Syndigo, Calpine, Imperial Dade guidance surfaces; primary calendar for this week builds

By Sara Rosenberg

New York, Nov. 30 – In the primary market on Monday, Syndigo LLC, Calpine Corp. and Imperial Dade (BCPE Empire Holdings Inc.) all disclosed price talk on their loan transactions in connection with their lender calls.

Also, US LBM (LBM Acquisition LLC), Aspen Dental Management, US Radiology Specialists Inc., Zaxby’s Operating Co. LP, Ciox Health (CT Technologies Intermediate Holdings Inc.) and BlueCrest (DMT Solutions Global Corp.) joined this week’s primary calendar.

And deals from Therma Holdings LLC (Refficiency Holdings LLC), AccentCare Inc., Planview, Datasite, ExGen Renewables IV LLC, Royal Oak Enterprises LLC (Ozark Holdings LLC), Flexera Software LLC, Wheel Pros Inc., Virtusa Corp. and Syncapay Inc. are slated to launch this week as well.

Syndigo releases talk

Syndigo held its call on Monday afternoon and announced price talk on its $375 million seven-year first-lien term loan (B2) and $160 million eight-year second-lien term loan (Caa2), a market source said.

The first-lien term loan is talked at Libor plus 425 basis points to 450 bps with a 0.75% Libor floor, an original issue discount of 98.5 and 101 soft call protection for six months, and the second-lien term loan is talked at Libor plus 775 bps to 800 bps with a 0.75% Libor floor, a discount of 98.5 and hard call protection of 102 in year one and 101 in year two, the source added.

The company’s $585 million of credit facilities also include a $50 million five-year revolver (B2).

Commitments are due on Dec. 10.

Jefferies LLC, Deutsche Bank Securities Inc. and UBS Investment Bank are leading the deal that will be used to fund an investment in the company by Summit Partners.

Syndigo is a Chicago-based provider of digital product information and content solutions for the commerce ecosystem via an end-to-end SaaS platform.

Calpine shops loan

Calpine surfaced in the morning with the intention to hold a lender call at 3 p.m. ET on Monday to launch a $750 million senior secured term loan B-5 (Ba2/BB+) due December 2027 talked at Libor plus 250 bps with a 0% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months, according to a market source.

Commitments are due at 3 p.m. ET on Wednesday, the source added.

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, MUFG, SMBC, BofA Securities Inc., Morgan Stanley Senior Funding Inc., Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Natixis, Barclays, Goldman Sachs Bank USA, BNP Paribas Securities Corp., Credit Agricole and RBC Capital Markets are leading the deal, which will be used to refinance an existing term loan B-5 due January 2024.

Calpine is a Houston-based provider of power generation services.

Imperial Dade holds call

Imperial Dade emerged in the morning with plans to hold a lender call at 3 p.m. ET to launch a $180 million incremental covenant-lite first-lien term loan (B3/B-) due June 2026 talked at Libor plus 425 bps to 450 bps with a 0.75% Libor floor, an original issue discount of 98.5 and 101 soft call protection for six months, a market source remarked.

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 repay ABL borrowings and fund near-term acquisitions.

Imperial Dade is a distributor of disposable foodservice disposables and janitorial sanitation products with headquarters in Jersey City, N.J., and Miami.

US LBM coming soon

US LBM will hold a lender call at 11 a.m. ET on Tuesday to launch $1.5 billion of term loans, according to a market source.

The debt is split between a $1.2 billion senior secured term loan B and a $300 million delayed-draw term loan, the source said.

Barclays, BofA Securities Inc., Credit Suisse Securities (USA) LLC, RBC Capital Markets, Truist, Deutsche Bank Securities Inc. and U.S. Bank are leading the deal that will be used with $390 million of unsecured debt to help fund the buyout of the company by Bain Capital Private Equity.

Closing is expected in December, subject to customary conditions, including regulatory approvals.

US LBM is a Buffalo Grove, Ill.-based distributor of specialty building materials.

Aspen timing, structure

Aspen Dental Management scheduled a lender call for 1:30 p.m. ET on Wednesday to launch $1.45 billion of credit facilities, according to a market source.

The facilities consist of a $250 million five-year revolver that is expected to be undrawn at close and a non-fungible $1.2 billion seven-year incremental term loan B, the source said.

Commitments are due at 5 p.m. ET on Dec. 15.

RBC Capital Markets, J.P. Morgan Securities LLC, Deutsche Bank Securities Inc. and Credit Suisse Securities (USA) LLC are leading the deal that will fund the acquisition of ClearChoice Management Services from Sun Capital Partners Inc.

