EyeCare, Medallion, IMA, Quirch, HelpSystems, Informatica, RugsUSA break; Aggreko tweaked

By Sara Rosenberg

New York, Oct. 14 – EyeCare Partners LLC modified its first- and second-lien term loan sizes and original issue discounts, and firmed the spread on the first-lien debt at the low end of talk, and Medallion Midland Acquisition LP modified the issue price on its term loan, and then these deals freed to trade on Thursday.

Also, before breaking for trading, IMA Financial Group finalized the original issue discount on its term loan at the tight end of revised guidance, and Quirch Foods LLC upsized its add-on term loan B.

Additionally, HelpSystems (HS Purchaser LLC) firmed issue prices on its first- and second-lien term loans at the tight side of talk and then hit the secondary market, and deals from Informatica LLC and RugsUSA (Runner Buyer Inc.) broke as well.

In more happenings, Aggreko plc widened price talk and original issue discount on its U.S. and euro term loans, and LaserShip Inc. moved up the commitment deadline for its incremental first- and second-lien term loans.

Furthermore, Entertainment Partners and Atlantic Aviation (KKR Apple Bidco LLC) announced price talk with launch, and Michael Baker International, FR Refuel LLC, MeridianLink Inc. and Advantage Sales & Marketing Inc. joined the near-term primary calendar.

EyeCare reworked

EyeCare Partners raised its seven-year incremental covenant-lite first-lien term loan to $550 million from $500 million, with the debt now split between a $440 million funded tranche and a $110 million delayed-draw tranche, revised from $400 million funded and $100 million delayed-draw, according to a market source.

Also, pricing on the incremental first-lien term loan was set at Libor plus 375 basis points, the low end of the Libor plus 375 bps to 400 bps talk, and the original issue discount was adjusted to 99.75 from 99.5, the source said.

Regarding the company’s eight-year second-lien covenant-lite term loan, it was scaled back to $300 million from $340 million and the discount was tightened 99.5 from 99.

As before, the incremental first-lien term loan has a 0.5% Libor floor and 101 soft call protection for six months, the delayed-draw tranche has ticking fees of half the margin from days 46 to 90 and the full margin thereafter, and the second-lien term loan is priced at Libor plus 675 bps with a 0.5% Libor floor and has call protection of 102 in year one and 101 in year two.

Previously in the marketing process, the syndicated second-lien term loan was added to the transaction.

EyeCare hits secondary

Recommitments for EyeCare’s term loans were due at 11 a.m. ET on Thursday and the debt began trading later in the day, with the incremental first-lien term loan quoted at par bid, par ¼ offered and the second-lien term loan quoted at par bid, par ½ offered, another source added.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used for acquisition financing and to refinance an existing $150 million second-lien term loan.

EyeCare Partners is a St. Louis-based eye care services provider.

Medallion tightens, frees

Medallion Midland revised the original issue discount on its $735 million seven-year senior secured term loan (B2/B/BB-) to 99.5 from 99, according to a market source.

Pricing on the term loan remained at Libor plus 375 bps with a 0.75% Libor floor, and the debt still has 101 soft call protection for six months.

The company’s $835 million of senior secured credit facilities also include a $100 million five-year super priority revolver.

The term loan made its way into the secondary market in the afternoon, with levels quoted at 99¾ bid, another source added.

Jefferies LLC, Cadence, National Australia Bank and PNC Bank are leading the deal that will be used to refinance an existing term loan and a $50 million revolver.

Medallion Midland is an Irving, Tex.-based midstream company focused on crude oil transportation in the Midland Basin.

IMA updated, trades

IMA Financial Group set the original issue discount on its $530 million term loan (B3) at 99.5, the tight end of revised talk of 99 to 99.5 and tighter than initial talk of 99, a market source said.

Pricing on the term loan is Libor plus 375 bps with a 0.5% Libor floor, and the debt has 101 soft call protection for six months.

Previously in syndication, pricing on the term loan was lowered from talk in the range of Libor plus 400 bps to 425 bps.

In the afternoon, the term loan freed to trade, with levels quoted at 99 7/8 bid, par ½ offered, a trader added.

BMO Capital Markets, JPMorgan Chase Bank, Citigroup Global Markets Inc. and U.S. Bank are leading the deal that will be used to refinance about $250 million of existing debt and fund acquisitions under letters-of-intent.

IMA Financial is an insurance brokerage firm.

Quirch upsizes, breaks

Quirch Foods lifted its fungible add-on term loan B due Oct. 27, 2027 to $125 million from $100 million, a market source remarked.

