TMF Group, PCI Pharma, Imagine Learning break; Dun & Bradstreet, DRW, Charter Next updated

By Sara Rosenberg

New York, Jan. 23 – TMF Group (TMF Sapphire Bidco BV) firmed the spread on its euro term loan B at the low end of guidance and allocated its U.S. term loan B, which freed up for trading on Tuesday above its issue price.

Other deals to make their way into the secondary market during the session included PCI Pharma Services (Packaging Coordinators Midco Inc.) and Imagine Learning (Weld North Education).

In more happenings, Dun & Bradstreet Corp. increased the size of its fungible incremental first-lien term loan B and revised the original issue discount talk, DRW Holdings LLC upsized its add-on term loan B, and Charter Next Generation Inc. firmed the spread on its term loan B at the high end of guidance.

Also, Refresco Group BV (Pegasus Bidco BV) modified price talk on its euro first-lien term loan B, and IQ-EQ (Saphilux Sarl) and Foundation Building Materials moved up the commitment deadlines for their term loan transactions.

Furthermore, Husky Injection Molding Systems Ltd., GoodRx, UKG Inc. and Wood Mackenzie (Planet US Buyer LLC) disclosed price talk with launch, and WestJet Loyalty LP, ION Markets, Primient (Primary Products Finance LLC) and Crash Champions (Champions Financing Inc.) joined this week’s primary calendar.

TMF sets terms

TMF finalized pricing on its €955 million term loan B due May 2028 at Euribor plus 375 basis points, the low end of revised talk of Euribor plus 375 bps to 400 bps and down from initial talk in the range of Euribor plus 400 bps to 425 bps, according to a market source.

The euro term loan still has 25 bps step-downs at 4x and 3.5x leverage with a six-month margin ratchet holiday, a 0% floor and a par issue price.

The company is also getting a $400 million term loan B due May 2028 priced at SOFR plus 400 with a 0% floor and a par issue price.

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

Previously in syndication, pricing on the U.S. term loan was reduced from talk in the range of SOFR plus 425 bps to 450 bps and a 25 bps step-down at 3.5x leverage was removed.

TMF hits secondary

During the session, TMF’s U.S. term loan freed to trade, with levels quoted at par ¼ bid, par ¾ offered, a trader remarked.

The euro term loan will break for trading on Wednesday, another source added.

Goldman Sachs is the sole physical bookrunner on the U.S. term loan, with HSBC, Barclays, Deutsche Bank Securities Inc., Jefferies LLC and Nomura passive bookrunners. HSBC is the sole physical bookrunner on the euro term loan, with Goldman Sachs, Barclays, Deutsche Bank, Jefferies LLC and Nomura passive bookrunners. HSBC is the agent.

The term loans will be used to reprice an existing U.S. term loan due May 2028 down from SOFR plus 500 bps with a 25 bps step-down at 3.5x leverage and a 0% floor, and an existing euro term loan due May 2028 down from Euribor plus 450 bps with 25 bps step-downs at 4x and 3.5x leverage and a 0% floor.

CVC and ADIA are the sponsors.

TMF Group is an Amsterdam-based provider of legal financial and employee administration services.

PCI starts trading

PCI Pharma’s fungible $440 million incremental first-lien term loan due Nov. 30, 2027 (B3/B-) broke for trading as well, with levels quoted at 99¾ bid, par ¼ offered, according to a market source.

Pricing on the incremental term loan is SOFR+CSA plus 350 bps with a 0.75% floor, in line with existing term loan pricing, and the new debt was sold at an original issue discount of 99.5. CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

During syndication, the incremental term loan was upsized from $400 million and the discount was tightened from 99.27.

Jefferies LLC, UBS Investment Bank, Deutsche Bank Securities Inc., RBC Capital Markets and KKR Capital Markets are leading the deal that will be used to refinance the company’s second-lien term loan and, due to the recent upsizing, for general corporate purposes.

Pro forma for the transaction, the first-lien term loan will total about $1.892 billion.

PCI is a Philadelphia-based provider of outsourced pharmaceutical services.

