Arconic, Janus revise deadlines; Jones DesLauriers, Invenergy, Oryx, Legence set talk

By Sara Rosenberg

New York, July 24 – In the primary market on Monday, Arconic Corp. and Janus International Group moved up the commitment deadlines for their term loans.

Also, Jones DesLauriers Insurance Management Inc. (Navacord), Invenergy Thermal Operating I LLC, Oryx Midstream Services Permian Basin LLC and Legence Holdings LLC released price talk with launch.

Additionally, Curium BidCo Sarl, kdc/one, Generation Bridge Northeast LLC and Enlyte joined this week’s new issue calendar.

Arconic accelerated

Arconic moved up the commitment deadline for its $1 billion seven-year term loan B (Ba3/B+/BB+) to noon ET on Thursday from 5 p.m. ET on Aug. 1, according to a market source.

Talk on the term loan is SOFR plus 475 basis points with a 0% floor, an original issue discount of 97 to 97.5 and 101 soft call protection for six months. Ticking fees on the term loan are half the margin on days 46 through 90 and the full margin plus three-month SOFR thereafter.

The company’s $2.2 billion of senior secured credit facilities also include a $1.2 billion five-year asset-based revolver.

JPMorgan Chase Bank, Wells Fargo Securities LLC, Apollo, BMO Capital Markets, Mizuho, TD Securities (USA) LLC, Citigroup Global Markets Inc., Citizens, Fifth Third, Standard Chartered and Truist are leading the deal that will be used with $900 million of senior secured notes, $725 million of senior unsecured notes, $2.304 billion of equity and $175 million of balance sheet cash to fund the buyout of the company by Apollo Global Management Inc. for $30.00 per share in cash in a transaction with an enterprise value of about $5.2 billion.

Closing is expected this year, subject to customary conditions, and shareholder and regulatory approvals.

Arconic is a Pittsburgh-based provider of aluminum sheet, plate and extrusions as well as architectural products.

Janus tweaks timing

Janus accelerated the commitment deadline for its $625 million seven-year term loan B (B1/B+) to noon ET on Tuesday from Wednesday, a market source remarked.

Talk on the term loan is SOFR+10 bps CSA plus 350 bps to 375 bps with a 25 bps step-down at B1/B+ corporate ratings, a 1% floor, an original issue discount of 98 and 101 soft call protection for six months.

Goldman Sachs Bank USA, JPMorgan Chase Bank and BofA Securities Inc. are leading the deal that will be used to refinance the company’s existing term loan B due February 2025.

Janus is a Temple, Ga.-based provider of self-storage and commercial industrial doors, relocatable storage units, facility automation solutions, and door replacement and self-storage restoration services.

Jones DesLauriers guidance

Jones DesLauriers Insurance Management held its lender call on Monday morning and announced price talk on its $350 million first-lien term loan B (B2/B-/B+) due March 16, 2030 at SOFR plus 425 bps with a 25 bps step-down at B2/B ratings, a 0% floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months and 0 bps CSA.

Commitments are due at noon ET on Friday.

BofA Securities Inc. is the left lead on the deal that will be used to refinance the company’s existing first-lien Canadian term loan due March 2028 and for general corporate purposes, including near-term acquisition opportunities.

Jones DesLauriers is a Mississauga, Ont., commercial insurance broker.

Invenergy proposed terms

Invenergy came out with talk of SOFR+CSA plus 450 bps to 475 bps with a 1% floor, an original issue discount of 97 and 101 soft call protection for six months on its strip of $325 million six-year term loan B and $25 million six-year term loan C debt in connection with its morning lender call, a market source remarked.

CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

The company’s $500 million of credit facilities also include a $150 million five-year revolver.

Commitments are due at noon ET on Aug. 4, the source added.

MUFG, BofA Securities Inc. and BMO Capital Markets are leading the deal that will be used to refinance existing debt and the term loan C will prefund letters of credit.

Invenergy is a Chicago-based developer, owner and operator of sustainable energy solutions.

Oryx repricing

Oryx Midstream surfaced early in the day with plans to hold a lender call at 2 p.m. ET to launch a roughly $1.85 billion senior secured term loan B due Oct. 5, 2028 talked at SOFR+CSA plus 300 bps with a 25 bps step-down at 4.5x total net leverage, a 0.5% floor, a par issue price and 101 soft call protection for six months, according to a market source.

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 noon ET on Thursday, the source added.

Barclays is the left lead on the deal that will be used to reprice an existing senior secured term loan B due Oct. 5, 2028 down from SOFR+ARRC CSA plus 325 bps with a 0.5% floor.

Stonepeak Partners is the sponsor.

Oryx Midstream is a Midland, Tex.-based midstream crude oil logistics provider in the Permian Basin.

Legence holds call

Legence Holdings emerged in the morning with plans to hold a lender call at 2 p.m. ET on Monday to launch a fungible $125 million incremental first-lien term loan due Dec. 16, 2027 talked with an original issue discount of 99.03, which is the point of fungibility, a market source said.

Like the existing term loan, the incremental term loan is priced at SOFR+10 bps CSA plus 375 bps with a 0.75% floor.

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

Jefferies LLC, Societe Generale, BMO Capital Markets, MUFG and Blackstone are leading the deal that will be used for general corporate purposes including to fund future acquisitions.

Pro forma for the transaction, the term loan will total about $1.014 billion.

Legence, formerly Therma Holdings LLC and a Blackstone portfolio company, is a San Jose, Calif.-based specialty mechanical, electrical and plumbing services provider focused on serving mission-critical facilities with a high cost of failure.

Asurion shops loan

Asurion held a lender call at noon ET, launching a fungible $550 million add-on term loan due August 2028 talked with an original issue discount of 95, according to a market source.

