Virtu, Dun & Bradstreet break for trading; TricorBraun moves deadline; Vaco sets talk

By Sara Rosenberg

New York, Jan. 7 – Virtu Financial Inc. (VHF Parent LLC) firmed the spread on its first-lien term loan at the low end of talk and changed the original issue discount, and Dun & Bradstreet Holdings Inc. set the issue price on its incremental term loan B at the tight end of guidance, and then both of these deals freed to trade on Friday.

In more happenings, TricorBraun Holdings Inc. accelerated the commitment deadline for its incremental first-lien term loan and Vaco Holdings LLC released price talk with launch.

Also, Trac (Stonepeak Tarus Lower Holdings LLC), Idera Inc. and Covis Pharma emerged with new deal plans.

Virtu revised, trades

Virtu Financial set pricing on its $1.8 billion seven-year senior secured covenant-lite first-lien term loan at SOFR+CSA plus 300 basis points, the low end of the SOFR+CSA plus 300 bps to 325 bps talk, 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% floor, 101 soft call protection for six months, and CSA of 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

Recommitments were due at 1 p.m. ET on Friday and the term loan began trading in the afternoon, with levels quoted at par bid, par ¼ offered, another source added.

JPMorgan Chase Bank, Goldman Sachs Bank USA, RBC Capital Markets, Barclays, Jefferies LLC, CIBC and BMO Capital Markets are leading the deal that will be used to repay an existing senior secured term loan, to fund share repurchases under the company’s authorized repurchase program and for general corporate purposes.

The company has also received commitments for a $250 million revolver due 2025 to refinance its existing $50 million revolver due 2022.

Pro forma total leverage will be 1.4x, and net leverage will be 0.9x.

Virtu is a New York-based provider of financial services technology.

Dun updated, frees

Dun & Bradstreet firmed the original issue discount on its $460 million seven-year incremental term loan B (B+/BB+) at 99.25, the tight end of the 99 to 99.25 talk, a market source remarked.

As before, the term loan is priced at SOFR plus 325 bps with a 25 bps step-down at B1/B+ corporate family ratings and a 0% floor, and has 101 soft call protection for six months and no CSA.

The term loan broke for trading during the session, with levels quoted at 99 3/8 bid, 99¾ offered, another source added.

BofA Securities Inc., Goldman Sachs Bank USA, JPMorgan Chase Bank, Barclays, Citigroup Global Markets Inc., RBC Capital Markets, Truist, Wells Fargo Securities LLC, Citizens, HSBC Securities (USA) Inc., Mizuho and TD Securities (USA) LLC are leading the deal that will be used to redeem 6.875% senior first-lien notes due 2026 and add cash to the balance sheet.

Dun & Bradstreet is a Short Hills, N.J.-based provider of business decisioning data and analytics.

TricorBraun accelerated

TricorBraun moved up the commitment deadline for its fungible $180 million covenant-lite incremental first-lien term loan due March 3, 2028 (B2/B-) to noon ET on Tuesday from 5 p.m. ET on Wednesday, according to a market source.

Pricing on the incremental term loan is Libor plus 325 bps with a 0.5% Libor floor, in line with existing term loan pricing, and the new debt is talked with an original issue discount of 98.65.

Credit Suisse Securities (USA) LLC is the left lead on the deal that will be used to repay ABL borrowings.

TricorBraun is a St. Louis-based provider of packaging products.

Vaco proposed terms

Vaco Holdings held its lender call on Friday morning and announced price talk on its $600 million seven-year first-lien term loan at SOFR plus CSA plus 525 bps to 550 bps with a 0.75% floor and an original issue discount of 99, a market source said.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

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

The company’s $640 million of credit facilities (B2/B) also include a $40 million five-year revolver.

Commitments are due at noon ET on Jan. 20, the source added.

Jefferies LLC, Antares Capital and KKR Capital Markets are leading the deal that will be used to repay existing debt and fund a shareholder distribution.

Vaco is a provider of staffing and consulting services.

Trac joins calendar

Trac will hold a lender call at 11 a.m. ET on Monday to launch a $350 million eight-year second-lien term loan (Caa1/B+), according to a market source.

The term loan has call protection of 102 in year one and 101 in year two, the source said.

Commitments are due at 5 p.m. ET on Jan. 24.

Credit Suisse Securities (USA) LLC is leading the deal that will be used to fund a distribution to the sponsor.

Trac is a marine chassis pool manager and equipment provider.

Idera readies loan

Idera set a lender call for 4:30 p.m. ET on Monday to launch a fungible $64 million incremental first-lien term loan due March 2028 talked with an original issue discount of 99.25 to 99.5, a market source remarked.

Pricing on the incremental first-lien term loan is Libor plus 375 bps with a 0.75% Libor floor, in line with the existing term loan.

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

Jefferies LLC is leading the deal that will be used to fund an acquisition.

Pro forma for the transaction, the first-lien term loan will total $1,515,800,000.

Idera is a Houston-based provider of database, application development and testing software.

Covis on deck

Covis Pharma scheduled a lender call for 11 a.m. ET on Monday to launch a $350 million five-year senior secured term loan B, according to a market source.

Barclays is leading the deal that will be used with $850 million equivalent of U.S. and euro other secured debt to refinance existing debt, including the debt incurred to fund the acquisition of products from AstraZeneca, and to pay fees and expenses.

Covis is a Luxembourg-based pharmaceutical company with a focus on medicines in respiratory and hospital/critical care.

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