PODS, Edelman, ThoughtWorks, Verra, Precisely, WEX, Evoqua, WildBrain, MBCC and more break

By Sara Rosenberg

New York, March 19 – PODS LLC increased the size of its covenant-lite first-lien term loan B, Edelman Financial Engines (Edelman Financial Center LLC) raised pricing on its first-lien term loan debt and lifted the Libor floor, and ThoughtWorks Inc. set the spread on its first-lien term loan at the low end of talk, added a step-down and revised the original issue discount, and then these deals freed up for trading on Friday.

Also, Verra Mobility Corp. lifted pricing on its term loan, Precisely finalized spreads on its first-and second-lien term loans at the high end of talk, WEX Inc. changed the original issue discount on its term loan B, Evoqua Water Technologies downsized its term loan and set pricing at the high end of guidance, and WildBrain lifted its term loan B size, widened the issue price and extended the call protection, and these deals started trading too.

Additionally, MBCC Group finalized the issue price on its euro term loan B and Veritas Technologies set the issue price on its U.S. term loan B, both at the tight side of adjusted guidance, before breaking for trading, and deals from Orion Advisor Solutions (GT Polaris Inc.) and Wilsonart LLC emerged in the secondary market as well.

In other news, Thor Industries Inc. firmed the spread on its U.S. term loan, Terex Corp. withdrew its first-lien term loan from market and First Brands Group LLC accelerated the commitment deadline for its term loans.

Furthermore, ION Markets, Cornerstone Building Brands Inc., One Call Corp., Solis Mammography (SM Wellness Holdings Inc.) and Idemia joined the near-term primary calendar.

PODS upsizes, trades

PODS raised its seven-year covenant-lite first-lien term loan B to $1.215 billion from $1.165 billion, according to a market source.

The term loan is priced at Libor plus 300 basis points with a 0.75% Libor floor and an original issue discount of 99.5, and has 101 soft call protection for six months.

Previously in syndication, pricing on the term loan was reduced from Libor plus 325 bps.

PODS’ now $1.315 billion of senior secured credit facilities also include a $100 million five-year revolver.

Recommitments were due at 10:30 a.m. ET on Friday and the term loan B began trading in the afternoon, with levels quoted at 99¾ bid, par 1/8 offered, a trader added.

Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC and Barclays are leading the deal that will be used to refinance an existing first-lien term loan, fund a distribution to shareholders, which was increased with the term loan upsizing, and pay related fees and expenses.

Closing is expected during the week of March 29.

PODS is a Clearwater, Fla.-based provider of storage and moving containers.

Edelman revised, frees

Edelman Financial Engines lifted pricing on its fungible $800 million seven-year covenant-lite add-on first-lien term loan B and $1,425,900,000 amended and extended seven-year covenant-lite first-lien term loan B to Libor plus 375 bps from Libor plus 350 bps, a market source remarked.

Also, the Libor floor on the first-lien term loan debt (B2/B) widened to 0.75% from 0.5%, the MFN was changed to 75 bps with a 12 months sunset from 100 bps with a six months sunset, and a springing maturity to the second-lien term loan was added, the source continued.

As before, the add-on first-lien term loan has a 25 bps step-down based on first-lien net leverage and a 25 bps step-down following an initial public offering, an original issue discount of 99.5 on the add-on loan, an amendment fee on the existing term loan of 12.5 bps, and 101 soft call protection for six months on all of the debt.

Non-consenting lenders will remain in the existing first-lien term loan B due 2025.

Commitments were due at noon ET on Friday and the first-lien term loan broke late in the day, with levels quoted at 99 5/8 bid, par 1/8 offered, a trader added.

Edelman second-lien

Edelman is also getting a fungible $100 million covenant-lite add-on second-lien term loan due July 2026 and amending its existing $475 million covenant-lite second-lien term loan due July 2026.

The second-lien term loan debt (Caa2/CCC+) is priced at Libor plus 675 bps with a 0% Libor floor and has 101 hard call protection for one year with a par call with an IPO. The add-on term loan is being issued at an original issue discount of 99, and the amendment consent fee is 25 bps consent fee.

Morgan Stanley Senior Funding Inc., JPMorgan Chase Bank, UBS Investment Bank, Deutsche Bank Securities Inc. and Barclays are leading the senior secured credit facilities, with Morgan Stanley the left lead and agent on the first-lien debt and JPMorgan the left lead and agent on the second-lien debt.

The add-on term loans will be used with cash on hand to fund a distribution to shareholders, and to pay related fees and expenses.

Closing is expected during the week of April 5.

Edelman, a Hellman & Friedman portfolio company, is a financial planning and investment management firm.