Imagine Learning breaks

Imagine Learning’s $922 million term loan B due December 2029 (B2/B) also began trading, with levels quoted at 99½ bid, par offered, a trader said.

Pricing on the term loan is SOFR plus 350 bps with a 0.5% floor and it was sold at an original issue discount of 99.5. The debt has 101 soft call protection for six months.

RBC Capital Markets, BMO Capital Markets, Goldman Sachs Bank USA, Macquarie Capital (USA) Inc. and Wells Fargo Securities LLC are leading the deal that will be used to refinance an existing term loan B due December 2027 priced at SOFR plus 375 bps with a 0.5% floor.

Imagine Learning, a portfolio company of Silver Lake Partners and Onex Corp., is an education technology company focused on digital curriculum for grades K-12.

Dun & Bradstreet reworked

Back in the primary market, Dun & Bradstreet raised its fungible incremental first-lien term loan B due Jan. 18, 2029 to $2.652 billion from $1.75 billion and modified the original issue discount talk to a range of 99.875 to par from the 99.875 area, according to a market source.

As before, the company’s $452 million repriced first-lien term loan B due Jan. 18, 2029 is talked with a par issue price.

Pricing on the now total $3.104 billion of first-lien term loan debt is still SOFR plus 275 bps with a 25 bps step-down at Ba3/BB- corporate family ratings, no CSA and a 0% floor, and the debt still has 101 soft call protection for six months.

Recommitments were due at 5 p.m. ET on Tuesday, and allocations are expected on Wednesday.

BofA Securities Inc. is the left lead on the deal.

The incremental loan will be used to refinance a 2026 term loan B-1 priced at SOFR+CSA of 10 bps one-month rate, 26 bps three-month rate and 43 bps six-month rate, plus 300 bps with a 0% floor, and the repricing will take an existing term loan due January 2029 down from SOFR plus 300 bps with a 0% floor.

Dun & Bradstreet is a Short Hills, N.J.-based provider of business decisioning data and analytics.

DRW upsized

DRW Holdings lifted its fungible add-on term loan B due March 1, 2028 to $312 million from $250 million, a market source remarked.

Pricing on the add-on term loan is SOFR+CSA plus 375 bps with a 0% floor, and the debt is being sold at an original issue discount of 99.03. CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Recommitments were due at 2:30 p.m. ET on Tuesday, the source added.

BofA Securities Inc., Jefferies LLC and JPMorgan Chase Bank are leading the deal that will be used for general corporate purposes, including expansion of trading capital.

Pro forma for the transaction, the term loan B will total $900 million.

DRW is a technology-driven electronic trading firm.

Charter Next finalized

Charter Next Generation set pricing on its $2.317 billion term loan B at SOFR plus 350 bps, the high end of the SOFR plus 325 bps to 350 bps talk, according to a market source.

The term loan still has a 0.75% floor, a par issue price, 101 soft call protection for six months and no CSA.

Allocations went out on Tuesday, the source added.

KKR Capital Markets is leading the deal. Jefferies LLC is the administrative agent.

The term loan will be used to reprice an existing term loan B down from SOFR+CSA plus 375 bps with a 0.75% floor. CSA on the existing term loan is 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Charter Next Generation is a Milton, Wis.-based producer of specialty films used in flexible packaging and other end-use markets.

Refresco tweaked

Refresco changed price talk on its €1.53 billion first-lien term loan B due July 2029 to a range of Euribor plus 375 bps to 400 bps from Euribor plus 400 bps, while leaving the 0% floor, par issue price and 101 soft call protection for six months unchanged, a market source said.

The company’s $1.594 billion first-lien term loan B due 2029 continues to be talked at SOFR plus 375 bps with a 0.5% floor, a par issue price and 101 soft call protection for six months.

Commitments for the U.S. loan are still due at 5 p.m. ET on Thursday and commitments for the euro loan are still due at noon ET on Thursday, the source added.

