IXS, First Advantage, KIK break; System One revised; Endurance, RV, MHS, symplr accelerated

By Sara Rosenberg

New York, Jan. 26 – Innovative XCessories & Services LLC (IXS Holding Inc.) lowered the spread on its first-lien term loan and First Advantage firmed the issue price on the repricing of its existing term loan at the tight end of talk, and then both of these deals broke for trading on Tuesday.

Another deal to make its way into the secondary market during the session was KIK Consumer Products’ (Kronos Acquisition Holdings Inc.) first-lien term loan B.

Meanwhile, in other happenings, System One Holdings LLC increased the size of its term loan B, reduced the spread and adjusted the original issue discount, and Epicor Software Corp. finalized pricing on its first-lien term loan B at the low end of guidance.

Also, Endurance International Group Holdings Inc., RV Retailer, MHS Holdings Inc. and symplr Software Inc. moved up the commitment deadlines for their term loan transactions.

Additionally, Rackspace Technology Global Inc., Rent-A-Center Inc., United Natural Foods Inc., Zelis, Janus International Group, RBmedia, Time Manufacturing Co., Idera Inc., Navitas Midstream Midland Basin LLC, IntraFi Network LLC (Nexus Buyer LLC) and Pathway Vet Alliance LLC released price talk with launch.

Furthermore, Everi Payments Inc., Guidehouse, ION Analytics and Advisor Group Holdings Inc. hopped onto this week’s primary calendar.

IXS tweaked, frees up

Innovative XCessories & Services trimmed pricing on its $600.1 million first-lien term loan due March 2027 to Libor plus 425 basis points from Libor plus 450 bps, according to a market source.

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

Recommitments were due at 2 p.m. ET on Tuesday and the term loan broke for trading later in the day, with levels quoted at par ˝ bid, 101 offered, another source added.

UBS Investment Bank is the lead left on the deal that will be used to reprice an existing term loan down from Libor plus 500 bps with a 1% Libor floor.

Innovative XCessories is a Windsor, Ont.-based provider of coating solutions and vehicle upfit services to the automotive aftermarket and diversified industrial end markets.

First Advantage updated, breaks

First Advantage finalized the issue price on the repricing of its existing $670 million term loan at par, the tight end of the 99.875 to par talk, according to a market source.

The repriced term loan and the company’s new fungible $100 million add-on term loan are priced at Libor plus 300 bps with a 0% Libor floor and the debt has 101 soft call protection for six months. The add-on term loan has an original issue discount of 99.75.

Previously in syndication, pricing on the add-on term loan was cut from Libor plus 350 bps and the discount was revised from the 99 area, and the repricing was added to the transaction.

The add-on and repriced term loan debt freed to trade during the session, with levels quoted at par bid, par 3/8 offered, another source added.

BofA Securities Inc. is leading the deal (B2/B-).

The add-on will be used to repay a privately placed second-lien term loan.

First Advantage is an Atlanta-based provider of comprehensive background screening, identity and information solutions.

KIK hits secondary

KIK Consumer Products’ $900 million senior secured first-lien term loan B due Dec. 22, 2026 began trading as well, with levels quoted at par 1/8 bid, par ˝ offered, a market source said.

Pricing on the term loan is Libor plus 375 bps with a 0.5% Libor floor and it was issued at par. The debt has 101 soft call protection for six months.

Barclays is the left bookrunner on the deal that will be used to refinance/reprice an existing first-lien term loan B, which priced late last year at Libor plus 450 bps with a 0.75% Libor floor.

As part of the transaction, the company will pay the 101 call protection to existing lenders that is included in the existing term loan.

Closing is expected on Friday.

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

System One reworked

Back in the primary market, System One lifted its seven-year covenant-lite term loan B to $290 million from $280 million, trimmed pricing to Libor plus 450 bps from Libor plus 475 bps and modified the original issue discount to 99 from 98.5, a market source remarked.

The term loan still has a 0.75% Libor floor and 101 soft call protection for six months.

The company’s now $335 million of credit facilities also include a $45 million revolver.

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

Truist Securities is the left lead on the deal that will be used to help fund the buyout of the company by Oaktree Capital Management LP.

The equity component of the transaction was reduced with the term loan upsizing.

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

System One is a Pittsburgh-based provider of specialized workforce solutions and integrated services.

Epicor firms spread

Epicor Software set the spread on its $1.92 billion first-lien term loan B at Libor plus 325 bps, the low end of the Libor plus 325 bps to 350 bps talk, according to a market source.

The term loan still has a 0.75% Libor floor, a par issue price and 101 soft call protection for six months.

