Cengage, TK, Axalta, Station Casinos, Delivery Hero, First Brands, ASGN, Flutter set talk

By Sara Rosenberg

New York, March 4 – In the primary market on Monday, Cengage Learning Inc., TK Elevator, Axalta Coating Systems Ltd., Station Casinos LLC (Red Rock Resorts), Delivery Hero SE, First Brands Group LLC, ASGN Inc., Flutter Entertainment plc and World Wide Technology Holding Co. LLC all released price talk with launch.

Also, StubHub Holdings Inc. (StubHub Holdco Sub LLC), Ivirma, Qualtrics, Bakelite Synthetics, Closure Systems International Group Inc. and Bettcher Industries Inc. joined this week’s new issue calendar.

Cengage guidance

Cengage Learning held its lender call on Monday morning and announced talk on its $1.613 billion senior secured covenant-lite first-lien term loan B (B2/B) due March 2031 at SOFR plus 450 bps to 475 bps with a 1% floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on March 15, the source added.

Morgan Stanley Senior Funding Inc., BMO Capital Markets, Wells Fargo Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Standard Chartered, UBS Investment Bank, Apollo and KKR Capital Markets are leading the deal that will be used to refinance the company’s existing $1.613 billion term loan B.

Cengage is a Boston-based educational content, technology and services company.

TK Elevator talk

TK Elevator came out with price talk on its $2.941 billion term loan B due April 2030 and €500 million term loan B due April 2030 in connection with its lender call in the morning, a market source remarked.

Talk on the U.S. term loan is SOFR plus 350 bps to 375 bps with a 0.5% floor and an original issue discount of 99.5, and talk on the euro term loan is Euribor plus 400 bps with a 0% floor and a discount of 99.5, the source added. Both loans (B2/B/B+) have 101 soft call protection for six months.

Commitments are due at 10 a.m. ET on March 11.

Goldman Sachs, Barclays, Credit Agricole, Deutsche Bank Securities Inc. and UBS Investment Bank are the bookrunners on the deal, with Goldman the sole physical bookrunner on the U.S. loan. BofA Securities Inc., Commerzbank, Hessische Landesbank, HSBC, Intesa Sanpaolo, KKR Capital Markets, MUFG, RBC Capital Markets, SMBC, Societe Generale, Standard Chartered, TD Securities and Unicredit are passive bookrunners.

The loans will be used to extend an existing $2.841 billion term loan B due 2027, and refinance existing $600 million and €45 million private senior unsecured notes due 2028.

TK Elevator, owned by Advent and Cinven, is a provider of elevators and escalators.

Axalta holds call

Axalta Coating Systems emerged in the morning with plans to hold a lender call at 1 p.m. ET to launch a roughly $1.736 billion senior secured term loan B-6 due Dec. 20, 2029 talked at SOFR plus 200 bps with a 0.5% floor, an original issue discount of 99.75 to par and 101 soft call protection for six months, a market source said.

Commitments are due at noon ET on March 13, the source added.

Barclays is leading the deal that will be used to reprice the company’s existing term loan B-5 due Dec. 20, 2029 down from SOFR plus 250 bps with a 0.5% floor.

The borrowers are Axalta Coating Systems U.S. Holdings Inc. and Axalta Coating Systems Dutch Holding BBV.

Axalta is a Glen Mills, Pa.-based coatings company focused on providing customers with innovative, colorful and sustainable solutions.

Station Casinos refinancing

Station Casinos surfaced in the morning with plans to hold a lender call at 12:30 p.m. ET to launch a $1.32 billion term loan B (BB+) due 2031 talked at SOFR plus 250 bps with a 0% floor, an original issue discount of 99 to 99.5 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.

JPMorgan Chase Bank is the left lead on the deal. Deutsche Bank Securities Inc. is the administrative agent.

The term loan B will be used with $750 million of other unsecured debt to refinance an existing $1.45 billion term loan B due 2027, refinance $512 million of outstanding borrowings under an existing revolving credit facility due 2025 and to pay down an existing $154 million term loan A due 2025.

