Covis Pharma breaks; BCP updated; Olaplex, NAPA, Cast & Crew, CTC accelerate deadlines

By Sara Rosenberg

New York, Feb. 14 – Covis Pharma’s U.S. first-lien term loan B made its way into the secondary market on Monday and the debt was bid in line with its original issue discount.

In more happenings, BCP Renaissance Parent LLC finalized the size of its term loan B-3, and Olaplex Holdings Inc., NAPA Management Services Corp., Cast & Crew and CTC Holdings (Chicago Trading Co.) moved up the commitment deadlines for their term loan transactions.

Additionally, PointClickCare Technologies, Ashfield/Huntsworth and Teneo joined this week’s primary calendar.

Covis frees up

Covis Pharma’s $595 million five-year senior secured first-lien term loan B began trading on Monday, with levels quoted at 90 bid, 93 offered, a trader remarked.

Pricing on the U.S. first-lien term loan is SOFR+CSA plus 650 basis points with a 0.75% floor. The debt was sold at an original issue discount of 90, and has CSA of 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, and 101 soft call protection for one year.

The company is also getting a $350 million equivalent euro five-year first-lien term loan priced at Euribor plus 650 bps with a 0% floor and issued at a discount of 90, and a $312 million seven-year second-lien term loan priced at SOFR+CSA plus 975 bps with a 1% floor. The euro term loan has 101 soft call protection for one year.

During syndication, the U.S. first-lien term loan was upsized from a revised amount of $550 million and an initial size of $350 million, pricing was increased from SOFR+CSA plus 625 bps, the discount widened from revised talk of 93 and initial talk in the range of 98 to 99, and the call protection was extended from six months. Furthermore, the euro term loan was added to the transaction and the discount was revised from 93, the second-lien term loan was upsized from $300 million after being added after launch, and MFN on the first-lien term loan debt was modified.

Covis refinancing

Proceeds from Covis Pharma’s term loans will be used to refinance existing debt, including the debt incurred to fund the acquisition of products from AstraZeneca, and to pay fees and expenses.

Initially, the company was planning on selling $850 million equivalent of U.S. and euro secured notes to help with the refinancing, but the bond deal was eliminated with the upsizing of the U.S. first-lien term loan, the addition of the euro first-lien term loan and the addition and then upsizing of the second-lien term loan.

Barclays is the left lead on the loans.

Covis Pharma is a Zug, Switzerland-based pharmaceutical company with a focus on medicines in respiratory and hospital/critical care.

BCP finalized

BCP Renaissance set the size of its term loan B-3 (B+) due Oct. 31, 2026 at $965,320,079 compared to roughly $1.083 billion at launch, a market source said.

As before, pricing on the term loan B-3 is SOFR plus 350 bps with a 1% floor and an original issue discount of 99.5, and the debt has 101 soft call protection for six months.

Allocations went out on Monday, the source added.

Jefferies LLC and Morgan Stanley Senior Funding Inc. are leading the dealthat will be used to refinance an existing term loan B-2 and extend the maturity of a portion, as opposed to all, of the existing term loan B-1.

BCP Renaissance is the owner of a 32.435% interest in the Rover Pipeline, which transports natural gas from the Marcellus and Utica Shale production areas.

Olaplex revises deadline

Olaplex Holdings accelerated the commitment deadline for its $675 million seven-year term loan B (B1/BB-) to noon ET on Wednesday from Feb. 22, according to a market source.

The term loan is talked at SOFR plus 375 bps to 400 bps with a 25 bps step-down at 0.5x inside closing date first-lien net leverage, a 0.5% floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Goldman Sachs Bank USA, JPMorgan Chase Bank, Morgan Stanley Senior Funding Inc., Barclays, BofA Securities Inc., Jefferies LLC and Truist are leading the deal that will be used to refinance the company’s existing capital structure.

Advent International is the sponsor.

Olaplex is a hair care company.

