Cobham, viagogo, Jane, Pixelle, Wrench, Advisor, Golden Nugget, Veritext, Wells break

By Sara Rosenberg

New York, Jan. 31 – Cobham plc set the spread on its U.S. term loan at the low end of revised talk and tightened issue prices for its U.S. and euro term loans, viagogo shifted some funds between its U.S. and euro term loans and set the issue price on the euro piece at the tight side of revised talk, Jane Street Group LLC increased the size of its first-lien term loan B and finalized the original issue discount at the narrow end of guidance, and all of these deals freed to trade on Friday.

Also, Pixelle Specialty Solutions LLC set pricing on its incremental first-lien term loan at the high side of talk and added a step-down, and Wrench Group LLC firmed the spread on its first-lien term loan debt at the wide end of guidance, and then these deals broke for trading during the session as well.

Additionally, Advisor Group upsized its add-on term loan B and modified the issue price before hitting the secondary market, and deals from Golden Nugget LLC, Veritext LLC (VT TopCo Inc.) and Wells Enterprises Inc. freed up too.

In other happenings, TransDigm Inc. firmed the spread on its term loan E and term loan G at the high end of talk and set the original issue discount on its term loan F at the wide side of guidance, and Russell Investments US Institutional Holdco set pricing on its term loan B at the high end of talk.

Furthermore, Station Casinos LLC slightly downsized its term loan B and revised the original issue discount, Elanco Animal Health Inc. increased the size of its term loan B, UPC changed original issue discounts on its U.S. and euro term loans, NFP Corp. lifted pricing on its term loan and set the issue price at the tight end of talk, and Bombardier Recreational Products Inc. set the spread on its term loan B at the high end of talk.

Gigamon Inc. trimmed pricing on its incremental first-lien term loan and, as a result, is now repricing its existing term loan, and changed the original issue discount on the incremental debt, Web.com Group Inc. and Access CIG LLC pulled the repricings of their term loans, and Innophos Holdings Inc. and Agiliti accelerated the commitment deadlines for their term loans.

And, Vertiv Group Corp. announced price talk with launch, and StandardAero (Dynasty Acquisition Co. Inc.) joined the near-term primary calendar.

Cobham revised

Cobham set pricing on its $1,188 billion seven-year first-lien term loan (B1/B/B+) at Libor plus 350 basis points, the low end of revised talk of Libor plus 350 bps to 375 bps and down from initial talk of Libor plus 425 bps, and changed the original issue discount to 99.5 from 99, according to a market source.

The company also adjusted the issue price on its €885 million seven-year first-lien term B (B1/B/B+) to par from 99.5, while pricing was left at Euribor plus 375 bps with a 0% floor.

The U.S. first-lien term loan still has a 1% Libor floor, and both loans still have 101 soft call protection for six months.

Earlier in syndication, the U.S. term loan was upsized from $788 million because the company canceled plans for a $400 million tranche of other senior secured debt, and the spread on the euro term loan was reduced from Euribor plus 425 bps.

Recommitments for the U.S. loan were due at 11 a.m. ET on Friday and recommitments for the euro term loan were due at 9 a.m. ET on Friday.

Cobham hits secondary

On Friday, Cobham’s bank debt freed up for trading, with the U.S. term loan quoted at par bid, par ½ offered, a trader added.

Goldman Sachs is the left lead on the U.S. debt, and Goldman and Citigroup Global Markets are the joint active bookrunners on the euro debt. Joint bookrunners are Goldman, Citigroup, Credit Suisse, Barclays, Blackstone, BNP Paribas, Deutsche Bank, NatWest and Unicredit. Credit Suisse is the administrative agent.

The new debt will be used to help fund the buyout of the company by Advent International Corp. for 165 pence in cash per share, or about £4 billion on a fully diluted basis.

Cobham is a Wimborne Minster, U.K.-based technology and services innovator in diversified industries, including defense and commerce.

viagogo retranches

viagogo cut its U.S. seven-year covenant-lite first-lien term loan B (B2/B) to $1.7 billion from a revised amount of $1.95 billion, but the tranche is still larger than the earlier revised size of $1.175 billion and the initial size at launch of $1.475 billion, a market source remarked.