Commitments were due at 3 p.m. ET on Tuesday, accelerated from 5 p.m. ET on Tuesday, the source added.

Allocations went out late Tuesday.

KKR Capital Markets is the left lead on the deal that will be used to reprice an existing first-lien term loan down from Libor plus 425 bps with a 0% Libor floor.

Epicor is an Austin, Tex.-based provider of enterprise business software services.

Endurance moves deadline

Endurance International Group accelerated the commitment deadline for its $2.295 billion of term loans to noon ET on Wednesday from 5 p.m. ET on Thursday, a market source said.

Talk on the term loan debt is Libor plus 400 bps with a 0.75% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months.

The term loans, which are being sold as a strip, are split between a $1.83 billion seven-year funded term loan and a $465 million delayed-draw term loan that is available until July 7.

Ticking fees on the delayed-draw term loan are half the spread from days 46 to 74 and the full spread thereafter.

J.P. Morgan Securities LLC, BofA Securities Inc., Deutsche Bank Securities Inc., UBS Investment Bank, BNP Paribas Securities Corp., Mizuho, Barclays, CPPIB, CBAM, RBC Capital Markets, Golub, Ares, Credit Suisse Securities (USA) LLC, Antares and Jefferies LLC are leading the senior secured deal.

Endurance being acquired

Proceeds from Endurance’s term loans, $640 million of senior notes and equity will be used to fund its buyout by Clearlake Capital Group LP for $9.50 per share in cash and its merger with Web.com. The Clearlake transaction is valued at about $3 billion, including outstanding debt.

Closing is expected this quarter, subject to approval by Endurance shareholders and customary conditions.

Endurance is a Burlington, Mass.-based provider of cloud-based platform solutions designed to help small and medium-size businesses succeed online.

RV accelerated

RV Retailer moved up the commitment deadline for its $420 million seven-year term loan B (B2/B+) to 5 p.m. ET on Wednesday from Thursday, according to a market source.

Talk on the term loan is Libor plus 425 bps to 450 bps with a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

Goldman Sachs Bank USA is the left lead on the deal that will be used to recapitalize the company’s balance sheet and fund near-term dealership acquisitions.

RV Retailer, a Redwood Capital portfolio company, is a recreational vehicle retail company.

MHS revises timing

MHS Holdings accelerated the commitment deadline for its fungible $140 million add-on term loan B-2 to noon ET on Wednesday from noon ET on Friday, a market source remarked.

Pricing on the add-on term loan matches pricing on the company’s existing $145 million term loan B-2 at Libor plus 625 bps with a 1% Libor floor, and the new debt is talked with a par issue price.

RBC Capital Markets is the left lead on the deal that will be used to fund an acquisition.

Thomas H. Lee Partners LP is the sponsor.

MHS is a Mt. Washington, Ky.-based material handling systems integration and automation provider.

symplr changes deadline

symplr moved up the commitment deadline for its fungible $65 million incremental covenant-lite first-lien term loan (B2/B) due December 2027 to 5 p.m. ET on Wednesday from 5 p.m. ET on Thursday, a market source said.

Pricing on the incremental term loan is Libor plus 450 bps with a 0.75% Libor floor, in line with existing term loan pricing, and the new debt is talked with a par issue price. The incremental term loan has 101 soft call protection until June 2021.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used with a $15 million privately placed second-lien term loan to fund the acquisition of Phynd Technologies.

symplr, a portfolio company of Clearlake Capital Group LP and SkyKnight Capital, is a Houston-based health care governance, risk management and compliance software-as-a-service platform.

Rackspace details surface

Rackspace held its lender call on Tuesday and launched a $2.2 billion seven-year senior secured covenant-lite first-lien term loan (B1/B+) talked at Libor plus 275 bps to 300 bps with a 0.75% 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 noon ET on Feb. 2, the source added.

Citigroup Global Markets Inc., Barclays, BMO Capital Markets, MUFG, J.P. Morgan Securities LLC, Goldman Sachs Bank USA, Mizuho, RBC Capital Markets, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and Apollo are leading the deal that will be used with $650 million of other secured debt to repay all borrowings outstanding under the company’s existing term loan B and to pay related fees and expenses.

Closing is expected on Feb. 5, the source added.

Rackspace is a Windcrest, Tex.-based end-to-end multicloud technology services company.

Rent-A-Center guidance

Rent-A-Center announced talk of Libor plus 450 bps with a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months on its $575 million term loan B (Ba3/BB-) that launched with a call during the session, a market source said.

Commitments are due at 5 p.m. ET on Feb. 4.

