Ola, PODS free to trade; CM Group pulls deal; Anticimex, Circor release price talk

By Sara Rosenberg

New York, Dec. 3 – Ola (ANI Technologies Pte. Ltd.) trimmed the spread on its term loan B and set the issue price at the tight end of guidance, and PODS LLC modified the original issue discount on its incremental first-lien term loan B, and then both of these deals broke for trading on Friday.

In other news, CM Group (CMFPL Aus and Finco US) withdrew its credit facilities from market, Anticimex Inc. and Circor International Inc. came out with price talk on their loan transactions in connection with their lender calls, and DiversiTech joined the near-term primary calendar.

Ola flexes, breaks

Ola lowered pricing on its $500 million term loan B due 2026 (B3/B-) to SOFR plus 625 basis points from talk in the range of SOFR plus 650 bps to 675 bps and firmed the original issue discount at 98, the tight end of the 97 to 98 talk, a market source said.

As before, the term loan has a 0.75% floor, and is non-callable for two years, then at 105 in year three and 103 in year four, with a carve-out for 50% of the loan to be callable at 105 for two years with an initial public offering.

Recommitments were due at noon ET on Friday and the term loan freed up in the afternoon, with levels quoted at 99 bid, another source added.

JPMorgan Chase Bank is leading the deal that will be used to fund an interest reserve account, to support the international business and for general corporate purposes.

Ola is an India-based ride-hailing company.

PODS tightens, trades

PODS changed the original issue discount on its fungible $150 million incremental covenant-lite first-lien term loan B (B2/B) due March 31, 2028 to 99 from 98.56, according to a market source.

Like the existing term loan, the incremental term loan is priced at Libor plus 300 bps with a 0.75% Libor floor.

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

Recommitments were due at 10 a.m. ET on Friday and the incremental term loan began trading in the afternoon, with levels quoted at 99 bid, 99˝ offered, a trader added.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to fund near-term acquisitions and pay related fees and expenses.

Closing is expected in mid-December.

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

CM Group shelved

CM Group withdrew its $635 million of credit facilities from market that would have helped its combination with Cheetah Digital and refinance stand-alone debt at each entity, a market source remarked.

The source explained that the company now plans to upsize its current direct financing to repay Cheetah’s debt.

The pulled facilities consisted of a $45 million five-year revolver, and a $590 million seven-year first-lien term loan talked at Libor plus 500 bps to 525 bps with a 0.75% Libor floor, an original issue discount of 98.5 and 101 soft call protection for six months.

Jefferies LLC, CIBC, Fifth Third Bank and Golub Capital were leading the deal.

CM Group is a Nashville-based owner of marketing technology brands. Cheetah Digital is a Chicago-based cross channel customer engagement solution provider.

Anticimex guidance

Anticimex held its lender call on Friday morning and announced talk on its non-fungible $350 million senior secured incremental covenant-lite term loan B due Nov. 16, 2028 at Libor plus 400 bps to 425 bps with a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, a market source said.

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

Morgan Stanley Senior Funding Inc. is leading the deal. Global Loan Agency Services Ltd. is the agent.

Proceeds will be used to refinance revolver drawings made in connection with acquisitions, fund cash to the balance sheet for general corporate purposes and pay fees and expenses related to the transaction.

Anticimex is a Stockholm-based preventive pest control company.

Circor proposed terms

Circor International launched on its morning call its $530 million seven-year term loan at talk of Libor plus 450 bps to 475 bps with a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

The company’s $630 million of credit facilities (B2/B-) also include a $100 million five-year revolver.

Commitments are due on Dec. 16, the source added.

Truist Securities, Citizens Bank and KeyBanc Capital Markets are leading the deal that will be used to refinance existing debt and pay transaction related fees.

Circor is a Burlington, Mass.-based provider of mission critical flow control products and services for the industrial and aerospace & defense markets.

DiversiTech on deck

DiversiTech set a lender call for 3 p.m. ET on Monday to launch $1.215 billion of senior secured credit facilities, a market source remaked.

The facilities consist of a $100 million revolver, a $725 million first-lien term loan, a $150 million delayed-draw first-lien term loan and a $240 million second-lien term loan, the source added.

RBC Capital Markets, UBS Investment Bank, Barclays, Societe Generale, Citizens Bank, Natixis and Santander are leading the deal that will be used with $1.32 billion of equity to fund the buyout of the company by Partners Group from Permira in a transaction with an enterprise value of $2.2 billion.

Upon closing, Permira and management will remain minority investors in the company.

DiversiTech is an Atlanta-based manufacturer of products and components for the heating, ventilation, air conditioning and refrigeration industry.

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