Fertitta Entertainment, APi disclose talk with launch; Ineos Quattro, Pacific Dental on deck

By Sara Rosenberg

New York, Feb. 28 – In the primary market on Wednesday, Fertitta Entertainment LLC approached lenders with a repricing of its existing first-lien term loan, and APi Group DE Inc. launched a fungible incremental term loan B.

Furthermore, Ineos Quattro joined this week’s new issue calendar with U.S. and euro add-on term loan debt and released price talk on the transaction, and Pacific Dental Services LLC surfaced with plans to bring a new term loan B to market.

Fertitta holds call

Fertitta Entertainment emerged in the morning with the intention to hold a lender call at 3 p.m. ET on Wednesday to launch a $3,242,250,000 first-lien term loan due Jan. 27, 2029 talked at SOFR plus 375 bps with a 0.5% floor, a par issue price and 101 soft call protection for six months, according to a market source.

Jefferies LLC is leading the deal that will be used to reprice the company’s existing first-lien term loan down from SOFR plus 400 bps with a 0.5% floor.

Consents are due at 3 p.m. ET on March 6, the source added.

Fertitta Entertainment is a diversified gaming, restaurant, hospitality and entertainment company.

APi shops incremental

APi Group launched without a lender call a fungible $300 million incremental covenant-lite term loan B due Jan. 3, 2029 talked with an original issue discount of 99.5 to 99.75, a market source said.

Like the existing 2029 term loan, the incremental term loan B is priced at SOFR+CSA plus 250 bps with a 0% floor. CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

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

Citigroup Global Markets Inc. is leading the deal that will be used with cash on hand and a revolver draw to repurchase a portion of the company’s conversion shares from Blackstone and Viking’s outstanding Series B perpetual convertible preferred stock.

APi is a New Brighton, Minn.-based business services provider of safety, specialty and industrial services.

Ineos Quattro on deck

Ineos Quattro set a lender call for 10 a.m. ET on Thursday and small group meetings for Thursday and Friday to launch a minimum €700 million equivalent U.S. and euro fungible add-on term loan B (BB) due March 2029, according to a market source.

Pricing on the U.S. add-on term loan is SOFR+10 bps CSA plus 425 bps with a 0% floor and pricing on the euro add-on term loan is Euribor plus 450 bps with a 0% floor, in line with existing U.S. and euro term loan pricing. Both tranches have 101 soft call protection until Nov. 14, 2024.

Original issue discount talk on the U.S. add-on term loan is 98, and discount talk on the euro add-on term loan is in the range of 98.5 to 99, the source said.

Commitments for the U.S. loan are due at 5 p.m. ET on March 6 and commitments for the euro loan are due at noon ET on March 6, the source added.

Ineos Quattro lead banks

JPMorgan Chase Bank is the physical bookrunner on Ineos Quattro’s U.S. loan, and BNP Paribas Securities Corp., Citigroup Global Markets Inc. and JPMorgan are the physical bookrunners on the euro loan. JPMorgan is the administrative agent.

The add-on term loans will be used to extend a portion of the company’s existing U.S. and euro term loan B borrowings due 2026, and to refinance certain 2026 debt maturities.

Ineos Quattro is a chemicals company.

Pacific Dental readies loan

Pacific Dental Services will hold a lender call at 11:30 a.m. ET on Thursday to launch a $1 billion seven-year term loan B, a market source remarked.

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

Commitments are due at 5 p.m. ET on March 7, the source added.

BNP Paribas Securities Corp. is the left lead and sole bookrunner on the deal, and a joint lead arranger with BMO Capital Markets, BofA Securities Inc., Citigroup Global Markets Inc., JPMorgan Chase Bank, KeyBanc Capital Markets and Goldman Sachs Bank USA. BNP is the administrative agent.

The term loan will be used to refinance existing debt, to pay a $100 million shareholder dividend, to fund an additional $100 million future dividend to the balance sheet, to pay transaction fees and expenses, and for general corporate purposes.

Pacific Dental is an Irvine, Calif.-based provider of business support services to affiliate dental practices.

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