Access CIG term loan breaks for trading; UKG, TransUnion, S&S Holdings changes surface

By Sara Rosenberg

New York, Nov. 15 – Access CIG LLC saw its incremental first-lien term loan allocate and free to trade during Monday’s market hours, with trading levels on the debt quoted above the original issue discount.

Meanwhile, in the primary market, UKG Inc. (Ultimate Kronos Group) reduced the Libor floor on its incremental covenant-lite first-lien term loan and added a repricing of its existing first-lien term loan that would lower the Libor floor, TransUnion LLC adjusted original issue discount talk on its second-lien term loan, and S&S Holdings LLC reduced the size of its incremental first-lien term loan and tightened the issue price.

Also, Internet Brands, Dotdash Meredith Inc., HUB International Ltd., Savers Inc., Allied Universal Holdco LLC, OneDigital, PetVet Care Centers LLC, Consilio (GI Consilio Parent LLC), Flynn Restaurant Group, ProAmpac, Garda World Security Corp., AmeriLife Holdings LLC, Verra Mobility Corp., EverCommerce Inc. and Kestra Financial Inc. (Kestra Advisor Services Holdings A Inc.) all released price talk with launch.

In addition, Duly Health & Care (Midwest Physician Administrative Services LLC), Davis-Standard and Columbus McKinnon Corp. joined this week’s primary calendar.

Access CIG frees up

Access CIG’s fungible $75 million incremental first-lien term loan due Feb. 27, 2025 made its way into the secondary market on Monday, with levels quoted at 99½ bid, par offered, a market source remarked.

Pricing on the incremental term loan is Libor plus 375 basis points with a 0% Libor floor, and the debt was sold at an original issue discount of 99.27. The incremental and existing first-lien term loans are getting 101 soft call protection for six months.

Jefferies LLC, Macquarie Capital (USA) Inc., Nomura and Golub are leading the deal that will be used to fund cash to the balance sheet to be used for acquisitions.

Pro forma for the transaction, the first-lien term loan will total about $1,024,200,000.

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

UKG tweaks deal

Moving to the primary market, UKG trimmed the Libor floor on its fungible $1 billion incremental covenant-lite first-lien term loan (B1/B-) due May 2026 to 0.5% from 0.75% and is now revising the Libor floor on its existing $3.213 billion first-lien term loan due May 2026 to 0.5% from 0.75%, according to market sources.

The existing first-lien term loan is offered at par.

As before, the spread on the first-lien term loan debt is Libor plus 325 bps, original issue discount talk on the incremental first-lien term loan is 99.5 to 99.75 and the first-lien term loan debt is getting 101 soft call protection for six months.

The company is also in market with a $1.7 billion covenant-lite second-lien term loan (Caa1/CCC) due May 2027 talked at Libor plus 575 bps with a 0.5% Libor floor, a discount of 99.75 and hard call protection of 102 for six months and then 101 for a year.

UKG accelerated

Commitments for UKG’s term loans are due at 5 p.m. ET on Wednesday, moved up from 5 p.m. ET on Thursday, sources added.

Credit Suisse Securities (USA) LLC and Nomura are leading the deal, with Credit Suisse the left lead and agent on the first-lien and Nomura the left lead and agent on the second-lien.

The incremental first-lien term loan and second-lien term loan will be used to refinance an existing second-lien term loan, pre-fund three acquisition targets and fund a cash distribution for future acquisitions and/or a dividend.

UKG is a provider of human capital management solutions based in Weston, Fla., and Lowell, Mass.

TransUnion revised

TransUnion changed original issue discount talk on its $640 million eight-year covenant-lite second-lien term loan (B1/BB) to a range of 99.25 to 99.5 from a range of 98.5 to 99, a market source said.

The second-lien term loan is still talked at Libor plus 500 bps with a 0% Libor floor, and is redeemable at par for six months post-closing, followed by call protection of 102 and 101 thereafter.

No changes were made to the company’s $3.1 billion seven-year covenant-lite term B-6 (Ba2/BBB-), which is talked at Libor plus 225 bps to 250 bps with a 0.5% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Commitments continue to be due at 5 p.m. ET on Tuesday, the source added.

TransUnion lead banks

Deutsche Bank Securities Inc., Capital One, RBC Capital Markets and BofA Securities Inc. are the bookrunners on TransUnion’s term loan B-6, with Deutsche the left lead and administrative agent. JPMorgan Chase Bank, Deutsche Bank and Wells Fargo Securities LLC are the bookrunners on the second-lien term loan, with JPMorgan the left lead and administrative agent.