NAPA tweaks timing

NAPA Management accelerated the commitment deadline for its $610 million seven-year senior secured term loan B (B2/B) to 5 p.m. ET on Tuesday from noon ET on Thursday, a market source said.

Talk on the term loan is SOFR+CSA plus 525 bps with a 0.75% floor, an original issue discount of 99 and 101 soft call protection for six months.

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

Barclays, SVB Leerink and MUFG are leading the deal that will be used to refinance existing debt and fund cash to the balance sheet.

American Securities is the sponsor.

NAPA is a Melville, N.Y.-based outsourced anesthesia and perioperative management services company.

Cast & Crew accelerated

Cast & Crew moved up the commitment deadline for its fungible $225 million add-on first-lien term loan B (B2/B) due Dec. 30, 2028 to noon ET on Tuesday from end of day on Tuesday, according to a market source.

The add-on term loan is talked at SOFR plus 375 bps with a 0.5% floor, an original issue discount of 99.5 and 101 soft call protection until June.

Ticking fees on the add-on term loan are half the margin from days 46 to 90 and the full margin thereafter.

Goldman Sachs Bank USA and RBC Capital Markets are leading the deal that will be used to fund the acquisition of Backstage Holdings, a New York-based provider of talent marketplace and content creation tools for the creative economy.

With this transaction, pricing on the company’s existing $250 million term loan B due Dec. 30, 2028 will switch to SOFR plus 375 bps with a 0.5% floor from Libor plus 375 bps with a 0.5% Libor floor.

EQT is the sponsor.

Cast & Crew is a Burbank, Calif.-based provider of software and services to the entertainment production industry.

CTC moves deadline

CTC Holdings changed the commitment deadline for its $300 million seven-year term loan B (B1/B+) to 5 p.m. ET on Monday from 5 p.m. ET on Wednesday, a market source remarked.

Talk on the term loan is SOFR+CSA plus 500 bps with a 0.5% floor, an original issue discount of 98.5 and 101 soft call protection for one year.

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

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

CTC is a Chicago-based trading firm.

PointClickCare on deck

PointClickCare set a lender call for 10 a.m. ET on Tuesday to launch a $400 million incremental term loan (B2/B) due December 2027 talked at SOFR plus 325 bps to 350 bps with a 0.75% floor and an original issue discount of 99.5, according to a market source.

The incremental term loan has 101 soft call protection for six months, and ticking fees of half the margin for days 46 to 90 and the full margin thereafter.

Commitments are due at noon ET on Feb. 24, the source added.

JPMorgan Chase Bank is leading the deal that will be used to fund the acquisition of Audacious Inquiry, a Baltimore-based health IT company that provides a connected care platform.

Closing is subject to regulatory approvals and other customary conditions.

PointClickCare is a Mississauga, Ont.-based healthcare technology platform.

Ashfield readies deal

Ashfield/Huntsworth will hold a lender call at 10 a.m. ET on Tuesday to launch a fungible $200 million add-on term loan (B1) due 2028 talked with an original issue discount of 99 to 99.5, a market source said.

Pricing on the add-on term loan is Libor plus 425 bps with a 0.5% Libor floor.

The add-on term loan has 101 soft call protection until August.

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

JPMorgan Chase Bank, NatWest, ING, Bank of Ireland, Barclays, Jefferies LLC and RBC Capital Markets are leading the deal that will be used to finance the acquisition of Research Partnership, to fund a tax liability and for general corporate purposes.

Ashfield/Huntsworth, previously known as UDG Healthcare, is a provider of medical communications, marketing, advisory and packaging services to pharma and biotech clients.

Teneo joins calendar

Teneo scheduled a lender call for 3 p.m. ET on Tuesday to launch a fungible $80 million incremental first-lien term loan and an amendment to its existing credit facility, according to a market source.

Goldman Sachs Bank USA is leading the deal that will be used to repay revolver borrowings and fund future acquisitions.

CVC Capital Partners is the sponsor.

Teneo is a New York-based CEO advisory firm.

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