Additionally, the company lifted its euro seven-year covenant-lite first-lien term loan B (B2/B) to $500 million equivalent from a revised amount of $250 million equivalent and an initially proposed size of $300 million equivalent, and set the issue price on this tranche at par, the tight end of revised talk of 99.75 to par and tight of prior talk of 99, the source continued.

Pricing on the loans is Libor/Euribor plus 350 bps with a 0% floor, and both tranches have 101 soft call protection for six months. The U.S. term loan is being sold at an original issue discount of 99.5.

Earlier in syndication, the euro term loan was added to the capital structure, pricing on the term loans was reduced from Libor/Euribor plus 400 bps, and the discount on the U.S. loan was modified from 99.

viagogo starts trading

During market hours, viagogo’s bank debt surfaced in the secondary market, with the U.S. term loan quoted at 99¾ bid, par 1/8 offered, a trader added.

J.P. Morgan Securities LLC is the left lead on the deal that will be used to help fund the acquisition of StubHub, a ticket marketplace, from eBay Inc. for $4.05 billion.

Due to the additional term loans raised through the syndication process, the company cancelled plans for $325 million of privately placed second-lien notes, downsized its preferred equity to $400 million from $600 million and is placing additional cash on the balance sheet.

Closing on the acquisition is expected this quarter, subject to regulatory approval and customary conditions.

viagogo is a Geneva-based online resale ticket marketplace.

Jane tweaked, frees up

Jane Street raised its first-lien term loan B due Jan. 31, 2025 to $1,588,693,467 from $1,488,693,467, firmed the original issue discount at 99.75, the tight end of the 99.5 to 99.75 talk, and set the MFN at 50 bps for life, according to a market source.

As before, the term loan is priced at Libor plus 300 bps with a 0% Libor floor and has 101 soft call protection for six months.

Recommitments were due at 10 a.m. ET on Friday and the loan emerged in the secondary market during the session at levels of 99¾ bid, par ¼ offered, a trader added.

Morgan Stanley Senior Funding Inc., BofA Securities, Inc. and J.P. Morgan Securities LLC are leading the deal that will be used to extend the maturity of an existing term loan B priced at Libor plus 300 bps and, due to the upsizing, for general corporate purposes.

Closing is expected on Feb. 7.

Jane Street is a New York-based quantitative trading firm with a focus on technology and collaborative problem solving.

Pixelle updated, trades

Pixelle Specialty Solutions finalized the spread on its fungible $255 million incremental first-lien term loan (B1/B) due October 2024 at Libor plus bps, the high end of the Libor plus 625 bps to 650 bps talk, and added a 25 bps step-down at 2x total net leverage, a market source said.

The term loan still has a 1% Libor floor, a discount of 98 and 101 soft call protection for six months.

Recommitments were due at noon ET on Friday and the term loan broke for trading in the afternoon, with levels quoted at 98¼ bid, 99 offered, another source added.

The company’s existing first-lien term loan is priced at Libor plus 600 bps but will be repriced to match the incremental loan pricing.

The manufacturer of specialty paper products is also getting a $20 million revolver.

Credit Suisse Securities (USA) LLC and Citizens Bank are leading the deal that will be used with a $110 million equity commitment from Lindsay Goldberg LLC to fund the acquisition of specialty paper mills in Jay, Maine, and Stevens Point, Wis., from Verso Corp. for $365 million in cash and the assumption of $35 million in unfunded pension liabilities, which is expected to close this quarter.

Wrench sets terms, breaks

Wrench Group firmed pricing on its $223,874,999 first-lien term loan due April 30, 2026 and on its $75 million first-lien delayed-draw term loan due April 30, 2026 at Libor plus 400 bps, the high end of the Libor plus 375 bps to 400 bps talk, according to a market source.

The term loans (B2/B) still have a 0% Libor floor, a par issue price and 101 soft call protection for six months.

During the session, the term debt freed to trade and levels were quoted at par bid, par ½ offered, another source added.

Jefferies LLC is leading the deal that will be used to reprice the existing funded and delayed-draw term loans down from Libor plus 425 bps.

Closing is targeted for Monday.

Wrench Group is a provider of home maintenance and repair services specializing in heating, ventilation and air conditioning, plumbing and electrical services.

Advisor modified, trades

Advisor Group raised its fungible add-on term loan B due August 2026 to $475 million from $200 million and changed the original issue discount to 99.75 from 99.5, according to a market source.

