National Seating frees to trade; Sotera, Rexnord, Integer, ASGN, FLY, USI, Ticketek set talk

By Sara Rosenberg

New York, Nov. 12 – National Seating & Mobility Inc. set the spread on its first-lien term loan at the high end of guidance and made some revisions to documentation before breaking for trading during Tuesday’s market hours.

In more happenings, Sotera Health Holdings LLC, Rexnord LLC, Integer Holdings Corp. (Greatbatch Ltd.), ASGN Inc., FLY Leasing, USI Inc., Ticketek, HCA Inc., Alight Solutions and Bowlero Corp. all released price talk with launch.

Furthermore, Sabert Corp. and Booz Allen Hamilton Inc. joined this week’s primary calendar.

National Seating updated

National Seating finalized pricing on its $420 million seven-year covenant-lite first-lien term loan (B2/B) at Libor plus 525 basis points, the high end of the Libor plus 500 bps to 525 bps talk, and left the 0% Libor floor, original issue discount of 99 and 101 soft call protection for six months unchanged, according to a market source.

Some changes were made to documentation including setting the free and clear at the greater of $58 million and 75% EBITDA, setting MFN at 50 bps for life with no carve-out, removing asset-sale steps, setting the excess cash flow sweep at 75% with step-downs, placing a 25%/18 month cap on EBITDA adjustments, and requiring quarterly management discussion and analysis calls, the source said.

Recommitments were due at 2 p.m. ET on Tuesday.

National Seating breaks

Late in the afternoon, National Seating’s first-lien term loan made its way into the secondary market, with levels quoted at 99½ bid, par offered, another source added.

The company’s $532.5 million of credit facilities also include a $75 million revolver and a $37.5 million privately placed delayed-draw term loan.

Credit Suisse Securities (USA) LLC, Golub Capital, Antares Capital, Jefferies LLC and Credit Agricole are leading the deal that will be used to help fund the buyout of the company by Cinven.

National Seating is a Nashville-based provider of complex rehabilitation mobility and accessibility solutions.

Sotera details emerge

Moving to the primary market, Sotera Health held its lender call on Tuesday and launched $2.27 billion of seven-year first-lien term loans (B2/B), split between a $2.12 billion funded tranche and a $150 million delayed-draw tranche with a six-month commitment period, at talk of Libor plus 400 bps to 425 bps with a 0% Libor floor and an original issue discount of 99, according to a market source.

The delayed-draw first-lien term loan has a ticking fee of half the margin from days 61 to 120 and the full margin thereafter, and the first-lien term loan has 101 soft call protection for six months, the source said.

Commitments are due at 5 p.m. ET on Nov. 20.

The company’s $3,262,500,000 of credit facilities also include a $172.5 million five-year revolver, a $770 million privately placed second-lien term loan and a $50 million privately placed delayed-draw second-lien term loan.

Jefferies LLC, J.P. Morgan Securities LLC, Barclays, RBC Capital Markets and ING are leading the deal that will be used to refinance the company’s existing capital structure and fund a distribution to shareholders.

Sotera is a Broadview Heights, Ohio-based provider of mission-critical health sciences, lab services and sterilization solutions for the health care industry.

Rexnord holds call

Rexnord emerged in the morning with plans to hold a lender call at 3 p.m. ET to launch a $725 million covenant-lite first-lien term loan (Ba1/BBB-) due August 2024 talked at Libor plus 175 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, a market source remarked.

Commitments are due at noon ET on Monday, 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 200 bps.

Rexnord is a Milwaukee-based multi-platform industrial company.

Integer comes to market

Integer Holdings surfaced early in the day with intentions to hold a lender call at 2:15 p.m. ET to launch a roughly $563.3 million covenant-lite first-lien term loan B (B1/B+) due Oct. 27, 2022 talked at Libor plus 250 bps with a 1% Libor floor, a par issue price and 101 soft call protection for six months, according to a market source.

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

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

Closing is expected on Nov. 20.

Integer is a Plano, Texas-based medical device outsourcing manufacturer.

ASGN seeks repricing

ASGN launched in the morning a $540.3 million covenant-lite term loan B (Ba1/BBB-) due April 2, 2025 talked at Libor plus 175 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 2 p.m. ET on Friday, the source added.

Wells Fargo Securities LLC is the left lead on the deal that will be used to reprice an existing term loan B due 2025 down from Libor plus 200 bps. The existing loan is being paid down from about $787 million with a portion of the proceeds from a $500 million senior notes offering.

