near-term acquisitions under letters of intent and other future opportunities.

PetVet is a Westport, Conn.-based acquirer and operator of general practice and specialty veterinary hospitals for companion animals.

Ineos revised

Ineos Enterprises upsized its add-on term loan B due September 2026 to €200 million from €100 million and will reduce its U.S. term loan B due September 2026 to $370 million from $450 million and its existing term loan A due September 2024 to €279 million equivalent from €408 million equivalent, according to a market source.

Pricing on the euro add-on term loan and on the repricing of the company’s existing €580 million term loan B due September 2026 remained at Euribor plus 325 bps with a 0% floor and a par issue price, and pricing on the repricing of the company’s U.S. term loan B remained at Libor plus 350 bps with a 1% Libor floor and a par issue price. The U.S. term loan B is getting 101 soft call protection for six months.

The U.S. term loan B is being repriced from Libor plus 400 bps.

Barclays and NatWest Markets are the physical bookrunners on the deal. Barclays is the agent.

Ineos is a Switzerland-based producer of intermediate chemicals.

Mastronardi updated

Mastronardi Produce set pricing on its $445 million term loan B at Libor plus 275 bps, the low end of the Libor plus 275 bps to 300 bps talk, according to a market source.

The term loan B still has a 0% Libor floor and a par issue price.

BofA Securities, Inc. is leading the deal that will be used to reprice an existing term loan B.

Mastronardi is a grower and distributor of greenhouse-grown produce to retailers.

Zayo moves deadline

Zayo accelerated the commitment deadline for its $5.06 billion equivalent of term loans (B1/B) to 5 p.m. ET on Tuesday for the U.S. loan and noon ET on Tuesday for the euro loan from 5 p.m. ET on Feb. 19 for the U.S. loan and noon ET on Feb. 19 for the euro loan, a market source remarked.

The debt consists of a $4.235 billion seven-year covenant-lite first-lien term loan talked at Libor plus 325 bps and an $825 million euro equivalent seven-year covenant-lite first-lien term loan talked at Euribor plus 325 bps to 350 bps. Both loans are talked with a 0% floor, a discount of 99.5 and 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., SunTrust Robinson Humphrey Inc. and TD Securities (USA) LLC are leading the deal that will be used to help fund the buyout of the company by Digital Colony Partners and the EQT Infrastructure IV fund for $35.00 in cash per share in a transaction valued at $14.3 billion, including the assumption of $5.9 billion of Zayo’s net debt.

Closing is expected in the first half of this year, subject to customary conditions, regulatory clearance and Zayo shareholder approvals.

Zayo is a Boulder, Colo.-based provider of mission-critical bandwidth to companies.

NorthRiver details emerge

NorthRiver Midstream held its call on Wednesday and launched a $535 million incremental senior secured covenant-lite term loan B (Ba3/BB+) due Oct. 1, 2025 with original issue discount talk of 99, according to a market source.

The incremental term loan is priced at Libor plus 325 bps with a 0% Libor floor, in line with the existing term loan B, and has 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on Feb. 26, the source added.

Citigroup Global Markets Inc., CIBC, Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc., RBC Capital Markets and Bank of Nova Scotia are leading the deal that will repay in full an existing term loan A.

Closing is expected in late February.

The company is also seeking a waiver to clarify that the incurrence of the additional term loan B can be fungible with the existing tranche to refinance the existing term loan A, and 50.1% lender approval is required.

NorthRiver Midstream is a Canadian gas gathering and processing business.

Trade Me holds call

Trade Me surfaced in the morning with plans to hold a lender call at 2 p.m. ET to launch a $602 million first-lien term loan (B1/B) due May 2026 talked at Libor plus 375 bps to 400 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, a market source said.

Commitments are due at 5 p.m. ET on Feb. 19, the source added.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to reprice an existing term loan down from Libor plus 425 bps.

Trade Me is an operator of online classified marketplaces for motor vehicles, property and jobs in New Zealand.

Messer readies deal

Messer Industries set a lender call for 10 a.m. ET on Thursday to launch a repricing of its $2.206 billion term loan B and its €540 million term loan B, according to a market source.

Goldman Sachs Bank USA, Citigroup Global Markets Inc., UBS Investment Bank, BNP Paribas Securities Corp., ING, UniCredit, Bayern LB, Deutsche Bank Securities Inc., Helaba and Mizuho are leading the deal. Goldman is the left lead on the U.S. loan, and Citigroup and UBS are the joint active leads on the euro loan.

Messer Industries is a producer and refiner of industrial gases for customers across several industries.

Medforth on deck

Medforth scheduled a lender call for 2:30 p.m. ET on Thursday to launch a $788 million term loan B, a market source remarked.

Goldman Sachs Bank USA is leading the deal that will be used to reprice an existing term loan B.

Medforth is a New York-based educational institution, providing students medical degrees and veterinary degrees.

Cast & Crew joins calendar

Cast & Crew Entertainment Services will hold a lender call at 1 p.m. ET on Thursday to launch a $125 million add-on first-lien term loan B, according to a market source.

Goldman Sachs Bank USA and RBC Capital Markets are leading the deal that will be used for mergers and acquisitions.

Cast & Crew is a Burbank, Calif.-based provider of software and services to the entertainment production industry.

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