ExamWorks, Carnival, Trade Me, Alltech, BroadStreet, Oregon Tool, Patriot and more break

By Sara Rosenberg

New York, Oct. 7 – ExamWorks set the spread on its first-lien term loan at the low end of revised guidance, Carnival Corp. adjusted the original issue discount on its first-lien term loan B, and Trade Me Group Ltd. (Titan Acquisitionco) finalized the breakdown of its first-lien term loan U.S. and New Zealand dollar tranche sizes, and updated pricing on the U.S. debt, and then these deals freed to trade on Thursday.

Also, before breaking for trading, Alltech Inc. trimmed the spread as well as the original issue discount on its term loan B and made some changes to documentation, BroadStreet Partners Inc. increased the size of its incremental term loan B and lowered pricing, and Oregon Tool Inc. upsized its term loan B and tightened the original issue discount.

Additionally, Patriot Rail & Ports extended the call protection on its first-lien term loan B and Lucky Bucks set the issue price on its add-on term loan at the wide end of talk ahead of making their way into the secondary market, and deals from APi Group Inc., Medical Solutions (Reverb Buyer Inc.) and Gulf Finance LLC began trading as well.

In more happenings, Conduent Inc. firmed pricing on its term loan B at the high end of talk, Cloudmed set the spread on its first-lien term loan at the low end of guidance, and Wrench Group LLC moved some funds between its incremental first- and second-lien term loans, and tightened issue prices on its incremental and repriced first-lien debt.

Furthermore, Tibco Software Inc. (Bali Finco Inc.), LaserShip Inc., Clubessential Holdings (CE Intermediate I LLC), Quirch Foods LLC and Virgin Pulse released price talk with launch, and Synaptics Inc. and Avantor Inc. joined the near-term primary calendar.

ExamWorks updated, trades

ExamWorks firmed pricing on its $1.7 billion seven-year first-lien term loan (B1/B) at Libor plus 325 basis points, the low end of revised talk of Libor plus 325 bps to 350 bps and down from initial talk of Libor plus 375 bps, a market source said.

The first-lien term loan still has one pricing step-down, a 0.5% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Earlier in syndication, one of two pricing step-downs was removed from the term loan.

On Thursday, the first-lien term loan broke for trading, with levels quoted at 99 7/8 bid, par 1/8 offered, another source added.

BofA Securities Inc., Goldman Sachs Bank USA, Barclays, Deutsche Bank Securities Inc., Truist, Nomura, Jefferies LLC, BNP Paribas Securities Corp. and Societe Generale are leading the deal that will be used with a $540 million privately placed second-lien term loan to help fund the buyout of the company by CVC Capital Partners.

Closing is expected this year, subject to customary conditions and receipt of required regulatory approvals.

ExamWorks is an Atlanta-based provider of independent medical examinations, peer reviews, bill reviews, Medicare compliance, record retrieval, document management and related services.

Carnival tightens, breaks

Carnival revised the original issue discount on its $2.31 billion seven-year senior secured first-lien term loan B to 99.5 from talk in the range of 98.75 to 99, a market source remarked.

The term loan is still priced at Libor plus 325 bps with a 0.75% Libor floor, and has 101 hard call protection for one year.

Earlier in syndication, the term loan was upsized from $1.5 billion.

During the session, the term loan B hit the secondary market, with levels quoted at 99 5/8 bid, 99 7/8 offered, another source added.

JPMorgan Chase Bank is leading the deal that will be used to redeem 11½% first priority senior secured notes due April 1, 2023 and to pay related accrued interest, fees and expenses.

Carnival is a Miami-based cruise operator.

Trade Me tweaked, frees

Trade Me Group outlined the breakdown of its $775 million equivalent U.S and New Zealand dollar seven-year first-lien term loan (B2/B-) at $600 million U.S. and $175 million equivalent New Zealand dollar, from initial talk of a minimum $600 million U.S. tranche, according to a market source.

Pricing on the U.S. term loan was set at Libor plus 400 bps, the low end of the Libor plus 400 bps to 425 bps talk, and the original issue discount was tightened to 99.75 from 99, the source said.

As before, the U.S. term loan has a 0.5% Libor floor and 101 soft call protection for six months.