Like the existing term B, the add-on term loan is priced at Libor plus 500 bps with a 0% Libor floor.

Commitments were due at 1 p.m. ET on Friday and the loan broke in the afternoon at par bid, par ½ offered, another source added.

UBS Investment Bank, BofA Securities, Inc., Barclays, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, SunTrust Robinson Humphrey Inc., BMO Capital Markets and Credit Suisse Securities (USA) LLC are leading the deal that will be used with bonds to fund the acquisition of Ladenburg Thalmann Financial Services Inc. for $3.50 per share and, due to the upsizing, to refinance an existing $200 million term loan A.

The secured notes offering was scaled back to $500 million from $575 million with the term loan upsizing.

Closing is expected in the first half of this year, subject to customary conditions, including the approval of Ladenburg’s shareholders and regulatory approvals.

Advisor Group is a Phoenix-based network of independent financial advisers. Ladenburg is a Miami-based diversified financial services company.

Golden frees up

Golden Nugget’s $200 million incremental first-lien term loan (Ba3/B+) due Oct. 4, 2023 and repriced $2,392,900,000 first-lien term loan (Ba3/B+) due Oct. 4, 2023 broke too, with levels seen at par bid, par ¼ offered, a market source said.

Pricing on the incremental term loan and on the repriced loan is Libor plus 250 bps with a 0.75% Libor floor. The debt was issued at par and has 101 soft call protection for six months.

During syndication, the incremental term loan was upsized from $100 million and the issue price was revised from 99.75.

Jefferies LLC and Deutsche Bank Securities Inc. are leading the deal.

The incremental term loan will be used to fund a dividend and the repricing will take the existing term loan down from Libor plus 275 bps with a 0.75% Libor floor.

Closing is expected on Tuesday.

Golden Nugget is a diversified restaurant, hospitality, entertainment and gaming company.

Veritext hits secondary

Veritext’s roughly $470 million first-lien term loan (B2/B) due August 2025 broke on Friday, with the debt quoted at par bid, according to a market source.

Pricing on the term loan is Libor plus 350 bps with a 25 bps leverage-based step-down and 0% Libor floor. The debt was issued at par and has 101 soft call protection for six months.

Jefferies LLC is leading the deal that will be used to reprice an existing term loan down from Libor plus 375 bps.

Veritext is a Livingston, N.J.-based services provider to the legal industry.

Wells tops par

Wells Enterprises’ $50 million add-on covenant-lite term loan B due March 2025 began trading too, with levels seen at par ¼ bid, 101 offered, a trader remarked.

Pricing on the term loan is Libor plus 300 bps with a step-down to Libor plus 275 bps at Ba3/BB- issuer ratings and a 0% Libor floor. The debt was issued at par.

BMO Capital Markets is leading the deal that will be used to refinance ABL borrowings.

Wells Enterprises is a Le Mars, Iowa-based ice cream and frozen treat manufacturer.

TransDigm sets terms

Back in the primary market, TransDigm firmed pricing on its $2.221 billion term loan E due May 2025 and on its $1.778 billion term loan G due August 2024 at Libor plus 225 bps, the high end of the Libor plus 200 bps to 225 bps talk, and finalized the original issue discount on the $3.524 billion term loan F due December 2025 at 99.75, the wide end of the 99.75 to 99.875 talk, a market source said.

Also, the MFN sunset was removed so there is MFN for life on all tranches.

The issue price on the term loans E and G remained at par, pricing on the term loan F remained at Libor plus 225 bps, and all of the term loans still have a 0% Libor floor and 101 soft call protection for six months.

Goldman Sachs Bank USA is leading the $7.523 billion of term loans (Ba3/B+).

The term loan E and the term loan G will be used to reprice an existing term loan E and an existing term loan G down from Libor plus 250 bps, and the term loan F will be used to extend an existing term loan F from June 2023 and reprice the tranche down from Libor plus 250 bps.

TransDigm is a Cleveland-based designer, producer and supplier of highly engineered aircraft components for use on commercial and military aircraft.

Russell firms spread

Russell Investments finalized pricing on its roughly $1.026 billion first-lien term loan B due June 2023 at Libor plus 275 bps, the high end of the Libor plus 250 bps to 275 bps talk, a market source remarked.

As before, the term loan has a 1% Libor floor, a par issue price and 101 soft call protection for six months.

Allocations are expected on Monday, the source added.

