Unified Women’s, IMTT, RxBenefits, Provation free up; KIK, Asurion, Cloudera, Tank revised

By Sara Rosenberg

New York, Dec. 17 – Unified Women’s Healthcare LP firmed pricing on its first-lien term B at the low end of guidance, International-Matex Tank Terminals (IMTT, RS Ivy Holdco) upsized its term loan, set pricing at the narrow side of talk and tightened the original issue discount, and RxBenefits Inc. (RXB Holdings Inc.) firmed the spread on its first-lien term loan at the low end of guidance, and then these deals broke for trading on Thursday.

Also, Provation Software Group Inc. increased the size of its first-lien term loan and finalized the original issue discount at the tight end of talk before freeing up for trading, and ExamWorks LLC’s add-on term loan B hit the secondary market as well.

In more happenings, KIK Consumer Products (Kronos Acquisition Holdings Inc.) increased the size of its first-lien term loan B, and Asurion LLC upsized its term loan B-8 and modified the issue price.

Furthermore, Cloudera Inc. reduced pricing on its term loan B, and Tank Holding Corp. trimmed the spread on its incremental first-lien term loan B and revised the original issue discount.

Unified Women’s firms, breaks

Unified Women’s Healthcare set pricing on its $420 million seven-year senior secured first-lien term B (B2/B-) at Libor plus 425 basis points, the low end of the Libor plus 425 bps to 450 bps talk, a market source said.

The first-lien term loan still has a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

On Thursday, the first-lien term loan freed up for trading, with levels quoted at 99¼ bid, par ¼ offered, another source added.

The company is also getting a $140 million privately placed second-lien term loan.

Barclays, Credit Suisse Securities (USA) LLC, BofA Securities Inc., RBC Capital Markets, Deutsche Bank Securities Inc. and Antares Capital are leading the deal that will be used to help fund the buyout of the company by Altas Partners and Ares Management Corp.

Closing is expected on Friday.

Unified Women’s Healthcare is a Boca Raton, Fla.-based practice management platform in women’s health care.

IMTT revised, frees up

International-Matex Tank Terminals raised its seven-year senior secured term loan to $500 million from $450 million, firmed pricing at Libor plus 550 bps, the low end of the Libor plus 550 bps to 575 bps talk, and adjusted the original issue discount to 98.5 from 98, according to a market source.

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

Recommitments were due at 1 p.m. ET on Thursday and the term loan made its way into the secondary market in the afternoon, with levels quoted at 98¾ bid, 99¼ offered, the source added.

Jefferies LLC, Goldman Sachs Bank USA and Barclays are leading the deal that will be used to help fund the acquisition of the company by Riverstone Holdings LLC from Macquarie Infrastructure Corp. for a total consideration of $2.685 billion.

Closing is expected in late 2020 or early in 2021, subject to customary approvals and conditions.

International-Matex is a New Orleans-based handler and storer of bulk liquid products.

RxBenefits updated, trades

RxBenefits set pricing on its $300 million seven-year first-lien term loan (B2/B-) at Libor plus 525 bps, the low end of the Libor plus 525 bps to 550 bps talk, and left the 0.75% Libor floor, original issue discount of 98 and 101 soft call protection for six months unchanged, a market source remarked.

Previously in syndication, a number of documentation changes were made to the first-lien term loan, including to MFN, incremental, investments, EBITDA definition, restricted payments, restricted debt payments and consolidated total debt.

The first-lien term loan broke for trading during the session, with levels quoted at 99 bid, par offered, another source added.

The company’s $460 million of credit facilities also include a $40 million revolver (B2/B-) and a $120 million privately placed second-lien term loan.

Barclays, Deutsche Bank Securities Inc. and Goldman Sachs Bank USA are leading the deal that will be used to fund a recapitalization of the company by Advent International and Great Hill Partners.

RxBenefits is a Birmingham, Ala.-based pharmacy benefits optimizer for the employee benefit industry.

Provation tweaked, breaks

Provation Software lifted its seven-year covenant-lite first-lien term loan (B2/B-) to $260 million from $250 million and firmed the original issue discount at 98.5, the tight end of the 98 to 98.5 talk, according to a market source.

As before, the first-lien term loan is priced at Libor plus 475 bps with a 0.75% Libor floor and has 101 soft call protection for six months.

Recommitments were due at 11 a.m. ET on Thursday and the first-lien term loan began trading shortly thereafter, with levels quoted at 98¾ bid, 99½ offered, the source added.

The company is also getting an $80 million privately placed second-lien term loan (Caa2/CCC) priced at Libor plus 775 bps with a 0.75% Libor floor and an original issue discount of 98.

Credit Suisse Securities (USA) LLC, Jefferies LLC and BMO Capital Markets are leading the deal that will be used to refinance debt and add cash to the balance sheet for near-term acquisitions.