The term loans will be used with cash on hand to fund the purchase of Neustar from an investment group led by Golden Gate Capital for $3.1 billion in cash, refinance certain debt, and finance the acquisition of Sontiq Inc. for $638 million.

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

TransUnion is a Chicago-based information and insights company. Neustar is a Reston, Va.-based information services and technology company. Sontiq is a Nottingham, Md.-based intelligent identity security company.

S&S modified

S&S Holdings scaled back its fungible incremental first-lien term loan due March 11, 2028 to $125 million from $150 million and tightened the original issue discount of 99.25 from 98.5, a market source remarked.

The company decided to use cash on hand to shrink the incremental debt raise, the source explained.

Like the existing term loan, the incremental term loan is priced at Libor plus 500 bps with a 0.5% Libor floor and has 101 soft call protection through March 2022.

Recommitments are due at noon ET on Tuesday, the source added.

Barclays, Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, BMO Capital Markets, BNP Paribas Securities Corp., Citizens, Natixis and Truist are leading the deal that will be used to fund a tuck-in acquisition.

S&S is a Bolingbrook, Ill.-based distributor of imprintable apparel and accessories.

Internet Brands guidance

Internet Brands held its lender call on Monday afternoon and, shortly before the call began, price talk was announced on its $4.805 billion covenant-lite first-lien term loan (B2/B) due Aug. 23, 2028 at Libor plus 375 bps with a 0.5% Libor floor and an original issue discount of 99.5, according to a market source.

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

Commitments are due at 5 p.m. ET on Thursday.

Credit Suisse Securities (USA) LLC, KKR Capital Markets, RBC Capital Markets, Macquarie Capital (USA) Inc. and Mizuho are leading the deal that will be used to refinance existing first-lien debt and fund a shareholder distribution.

Internet Brands is an El Segundo, Calif.-based provider of SaaS and traffic driven marketplace/media offering across health, legal and media verticals.

Dotdash reveals talk

Dotdash Meredith held a lender call at 3 p.m. ET to launch a $1 billion seven-year term loan B (B1/BB-) talked at SOFR+CSA plus 350 bps to 375 bps with a 25 bps step-down at 0.5x inside closing first-lien net leverage, a 0.5% floor, an original issue discount of 99.5 and 101 soft call protection for six months, a market source said.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

Commitments are due at 5 p.m. ET on Nov. 22, the source added.

JPMorgan Chase Bank, BofA Securities Inc., BNP Paribas Securities Corp. and Truist are leading the deal that will be used to fund the acquisition of Meredith Corp.’s National Media Group operating division, which owns a portfolio of magazines as well as digital and marketing assets, by IAC/InterActiveCorp’s Dotdash digital publishing unit.

Dotdash will purchase the National Media business for $42.18 per share in cash, subject to adjustment. The transaction has a total enterprise value of about $2.7 billion.

Closing is expected by the end of the year, subject to customary conditions.

HUB seeks add-on

HUB International surfaced early in the day with intentions to hold a lender call at 10:30 a.m. ET to launch a fungible $1.1 billion senior secured add-on covenant-lite term loan B due April 25, 2025 talked with an original issue discount of 99.28, a market source remarked.

Pricing on the add-on term loan is Libor plus 325 bps with a 0.75% Libor floor, in line with existing term loan pricing, and the add-on term loan has 101 soft call protection for six months.

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

Morgan Stanley Senior Funding Inc., BofA Securities Inc., JPMorgan Chase Bank, Barclays, Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, Macquarie Capital (USA) Inc., Nomura and BMO Capital Markets are leading the loan that will be used with $650 million of other secured debt and $550 million of unsecured debt to fund a distribution to shareholders and expected fourth quarter acquisitions, and to pay related fees, expenses and original issue discount.

HUB is a Chicago-based insurance brokerage.

Savers launches

Savers launched on its afternoon call its $225 million incremental term loan B and a repricing of its existing $600 million term loan due 2028 at talk of Libor plus 450 bps to 475 bps with a 0.75% Libor floor, a par issue price and 101 soft call protection for six months, according to a market source.

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

KKR Capital Markets, Jefferies LLC and Credit Suisse Securities (USA) LLC are leading the deal.

The incremental term loan will be used for acquisition financing and the repricing will take the existing term loan down from Libor plus 575 bps with a 0.75% Libor floor.

Savers is a Bellevue, Wash.-based thrift store chain.