Pricing on the add-on term loan and repricing of the company’s existing $471 million term loan B due Oct. 27, 2027 remained at Libor plus 450 bps with a 1% Libor floor. The add-on term loan has an original issue discount of 99.5 and the repricing has a par issue price, and all of the debt has 101 soft call protection for six months.

Commitments continued to be due at noon ET on Thursday and the term loan debt broke later in the day, with levels quoted at par ¼ bid, par ¾ offered, a trader added.

RBC Capital Markets is the left lead on the deal.

The add-on term loan will be used to repay borrowings under the company’s ABL facility, and the repricing will take the existing term loan B down from Libor plus 475 bps with a 1% Libor floor.

Quirch Foods is a Coral Gables, Fla.-based specialty protein supplier to chain grocery stores.

HelpSystems finalizes, frees

HelpSystems firmed the original issue discount on its fungible $195 million incremental first-lien term loan due November 2026 at 99.75, the tight end of the 99.5 to 99.75 talk, and on its fungible $145 million incremental second-lien term loan due November 2027 at par, the tight end of the 99.75 to par talk, according to a market source.

The incremental first-lien term loan is priced at Libor plus 400 bps with a 0.75% Libor floor and has 101 soft call protection until Dec. 22, 2021, and the incremental second-lien term loan is priced at Libor plus 675 bps with a 0.75% Libor floor and has hard call protection of 102 until May 19, 2022 and 101 until May 19, 2023.

During market hours, the incremental debt began trading, with the first-lien term loan quoted at 99 7/8 bid, par 1/8 offered and the second-lien term loan quoted at par ¼ bid, 101¼ offered, another source added.

Jefferies LLC and Golub are leading the deal that will fund two acquisitions currently under exclusivity.

With the incremental term loans, the company is amending its credit agreement to reset certain leverage ratios to reflect the pro forma capitalization at close.

HelpSystems is an Eden Prairie, Minn.-based provider of IT operations management and monitoring, cybersecurity and business intelligence software.

Informatica starts trading

Informatica’s $1.875 billion first-lien term loan (B1/BB-) hit the secondary market, with levels quoted at 99 7/8 bid, par ¼ offered, a market source said.

Pricing on the term loan is Libor plus 275 bps with a 0% Libor floor and it was sold at an original issue discount of 99.875. The debt has 101 soft call protection for six months.

During syndication, the term loan was upsized from $1.425 billion as plans were canceled for a €387 million first-lien term loan, pricing was reduced from Libor plus 300 bps and the discount tightened from talk in the range of 99.5 to 99.75.

JPMorgan Chase Bank, Goldman Sachs Bank USA, Citigroup Global Markets Inc., BofA Securities Inc., Credit Suisse Securities (USA) LLC, RBC Capital Markets, Deutsche Bank Securities Inc., Wells Fargo Securities LLC, UBS Investment Bank and Nomura are leading the deal that will be used with funds from an initial public offering of class A common stock to refinance existing debt.

Informatica is a Redwood City, Calif.-based provider of enterprise cloud data management software and services.

RugsUSA tops OID

RugsUSA’s $500 million seven-year senior secured term loan B (B2/B) broke for trading in the morning at 99¼ bid, 99¾ offered after allocating on Wednesday night, according to a market source.

Pricing on the term loan is Libor plus 550 bps with a 0.75% Libor floor and it was sold at an original issue discount of 99. The debt has 101 soft call protection for one year.

During syndication, pricing on the term loan was increased from Libor plus 500 bps, the call protection was extended from six months and some changes were made to documentation.

Barclays, Jefferies LLC, Deutsche Bank Securities Inc. and Stifel are leading the deal that will be used to help fund the buyout of the company by Francisco Partners from Comvest Partners. Koorosh Yaraghi, founder of RugsUSA, and Comvest Partners will retain a minority stake in the company.

Closing is expected on Wednesday.

RugsUSA is an e-commerce provider of area rugs and home decor products.

Aggreko widens

Back in the primary market, Aggreko increased price talk on its £1 billion equivalent (roughly $1.35 billion equivalent) U.S. and euro five-year covenant-lite first-lien term loan (B1/BB-/BB+) to Libor/Euribor plus 500 bps to 525 bps from talk in the range of Libor/Euribor plus 425 bps to 450 bps, according to a market source.

Furthermore, the original issue discount on the U.S. and euro term loan debt was changed to 98.5 from talk in the range of 99 to 99.5, the source said.

As before, the U.S. term loan has a 0.5% Libor floor, the euro term loan has a 0% floor and both tranches still have 101 soft call protection for six months.

BofA Securities Inc. and Barclays are the joint global coordinators on the deal. Deutsche Bank Securities Inc., Goldman Sachs, Santander, Lloyds, SMBC and Standard Chartered are joint bookrunners.