J.P. Morgan Securities LLC, Credit Suisse and HSBC Securities (USA) Inc. are leading the deal, which will be used to help fund the acquisition of Acima Holdings LLC for $1.273 billion in cash and about 10.8 million shares of Rent-A-Center common stock.

Closing is expected in the first half of this year subject to customary conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act.

Rent-A-Center is a Plano, Tex.-based omni-channel lease-to-own provider for the credit constrained customer. Acima is a Salt Lake City-based provider of virtual lease-to-own solutions.

United Natural holds call

United Natural Foods emerged in the morning with plans to hold a lender call at 3 p.m. ET on Tuesday to launch a $1.015 billion first-lien term loan (B2/B) due October 2025 talked at Libor plus 350 bps to 375 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, according to a market source.

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

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to reprice an existing term loan down from Libor plus 425 bps with a 0% Libor floor.

United Natural Foods is a Providence, R.I.-based distributor of natural, organic and specialty grocery and non-food products.

Zelis price talk

Zelis launched on its morning call its $1.485 billion covenant-lite first-lien term loan B due September 2026 at talk of Libor plus 375 bps to 400 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, a market source remarked.

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

Morgan Stanley Senior Funding Inc. is the left lead on the deal that will be used to reprice an existing term loan B.

Zelis is a Bedminster, N.J.-based health care and financial technology company.

Janus details revealed

Janus International Group launched on its afternoon call a $634,610,000 term loan B-1 due February 2025 talked at Libor plus 300 bps with a 25 bps step-down once its merger and listing becomes effective, 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 Monday, the source added.

UBS Investment Bank, KeyBanc Capital Markets and Stifel are leading the deal that will be used to reprice existing term loan borrowings.

In December, the company announced an agreement to become a public company through a merger with Juniper Industrial Holdings Inc., a publicly-listed special purpose acquisition company.

Janus is a Temple, Ga.-based manufacturer of roll-up and swing doors, hallway systems and re-locatable storage units for the self-storage industry.

RBmedia launches

RBmedia surfaced in the late morning with plans to hold a lender call at 3 p.m. ET to launch an $892 million first-lien term loan B due August 2025 talked at Libor plus 375 bps to 400 bps with a 0% Libor floor, a par issue price and 101 soft call protection for six months, a market source said.

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

Goldman Sachs Bank USA and KKR Capital Markets are leading the deal that will be used to reprice an existing $642 million term loan B down from Libor plus 425 bps with a 0% Libor floor and an existing $250 million term loan B-2 down from Libor plus 425 bps with a 0.5% Libor floor.

KKR is the sponsor.

RBmedia is a Landover, Md.-based digital audiobook and related spoken-word content producer.

Time Manufacturing talk

Time Manufacturing launched on its call its non-fungible $135 million incremental term loan due February 2023 at talk of Libor plus 500 bps with a 1% Libor floor and an original issue discount of 98.8, a market source remarked.

Commitments are due on Feb. 9, the source added.

BNP Paribas Securities Corp. is leading the deal that will be used to fund the acquisition of Ruthmann, a manufacturer of aerial work platforms based in Germany.

Closing is expected this quarter, subject to regulatory clearance.

Time Manufacturing is a Waco, Tex.-based manufacturer of vehicle-mounted aerial lifts, digger derricks, bucket trucks and bridge inspection equipment.

Idera floats terms

Idera announced price talk on its fungible $330 million seven-year incremental first-lien term loan, $350 million eight-year second-lien term loan and repricing and extension of its existing roughly $787 million first-lien term loan with its lender call, according to a market source.

Talk on the incremental first-lien term loan and repriced and extended first-lien term loan is Libor plus 375 bps to 400 bps with a 0.75% Libor floor and the new money is talked with an original issue discount of 99.5, the source said. The debt is getting 101 soft call protection for six months.

The second-lien term loan is talked at Libor plus 725 bps with a 0.75% Libor floor, an original issue discount of 98.5 to 99 and hard call protection of 102 in year one and 101 in year two.

The company’s $1.567 billion of credit facilities also include a $100 million five-year revolver.

Jefferies LLC is the lead arranger on the deal.

Idera funding buyout

Proceeds from Idera’s credit facilities will be used to fund the majority acquisition of Idera by Partners Group AG. Current shareholders HGGC and TA Associates will continue as significant equity investors in the company, along with Idera’s management team.

In addition to extending the existing first-lien term loan to 2028 from June 2024 to be coterminous with the new incremental term loan and repricing the debt from Libor plus 400 bps with a 1% Libor floor, the concurrent amendment would permit the new debt financing and related distribution to existing shareholders, and adjust basket and ratio sizing to reflect the increased scale and new capitalization of the business.

Existing first-lien term loan lenders are being offered a 37.5 bps consent fee.

