ZoomInfo, Avis break; Charter, Titan Acquisition, Cloudera updated; Surgery accelerated

By Sara Rosenberg

New York, Dec. 1 – ZoomInfo LLC firmed the spread on its first-lien term loan B at the low end of guidance, and Avis Budget Group Inc. set the issue price on its term loan C at the tight end of talk, and then both of these deals freed to trade on Friday.

In more happenings, Charter Communications Operating LLC reduced the size of its term loan B-4 and finalized the original issue discount at the wide end of guidance, and Titan Acquisition Holdings (LSF11 Trinity Bidco Inc.) set the issue price on its first-lien term loan B at the wide end of talk.

Also, Cloudera Inc. firmed the commitment fee on its add-on term loan at the high end of guidance, Surgery Partners Inc. (Surgery Center Holdings Inc.) moved up the commitment deadline for its senior secured credit facilities, and Iron Mountain Information Management LLC and Nuvei Corp. joined the near-term primary calendar.

ZoomInfo finalized, frees

ZoomInfo set pricing on its $595.5 million senior secured covenant-lite first-lien term loan B due Feb. 28, 2030 at SOFR plus 225 basis points, the low end of the SOFR plus 225 bps to 250 bps talk, according to a market source.

As before, the term loan has a 0% floor, a par issue price and 101 soft call protection for six months.

The term loan broke for trading on Friday, with levels quoted at par bid, par 3/8 offered, a trader added.

Morgan Stanley Senior Funding Inc., Barclays, JPMorgan Chase Bank, Wells Fargo Securities LLC, BofA Securities Inc. and Goldman Sachs Bank USA are leading the deal that will be used to reprice an existing term loan B down from SOFR+10 bps CSA plus 275 bps with a 0% floor.

Closing is expected during the week of Dec. 4.

ZoomInfo is a Vancouver, Wash.-based provider of sales and marketing data.

Avis sets price, trades

Avis Budget Group firmed the issue price on its roughly $540 million term loan C due March 2029 at par, the tight end of the 99.75 to par talk, a market source said.

The term loan is still priced at SOFR+10 bps CSA plus 300 bps with a 0.5% floor, and still has 101 soft call protection for six months.

During the session, the term loan C freed to trade, with levels quoted at par 1/8 bid, par 5/8 offered, another source added.

JPMorgan Chase Bank is the left lead on the deal that will be used to reprice an existing term loan C down from SOFR+10 bps CSA plus 350 bps with a 0.5% floor.

In connection with this transaction, $200 million of the existing roughly $740 million term loan C is being paid down.

Avis is a Parsippany, N.J.-based provider of vehicle rental services.

Charter revised

Charter Communications scaled back its seven-year term loan B-4 to $2 billion from roughly $2.3 billion and firmed the original issue discount at 99.5, the wide end of the 99.5 to 99.75 talk, according to a market source.

The term loan is still priced at SOFR plus 200 bps with no floor and no CSA, and still has 101 soft call protection for six months.

Recommitments were due at 4:45 p.m. ET on Friday, the source added.

BofA Securities Inc. is the left lead on the deal that will be used to refinance an existing term loan B-1 due 2025.

Charter is a Stamford, Conn.-based cable telecommunications company.

Titan firms OID

Titan Acquisition finalized the original issue discount on its $688,250,000 first-lien term loan B due 2030 at 99.75, the wide end of the 99.75 to par talk, a market source remarked.

Pricing on the term loan remained at SOFR plus 400 bps with a 0% floor, and the debt still has 101 soft call protection for six months.

JPMorgan Chase Bank is the left lead on the deal that will be used to reprice an existing term loan down from SOFR plus 425 bps.

With this transaction, the existing term loan is being paid down by $10 million from $698,250,000.

Titan is a Portland, Ore.-based provider of ship maintenance, repair and overhaul services.

Cloudera updated

Cloudera firmed the commitment fee on its fungible $250 million add-on term loan due October 2028 at 150 bps, the wide end of the 100 bps to 150 bps talk, according to a market source.

As before, the add-on term loan is priced at SOFR+10 bps CSA plus 375 bps with a 0.5% floor and an original issue discount of 99.04, and the add-on and the existing term loan are getting 101 soft call protection for six months.

JPMorgan Chase Bank is leading the deal that will be used for general corporate purposes.

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

Surgery tweaks timing

Surgery Partners accelerated the commitment deadline for its $2,103,750,000 of senior secured credit facilities (Ba3/B) to 2 p.m. ET on Monday from 2 p.m. ET on Tuesday, a market source said.

The facilities consist of a $703.75 million five-year revolver and a $1.4 billion seven-year first-lien term loan.

Talk on the term loan is SOFR plus 375 bps to 400 bps with a 0% floor, an original issue discount of 99 and 101 soft call protection for six months.

Jefferies LLC, Barclays, JPMorgan Chase Bank, BofA Securities Inc., Wells Fargo Securities LLC, Capital One, RBC Capital Markets, Mizuho, Fifth Third, SVB, KKR Capital Markets and SMBC are leading the deal that will be used to refinance the company’s existing credit facilities.

Surgery Partners is a Nashville, Tenn.-based operator of short-stay surgical facilities.

Iron Mountain on deck

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

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

Barclays, JPMorgan Chase Bank and others to be announced are leading the deal. JPMorgan is the administrative agent.

The term loan will be used for general corporate purposes, including, but not limited to, the repayment of revolver borrowings, and to pay related fees and expenses.

Iron Mountain is a Portsmouth, N.H.-based information management company.

Nuvei joins calendar

Nuvei scheduled a lender call for 10 a.m. ET on Monday to launch a $1.075 billion covenant-lite term loan B due December 2030, a market source remarked.

BMO Capital Markets, RBC Capital Markets and others to be announced are leading the deal that will be used to refinance the company’s existing reducing revolver and term loan B.

Nuvei is a Montreal-based payment technology company.

Life Time allocates

In other news, Life Time Inc.’s $310 million covenant-lite term loan B (B1/BB-) due January 2026 allocated on Friday, according to a market source.

Pricing on the term loan is SOFR+CSA plus 400 bps with a 0.5% floor and it was issued at par. CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate. The debt has 101 soft call protection for six months.

Deutsche Bank Securities Inc. is the left lead on the deal that will be used to reprice an existing term loan B that was completed earlier this year at pricing of SOFR+ARRC CSA plus 475 bps with a 25 bps step-down at B2/B corporate ratings and a 0.5% floor. Current corporate ratings are B2/B.

Closing is expected on Wednesday.

Life Time is a Chanhassen, Minn.-based operator of athletic resorts offering amenities for fitness and wellness, family recreation and healthy living.

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