Allied comes to market

Allied Universal held a lender call at 1 p.m. ET, launching a fungible $850 million incremental first-lien term loan due May 2028 talked with an original issue discount of 99.25 to 99.5, a market source said.

Pricing on the term loan is Libor plus 375 bps with a 0.5% Libor floor, in line with existing pricing.

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 that will be used to repay revolver and ABL borrowings.

Allied Universal is a Santa Ana, Calif.-based provider of security services.

OneDigital holds call

OneDigital hosted a lender call at noon ET on Monday to launch a $175 million add-on term loan, a $125 million 12-month availability delayed-draw term loan and a repricing of its existing $1.275 billion term loan due 2027, according to a market source.

Talk on the term loan debt is SOFR+CSA plus 375 bps to 400 bps with a 0.5% floor, an original issue discount of 99.75 and 101 soft call protection for six months, the source said. CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

Delayed-draw ticking fees are half the margin from days 46 to 90 and the full margin thereafter.

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

JPMorgan Chase Bank is leading the deal.

The add-on term loan will be used to add cash to the balance sheet for acquisitions, working capital, capital expenditures and general corporate purposes, and the delayed-draw loan will be used for acquisitions and capital expenditures. The repricing will take the existing loan down from Libor plus 450 bps with a 0.75% Libor floor.

OneDigital is an Atlanta-based provider of employee benefits insurance brokerage and retirement consulting services.

PetVet proposed terms

PetVet Care Centers launched on its afternoon call its fungible $450 million incremental first-lien term loan B-3 due February 2025 with original issue discount talk of 99.5 and its fungible $150 million incremental second-lien term loan due February 2026 with discount talk of 99.75, according to a market source.

Like the existing term loans, the incremental first-lien term loan is priced at Libor plus 350 bps with a 0.75% Libor floor and the incremental second-lien term loan is priced at Libor plus 625 bps with a 0% Libor floor.

Commitments are due at noon ET on Friday.

Jefferies LLC and KKR Capital Markets are leading the deal, with Jefferies the left lead on the first-lien and KKR the left lead on the second-lien.

The term loans will be used to fund the company’s acquisition pipeline.

Also, with this transaction, the company will be extending the maturity of its existing revolver by three years to Feb. 14, 2026.

PetVet is a Westport, Conn.-based operator of general practice and specialty veterinary hospitals for companion animals.

Consilio sets talk

Consilio disclosed original issue discount talk of 99 to 99.25 on its fungible $370 million incremental first-lien term loan (B2/B-) due May 2028 with its afternoon call, a market source remarked.

Pricing on the incremental term loan is Libor plus 400 bps with a 0.5% Libor floor, in line with existing first-lien term loan pricing.

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

Commitments are due at 5 p.m. ET on Nov. 23.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to fund a tuck-in acquisition.

Consilio is a Washington, D.C.-based provider of eDiscovery and document review solutions.

Flynn price talk

Flynn Restaurant Group released talk of Libor plus 400 bps to 425 bps with a 0.5% Libor floor and an original issue discount of 99 on its $1.05 billion seven-year first-lien term loan (B2/B) that launched with a call in the morning, according to a market source.

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

Commitments are due at 2 p.m. ET on Nov. 22, the source added.

BofA Securities Inc. is the left lead on the deal, which will be used to amend and extend an existing $592 million first-lien term loan due June 2025, and repay an existing $135 million second-lien term loan, some preferred equity and credit facilities issued at Apple American.

Flynn Restaurant is a San Francisco-based restaurant franchisee operator.

ProAmpac launches

ProAmpac launched on its morning call its fungible $205 million incremental first-lien term loan due Nov. 3, 2025 with original issue discount talk of 99.25 to 99.5, a market source said.

Like the existing term loan, the incremental term loan is priced at Libor plus 375 bps with a 0.75% Libor floor.

Commitments are due on Friday, the source added.

Antares Capital is leading the deal that will be used to repay revolver borrowings and add cash to the balance sheet.

Pro forma for the transaction, the first-lien term loan will total about $2 billion.

ProAmpac is a Cincinnati-based manufacturer of flexible packaging and material science solutions.

Garda add-on

Garda World Security held a lender call at noon ET to launch a fungible $350 million add-on term loan due October 2026 talked with an original issue discount of 99.75 to par, a market source remarked.

Pricing on the add-on term loan is Libor plus 425 bps with a 0% Libor floor, which matches existing term loan pricing.

Commitments are due at 5 p.m. ET on Nov. 22, the source added.

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

Garda is a Montreal-based provider of cash logistics and security solutions.

