Management Services, First Advantage, Open Lending, OneDigital reveal pricing guidance

By Sara Rosenberg

New York, Jan. 9 – In Thursday’s primary market, Management Services (Amentum/Maverick Purchaser Sub LLC), First Advantage, Open Lending LLC and OneDigital released price talk with launch.

Additionally, Focus Financial Partners Inc. and Avantor emerged with new deal plans, and Innophos Holdings Inc. and MagicLab came out with timing on the launch of their loan transactions.

Management Services talk

Management Services held its bank meeting on Thursday and announced talk on its $1.015 billion seven-year first-lien term loan B (Ba3/B) at Libor plus 450 basis points to 475 bps with a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

Commitments are due on Jan. 23, the source said.

The company is also getting a $200 million revolver (Ba3/B).

J.P. Morgan Securities LLC is the left lead on the deal that will be used with equity to help fund the buyout of the company by Lindsay Goldberg and American Securities LLC from Aecom for $2.405 billion.

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

Management Services is a Germantown, Md.-based provider of classified and unclassified services to the U.S. federal government and allied governments.

First Advantage launches

First Advantage came out with talk of Libor plus 400 bps to 425 bps with an original issue discount of 99 on its $620 million first-lien term loan B (B1/B) that launched with an afternoon bank meeting, a market source said.

BofA Securities, Inc., J.P. Morgan Securities LLC, Barclays, Jefferies LLC, RBC Capital Markets, Credit Suisse Securities (USA) LLC, Citizens Bank, HSBC Securities (USA) Inc., KKR Capital Markets and Stifel are leading the deal, which will be used to help fund the buyout of the company by Silver Lake from Symphony Technology Group.

Closing is expected this quarter, subject to customary conditions.

First Advantage is an Atlanta-based provider of comprehensive background screening, identity and information solutions.

Open Lending proposed terms

Open Lending held its bank meeting during the session, launching its $225 million seven-year term loan B at talk of Libor plus 525 bps to 550 bps with a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, a market source remarked.

Commitments are due on Jan. 23, the source added.

UBS Investment Bank is leading the deal that will be used for a dividend recapitalization.

Open Lending is an Austin, Tex.-based provider of lending enablement and risk analytics solutions to financial institutions.

OneDigital sets guidance

OneDigital launched on its call its fungible $165 million incremental first-lien term loan (B2) with original issue discount talk of 99.5, according to a market source.

Like the existing first-lien term loan, the incremental term loan is priced at Libor plus 400 bps with a 0% Libor floor.

Commitments are due on Wednesday, the source said.

Golub Capital is leading the deal that will be used to fund acquisitions.

The company also privately placed a new $75 million delayed-draw first-lien term loan (B2) with Golub Capital and PSP Investments Credit USA LLC.

OneDigital is an Atlanta-based employee benefits insurance broker.

Focus joins calendar

Focus Financial Partners set a lender call for 11 a.m. ET on Friday to launch a repricing of its roughly $1.14 billion term loan B, according to a market source.

Commitments are due at noon ET on Jan. 16, the source said.

RBC Capital Markets is leading the deal.

Focus Financial is a New York-based partnership of independent, fiduciary wealth management firms.

Avantor readies deal

Avantor scheduled a lender call for 10 a.m. ET on Friday to launch a $677 million term loan B and a €349 million term loan B, a market source remarked.

Goldman Sachs Bank USA is leading the deal that will be used to reprice existing U.S. and euro term loans.

Avantor is a Radnor, Pa.-based provider of integrated, tailored solutions for the life sciences and advanced technology industries.

Innophos timing emerges

Innophos set a bank meeting for Jan. 22 to launch its previously announced $540 million of senior secured credit facilities, according to a market source.

The credit facilities consist of a $125 million five-year asset-based revolver that is expected to be undrawn at close and a $415 million seven-year first-lien term loan B.

RBC Capital Markets, KeyBanc Capital Markets and Barclays are leading the deal that will be used with $300 million of senior unsecured notes and $306 million of equity to fund the buyout of the company by One Rock Capital Partners LLC for $32.00 per share. The transaction has a total enterprise value of $944 million.

Closing is expected this quarter, subject to stockholder and regulatory approvals and the satisfaction of customary conditions.

Innophos is a Cranbury, N.J.-based producer of essential ingredients.

MagicLab on deck

MagicLab surfaced with plans to hold a bank meeting at 10:30 a.m. ET in New York on Monday to launch its proposed term loan B, a market source said.

Citigroup Global Markets Inc. is the left lead on the deal, which will be used to help fund the acquisition of a majority stake in the company by Blackstone.

The transaction values the company at about $3 billion.

MagicLab builds and operates dating and social networking apps, including Bumble and Badoo.

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