Recommitments were due at 1:30 p.m. ET on Thursday and the U.S. term loan started trading in the afternoon, with levels quoted at 99 7/8 bid, par 3/8 offered, another source added.

Trade Me is also getting a $107 million revolver and a $331 million privately placed second-lien term loan.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to repay existing debt and fund a shareholder distribution.

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

Alltech flexes, breaks

Alltech reduced pricing on its $400 million seven-year covenant-lite term loan B to Libor plus 400 bps from talk in the range of Libor plus 425 bps to 450 bps and changed the original issue discount to 99.5 from 99, a market source remarked.

In addition, MFN on the term loan B was revised to 50 bps for 36 months from 75 bps for 12 months, MFN carve-outs of $100 million/0.5x LTM EBITDA, loans maturing 12-months outside of the term loan B and only applies to broadly syndicated loans were removed, and the company is required to hold quarterly lender calls as language of “at request of agent” was removed, the source continued

The 0.5% Libor floor and 101 soft call protection for six months on the term loan B were unchanged.

Recommitments were due at 1:30 p.m. ET on Thursday and the term loan B hit the secondary market late in the day, with levels quoted at par 1/8 bid, par 3/8 offered, another source added.

The Nicholasville, Ky.-based animal health and nutrition company’s $1.13 billion of credit facilities (B2/B) also include a $305 million revolver and a $425 million term loan A.

Deutsche Bank Securities Inc., BofA Securities Inc., BMO Capital Markets, Goldman Sachs Bank USA, HSBC Securities (USA) Inc., Fifth Third and Rabobank are leading the deal that will refinance existing debt.

BroadStreet revised, trades

BroadStreet Partners raised its non-fungible incremental term loan B due Jan. 27, 2027 to $407.5 million from $332.5 million and cut pricing to Libor plus 325 bps from Libor plus 350 bps, according to a market source.

The incremental term loan still has a 0.5% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Commitments were due at 12:30 p.m. ET on Thursday, accelerated from 5 p.m. ET on Thursday, and the incremental term loan freed up later in the day, with levels quoted at 99 5/8 bid, 99 7/8 offered, a trader added.

RBC Capital Markets is leading the deal that will be used with $325 million of unsecured notes to fund a new core agency partnership and, due to the upsizing, to add cash to the balance sheet for future acquisitions.

Ontario Teachers’ Pension Plan, Century Equity Partners and Penfund are the sponsors.

BroadStreet is a Columbus, Ohio-based insurance broker.

Oregon Tool reworked, frees

Oregon Tool upsized its seven-year term loan B (B1/B-) to $850 million from $800 million, and changed original issue discount talk to a range of 99 to 99.5 from 99, before firming at 99.5, a market source said.

The term loan is still priced at Libor plus 400 bps with a 0.5% Libor floor, and has 101 soft call protection for six months.

Commitments were due at noon ET on Thursday and the term loan broke later in the day, with levels quoted at 99 7/8 bid, par 3/8 offered, another source added.

BofA Securities Inc., JPMorgan Chase Bank, Goldman Sachs Bank USA, Jefferies LLC and Houlihan Lokey are leading the deal that will be used to help fund the buyout of the company by Platinum Equity from American Securities and P2 Capital.

Other funds for the transaction will come from $300 million of notes, downsized from $350 million.

Closing is expected in the fourth quarter.

Oregon Tool is a Portland, Ore.-based manufacturer and distributor of aftermarket-driven professional grade cutting tools, outdoor equipment accessories and parts.

Patriot modified, trades

Patriot Rail & Ports extended to one year from six months the 101 soft call protection on its roughly $301 million first-lien term loan B (B2/B-) due Oct. 18, 2026, according to a market source.

Pricing on the term loan is Libor plus 400 bps with a 0.25% Libor floor and it has a par issue price.

Late in the day, the term loan began trading, with levels quoted at par ¼ bid, par 5/8 offered, a trader added.

RBC Capital Markets is leading the deal that will be used to reprice an existing term loan B down from Libor plus 450 bps with a 0% Libor floor.

First Sentier Investors is the sponsor.

Patriot Rail is a Jacksonville, Fla.-based owner of a portfolio of short-line railroads, port terminals and related infrastructure assets, providing transportation and logistics solutions.