Station Casinos is a Las Vegas-based gaming, development and management company.

Delivery Hero launches

Delivery Hero held a global lender call in the morning to launch a roughly $1.363 billion senior secured term loan B due December 2029 talked at SOFR plus 500 bps to 525 bps with a 0.5% floor, an original issue discount of 99.5, and hard call protection of 103 in year one and 101 in year two, a market remarked.

The company is also getting a €300 million pre-placed senior secured term loan B due December 2029 that is talked at Euribor plus 500 bps to 525 bps with a 0% floor.

Commitments are due on Thursday, the source added.

JPMorgan Chase Bank is the left lead on the deal that will be used to amend and extend the company’s existing $813 million term loan due August 2027 priced at SOFR plus 575 bps and €300 million term loan due August 2027, to repurchase at least €300 million of selected outstanding convertible bonds below par and, if there are any remaining amounts, for general corporate purposes which may include additional buybacks of outstanding convertible bonds.

Delivery Hero is a Berlin, Germany-based local delivery platform.

First Brands shops incremental

First Brands Group launched in the morning a fungible $400 million incremental first-lien term loan due March 30, 2027 with original issue discount talk of 99, and a fungible €200 million incremental first-lien term loan due March 30, 2027 with discount talk of 98.5 to 99, according to a market source.

The incremental term loans are priced at SOFR/Euribor plus 500 bps with a 1% floor, in line with pricing on the company’s existing U.S. and euro term loans. The U.S. loan has CSA of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Commitments are due at 10 a.m. ET on Friday, the source added.

Jefferies LLC is leading the deal that will be used to refinance the company’s existing 2024-I incremental first-lien term loan, to fund the purchase consideration for Factory Motor Parts Group, and to add cash to the balance sheet for general corporate purposes including future mergers and acquisitions.

Pro forma for the transaction, the U.S. term loan will total about $1.565 billion and the euro term loan will total about €500 million.

First Brands is a Rochester, Mich.-based automotive aftermarket platform.

ASGN repricing

ASGN launched in the morning without a lender call a $498.8 million covenant-lite term loan B due Aug. 31, 2030 talked at SOFR plus 175 bps to 200 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.

Wells Fargo Securities LLC is the left lead on the deal that will be used to reprice an existing term loan B due Aug. 31, 2030 down from SOFR plus 225 bps with a 0% floor.

ASGN is a Glen Allen, Va.-based provider of IT and professional services in the technology, digital, creative, engineering and life sciences fields across commercial and government sectors.

Flutter launches

Flutter Entertainment held a lender call during the session, launching a fungible $514 million add-on term loan B due 2030 talked with an original issue discount of 99.375 to 99.625, according to a market source.

Pricing on the add-on term loan is SOFR plus 225 bps with a 0.5% floor.

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 refinance an existing term loan due 2028.

Flutter Entertainment is a Dublin-based sports betting and gaming operator.

World Wide holds call

World Wide Technology held a lender call at 11 a.m. ET to launch a $669 million term loan B due 2030 talked at SOFR+10 bps CSA plus 275 bps with a 0.5% floor and an original issue discount of 99.75 to par, a market source remarked.

Commitments are due at 10 a.m. ET on Friday, the source added.

JPMorgan Chase Bank is leading the deal that will be used to reprice an existing term loan B due 2030 down from SOFR+CSA plus 325 bps with a 0.5% floor. The existing loan is being paid down by about $75 million in connection with the transaction.

World Wide Technology is a St. Louis-based provider of information technology supply chain solutions.

StubHub on deck

StubHub set a lender call for 11 a.m. ET on Tuesday to launch a $1 billion senior secured term loan B due March 2030 and a €452 million senior secured term loan B due March 2030, according to a market source.

Talk on the term loans (B3/B-) is SOFR/Euribor plus 500 bps with a 0% floor, an original issue discount of 98 to 98.5 and 101 soft call protection for six months, the source continued.