JPMorgan Chase Bank is the left lead on the U.S. loan and KKR Capital Markets is a physical bookrunner, and Goldman Sachs, JPMorgan, KKR and Rabobank are the physical bookrunners on euro loan. ABN Amro, Commerzbank, ING and Morgan Stanley are passive bookrunners. JPMorgan is the administrative agent.

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

Refresco is a Rotterdam, the Netherlands-based beverage producer.

IQ-EQ changes timing

IQ-EQ accelerated the commitment deadline for its $520 million term loan B due July 2028 to noon ET on Friday from 5 p.m. ET on Monday and the deadline for its €500 million term loan B due July 2028 to noon ET on Friday from noon ET on Monday, a market source remarked.

Price talk on the U.S. term loan is SOFR plus 425 bps with a 0.5% floor and a par issue price, and talk on the euro term loan is Euribor plus 425 bps to 450 bps with a 0% floor and a par issue price. Both term loans have 101 soft call protection for six months.

A lender call to launch the transaction took place on Tuesday morning.

IQ-EQ lead banks

Nomura is the physical bookrunner on IQ-EQ’s U.S. term loan, and Deutsche Bank Securities Inc., HSBC, NatWest, Goldman Sachs, JPMorgan Chase Bank and Morgan Stanley Senior Funding Inc. are passive bookrunners. Deutsche Bank, HSBC and NatWest are the physical bookrunners on the euro term loan, and Nomura, Goldman Sachs, JPMorgan and Morgan Stanley are passive bookrunners. NatWest is the administrative agent.

Proceeds will be used to reprice an existing U.S. first-lien term loan B due July 2028 down from SOFR plus 475 bps with 0.5% floor and an existing euro first-lien term loan B due July 2028 down from Euribor plus 475 bps with a 0% floor.

Astorg Asset Management is the sponsor.

IQ-EQ is an investor services and independent fund specialist.

Foundation accelerated

Foundation Building Materials moved up the commitment deadline for its $1 billion seven-year term loan B-2 (B2/B) to noon ET on Thursday from noon ET on Friday, a market source said.

Talk on the term loan B-2 is SOFR plus 400 bps with a 0% floor, an original issue discount of 98.5 and 101 soft call protection for six months.

RBC Capital Markets, Goldman Sachs Bank USA, Deutsche Bank Securities Inc., BofA Securities Inc., US Bank, Truist Securities, TD Securities (USA) LLC, KeyBanc Capital Markets and UBS Investment Bank are leading the deal that will be used to partially pay down a HoldCo seller note and to fund a shareholder dividend.

American Securities is the sponsor.

Foundation Building is a Santa Ana, Calif.-based specialty distributor of wallboard, metal framing and suspended ceiling systems.

Husky guidance

Husky Injection Molding Systems held its lender call on Tuesday morning and announced talk on its $1.3 billion five-year covenant-lite term loan B (B-) at SOFR plus 525 bps with a 0% floor and an original issue discount of 98, according to a market source.

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

Commitments are due at 5 p.m. ET on Jan. 31.

Deutsche Bank Securities Inc., BofA Securities Inc. and others to be announced are leading the deal that will be used with $1.3 billion of senior secured notes and new preferred equity to refinance the company’s existing capital structure, including senior notes due 2026, senior PIK notes due 2025 and credit facilities borrowings, and to pay respective fees and expenses.

Husky is a Bolton, Ont.-based provider of engineered tooling, services and systems primarily to the food and beverage packaging and medical end markets.

GoodRx proposed terms

GoodRx came out with talk of SOFR plus 300 bps to 325 bps with a 0% floor, an original issue discount of 99.5 and 101 soft call protection for six months on its $662 million seven-year term loan B in connection with its morning lender call, a market source said.

Commitments are due at 5 p.m. ET on Jan. 30, the source added.

Goldman Sachs Bank USA is the left lead on the deal that will be used to refinance an existing first-lien term loan due October 2025.

The company is also looking to amend its revolver to extend the maturity date.

Silver Lake Partners and Francisco Partners are the sponsors.

GoodRx is a Santa Monica, Calif.-based consumer-focused digital health care platform.

