IntraFi sets final terms; Chobani accelerated; Castlelake, Playa and more disclose talk

By Sara Rosenberg

New York, Dec. 11 – In the primary market on Monday, IntraFi Network LLC (Nexus Buyer LLC) finalized the original issue discount on its incremental first-lien term loan B (B2/B-) at the wide end of guidance, and Chobani LLC moved up the commitment deadline for its incremental term loan B.

Also, Castlelake Aviation, Playa Hotels & Resorts, Travel + Leisure Co., Summit Behavioral Healthcare LLC, Catalent Pharma Solutions Inc., Citadel Securities LP, USI Inc., Amynta, Ancestry.com (Arches Buyer Inc.) and Belron released price talk in connection with lender calls, and WireCo WorldGroup Inc. joined this week’s new issue calendar.

IntraFi updated

IntraFi Network set the original issue discount on its $500 million five-year incremental senior secured covenant-lite first-lien term loan B (B2/B-) at 97, the wide end of the 97 to 97.5 talk, according to a market source.

Pricing on the term loan remained at SOFR plus 450 basis points with a 0% floor, and the debt still has 101 soft call protection for six months.

Morgan Stanley Senior Funding Inc., Nomura, RBC Capital Markets and UBS Investment Bank are leading the deal that will be used to fund a shareholder distribution, to repay an existing revolver balance and to pay related fees and expenses.

Closing is expected during the week of Dec. 18.

IntraFi is an Arlington, Va.-based financial technology solutions provider offering deposit placement and funding services to financial institutions.

Chobani tweaks timing

Chobani accelerated the commitment deadline for its non-fungible $550 million incremental term loan B (B1/B-) due Oct. 23, 2027 to noon ET on Tuesday from noon ET on Wednesday, a market source remarked.

Talk on the term loan is SOFR plus 400 bps to 425 bps with a 0% floor, an original issue discount of 98.5, 101 soft call protection for six months, and a ticking fee of half the margin from days 46 to 90 and the full margin thereafter.

BofA Securities Inc., Goldman Sachs Bank USA, JPMorgan Chase Bank and TD Securities (USA) LLC are leading the deal that is intended to be used to finance an acquisition. However, if the acquisition does not close, the proceeds will be used to repay senior notes due 2025 at par plus all associated fees and expenses.

Chobani is a New York food and beverage company known for Greek Yogurt.

Castlelake holds call

Castlelake Aviation emerged early in the morning with plans to hold a lender call at 11 a.m. ET on Monday to launch a $1,156,399,537 senior secured first-lien term loan B (Ba3/BB) due Oct. 22, 2026 talked at SOFR plus 250 bps with a 0% floor, an original issue discount of 99.75 to par and 101 soft call protection for six months, according to a market source.

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

Morgan Stanley Senior Funding Inc. is the left lead arranger on the deal. Citigroup Global Markets Inc. is the agent.

The term loan will be used to reprice an existing term loan due 2026 down from SOFR plus 275 bps.

Castlelake Aviation is a Dublin, Ireland-based provider of aircraft financing, leasing and servicing solutions.

Playa shops repricing

Playa Hotels surfaced early with plans to hold a lender call at 1 p.m. ET to launch a $1.092 billion covenant-lite term loan B due January 2029 talked at SOFR plus 325 bps to 350 bps with a 0.5% floor, a par issue price and 101 soft call protection for six months, a market source said.

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

Deutsche Bank Securities Inc. is the left lead on the deal that will be used to reprice an existing term loan B due January 2029 down from SOFR plus 425 bps with a 0.5% floor.

Playa Hotels is an owner, operator and developer of all-inclusive resorts located in Mexico, Dominican Republic and Jamaica.

Travel + Leisure launches

Travel + Leisure announced in the morning its intention to hold a lender call at 2 p.m. ET to launch a $598 million covenant-lite term loan B (BB-) due Dec. 14, 2029 talked at SOFR+10 bps CSA plus 325 bps to 350 bps with a 0.5% floor and 101 soft call protection for six months, according to a market source.

The debt is split between a repricing of an existing $298 million incremental term loan due 2029 down from SOFR+10 bps CSA plus 400 bps with a 0.5% floor, and a new fungible $300 million add-on term loan to be used for the repayment of 2024 senior secured notes.

The repricing is talked with a par issue price and the add-on is talked with an original issue discount of 99.5 to 99.75, the source added.

Commitments are due at noon ET on Thursday.

Deutsche Bank Securities Inc., BofA Securities Inc. and others to be announced are leading the deal. BofA Securities is the administrative agent.

Travel + Leisure is an Orlando, Fla.-based membership and leisure travel company.

Summit seeks add-on

In the morning, Summit Behavioral Healthcare LLC set a lender call for 2 p.m. ET to launch a fungible $200 million incremental first-lien term loan due Nov. 24, 2028 talked with an original issue discount of 98.5 to 99, a market source remarked.