Provation is a Minneapolis-based provider of clinical productivity software for health care professionals.

ExamWorks hits secondary

ExamWorks’ fungible $125 million add-on term loan B due July 2023 began trading too, with levels quoted at 99 7/8 bid, par 3/8 offered, according to a market source.

Pricing on the add-on term loan is Libor plus 325 bps with a 1% Libor floor, in line with existing term loan B pricing, and the new debt was sold at an original issue discount of 99.75.

During syndication, the discount on the add-on term loan was tightened from 99.52.

BofA Securities Inc. is leading the deal that will be used to fund the acquisition of Sedgwick’s group health peer review and independent medical examination assets.

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

KIK upsizes

Returning to the primary market, KIK Consumer Products raised its six-year senior secured first-lien term loan B (B2/B-) to $900 million from $775 million and scaled back its senior secured notes offering to $475 million from $600 million, a market source said.

The term loan is priced at Libor plus 450 bps with a 0.75% Libor floor, an original issue discount of 99, and has 101 soft call protection for six months.

Previously in syndication, pricing on the term loan was lowered from talk in the range of Libor plus 475 bps to 500 bps, the Libor floor was cut from 1% and the discount was modified from 98.5.

Barclays is leading the loan that will be used with the secured notes and $525 million of senior unsecured notes to repay existing term loans and senior notes and to fund a shareholder distribution.

KIK is a manufacturer and distributor of household cleaning, pool sanitation and automotive performance chemicals.

Asurion reworked

Asurion increased its six-year term loan B-8 (Ba3/B+) to $3.1 billion from $2.087 billion and moved the original issue discount to 98.75 from talk in the range of 97.5 to 98, according to a market source.

The term loan B-8 is still priced at Libor plus 325 bps with a 0% Libor floor and has 101 soft call protection for six months.

Recommitments were due at 4 p.m. ET on Wednesday, the source added.

BofA Securities, Inc., Morgan Stanley Senior Funding, Inc., Goldman Sachs Bank USA, Barclays, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are leading the deal that will be used to refinance an existing term loan B-4 and, as a result of the upsizing, term loan B-6 borrowings.

Asurion is a Nashville-based provider of technology protection services.

Cloudera cuts spread

Cloudera lowered pricing on its $500 million seven-year senior secured covenant-lite term loan B (Ba3/BB-) to Libor plus 250 bps from revised talk in the range of Libor plus 275 bps to 300 bps and initial talk of Libor plus 325 bps, a market source remarked.

The term loan has a 0.75% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Previously in syndication, the discount on the term loan was tightened from 99.

Recommitments are due at noon ET on Friday with allocations expected shortly thereafter, the source added.

Citigroup Global Markets Inc., BofA Securities Inc., J.P. Morgan Securities LLC and Morgan Stanley Senior Funding Inc. are leading the deal that will be used for general corporate purposes, for share repurchases and to pay transaction-related fees and expenses.

Closing is expected on Tuesday.

Cloudera is a Santa Clara, Calif.-based enterprise data cloud company.

Tank flexes

Tank Holding trimmed pricing on its $240 million incremental covenant-lite first-lien term loan B (B2/B-) due March 2026 to Libor plus 500 bps from Libor plus 550 bps and changed the original issue discount to 98.5 from 98, according to a market source.

As before, the incremental term loan has a 0.75% Libor floor and 101 soft call protection for six months.

Commitments remained due at 5 p.m. ET on Thursday and allocations are expected on Friday, the source added.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used with a privately placed incremental second-lien term loan to fund a dividend to shareholders and tuck-in acquisitions under letters of intent.

With the new loan, the company is seeking an amendment to its existing $518 million first-lien term loan B, for which lenders are being offered a 25 bps amendment fee.

Tank Holding is a Lincoln, Neb.-based manufacturer of rotationally molded poly and welded steel bulk storage and material handling products.

Zywave allocates

In other news, Zywave Inc.’s $121.5 million add-on covenant-lite first-lien term loan B due Nov. 12, 2027 allocated on Thursday, a market source said.

Pricing on the add-on first-lien term loan is Libor plus 450 bps with a 0.75% Libor floor and it was sold at an original issue discount of 98.5.

Morgan Stanley Senior Funding, Inc., BNP Paribas Securities Corp., Antares Capital and Ares are leading the deal that will be used with a $49.5 million privately placed add-on second-lien term loan to fund the acquisition of Insurance Technologies Corp. (ITC) from Accel-KKR and to pay fees and expenses related to the transaction.

Closing is expected late this month.

Zywave, a Clearlake Capital Group LP and Aurora Capital Partners portfolio company, is a Milwaukee-based insurance technology provider. ITC is a Carrollton, Tex.-based provider of marketing, rating and agency management software solutions to the insurance industry.

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