Barclays is leading the deal that will be used to reprice an existing term loan B, which is being paid down by about $90 million to roughly $1.026 billion.

Russell is a Seattle-based asset manager.

Station finalized

Station Casinos trimmed its term loan B (Ba3/BB-) to $1.533 billion from $1.605 billion and moved the original issue discount to 99.875 from talk in the range of 99.5 to 99.75, a market source said.

The term loan is still priced at Libor plus 225 bps with a 0.25% Libor floor and has 101 soft call protection for six months.

Recommitments were due at 11 a.m. ET on Friday, the source added.

J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Wells Fargo Securities LLC, Fifth Third, Citizens Bank, BNP Paribas Securities Corp., SunTrust Robinson Humphrey Inc., Citigroup Global Markets Inc., Goldman Sachs Bank USA and KeyBanc Capital Markets are leading the deal that will be used to help refinance existing bank debt.

Station Casinos is a Las Vegas-based casino gaming company.

Elanco upsizes

Elanco Animal Health increased its seven-year term loan B to $3.7 billion from $2.425 billion and cancelled plans for $1.275 billion of other secured debt, according to a market source.

Also, the commitment deadline was accelerated to noon ET on Tuesday from Thursday, the source added.

As before, talk on the term loan B is Libor plus 200 bps with a 0% Libor floor, an original issue discount of 99.5 to 99.75 and 101 soft call protection for six months.

The company’s now $5.025 billion of credit facilities (Baa3/BB+/BBB-) include a $750 million revolver and a $575 million term loan A as well.

Goldman Sachs Bank USA, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are leading the deal that will be used to help fund the acquisition of Bayer AG’s animal health business for $5.32 billion in cash, subject to customary purchase price adjustments, and $2.28 billion or about 68 million Elanco Animal Health common shares.

Closing is targeted for mid-year, subject to regulatory approval and other customary conditions.

Elanco is a Greenfield, Ind.-based animal health company that develops products and knowledge services to prevent and treat disease in food animals and pets.

UPC tightens

UPC revised original issue discount talk on its $700 million covenant-lite term loan due April 30, 2028 to a range of 99.5 to 99.75 from just 99.5, and then firmed at 99.75, and on its €400 million covenant-lite term loan due April 30, 2029 to a range of 99.75 to 99.875 from just 99.75, and then finalized at 99.875, market sources said.

The U.S. term loan is priced at Libor plus 225 bps with a 0% Libor floor and the euro term loan is priced at Euribor plus 250 bps with 0% floor. Both term loans (Ba3/BB/BB+) have 101 soft call protection for six months.

Commitments were due at noon ET on Friday.

The borrower on the U.S. term loan is UPC Financing Partnership and the borrower on the euro loan is UPC Broadband Holding BV.

BofA Securities, Inc., Credit Suisse Securities (USA) LLC, Barclays, BNP Paribas Securities Corp., Credit Agricole, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, HSBC Securities (USA) Inc., ING Capital Markets, J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc., NatWest and Bank of Nova Scotia are leading the deal, with BofA left on the U.S. and Credit Suisse left on the euro. Scotia is the administrative agent.

UPC, a European cable company, will use the term loans to repay $1.14 billion of 5 3/8% notes due 2025.

NFP flexes

NFP increased pricing on its $1.8 billion seven-year term loan (B2) to Libor plus 325 bps from Libor plus 300 bps and set the original issue discount at 99.5, the tight end of the 99.25 to 99.5 talk, according to a market source.

BofA Securities is leading the deal that will be used to refinance an existing term loan.

NFP is a New York-based insurance broker and consultant.

Bombardier updated

Bombardier Recreational Products firmed the spread on its $1,219,825,000 term loan B (Ba3/BB) due May 23, 2027 at Libor plus 200 bps, the high end of the Libor plus 175 bps to 200 bps talk, a market source said.

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

RBC Capital Markets, BMO Capital Markets and TD Securities are leading the deal that will be used to amend and extend by two year an existing term loan B, remove U.S. Real Property in flood areas only and upsize the term loan B to repay the term loan B-2.

Closing is expected on Tuesday.

Bombardier Recreational is a Valcourt, Quebec-based designer, manufacturer, distributor and marketer of motorized recreational vehicles and powersports engines.