Pricing on the add-on term loan is SOFR+10 bps CSA plus 425 bps with a 0% floor, and the debt has 101 soft call protection for six months.

Commitments are due at 4 p.m. ET on Thursday, the source added.

BofA Securities Inc. is the left lead on the deal that will be used with cash from the balance sheet to refinance the company’s existing term loan B-7 and pay fees and expenses.

Asurion is a Nashville-based provider of insurance for smartphones, tablets, consumer electronics, appliances, satellite receivers and jewelry.

Curium readies deal

Curium will hold a lender call at 11 a.m. ET on Tuesday to launch a $1.066 billion term loan B due July 2029 and a €300 million term loan B due July 2029, a market source remarked.

Talk on the U.S. term loan is SOFR plus 475 bps with a 25 bps step-down at 3.5x senior secured net leverage, a 0% floor and an original issue discount of 98.5, and talk on the euro term loan is Euribor plus 475 bps with 25 bps step-downs at 3.5x and 3x senior secured net leverage, a 0% floor and a discount of 98.5, the source continued. The term loans (//B+) have 101 soft call protection for six months.

Commitments are due at 5 p.m. ET on Aug. 2 for the U.S. term loan and at noon ET on Aug. 2 for the euro term loan, the source added.

JPMorgan Chase Bank is the sole physical bookrunner on the U.S. term loan and Deutsche Bank Securities Inc. is the sole physical bookrunner on the euro term loan. JPMorgan is the administrative agent.

The new debt will be used to amend and extend an existing $478 million term loan due July 2026, an existing $590 million term loan due December 2027 and an existing €300 million term loan due July 2026, and to pay transaction fees and expenses.

Curium is a nuclear medicine company with headquarters in London and Paris.

kdc/one on deck

kdc/one set a lender call for 10:30 a.m. ET on Tuesday to launch a $991.7 million equivalent U.S. and euro five-year first-lien term loan (/B-/B), 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 Aug. 2, the source said added.

UBS Investment Bank, Morgan Stanley Senior Funding Inc., BMO Capital Markets, JPMorgan Chase Bank, Goldman Sachs Bank USA, Deutsche Bank Securities Inc., Citizens, Natixis, RBC Capital Markets and KKR Capital Markets are leading the deal that will be used with other senior secured debt to refinance the company’s existing first-lien credit facilities.

KDC US Holdings Inc. is the U.S. borrower and kdc/one Development Corp. Inc. is the Canadian borrower.

kdc/one is a Longueuil, Quebec-based provider of value-added solutions to brands in the home care and beauty and personal care categories.

Generation joins calendar

Generation Bridge Northeast scheduled a lender call for 2 p.m. ET on Tuesday to launch $950 million of credit facilities, a market source said.

The facilities consist of a $100 million five-year revolver and an $850 million six-year senior secured term loan B, the source added.

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

Jefferies LLC, MUFG, Goldman Sachs Bank USA, BMO Capital Markets, Investec and ArcLight Capital Partners are leading the deal.

The term loan will be used to repay all outstanding debt at Generation Bridge II LLC and to fund a distribution, and the revolver will be used for working capital and letters of credit.

Generation Bridge is an owner of power generation facilities, and is being formed through the combination by ArcLight Capital Partners of two portfolio companies, Generation Bridge LLC and Generation Bridge II LLC.

Enlyte coming soon

Enlyte scheduled a lender call for 11:30 a.m. ET on Tuesday to launch a $150 million add-on first-lien term loan, according to a market source.

Stone Point and KKR Capital Markets are leading the deal that will be used to repay revolver borrowings and for general corporate purposes.

Enlyte, formerly known as Mitchell International Inc., is a San Diego-based provider of claims software and technology-enabled solutions to the workers’ compensation and auto insurance industries.

Risk Strategies allocates

Risk Strategies Co. allocated on Monday afternoon its $700 million unitranche incremental delayed-draw term loan due Oct. 30, 2026, a market source said.

Pricing on the loan is SOFR plus 600 bps with a 0.75% floor and it was sold at an original issue discount of 98.5. The debt has 101 call protection for one year.

During syndication, the term loan was upsized from $500 million and the discount was tightened from 98.

Golub Capital is the left lead on the deal that will be used to support ongoing acquisition opportunities.

The company currently has a roughly $3.5 billion unitranche facility for which Golub is the administrative agent.

Risk Strategies, a portfolio company of Kelso & Co., is a Boston-based insurance brokerage firm.

Fund flows

In other news, actively managed loan funds on Friday were negative $18 million and loan ETFs were negative $9 million, sources remarked.

Outflows for loan funds year to date total $18.8 billion, with negative $818 million ETFs, sources added.

Loan indices mixed

In other news, IHS Markit’s iBoxx loan indices were mixed on Friday, with the Leveraged Loan indexes (MiLLi) closing out the day up 0.02% and the Liquid Leveraged Loan indices (LLLi) closing out the day unchanged.

Month to date, the MiLLi is up 1.05% and year to date it is up 7.34%, and the LLLi is up 0.87% month to date and up 7.07% year to date.

Average secondary market bids in the United States on Friday were 92.14, up 0.28% year to date.

According to the IHS Markit data, some of the top advancers on Friday were Gulf Finance’s November 2021 extended term loan at 99.67, up from 97.61, Avison Young’s January 2019 covenant-lite term loan at 59.13, up from 58, and AMC Entertainment’s April 2019 covenant-lite term loan B at 75.88, up from 74.99.

Some top decliners on Friday were Air Methods’ April 2017 covenant-lite term loan B at 34, down from 34.71, Screenvision Media’s June 2018 covenant-lite term loan at 60.75, down from 61.5, and Associated Materials’ March 2022 covenant-lite term loan at 82, down from 83.

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