ThoughtWorks updated, breaks

ThoughtWorks finalized pricing on its $715 million seven-year covenant-lite first-lien term loan (B2/B+) at Libor plus 325 bps, the low end of the Libor plus 325 bps to 350 bps talk, added a 25 bps step-down at 3.75x first-lien net leverage, and changed the original issue discount to 99.75 from 99.5, according to a market source.

The term loan still has a 0.5% Libor floor and 101 soft call protection for six months.

Recommitments were due at 11 a.m. ET on Friday and the term loan began trading later in the day, with levels quoted at 99¾ bid, par ¼ offered, another source added.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to refinance existing debt and fund a shareholder distribution.

ThoughtWorks is a Chicago-based pure play digital transformation services provider.

Verra flexes, frees up

Verra Mobility widened pricing on its $650 million seven-year term loan B (B1/BB-) to Libor plus 325 bps from talk in the range of Libor plus 275 bps to 300 bps, a market source said.

The 0% Libor floor, original issue discount of 99.5 and 101 soft call protection for six months on the term loan were unchanged.

Recommitments were due at 10:30 a.m. ET on Friday and the term loan B broke for trading later in the day, with levels quoted at 99 5/8 bid, par 1/8 offered, another source added.

BofA Securities Inc. is leading the deal that will be used with $350 million of senior unsecured notes to repay an existing $866 million term loan B due 2025, to fund the purchase price for the acquisition of Redflex Holdings Ltd. and for general corporate purposes.

Closing is expected on March 26.

Verra Mobility is a Mesa, Ariz.-based provider of smart mobility technology solutions.

Precisely firms, trades

Precisely set pricing on its $1.645 billion seven-year first-lien term loan at Libor plus 425 bps, the high end of the Libor plus 400 bps to 425 bps talk, and on its $445 million eight-year second-lien term loan at Libor plus 725 bps, the wide end of the Libor plus 700 bps to 725 bps talk, according to a market source.

The first-lien term loan still has a 0.75% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, and the second-lien term loan still has a 0.75% Libor floor, a discount of 99 and call protection of 102 in year one and 101 in year two.

On Friday, the bank debt hit the secondary market, with the first-lien term loan quoted at 99 5/8 bid, par offered, and the second-lien term loan quoted at 99¾ bid, another source added.

JPMorgan Chase Bank, BofA Securities Inc., Barclays, Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, Jefferies LLC and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to help fund the buyout of the company by Clearlake Capital Group LP and TA Associates from Centerbridge Partners, which will retain a minority equity stake.

Closing is expected in the second quarter, subject to customary regulatory approvals and conditions.

Precisely is a provider of accuracy, consistency and context in data.

WEX tightens, breaks

WEX revised the original issue discount on its $1.442 billion term loan B (Ba2) due 2028 to 99.5 from 99.25, a market source remarked.

Pricing on the term loan remained at Libor plus 225 bps with a 0% Libor floor, and the loan still has 101 soft call protection for six months.

Recommitments were due at noon ET on Friday and the term loan B broke later in the day, with levels quoted at 99 5/8 bid, par 1/8 offered, another source added.

The company also plans on getting a revolver due 2026 and a term loan A due 2026.

BofA Securities Inc. is leading the deal that will be used to refinance existing credit facilities to extend maturities.

WEX is a Portland, Me.-based financial technology service provider.

Evoqua reworked, frees

Evoqua Water Technologies scaled back its seven-year term loan to $475 million from $560 million and firmed pricing at Libor plus 250 bps, the high end of the Libor plus 225 bps to 250 bps talk, according to a market source.

The term loan still has a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Recommitments were due at 11 a.m. ET on Friday and the term loan freed trade in the afternoon, with levels quoted at 99½ bid, par ¼ offered, another source added.

JPMorgan Chase Bank is leading the deal that will be used to reprice from Libor plus 275 bps with a 0% Libor floor and extend from December 2024 an existing term loan, which is being paid down from $817 million.

Evoqua is a Pittsburgh-based provider of mission critical water treatment solutions.

WildBrain revised, breaks

WildBrain upsized its seven-year covenant-lite first-lien term loan B to $285 million from $280 million, moved the original issue discount to 98 from talk in the range of 99 to 99.5 and extended the 101 soft call protection to one year from six months, a market source said.

Pricing on the term loan B remained at Libor plus 425 bps with a 0.75% Libor floor.

The term loan B began trading in the afternoon, with levels quoted at 98¼ bid, 99¾ offered, a trader added.

RBC Capital Markets is leading the deal that will be used to repay an existing term loan B.

WildBrain is a Canada-based kids’ content company.

MBCC updated

MBCC Group firmed the issue price on its €1.11 billion covenant-lite term loan B (B2/B/BB-) due September 2027 at par, the tight end of revised talk of 99.75 to par and tighter than initial talk of 99.75, according to a market source.