The loans will be used to help fund the buyout of the company by TDR Capital LLP and I Squared Capital for 880 pence per share in cash. The transaction values the company at £2.322 billion on a fully diluted basis.

Aggreko is a U.K.-based provider of mobile power, heating and cooling solutions.

LaserShip tweaks timing

LaserShip accelerated the commitment deadline for its fungible $650 million incremental first-lien term loan (B-) due May 7, 2028 and fungible $225 million incremental second-lien term loan (CCC) due May 7, 2029 to noon ET on Monday from 4 p.m. ET on Tuesday, a market source said.

Pricing on the incremental first-lien term loan is Libor plus 450 bps with one leverage-based step-down and one step-down upon completion of an initial public offering, and a 0.75% Libor floor, and pricing on the incremental second-lien term loan is Libor plus 750 bps with one step-down upon completion of an IPO and a 0.75% Libor floor.

The incremental first-lien term loan is talked with an original issue original issue discount of 99.5 and the incremental second-lien term loan is talked with a discount of 98.5.

The company is also getting a $50 million incremental revolver due May 7, 2026.

Jefferies LLC, RBC Capital Markets, Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc. and UBS Investment Bank are leading the deal that will be used to fund the acquisition of OnTrac Logistics Inc.

LaserShip is a parcel delivery provider. OnTrac is a Chandler, Ariz.-based logistics company.

Entertainment guidance

Entertainment Partners held its call on Thursday morning and announced price talk on its $850 million seven-year term loan B at Libor plus 375 bps to 400 bps with a 0.5% Libor floor and an original issue discount of 99 to 99.5, according to a market source.

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

Commitments are due at 5 p.m. ET on Oct. 28, the source added.

BofA Securities Inc., JPMorgan Chase Bank, Barclays, Citigroup Global Markets Inc., Goldman Sachs Bank USA, Mizuho, SVB and TPG Capital are leading the deal that will be used for a dividend recapitalization.

Entertainment Partners is a Burbank, Calif.-based provider of workforce management services to the TV, film and broader entertainment industries.

Atlantic Aviation talk

Atlantic Aviation launched on its afternoon call its fungible $330 million incremental first-lien term loan due 2028 with original issue discount talk of 99.5 to 99.75, a market source remarked.

Pricing on the incremental first-lien term loan is Libor plus 300 bps with a 0.5% Libor floor.

Commitments are due at noon ET on Oct. 21, the source added.

Jefferies LLC and KKR Capital Markets are leading the deal that will be used to fund the acquisition of LYNX Aviation.

Atlantic Aviation is an operator of fixed base operations, providing a full suite of critical services to the private aviation sector.

Michael Baker on deck

Michael Baker International will hold a lender call at 1 p.m. ET on Monday to launch a $300 million first-lien term loan B (B), according to a market source.

The company is also getting an $80 million ABL revolver.

UBS Investment Bank is the left lead on the deal that will be used to refinance the company’s existing capital structure, including $250 million of senior notes due 2023.

Michael Baker, a portfolio company of DC Capital Partners, is a Pittsburgh-based provider of engineering and consulting services, focused on complex infrastructure challenges.

FR Refuel joins calendar

FR Refuel LLC scheduled a lender meeting for 1 p.m. ET on Tuesday to launch $300 million of term loans, a market source said.

The debt is split between a $265 million seven-year covenant-lite first-lien term loan and a $35 million covenant-lite delayed-draw term loan, the source added.

Citizens Bank is leading the deal that will be used to refinance existing debt.

First Reserve is the sponsor.

FR Refuel is a Charleston, S.C.-based regional convenience store operator.

MeridianLink readies deal

MeridianLink set a lender call for 11 a.m. ET on Friday to launch a $435 million seven-year term loan B (BB-/BB+), according to a market source.

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

BofA Securities Inc. is the left lead on the deal that will be used to refinance existing debt.

MeridianLink is a Costa Mesa, Calif.-based provider of SaaS-based solutions to financial institutions that simplify loan decisioning, deposit and loan originations and workflow challenges.

Advantage Sales repricing

Advantage Sales & Marketing plans to hold a lender call at 10:30 a.m. ET on Friday to launch a $1.318 billion secured term loan B due Oct. 28, 2027 talked at Libor plus 450 bps with a 0.5% to 0.75% Libor floor, a par issue price and 101 soft call protection for six months, the company disclosed in an 8-K filed with the Securities and Exchange Commission.

Commitments are due at noon ET on Oct. 21.

BofA Securities Inc. is leading the deal that will be used to reprice an existing term loan B down from Libor plus 525 bps with a 0.75% Libor floor.

Advantage Sales is an Irvine, Calif.-based provider of outsourced sales and marketing services to consumer goods manufacturers and retailers.

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