Lucky Bucks firms, breaks

Lucky Bucks finalized the original issue discount on its fungible $50 million add-on term loan due July 2027 at 98, the wide end of the 98 to 98.5 talk, a market source said.

Pricing on the add-on term loan is Libor plus 550 bps with a 0.75% Libor floor, in line with existing term loan pricing.

The add-on term loan made its way into the secondary market during the session, with levels quoted at 98 1/8 bid, 98 5/8 offered, another source added.

Macquarie Capital (USA) Inc. is leading the deal that will be used for acquisition financing and to repay revolver borrowings.

Lucky Bucks is a Norcross, Ga.-based digital skill-based coin operated amusement machine route operator.

APi hits secondary

APi Group’s $1.1 billion seven-year senior secured incremental covenant-lite first-lien term loan B (Ba1/BB-) freed to trade, with levels quoted at par bid, par 3/8 offered, according to a market source.

Pricing on the term loan is Libor plus 275 bps with a 0% Libor floor and it was sold at an original issue discount of 99.5. The debt has 101 soft call protection for six months, and ticking fees of half the margin from days 61 to 90 and the full margin thereafter.

During syndication, the discount on the term loan was revised from 99.

Citigroup Global Markets Inc., Barclays, RBC Capital Markets, UBS Investment Bank, JPMorgan Chase Bank, U.S. Bank and Blackstone are leading the deal that will be used with $300 million of senior notes, cash on hand and a perpetual preferred equity financing to fund the acquisition of the Chubb Fire & Security business from Carrier Global Corp. for $2.9 billion in cash and about $200 million of assumed liabilities and other adjustments.

Closing is expected in early January, subject to a consultation process and standard regulatory approvals.

APi is a New Brighton, Minn.-based business services provider of safety, specialty and industrial services. Chubb is a U.K.-based fire safety and security provider.

Medical Solutions breaks

Medical Solutions’ $1.05 billion seven-year first-lien term loan (B1/B) and $200 million first-lien delayed-draw term loan (B1/B) began trading, with levels on the strip of debt quoted at 99¾ bid, par ¼ offered on the open and then it moved to par bid, par ¼ offered, a market source remarked.

Pricing on the first-lien term loan debt is Libor plus 350 bps with a 25 bps step-down at 0.5x inside closing date first lien net leverage, subject to a one-year holiday, and a 0.5% Libor floor. The debt was sold at an original issue discount of 99.5 and has 101 soft call protection for six months. Delayed-draw ticking fees are half the margin from days 46 to 90 and the full margin thereafter.

The delayed-draw term loan is available for 24 months after closing, subject to pro forma compliance with a 5.25x first-lien net leverage ratio.

The company is also getting a $270 million privately placed second-lien term loan.

During syndication, the funded first-lien term loan was upsized from $1 billion as the second-lien term loan was downsized from $320 million, pricing on the first-lien term loan debt was reduced from talk in the range of Libor plus 375 bps to 400 bps, the step-down was added and the discount was tightened from 99.

Medical Solutions leads

UBS Investment Bank, Jefferies LLC, Goldman Sachs Bank USA, Wells Fargo Securities LLC, MUFG, Citizens Bank, KeyBanc Capital Markets, TD Securities (USA) LLC and SMBC are leading Medical Solutions’ loans.

Proceeds will be used to help fund the buyout of the company by Centerbridge Partners LP and Caisse de depot et placement du Quebec from TPG Growth.

Closing is expected in the fourth quarter, subject to customary conditions and approvals.

Medical Solutions is an Omaha-based provider of total workforce solutions in the health care industry.

Gulf starts trading

Gulf Finance’s $720,025,403 amended and extended senior secured term loan B (Caa1/B) due Aug. 25, 2026 broke as well, with levels quoted at 96 bid, 97 offered, a trader said.

Pricing on the extended term loan is Libor plus 675 bps with 25 bps step-downs at 0.5x and 1.0x below closing leverage and a 1% Libor floor. The debt has hard call protection of 102 in year one and 101 in year two. There was no original issue discount on the extended term loan.

Morgan Stanley Senior Funding Inc. is leading the deal.

The term loan B is being extended by three years from 2023.

Currently, the term loan B totals $1,048,440,641, but the company is expecting an equity contribution and term loan repayment of about $325 million with this transaction, and is not extending $3,152,813 of the term loan.