Commitments for the U.S. term loan are due at 5 p.m. ET on March 11 and commitments for the euro term loan are due at 7 a.m. ET on March 12, the source added.

JPMorgan Chase Bank is the left lead on the deal that will be used to amend and extend a portion of the company’s existing $1.632 billion term loan B due February 2027 priced at SOFR plus 350 bps and $321 million term loan B-2 due February 2027 priced at SOFR plus 425 bps, and to extend in full a €452 million term loan B due February 2027 priced at Euribor plus 350 bps.

StubHub is a Wilmington, Del.-based ticketing marketplace for live events.

Ivirma readies deal

Ivirma will hold a lender call at 9 a.m. ET on Tuesday and management meetings from Tuesday to Thursday to launch a $500 million seven-year term loan B and a €550 million seven-year term loan B, a market source said.

The term loans (B) have 101 soft call protection for six months.

Commitments are due at 8 a.m. ET on March 15, the source added.

KKR Capital Markets is the sole physical bookrunner on the U.S. term loan, with Barclays and BofA Securities Inc. bookrunners. Barclays, BofA Securities and KKR are the physical bookrunners on the euro term loan. CVC Capital Markets, Deutsche Bank Securities Inc., Intesa, Mizuho, Morgan Stanley Senior Funding Inc., MUFG, Santander, SMBC, Societe Generale and UniCredit are passive bookrunners. Santander is the agent.

Proceeds will be used to refinance existing debt and pay the relevant transaction fees and expenses.

Inception Finco is the euro loan borrower and IVI America LLC is the U.S. borrower.

Ivirma, owned by KKR, is a fertility platform.

Qualtrics joins calendar

Qualtrics scheduled a lender call for Tuesday to launch a fungible $175 million add-on first-lien term loan, according to a market source.

Pricing on the add-on term loan is SOFR plus 350 bps with a 0% floor, and the new debt is talked with an original issue discount of 99 to 99.5, the source said.

Commitments are due at 5 p.m. ET on Wednesday.

JPMorgan Chase Bank is leading the deal that will be used for general corporate purposes, including repayment of revolver borrowings.

Qualtrics, based in Provo, Utah, and Seattle, is a cloud-native software provider that helps organizations identify and resolve points of friction across all digital and human touchpoints in their business.

Bakelite coming soon

Bakelite Synthetics set a lender call for 11 a.m. ET on Tuesday to launch a fungible $110 million incremental first-lien term loan, a market source remarked.

Goldman Sachs Bank USA is leading the deal that will be used to fund a distribution to shareholders, pay down drawn portions of the ABL and pay related fees and expenses.

Black Diamond and Investindustrial are the sponsors.

Bakelite is an Atlanta-based producer of thermoset specialty resins, solutions and engineered thermoset molding compounds.

Closure Systems on deck

Closure Systems scheduled a lender call for 10 a.m. ET on Tuesday to launch $620 million of credit facilities (B2/B), according to a market source.

The facilities consist of a $120 million extended revolver due September 2028, and a $500 million first-lien term loan due March 2029 talked at SOFR plus 425 bps to 450 bps with a 0% floor, an original issue discount of 99.5 and 101 soft call protection for six months, the source said.

Commitments are due at 5 p.m. ET on March 13.

UBS Investment Bank is the left lead on the deal that will be used to refinance the company’s existing first-lien credit facilities.

Cerberus Capital Management LP is the sponsor.

Closure Systems is an Indianapolis-based designer and manufacturer of plastic and aluminum closures and capping equipment/application systems in North and Central America and Japan.

Bettcher plans add-on

Bettcher Industries set a lender call for 11 a.m. ET on Tuesday to launch a fungible $85 million add-on first-lien term loan due December 2028, a market source said.

Pricing on the term loan is SOFR plus 475 bps with a 0.5% floor.

KKR Capital Markets is leading the deal that will be used to fund an acquisition.

Bettcher Industries is a Birmingham, Ohio-based manufacturer and supplier of food processing equipment and associated aftermarket parts and consumables.

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