AmeriLife holds call

AmeriLife emerged in the morning with plans to hold a lender call at 1 p.m. ET to launch a fungible $135 million incremental covenant-lite first-lien term loan due March 2027 talked with an original issue discount of 99.25 to 99.5, according to a market source.

Pricing on the incremental term loan is Libor plus 400 bps with a 0% Libor floor, in line with existing term loan pricing, and the incremental term loan has 101 soft call protection for six months.

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

Credit Suisse Securities (USA) LLC is leading the deal that will be used to fund tuck-in acquisitions.

AmeriLife is a Clearwater, Fla.-based insurance marketing organization.

Verra OID talk

Verra Mobility launched on its morning call its fungible $250 million add-on covenant-lite term loan B due March 26, 2028 with original issue discount talk in the 99 area, a market source said.

Pricing on the add-on term loan is Libor plus 325 bps with a 0% Libor floor, in line with existing term loan pricing, and the add-on term loan has 101 soft call protection for six months.

Commitments are due at noon ET on Friday.

BofA Securities Inc. is leading the deal that will be used with $115 million of cash on hand to fund the acquisition of T2 Systems, a provider of parking software and hardware solutions, from Thoma Bravo for $347 million.

Closing is expected in December.

Pro forma for the transaction, secured leverage is expected to be 3.5x, total leverage is expected to be 4.9x and net leverage is expected to be 4.8x based on pro forma LTM EBITDA of $256 million.

Verra is a Mesa, Ariz.-based provider of smart mobility technology solutions.

EverCommerce launches

EverCommerce approached lenders with a fungible $200 million add-on term loan due 2028 talked with an original issue discount of 99.5, according to a market source.

Pricing on the add-on term loan is Libor plus 325 bps with a 0.5% Libor floor.

Commitments are due at 10 a.m. ET on Friday, the source added.

KKR Capital Markets and RBC Capital Markets are leading the deal that will be used to repay revolver borrowings and add cash to the balance sheet.

EverCommerce is a Denver-based service commerce platform.

Kestra guidance

Kestra Financial came out with original issue discount talk of 99 to 99.25 on its fungible $145 million add-on first-lien term loan (B-) that launched during the session, a market source remarked.

Pricing on the add-on term loan is Libor plus 425 bps with a 0% Libor floor, in line with existing first-lien term loan pricing.

Commitments are due on Nov. 22, the source added.

UBS Investment Bank is leading the deal, which will be used for a dividend recapitalization, to fund acquisitions and to add cash to the balance sheet.

Kestra Financial, a Warburg Pincus LLC portfolio company, is an Austin, Tex.-based provider of an advisor platform to financial professionals.

Duly readies deal

Duly Health & Care will hold a lender call at noon ET on Tuesday to launch fungible $40 million incremental covenant-lite first-lien term loan due March 2028, according to a market source.

Pricing on the incremental term loan is Libor plus 325 bps with a 0.75% Libor floor, which matches existing term loan pricing.

Original issue discount talk on the incremental term loan is not yet available.

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

Credit Suisse Securities (USA) LLC is leading the deal that will be used to fund tuck-in acquisitions.

Duly Health, formerly known as DuPage Medical Group, is a Downers Grove, Ill.-based multi-specialty physician group.

Davis-Standard on deck

Davis-Standard set a lender call for 10:30 a.m. ET on Tuesday to launch its $285 million seven-year covenant-lite first-lien term loan B, a market source said.

BMO Capital Markets and Stifel are leading the deal that will be used to help fund the buyout of the company by Gamut Capital.

Davis-Standard is a Pawcatuck, Conn., designer, developer and distributor of extrusion and converting technology.

Columbus plans call

Columbus McKinnon scheduled a lender call for 12:30 p.m. ET on Tuesday to launch a fungible $75 million add-on term loan due 2028, according to a market source.

Pricing on the add-on term loan is Libor plus 275 bps with a 0.5% Libor floor, in line with existing term loan pricing, and the new debt is talked with an original issue discount of 99.75 and ticking fees of half the margin starting on Dec. 31 and the full margin after Jan. 31, the source said.

Commitments are due at 5 p.m. ET on Thursday.

JPMorgan Chase Bank is leading the deal that will be used to fund the acquisition of Garvey Corp., an accumulation systems solutions company, for $74 million.

Closing is expected this year.

Pro forma net debt leverage is expected to be about 2.8x.

Columbus McKinnon is a Getzville, N.Y.-based designer, manufacturer and marketer of intelligent motion solutions for material handling.

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