Closing is expected on Oct. 25.

Gulf Finance is a refined products terminaling, storage and logistics business and a distributor of petroleum products.

Conduent finalizes

Back in the primary market, Conduent set the spread on its $515 million seven-year term loan B at Libor plus 425 bps, the high end of the Libor plus 400 bps to 425 bps talk, according to a market source.

The term loan still has a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

The company’s $1.33 billion of credit facilities (BB-) also include a $550 million revolver and a $265 million term loan A.

BofA Securities Inc. and Citigroup Global Markets Inc. are leading the deal that will be used with $520 million of secured notes to refinance the company’s existing capital structure.

Conduent is a provider of business process services.

Cloudmed sets spread

Cloudmed finalized pricing on its $637 million first-lien term loan due October 2027 at Libor plus 425 bps, the low end of the Libor plus 425 bps to 450 bps talk, a market source remarked.

The term loan still has a 25 bps step-down upon a qualified initial public offering, a 0.5% Libor floor, a par issue price and 101 soft call protection for six months.

Allocations went out on Thursday.

Goldman Sachs Bank USA, Deutsche Bank Securities Inc., Jefferies LLC, Barclays and KeyBanc Capital Markets are leading the deal that will be used to reprice an existing term loan down from Libor plus 500 bps with a 0.75% Libor floor.

Cloudmed, formerly known as Revint, is an Atlanta-based provider of end-to-end revenue integrity solutions that identify and recover unidentified or underpaid revenue on behalf of health care systems.

Wrench restructures

Wrench Group lifted its fungible incremental first-lien term loan due April 30, 2026 to $220 million from $200 million and scaled back its fungible privately placed incremental second-lien term loan to $70 million from $90 million, a market source said.

Furthermore, the original issue discount on the incremental first-lien term loan was tightened to 99.75 from 99.25 and the discount on the company’s repriced $119.1 million incremental first-lien term loan was changed to 99.75 from 99.5, the source continued.

Pricing on the incremental first-lien term loan and repriced loan remained at Libor plus 400 bps with a 0% Libor floor.

The currently non-fungible $119.1 million repriced term loan will become fungible with the existing first-lien priced at Libor plus 400 bps with a 0% Libor floor and the new incremental first-lien term loan, creating one first-lien tranche, which will include 101 soft call protection for six months.

Previously in syndication, the repricing of the existing $119.1 million incremental first-lien term loan down from Libor plus 450 bps with a 1% Libor floor was added to the transaction.

Wrench shuts books

Commitments and consents for Wrench Group’s bank debt continued to be due at noon ET on Thursday, the source added.

Jefferies LLC, Macquarie Capital (USA) Inc. and Antares Capital are leading the deal.

The new incremental first-and second-lien term loans will be used to fund the acquisition of Morris-Jenkins, a provider of air conditioning, heating and plumbing services in Charlotte, N.C., and the surrounding areas.

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

Tibco proposed terms

Tibco Software held its lender call on Thursday afternoon and announced talk on its non-fungible $1.415 billion covenant-lite first-lien term loan due June 2026 at Libor plus 375 bps with a 0% Libor floor, an original issue discount of 98 to 98.5 and 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on Oct. 21, the source added.

Nomura, Jefferies LLC, KKR Capital Markets, Macquarie Capital (USA) Inc. and Oak Hill Advisors are leading the deal that will be used to help fund the acquisition of Blue Prism Group plc for £11.25 per share, or £1.1 billion, and to pay fees and expenses.

Tibco, a Vista Equity portfolio company, is a Palo Alto, Calif.-based infrastructure and business intelligence software company. Blue Prism is a U.K.-based provider of intelligent automation for the enterprise.

LaserShip talk

LaserShip launched at its afternoon bank meeting its fungible $650 million incremental first-lien term loan (B-) due May 7, 2028 with original issue discount talk of 99.5 and its fungible $225 million incremental second-lien term loan (CCC) due May 7, 2029 with discount talk of 98.5, a market source remarked.

Pricing on the incremental first-lien term loan is Libor plus 450 bps with one leverage-based step-down and one step-down upon completion of an initial public offering, and a 0.75% Libor floor, and pricing on the incremental second-lien term loan is Libor plus 750 bps with one step-down upon an IPO and a 0.75% Libor floor.