Pricing on the incremental term loan is SOFR+CSA plus 475 bps with a 0.75% floor. 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 Friday, the source added.

Jefferies LLC is the left lead on the deal that will refinance the company’s existing second-lien term loan.

Pro forma for the transaction, the first-lien term loan will total $799,865,000.

Summit Behavioral is a Franklin, Tenn.-based behavioral health services provider with a focus on the substance use disorder and acute psychiatric treatment end markets.

Catalent comes to market

Catalent Pharma Solutions emerged early in the day with plans to hold a lender call at 11 a.m. ET to launch a $500 million incremental term loan B-4 (Ba2/BB-) due 2028 talked at SOFR plus 300 bps to 325 bps with a 0.5% floor, an original issue discount of 98.5 and 101 soft call protection for six months, according to a market source.

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

JPMorgan Chase Bank is leading the deal that will be used to repay revolver borrowings.

Catalent is a Somerset, N.J.-based provider of development sciences and manufacturing platforms for medicines.

Citadel holds call

Citadel Securities held a lender call at 11 a.m. ET on Monday to launch a fungible $400 million incremental term loan B due July 28, 2030 talked with an original issue discount of 99.25 to 99.5, a market source said.

Pricing on the incremental term loan is SOFR+CSA plus 250 bps with a 0% floor. CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate, 42.826 bps six-month rate and 71.513 bps 12-month rate.

The incremental term loan has 101 soft call protection until Jan. 28, 2024, which matches the call protection on the company’s existing roughly $3.54 billion term loan B.

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

BofA Securities Inc., Goldman Sachs Bank USA and JPMorgan Chase Bank are leading the deal that will be used with cash from the balance sheet for general corporate purposes, including trading capital.

Citadel is a Miami-based capital markets firm and a provider of market-making services to the fixed income, currency and commodity markets.

USI repricing

USI launched with a lender call at noon ET a $2.475 billion term loan B due November 2029 talked at SOFR plus 325 bps with a 0% floor, an original issue discount in the 99.875 area and 101 soft call protection for six months, according to a market source.

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

BofA Securities Inc. and KKR Capital Markets are leading the deal that will be used to reprice an existing term loan down from SOFR plus 375 bps.

USI is a Valhalla, N.Y.-based insurance brokerage and consulting firm.

Amynta launches

Amynta held a lender call at 2 p.m. ET, launching a $1.037 billion term loan due February 2028 talked at SOFR plus 450 bps with a 0% floor, a par issue price and 101 soft call protection for six months, a market source remarked.

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

BofA Securities Inc. is the left lead on the deal that will be used to reprice an existing term loan down from SOFR+10 bps CSA plus 500 bps with a 0% floor.

Amynta is a New York-based insurance services company.

Ancestry incremental

Ancestry.com held a lender call at 2 p.m. ET to launch a non-fungible $375 million incremental term loan B (B1/B) due December 2027 talked at SOFR plus 400 bps with an original issue discount of 98 to 98.5 and 101 soft call protection for six months, according to a market source.

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

BofA Securities Inc. is the left lead on the deal that will be used with cash on hand to fund a shareholder distribution.

Ancestry.com is a Lehi, Utah-based provider of digital family history services and consumer genomics.

Belron repricing

Belron hosted a lender call at 1 p.m. ET to launch a repricing of its roughly $1.58 billion term loan B due 2028 that is talked at SOFR+ARRC CSA (11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate) plus 200 bps with a 25 bps step-up if senior secured net leverage is 3.5x, a 0.5% floor and a par issue price, a market source remarked.

The company also launched a repricing of its roughly $868 million term loan B due 2029 at talk of SOFR+10 bps CSA plus 225 bps with a 25 bps step-up if senior secured net leverage is 3.5x, a 0.5% floor and a par issue price, the source continued.

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

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

JPMorgan Chase Bank and BofA Securities Inc. are the global coordinators on the deal, which will take the existing 2028 term loan down from Libor plus 250 bps and the existing 2029 term loan down from SOFR+10 bps CSA plus 250 bps.

Belron is a U.K.-based provider of vehicle glass repair and replacement services.

WireCo on deck

WireCo set a lender call for 11 a.m. ET on Tuesday to launch a $472 million term loan B due November 2028 talked at SOFR plus 375 bps with a 25 bps step-down upon an initial public offering, a 0% floor, an original issue discount of 99.75 to par and 101 soft call protection for six months, according to a market source.

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

JPMorgan Chase Bank is leading the deal that will be used to reprice an existing term loan down from SOFR+ARRC CSA plus 425 bps with a 0.5% floor.

WireCo is a Prairie Village, Kan.-based manufacturer and distributor of wires and synthetic ropes.

Fund flows

In other news, actively managed loan fund flows on Friday were negative $40 million and loan ETFs were positive $130 million, sources said.

The loan asset class has reported five mild inflows in the past six weeks.

Year to date, outflows for loan funds total $17.6 billion, with positive $2.3 billion ETFs, sources added.

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