Pricing on the euro term loan is Euribor plus 350 bps with a 0% floor.

The company is also getting a $570 million covenant-lite term loan B (B2/B/BB-) due September 2027 priced at Libor plus 350 bps with a 0.75% Libor floor and an original issue discount of 99.5.

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

Previously in syndication, pricing on the euro term loan was set at the low end of the Euribor plus 350 bps to 375 bps talk, and pricing on the U.S. term loan was cut from talk in the range of Libor plus 375 bps to 400 bps and the discount was tightened from 99.

MBCC starts trading

On Friday, MBCC’s U.S. term loan B made its way into the secondary market, with levels quoted at 99¾ bid, par ¼ offered, another source added.

Deutsche Bank Securities Inc. is the active bookrunner on the U.S. term loan, and Barclays and Deutsche Bank are the active bookrunners on the euro term loan. Passive bookrunners include Goldman Sachs, Intesa, JPMorgan Chase Bank, UBS Investment Bank, Unicredit and SMBC. US Bank is the administrative agent.

Proceeds will be used to refinance a privately placed U.S. term loan and reprice an existing euro term loan down from Euribor plus 450 bps with a 0% floor.

MBCC Group, previously known as Skyscraper, is a Mannheim, Germany-based producer of performance solutions for the construction market.

Veritas finalizes, frees up

Veritas Technologies firmed the issue price on its $1.322 billion term loan B due September 2025 at par, the tight end of revised talk of 99.875 to par and tighter than initial talk of 99.875, a market source said.

Pricing on the term loan is Libor plus 500 bps with a 1% Libor floor.

The company is also getting a €549 million term loan B due September 2025 priced at Euribor plus 475 bps with a 1% floor and a par issue price.

Previously in syndication, pricing on the euro term loan was trimmed from Euribor plus 500 bps and the issue price was changed from 99.875.

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

The U.S. term loan began trading during the session, with levels quoted at par bid, par ½ offered, another source added.

BofA Securities Inc. is leading the deal that will be used to reprice existing U.S. and euro term loans down from Libor/Euribor plus 550 bps with a 1% floor.

Veritas is a Santa Clara, Calif.-based provider of data protection and availability.

Orion hits secondary

Orion Advisor Solutions’ fungible $100 million covenant-lite incremental first-lien term loan due September 2027 and repriced $748 million covenant-lite first-lien term loan due September 2027 broke as well, with levels quoted at 99 7/8 bid, par 3/8 offered according to a market source.

Pricing on the term loan debt is Libor plus 375 bps with a 0.75% Libor floor. The incremental term loan was sold at an original issue discount of 99.75 and the repricing was issued at par. The term loan debt has 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC is leading the deal.

Proceeds from the incremental term loan will be used to fund tuck-in mergers and acquisitions, and the repricing will take the existing term loan down from Libor plus 400 bps with a 1% Libor floor.

Orion is a provider of a tech-enabled fiduciary solutions that support financial advisers.

Wilsonart tops OID

Wilsonart’s $1.241 billion covenant-lite term loan E (B2) due December 2026 broke for trading, with levels quoted at 99¾ bid, par ¼ offered, a market source remarked.

Pricing on the term loan is Libor plus 350 bps with a step-down to Libor plus 325 bps at 4.75x net leverage and a 1% Libor floor. The debt was sold at an original issue discount of 99.5 and has 101 soft call protection for six months.

During syndication, pricing on the term loan was increased from Libor plus 325 bps, the step-down was added and the Libor floor was lifted from 0.75%.

Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc., UBS Investment Bank, Goldman Sachs Bank USA, Barclays and SMBC are leading the deal that will be used to amend and extend an existing term loan D due December 2023.

Wilsonart is a Temple, Tex.-based engineered surfaces company.

Thor finalizes

In more happenings, Thor Industries firmed pricing on its $942 million term loan (BB+) at Libor plus 300 bps, the high end of the revised talk of Libor plus 275 bps to 300 bps but the low end of initial talk of Libor plus 300 bps to 325 bps, a market source said.

The term loan still has a 0% Libor floor and a par issue price.

The company is also getting a €503 million term loan (BB+) priced at Euribor plus 300 bps with a 0% floor and a par issue price.

Earlier in syndication, pricing on the euro term loan was reduced from talk in the range of Euribor plus 325 bps to 350 bps, and the issue price on both term loans was set at the tight end of the 99.875 to par talk.

JPMorgan Chase Bank is the left lead on the deal that will be used to reprice existing U.S. and euro term loans.

Thor Industries is an Elkhart, Ind.-based manufacturer of recreational vehicles.