The company is also getting a $50 million incremental revolver due May 7, 2026.

Commitments are due at 4 p.m. ET on Oct. 19, the source added.

Jefferies LLC, RBC Capital Markets, Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc. and UBS Investment Bank are leading the deal that will be used to fund the acquisition of OnTrac Logistics Inc.

LaserShip is a regional last mile parcel delivery provider in the eastern United States with a focus on business to consumer deliveries for e-commerce retailers. OnTrac is a Chandler, Ariz.-based logistics company.

Clubessential guidance

Clubessential came out with talk of Libor plus 400 bps to 425 bps with a 0.5% Libor floor and an original issue discount of 99 on its $300 million 5.5-year term loan (B3/B-) that launched with a call in the afternoon, according to a market source.

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

Commitments are due at noon ET on Oct. 21, the source added.

Barclays is the left lead on the deal, which will be used to refinance existing debt and recapitalize the company following a minority investment by Silver Lake Partners. Existing majority shareholder Battery Ventures will make a follow-on investment in the company as part of the transaction.

Clubessential is a provider of vertical SaaS and payments solutions serving member-based organizations such as country clubs, social clubs, golf courses, fitness studios and gyms, government-operated parks and recreation facilities and selected affiliate sports organizations.

Quirch launches

Quirch Foods launched on its afternoon call its fungible $100 million add-on term loan B due Oct. 27, 2027 and repricing of its existing $471 million term loan B due Oct. 27, 2027 at talk of Libor plus 450 bps with a 1% Libor floor and 101 soft call protection for six months, a market source said.

The add-on term loan is talked with an original issue discount of 99.5 and the repricing is offered at par, the source added.

Commitments are due at noon ET on Oct. 14.

RBC Capital Markets is the left lead on the deal.

The add-on term loan will be used to repay borrowings under the company’s ABL facility and the repricing will take the existing term loan B down from Libor plus 475 bps with a 1% Libor floor.

Quirch Foods is a Coral Gables, Fla.-based specialty protein supplier to chain grocery stores.

Virgin Pulse holds call

Virgin Pulse held a lender call during the session, launching a $35 million add-on first-lien term loan and a $15 million add-on second-lien term loan, both talked with an original issue discount of 99.25 to 99.5, a market source remarked.

The add-on first-lien term loan is priced at Libor plus 400 bps with a 0.75% Libor floor and the add-on second-lien term loan is priced at Libor plus 725 bps with a 0.75% Libor floor.

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

KKR Capital Markets and JPMorgan Chase Bank are leading the deal, with KKR the left lead on the first-lien loan and JPMorgan the left lead on the second-lien loan.

The new debt will be used to fund an acquisition.

Virgin Pulse is a Providence, R.I.-based digital health, wellbeing and engagement company.

Synaptics on deck

Synaptics will hold a lender call at 11 a.m. ET on Tuesday to launch a $600 million seven-year first-lien term loan, according to a market source.

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

Barclays, Wells Fargo Securities LLC, MUFG and BMO Capital Markets are leading the deal that will be used to fund the acquisition of DSP Group Inc. for $22.00 per share.

Closing is expected by the end of the year, subject to DSP Group shareholder approval and customary conditions.

Synaptics is a San Jose, Calif.-based provider of high performance IoT and PC semiconductor solutions. DSP is a provider of voice and wireless chipset solutions for converged communications.

Avantor readies loan

Avantor scheduled a lender call for noon ET on Tuesday to launch a $900 million incremental first-lien term loan B, a market source said.

Goldman Sachs Bank USA and Citigroup Global Markets Inc. are leading the deal that will be used with $800 million of unsecured debt and a common stock offering to fund the acquisition of the Masterflex bioprocessing business and related assets of Antylia Scientific for $2.9 billion.

Closing is expected in the fourth quarter, subject to customary closing conditions, including receipt of applicable regulatory approvals.

Avantor is a Radnor, Pa.-based provider of mission-critical products and services to customers in the life sciences and advanced technologies & applied materials industries. Masterflex is a Vernon Hills, Ill.-based manufacturer of peristaltic pumps and aseptic single-use fluid transfer technologies.

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