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

Previously it was known that the company would be getting new debt financing for the transaction but structure and timing were unavailable.

Aspen Dental is an East Syracuse, N.Y.-based dental support organization. ClearChoice is a provider of administrative practice management services to the network of ClearChoice Dental Implant Centers.

US Radiology readies deal

US Radiology Specialists set a lender call for 10 a.m. ET on Tuesday to launch $925 million of term loans, a market source said.

The debt consists of a $790 million first-lien term loan and a $135 million delayed-draw first-lien term loan, the source added.

Barclays, Capital One, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Fifth Third are leading the deal that will be used to refinance the company’s existing capital structure and fund three acquisitions.

US Radiology is a Raleigh, N.C.-based radiology group.

Zaxby’s joins calendar

Zaxby’s will hold a lender call at 10 a.m. ET on Tuesday to launch $975 million of senior secured credit facilities, according to a market source.

The facilities consist of a $100 million revolver, a $625 million first-lien term loan B and a $250 million second-lien term loan, the source said.

Morgan Stanley Senior Funding Inc. is the left lead on the deal that will be used to help fund Goldman Sachs Merchant Banking Division’s acquisition of a significant stake in the company.

Closing is expected by year end.

Zaxby’s is an Athens, Ga.-based casual restaurant chain.

Ciox refinancing

Ciox Health set a lender call for 10 a.m. ET on Tuesday to launch $720 million of credit facilities (B-), a market source remarked.

The facilities consist of a $50 million revolver, and a $670 million five-year covenant-lite first-lien term loan talked at Libor plus 525 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, the source added.

Commitments are due at 5 p.m. ET on Dec. 10.

Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and Deutsche Bank Securities Inc. are leading the deal that will be used to refinance existing debt.

Ciox, formerly known as HealthPort, is an Alpharetta, Ga.-based provider of tech-enabled clinical data exchange services.

BlueCrest coming soon

BlueCrest scheduled a lender call for 10 a.m. ET on Tuesday to launch a $445 million five-year covenant-lite term loan B talked at Libor plus 700 bps with a 1% Libor floor, an original issue discount of 97 to 98 and 101 soft call protection for one year, according to a market source.

Commitments are due at noon ET on Dec. 10, the source added.

Deutsche Bank Securities Inc., BofA Securities Inc., Goldman Sachs Bank USA and KeyBanc Capital Markets are leading the deal that will be used to fund the acquisition of BCC Software, refinance the existing capital structure, and pay related fees and expenses.

BlueCrest is a Danbury, Conn.-based technology company focused on enterprise print, mail and customer communications. BCC is a Rochester, N.Y.-based provider of postal technology.

Therma sets launch

Therma Holdings will hold a lender call at 3:30 p.m. ET on Tuesday to launch $510 million of credit facilities, a market source remarked.

The facilities consist of a $65 million five-year revolver, a $370 million seven-year first-lien term loan and a $75 million delayed-draw first-lien term loan, the source added.

Jefferies LLC, Blackstone, Societe Generale, BMO Capital Markets Corp. and MUFG are leading the deal that will be used to fund the buyout of the company by the Blackstone Group LP from Gemspring Capital.

Blackstone is also buying RE Tech Advisors Inc., an energy and sustainability consulting firm, which will be integrated into Therma.

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

Therma Holdings is a San Jose, Calif.-based specialty mechanical, electrical and controls services company focused on designing, building, and servicing complex systems in mission-critical facilities.

AccentCare readies loan

AccentCare scheduled a lender call for Tuesday to launch a $525 million incremental first-lien term loan (B-) talked at Libor plus 500 bps with a 0.5% 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 Dec. 9, the source added.

J.P. Morgan Securities LLC, Barclays, RBC Capital Markets, Capital One and Jefferies LLC are leading the deal that will be used to fund the acquisition of Seasons Hospice & Palliative Care, a Rosemont, Ill.-based hospice provider.

AccentCare, an Advent International portfolio company, is a Dallas-based provider of post-acute health care.

Planview on deck

Planview set a lender call for 10 a.m. ET on Tuesday to launch a $535 million seven-year covenant-lite first-lien term loan, a market source said.

The company is also getting a $230 million preplaced eight-year second-lien term loan, the source added.

UBS Investment Bank, Deutsche Bank Securities Inc., Barclays and Jefferies LLC are leading the deal that will be used to help fund the buyout of the company by TPG Capital and TA Associates for $1.6 billion.

The company’s existing majority shareholder, Thoma Bravo, will retain a minority interest following the buyout.