Gigamon changes emerge

Gigamon reduced pricing on its fungible $150 million incremental first-lien term loan (B3) due Dec. 27, 2024 to Libor plus 425 bps from Libor plus 450 bps, removed the step-down to Libor plus 425 bps at 4.05x first-lien net leverage and modified the original issue discount to 99.25 from 99, a market source remarked.

As before, the incremental term loan has a step-down to Libor plus 400 bps at 3.55x first-lien net leverage, a 1% Libor floor and 101 soft call protection for six months.

Due to the incremental term loan pricing flex, the company’s existing term loan will now be repriced down to Libor plus 425 bps from Libor plus 450 bps, the source said.

Recommitments from new lenders were due at 2 p.m. ET on Friday and consents from existing lenders are due at 4 p.m. ET on Monday, the source added.

Jefferies LLC is leading the deal.

The incremental debt will be used to repay an existing second-lien term loan.

Gigamon is a Santa Clara, Calif.-based provider of active visibility into physical and virtual network traffic.

Web.com pulled

Web.com withdrew from market the repricing of its $997,640,297 covenant-lite term loan B due Oct. 11, 2025, according to a market source.

Talk on the repricing was Libor plus 350 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months.

Morgan Stanley Senior Funding Inc. was leading the deal.

Web.com is a Jacksonville, Fla.-based provider of internet services and online marketing solutions for small and medium sized businesses.

Access CIG withdrawn

Access CIG pulled due to market conditions the repricing of its roughly $916.2 million first-lien term loan due February 2025 and roughly $50 million first-lien delayed-draw term loan due February 2025, a market source remarked.

The term loans were talked at Libor plus 350 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months.

Jefferies LLC was leading the deal.

Access CIG is a Livermore, Calif.-based provider of physical and digital records and information management services.

Innophos accelerated

Innophos moved up the commitment deadline for its $415 million seven-year first-lien term loan B (B1/B+) to noon ET on Monday from noon ET on Tuesday, a market source said.

Talk on the term loan B is Libor plus 400 bps to 425 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

The company’s $540 million of senior secured credit facilities also include a $125 million five-year asset-based revolver that is expected to be undrawn at close.

RBC Capital Markets, KeyBanc Capital Markets and Barclays are leading the deal that will be used to help 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.

Other funds for the buyout will come from $300 million of senior notes and $306 million of equity, which is 30% of the capitalization.

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

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

Agiliti moves deadline

Agiliti accelerated the commitment deadline for its $125 million term loan to noon ET on Monday from Tuesday, a market source remarked.

Talk on the term loan is Libor plus 300 bps with a 0% Libor floor and an original issue discount of 99.5 to 99.75.

J.P. Morgan Securities LLC is leading the deal that will be used to refinance existing debt.

Agiliti is a Minneapolis-based provider of health care technology management and service solutions.

Vertiv details surface

Vertiv Group held its lender call on Friday and launched a $2.2 billion seven-year covenant-lite term loan B (B1/B+) talked at Libor plus 300 bps to 325 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, according to a market source.

Commitments are due at 5 p.m. ET on Feb. 10, the source said.

Citigroup Global Markets Inc. is the left lead on the deal that will be used to refinance the remaining capital structure following closing of the company’s merger with GS Acquisition Holdings Corp., a special purpose acquisition company.

The merger is expected to close on Feb. 7 and the term loan is expected to close on March 2.

Vertiv, currently a Platinum Equity portfolio company, is a Columbus, Ohio-based provider of critical digital infrastructure and continuity solutions.

StandardAero on deck

StandardAero set a lender call for 11 a.m. ET on Monday to launch a fungible $200 million incremental covenant-lite first-lien term loan (B2/B/BB-) due April 2026 and a repricing of its existing $2.14 billion covenant-lite first-lien term loan (B2/B/BB-) due April 2026, according to a market source.

The term loan debt is talked at Libor plus 350 bps with a 25 bps step-down at 4.25x first-lien leverage, a 0% Libor floor and 101 soft call protection for six months, the source said. The repricing is offered at par and the original issue discount on the incremental term loan is still to be determined.

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

Credit Suisse Securities (USA) LLC is the left lead on the deal.

The incremental term loan will be used to refinance an ABL draw, and the repricing will take the existing term loan down from Libor plus 400 bps.

StandardAero is a Scottsdale, Ariz.-based provider of aircraft engine maintenance, repair and overhaul services.

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