Terex pulls loan

Terex removed its $325 million seven-year covenant-lite first-lien term loan (Ba2/BB+) from market, according to a market source.

Talk on the term loan was Libor plus 200 bps to 225 bps with a 0.75% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC was leading the deal that was going to be used to refinance existing senior secured bank debt.

Terex is a Westport, Conn.-based lifting and material handling solutions company.

First Brands accelerated

First Brands moved up the commitment deadline for its $1.425 billion six-year senior secured first-lien term loan (B1/B) and $540 million seven-year second-lien term loan (Caa1/CCC+) to 3 p.m. ET on Friday from 5 p.m. ET on Monday, a market source said.

The first-lien term loan is talked at Libor plus 500 bps with a 1% Libor floor, an original issue discount of 99 and 101 hard call protection for one year, and the second-lien term loan is talked at Libor plus 850 bps with a 1% Libor floor, a discount of 98 and hard call protection of 103 in year one and 101 in year two.

Jefferies LLC is leading the deal that will be used to refinance existing debt.

First Brands is an automotive aftermarket platform offering comprehensive solutions for consumable maintenance and mission-critical repair parts.

ION readies deal

ION Markets set a lender call for 10:30 a.m. ET on Monday to launch a $1.8 billion seven-year covenant-lite first-lien term loan and a €1.5 billion seven-year covenant-lite first-lien term loan, according to a market source.

The U.S. term loan is talked at Libor plus 475 bps with a 0% Libor floor and an original issue discount of 99.5, and the euro term loan is talked at Euribor plus 425 bps with a 0% floor and a discount of 99.75, the source said. Both term loans have 101 soft call protection for six months.

Commitments for the U.S. term loan are due at 10 a.m. ET on March 26 and commitments for the euro term loan are due at 8 a.m. ET on March 26, the source added.

Credit Suisse is the sole physical bookrunner on the deal, and Standard Chartered and UBS are joint bookrunners.

The loans will be used to refinance existing debt, for general corporate purposes and to pay transaction fees and expenses.

ION Markets is a provider of trading automation, analytics and infrastructure to financial market participants.

Cornerstone on deck

Cornerstone Building Brands will hold a lender call at 2 p.m. ET on Monday to launch a $2.6 billion seven-year term loan B (B1/B+) talked at Libor plus 300 bps to 325 bps with a 0.5% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months, a market source remarked.

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

JPMorgan Chase Bank is leading the deal that will be used with ash from the balance sheet to extend the maturity of an existing $2.498 billion term loan B due 2025 and fund the redemption of 8% senior notes due 2026.

The company also plans to extend the maturity of its $611 million ABL credit facility to April 12, 2026 and extend the maturity of its $115 million revolving credit facility to April 12, 2026.

Cornerstone Building is a Cary, N.C.-based manufacturer of exterior building products.

One Call joins calendar

One Call scheduled a lender call for 11:30 a.m. ET on Monday to launch a $700 million first-lien term loan B (B1/B-) talked at Libor plus 475 bps to 500 bps with a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

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

JPMorgan Chase Bank, Wells Fargo Securities LLC, Jefferies LLC, CIT, KKR Capital Markets and Blackstone are leading the deal that will be used to refinance existing debt.

One Call is a Jacksonville, Fla.-based healthcare network management company and provider of specialized solutions to the workers’ compensation industry.

Solis coming soon

Solis Mammography set a bank meeting for 9 a.m. ET on Tuesday to launch $475 million of senior secured credit facilities, a market source said.

The facilities consist of a $25 million five-year revolver, a $300 million seven-year first-lien term loan, a $50 million 18-month commitment delayed-draw first-lien term loan, which will be sold as a strip with the funded first-lien term loan, and a $100 million eight-year second-lien term loan, the source added.

The 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.

Jefferies LLC is leading the deal that will be used to refinance the company’s existing capital structure.

Solis Mammography is an Addison, Tex.-based provider of mammography and related breast imaging services.

Idemia plans call

Idemia will hold a lender call on Monday to launch a $731.5 million first-lien term loan due January 2026 and a €1.385 billion first-lien term loan due January 2026, according to a market source.

Talk on the U.S. term loan is Libor plus 450 bps with a 0.75% Libor floor and an original issue discount of 99.5, and talk on the euro term loan is Euribor plus 425 bps to 450 bps with a 0% floor and a discount of 99.5, the source said. Both term loans have 101 soft call protection for six months.

Commitments are due at 11 a.m. ET on March 31, the source added.

JPMorgan Chase Bank is the lead on the U.S. term loan. BNP Paribas, Credit Agricole and JPMorgan are the leads on the euro term loan.

The debt will be used to amend and extend existing term loans due January 2024.

Idemia is a France-based technology company that provides identity-related security services.

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