Consents are due at 5 p.m. ET on Monday and commitments are due at 3 p.m. ET on Feb. 3, the source added.

Idera is a Houston-based provider of database, application development and testing software.

Navitas proposed discount

Navitas Midstream launched on its morning call its fungible $265 million incremental senior secured term loan B (B3/B/B+) due December 2024 with original issue discount talk of 99.28, according to a market source.

Pricing on the incremental term loan is Libor plus 450 bps with a 1% Libor floor.

Commitments are due at 5 p.m. ET on Feb. 2, the source added.

Jefferies LLC is leading the deal that will be used to repay the company’s $37 million term loan C, finance the construction of the next 200 MMcf/d cryogenic natural gas processing plant and retire a portion of the series D equity units.

Navitas is a The Woodlands, Tex.-based natural gas gathering and processing company.

IntraFi OID talk

IntraFi Network came out with original issue discount talk of 99.5 to 99.75 on its fungible $140 million incremental covenant-lite first-lien term loan due November 2026 that launched with a call in the morning, a market source remarked.

Like the existing term loan, the incremental term loan is priced at Libor plus 375 bps with a 0% Libor floor.

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

Nomura, RBC Capital Markets, UBS Investment Bank and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to repay an existing second-lien term loan and pay fees and expenses.

IntraFi, formerly known as Promontory Interfinancial Network LLC, is an Arlington, Va.-based financial technology solutions provider offering deposit placement and funding services to financial institutions.

Pathway guidance

Pathway Vet Alliance launched with a morning call its roughly $1.013 billion first-lien term loan (B2/B) due March 2027 at talk of Libor plus 350 bps to 375 bps, according to a market source.

The term loan is also talked with a 0% Libor floor, a par issue price and 101 soft call protection for six months.

Commitments/consents are due at 4 p.m. ET on Thursday.

Jefferies LLC and BofA Securities Inc. are leading the deal that will be used to reprice an existing term loan down from Libor plus 400 bps with a 0% Libor floor.

Pathway is an Austin, Tex.-based veterinary management group that operates a synergistic and integrated service model serving the needs of pet families and veterinarians.

Everi readies deal

Everi Payments set a lender call for 9:30 a.m. ET on Wednesday to launch a roughly $735.5 million first-lien term loan (B1/B+/BB) due May 9, 2024 talked at Libor plus 275 bps with a 0.75% Libor floor, a par issue price and 101 soft call protection for six months upon effectiveness of the transaction, a market source said.

Commitments/consents are due at 11:30 a.m. ET on Friday, the source added.

Jefferies LLC is leading the deal that will be used to reprice an existing term loan down from Libor plus 275 bps with a 1% Libor floor, so it is just the Libor floor that will be changing through this transaction.

Everi is a Las Vegas-based provider of video and mechanical reel gaming content and solutions, integrated gaming payment solutions and compliance and efficiency software solutions.

Guidehouse on deck

Guidehouse scheduled a lender call for noon ET on Wednesday to launch a fungible $305 million incremental first-lien term loan and a repricing of its existing $939 million first-lien term loan, according to a market source.

RBC Capital Markets is leading the deal.

The incremental term loan will be used to repay second-lien term loan borrowings.

Current pricing on the first-lien term loan is Libor plus 450 bps with a 0% Libor floor.

Guidehouse is a provider of management consulting services to government clients.

ION joins calendar

ION Analytics will hold a lender call at 10 a.m. ET on Wednesday to launch an $850 million seven-year first-lien covenant-lite term loan and an €865 million seven-year first-lien covenant-lite term loan, a market source remarked.

Talk on the U.S. term loan is Libor plus 425 bps with a 0.5% Libor floor and an original issue discount of 99, and talk on the euro term loan is Euribor plus 425 bps with a 0% floor and a discount of 98.5, the source added.

Both term loans have 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on Feb. 5 for the U.S. term loan and at noon ET on Feb. 5 for the euro term loan.

Credit Suisse is the global coordinator on the deal that will be used to refinance existing debt and pay transactions fees and expenses. Credit Suisse and UBS Investment Bank are the joint bookrunners.

London-based ION Analytics was formed through the combination of Dealogic and Acuris, two providers of capital markets data, content and intelligence.

Advisor coming soon

Advisor Group scheduled a lender call for Wednesday to launch a roughly $1.489 billion first-lien term loan (B2/B-) due July 2026, according to a market source.

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

UBS Investment Bank is leading the deal that will be used to reprice an existing term loan from Libor plus 500 bps with a 0% Libor floor.

Reverence Capital is the sponsor.

Advisor Group is a Phoenix-based network of independent financial advisers.

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