UKG talk

UKG launched on its afternoon call its $4.885 billion seven-year covenant-lite first-lien term loan B at talk of SOFR plus 350 bps to 375 bps with a 0% floor, an original issue discount of 99.5 and 101 soft call protection for six months, a market source remarked.

The company’s $5.83 billion of credit facilities (B1/B-/BB) also include a $945 million five-year revolver.

Cashless roll consents are due at noon ET on Monday and commitments are due at noon ET on Jan. 30, the source added.

Nomura, JPMorgan Chase Bank and others to be determined are leading the deal that will be used with $2.5 billion of other secured debt to refinance existing first-lien term loans, pay down a revolver draw, fund cash to the balance sheet, and pay fees and expenses.

UKG is a provider of human capital management solutions based in Weston, Fla., and Lowell, Mass.

Wood Mackenzie launches

Wood Mackenzie released talk of SOFR plus 375 bps to 400 bps with no CSA and an original issue discount of 99 on its $1.315 billion seven-year term loan B that launched with a call in the morning, a market source said.

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

Commitments are due at noon ET on Feb. 1, the source added.

BofA Securities Inc., Barclays, BMO Capital Markets, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., JPMorgan Chase Bank and Nomura are leading the deal, which will be used to refinance an existing $1.244 billion unitranche term loan.

Wood Mackenzie is an Edinburgh, U.K.-based provider of data, analytics, research and consulting services for the energy, renewables and natural resources sectors.

WestJet on deck

WestJet set a lender call for 11 a.m. ET on Wednesday to launch a $1 billion seven-year senior secured term loan B, according to a market source.

Barclays is the left lead on the deal that will be used with $500 million of other senior secured debt to partially repay the company’s existing term loan B due 2026 and for transaction related fees and expenses.

WestJet is a Calgary, Alta.-based airline company.

ION readies deal

ION Markets scheduled a lender call for 9 a.m. ET on Wednesday to launch a $1.822 billion first-lien term loan due April 2028 (B3/B-), a market source said.

Of the total term loan amount, $125 million is a fungible incremental term loan that will be used to fund a distribution and about $1.697 billion is for a repricing of the company’s existing term loan.

Talk on the term loan is SOFR plus 425 bps with a 0% floor, an original issue discount of 99.5 on new commitments, a discount of 99.75 to par on rolled positions, and 101 soft call protection for six months, the source added.

Commitments are due at noon ET on Jan. 30.

UBS Investment Bank is the left lead on the deal and the administrative agent.

The borrowers are ION Trading Finance Ltd. and ION Trading Technologies Sarl.

ION Markets is a provider of mission-critical software for the global capital markets.

Primient joins calendar

Primient will hold a lender call at 1 p.m. ET on Wednesday to launch a $1.044 billion first-lien term loan B due April 1, 2029 (B1/BB-/BB+) talked at SOFR+CSA plus 350 bps with a 0.5% floor, a par issue price and 101 soft call protection for six months, according to a market source. CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

Barclays is the left lead on the deal that will be used to reprice an existing $1.044 billion first-lien term loan due April 2029 down from SOFR+CSA plus 400 bps with a 0.5% floor.

Primient is a Schaumberg, Ill.-based manufacturer of nutritive sweeteners, industrial starches, acidulants, and other corn-derived products predominantly for food and beverage, packaging and industrial applications.

Crash coming soon

Crash Champions set a lender call for 2 p.m. ET on Wednesday to launch a $650 million five-year senior secured term loan B, a market source remarked.

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

BofA Securities Inc., BMO Capital Markets, JPMorgan Chase Bank, Deutsche Bank Securities Inc. and Truist Securities are leading the deal that will be used with $650 million of senior secured notes and new PIK preferred equity to refinance existing Service King and Crash Champions debt.

Crash Champions is a collision repair platform and a multiple shop operator.

Fund flows

In other news, actively managed loan fund flows on Monday were positive $5 million and loan ETFs were positive $97 million, a market sources said.

Inflows for loan funds week to date total an estimated $62 million, following outflows in the prior week totaling $3 million, sources added.

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