The company will also use the notes proceeds to repay all revolver borrowings, to repay a term loan due 2022 and to pay fees and expenses.

ASGN is a Calabasas, Calif.-based provider of information technology and professional staffing services in the technology, digital, creative, engineering and life sciences fields across commercial and government sectors.

FLY sets guidance

FLY Leasing held its lender call in the afternoon and launched a $391 million term loan B (Ba2/BBB-) due Aug. 9, 2025 talked at Libor plus 175 bps with 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on Nov. 19.

RBC Capital Markets is leading the deal, which will be used to reprice from Libor plus 200 bps and extend by 2.5 years an existing term loan B.

Extending lenders will be paid a 25 bps extension fee, the source said.

FLY is a Dublin-based aircraft lessor.

USI proposed terms

USI launched a non-fungible $550 million seven-year incremental term loan B (B) talked at Libor plus 400 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 at 5 p.m. ET on Nov. 19, the source added.

BofA Securities Inc., KKR Capital Markets, Barclays, Citigroup Global Markets Inc., Macquarie Capital (USA) Inc. and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to repay revolver borrowings and preferred stock.

USI is a Valhalla, N.Y.-based insurance brokerage and consulting firm.

Ticketek reveals talk

Ticketek came out with talk of Libor plus 425 bps with a 25 bps step-down upon 0.5x net first-lien deleveraging, a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months on its $285 million U.S. dollar equivalent seven-year senior secured first-lien term loan B that launched with an afternoon call, according to a market source.

Commitments are due on Nov. 21, the source added.

The company is also getting a $100 million U.S. dollar equivalent privately placed second-lien term loan.

Goldman Sachs Bank USA, Barclays, Credit Suisse Securities (USA) LLC, Jefferies LLC, KKR Capital Markets, Macquarie Capital (USA) Inc., UBS Investment Bank and Societe Generale are leading the deal that will be used to help fund the buyout of the company by Silver Lake Partners from Affinity Equity Partners.

Closing is expected this year, subject to customary conditions including approval by the Australian Foreign Investment Review Board.

Ticketek is a Sydney, Australia-based provider of ticketing, promotions, venue operations and data analytics marketing solutions to the live entertainment industry in Australia and New Zealand.

HCA extension

HCA launched a $1.148 billion term loan B-13 due 2026 talked at Libor plus 175 bps with a 0% Libor floor, an original issue discount of 99.75 to par and 101 soft call protection for six months, a market source said.

Commitments are due on Friday, the source added.

BofA Securities Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs Bank USA and Wells Fargo Securities LLC are leading the deal, which will be used to extend by three years an existing term loan currently priced at Libor plus 175 bps.

HCA is a Nashville, Tenn.-based health care services provider.

Alight OID guidance

Alight Solutions is shopping a $90 million incremental term loan B with original issue discount talk of 99.5 to 99.75, according to a market source.

The incremental term loan is priced at Libor plus 300 bps with a 0% Libor floor.

BofA Securities Inc. is leading the deal that will be used to fund an acquisition.

Alight Solutions is a Lincolnshire, Ill.-based provider of benefits outsourcing services plans.

Bowlero launches

Bowlero held a lender call during the session to launch a $105 million add-on term loan B talked with an original issue discount in the range of 99.25 to 99.5, a market source remarked.

The term loan B is priced at Libor plus 350 bps with a 1% Libor floor.

J.P. Morgan Securities LLC is leading the deal that will be used for general corporate purposes.

Bowlero is a New York-based operator of bowling centers.

Sabert on deck

Sabert set a bank meeting for Wednesday to launch a $717.5 million seven-year term loan B (B2) talked at Libor plus 400 bps to 425 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

Commitments are due at 5 p.m. ET on Nov. 25, the source said.

J.P. Morgan Securities LLC, Wells Fargo Securities LLC, SunTrust Robinson Humphrey Inc. and Nomura Securities International Inc. are leading the deal that will be used to fund the acquisition of LBP Manufacturing LLC and to refinance existing debt.

Closing is expected in early December, subject to customary conditions, including regulatory approvals.

Sabert is a Sayreville, N.J.-based food packaging company. LBP is a Chicago-based producer of environmentally progressive and sustainable food and beverage packaging.

Booz Allen joins calendar

Booz Allen Hamilton will hold a lender call on Wednesday to launch a $389 million term loan B, a market source said.

BofA Securities Inc. is leading the deal that will be used to refinance existing debt.

Booz Allen Hamilton is a McLean, Va.-based provider of management and technology consulting services, and engineering services to governments, corporations and not-for-profit organizations.

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