BlueTriton loan breaks; Brook accelerated; ICU, ScionHealth, Digital Room set talk

By Sara Rosenberg

New York, Dec. 2 – BlueTriton Brands (Triton Water Holdings Inc.) saw its incremental term loan B surface in the secondary market late in the day on Thursday, with levels quoted above its original issue discount.

In more happenings, Brook + Whittle (Merion Rose Merger Sub Inc.) moved up the commitment deadline for its first-lien term loan.

Furthermore, ICU Medical Inc., ScionHealth (Knight Health Holdings LLC), Generation Bridge II LLC, Digital Room and Liquid Tech Solutions LLC disclosed price talk with launch, and Plaskolite LLC and Anticimex Inc. joined the near-term new issue calendar.

BlueTriton frees up

BlueTriton’s fungible $250 million senior secured incremental covenant-lite term loan B due March 31, 2028 (B1/B) broke for trading on Thursday with levels quoted at 98 5/8 bid, 98 7/8 offered, according to a trader.

Pricing on the incremental term loan is Libor plus 350 basis points with step-downs and a 0.5% Libor floor, in line with existing term loan pricing, and the new debt was sold at an original issue discount of 98.56. The incremental and existing term loan are getting 101 soft call protection for six months.

Morgan Stanley Senior Funding Inc. is the left lead on the deal that will be used to fund a distribution to shareholders and pay related fees and expenses.

Closing is expected in mid-December.

BlueTriton is a Stamford, Conn.-based provider of bottled water.

Brook accelerated

Moving to the primary market, Brook + Whittle revised the commitment deadline for its $478 million seven-year first-lien term loan (B2/B-), of which $100 million is a delayed-draw tranche, to noon ET on Dec. 9 from 5 p.m. ET on Dec. 14, a market source remarked.

Talk on the first-lien term loan is Libor plus 450 bps with a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months. Ticking fees on the delayed-draw piece are half the margin from days 61 to 120 and the full margin thereafter.

The company’s $697 million of credit facilities also include a $50 million revolver (B2/B-) and a $169 million privately placed second-lien term loan.

Credit Suisse Securities (USA) LLC, Wells Fargo Securities LLC, Jefferies LLC and BMO Capital Markets are leading the deal that will help fund the buyout of the company by Genstar Capital from TruArc Partners.

Brook + Whittle is a Guilford, Conn.-based manufacturer of pressure sensitive labels, shrink sleeves, flexible packaging and heat transfer labels.

ICU reveals talk

ICU Medical held its call on Thursday morning and disclosed price talk on its $850 million seven-year senior secured term loan B (Ba3/BB/BBB-) at SOFR+CSA plus 250 bps to 275 bps with a 0.5% floor and an original issue discount of 99 to 99.5, according to a market source.

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

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

Commitments are due at noon ET on Dec. 16, the source added.

Barclays, Wells Fargo Securities LLC, BofA Securities Inc., Bank of the West, Citigroup Global Markets Inc., MUFG, US Bank and KeyBanc Capital Markets are leading the deal that will be used to help fund the acquisition of Smiths Medical, a medical device company, from Smith Group plc for $1.85 billion in cash and the issuance of 2.5 million shares of common stock.

ICU Medical is a San Clemente, Calif.-based manufacturer of medical devices used in vascular therapy, critical care and oncology applications.

ScionHealth guidance

ScionHealth launched on its afternoon call its $450 million seven-year senior secured term loan B (B) at talk of Libor plus 500 bps to 525 bps with a 0.5% floor and an original issue discount of 98 to 99, a market source said.

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

Commitments are due at noon ET on Dec. 15, the source added.

Barclays is the left lead on the deal that will be used to fund the acquisition of Kindred Healthcare’s long-term acute care business and 18 of LifePoint Health’s community hospitals and associated health systems.

Closing is expected this year.

ScionHealth is a Louisville, Ky.-based health care services company being formed in connection with the acquisition by LifePoint of Kindred.

Generation proposed terms

Generation Bridge II came out with talk of Libor plus 500 bps with a 0.5% Libor floor and an original issue discount of 99 on its $325 million seven-year term loan B and $40 million seven-year term loan C shortly before its morning lender call began, a market source remarked.

The senior secured term loan debt (Ba2/BB-) has 101 soft call protection for six months, and ticking fees of half the margin from days 46 to 90 and the full margin thereafter, the source added.

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

Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and MUFG are leading the deal that will be used to fund the acquisition of power generation facilities from PSEG.

Generation Bridge is an operator of power generation facilities.

Digital Room launches

Digital Room held its bank meeting during the session and announced talk on its $340 million first-lien term loan (B2) at Libor plus 500 bps to 525 bps with a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

Commitments are due on Dec. 15, the source added.

The company’s $530 million of senior secured credit facilities also include a $50 million revolver (B2) and a $140 million privately placed second-lien term loan (Caa2).

UBS Investment Bank, BNP Paribas Securities Corp., Nomura and CBAM are leading the deal that will be used with equity to fund the buyout of the company by Sycamore Partners.

Digital Room is a Sherman Oaks, Calif.-based provider of customized marketing solutions to small- and medium-sized businesses.

Liquid Tech OID talk

Liquid Tech Solutions launched on its morning call its fungible $65 million add-on covenant-lite first-lien term loan due March 19, 2028 with original issue discount talk of 99.5, a market source said.

Pricing on the add-on term loan is Libor plus 475 bps with a 0.75% Libor floor, in line with existing term loan pricing.

Commitments are due at 5 p.m. ET on Dec. 9, the source added.

Citizens Bank is leading the deal that will be used to fund an acquisition.

Lindsay Goldberg is the sponsor.

Liquid Tech is a tech-enabled provider of route-based, on-site mobile refueling solutions.

Plaskolite on deck

Plaskolite set a lender call for 1 p.m. ET on Monday to launch a $125 million incremental first-lien term loan, according to a market source.

Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc. and ING are leading the deal that will be used to fund the acquisition of Plazit-Polygal, and pay fees, expenses and original issue discount.

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

Pritzker Private Capital is the sponsor.

Plaskolite is a Columbus, Ohio-based manufacturer of acrylic, polycarbonate and other plastic sheets. Plazit-Polygal is a Kibbutz Gazit, Israel-based manufacturer of acrylic and polycarbonate solid and multiwall sheet products.

Anticimex joins calendar

Anticimex will hold a lender call at 10 a.m. ET on Friday to launch a $350 million senior secured incremental term loan B, a market source remarked.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to refinance revolver borrowings made in connection with acquisitions and fund cash to the balance sheet for general corporate purposes.

Anticimex is a Stockholm-based preventive pest control company.

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