Planview is an Austin, Tex.-based provider of portfolio management and work management solutions.

Datasite plans call

Datasite scheduled a lender call for 9 a.m. ET on Tuesday to launch a $300 million seven-year first-lien term loan and a €220 million seven-year first-lien term loan, according to a market source.

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

Commitments are due at the end of the day on Thursday.

J.P. Morgan Securities LLC, Blackstone, Deutsche Bank Securities Inc., MUFG and NatWest are leading the deal that will be used to refinance a euro financing that was done to back the buyout of the company by CapVest Partners LLP and to fund tuck-in acquisitions.

Datasite is a Minneapolis-based SaaS provider for the mergers & acquisitions industry.

ExGen joins calendar

ExGen Renewables will hold a lender call at 1 p.m. ET on Tuesday to launch a $750 million seven-year senior secured term loan B (Ba3), a market source remarked.

The term loan has 101 soft call protection for six months and is a green loan, the source continued.

Jefferies LLC is leading the deal, which will be used to refinance existing debt, fund various reserves and distribute any remaining proceeds to Exelon Corp. to be used for general corporate purposes.

ExGen Renewables is an owner of renewable generation projects in the United States and is indirectly owned by Exelon.

Royal Oak on deck

Royal Oak Enterprises set a lender call for 1 p.m. ET on Tuesday to launch a $400 million senior secured seven-year first-lien term loan B, according to a market source.

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

Commitments are due at noon ET on Dec. 11.

Barclays and Citigroup Global Markets Inc. are leading the deal that will be used to repay an existing term loan and repurchase a minority interest to increase Mariposa Capital’s ownership in the company.

Royal Oak is a Roswell, Ga.-based manufacturer and distributor of fire building products and other consumable products.

Flexera schedules call

Flexera Software will hold a lender call at 1:30 p.m. ET on Wednesday to launch a non-fungible $285 million incremental first-lien term loan due February 2027, a market source said.

The company is also getting a $65 million revolver due December 2025 and a $260 million privately placed second-lien term loan due December 2028.

The incremental first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has hard call protection of 102 in year one and 101 in year two, the source added.

Jefferies LLC, BofA Securities Inc., Barclays, UBS Investment Bank, Truist and Mizuho are leading the deal that will be used to fund the majority acquisition of the company by Thoma Bravo and will supplement the existing portable first-lien term loan.

Flexera is an Itasca, Ill.-based provider of software that allows software publishers, intelligent device manufacturers, and software buyers to install, track, monitor, and manage application usage to optimize utilization.

Wheel Pros readies deal

Wheel Pros emerged with plans to hold a lender call on Wednesday to launch a fungible $130 million incremental first-lien term loan, according to a market source.

Antares Capital is leading the deal that will be used to finance an acquisition.

Currently, the company has a $685 million first-lien term loan priced at Libor plus 525 bps with a 1% Libor floor.

Wheel Pros, a Clearlake Capital portfolio company, is a Denver-based distributor of proprietary branded wheels and performance tires.

Virtusa timing surfaces

Virtusa set a lender call for 11 a.m. ET on Tuesday to launch its previously announced $600 million seven-year senior secured term loan B, a market source remarked.

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

The company is also expected to get a $125 million senior secured revolver.

BofA Securities Inc., Barclays, Goldman Sachs Bank USA, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and Nomura Securities International Inc. are leading the deal that will be used with up to $300 million of senior unsecured notes and about $1.39 billion of equity to fund the buyout of the company by Baring Private Equity Asia for $51.35 per share in an all-cash transaction valued at about $2 billion.

Closing is expected in the first half of 2021, subject to the approval of Virtusa’s shareholders, regulatory requirements and other customary conditions.

Virtusa is a Southborough, Mass.-based provider of digital strategy, digital engineering, and IT services and solutions that help clients change and disrupt markets through innovation engineering.

Syncapay hops on calendar

Syncapay scheduled a lender call for 11 a.m. ET on Wednesday to launch $500 million of credit facilities, according to a market source.

The facilities consist of a $50 million revolver and a $450 million seven-year term loan B, the source said.

BMO Capital Markets, Fifth Third and Truist are leading the deal that will be used to help fund the merger of Buffalo Grove, Ill.-based daVinci Payments, a deliverer of corporate funded payments, and Conshohocken, Pa.-based North Lane, a payments technology company, with Syncapay the holding company.

As part of this transaction, Centerbridge Partners LP is making a new majority equity investment in Syncapay.

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

Syncapay is a Plano, Tex.-based acquirer of payment companies.

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