Clarios Global sets talk with launch; Hilton Grand Vacations, Omnia Partners on deck

By Sara Rosenberg

New York, Jan. 3 – In the primary market on Wednesday, Clarios Global LP approached investors with a repricing of its existing term loan B that would result in a 50 basis points reduction in the spread.

Also, Hilton Grand Vacations Borrower LLC came out with timing on the launch of its previously announced term loan B, and Omnia Partners LLC joined this week’s new issue calendar with a proposed repricing of its term loan B.

Clarios holds call

Clarios held a lender call at noon ET on Wednesday to launch a $2.743 billion term loan B due May 2030 talked at SOFR plus 325 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 Tuesday, the source added.

JPMorgan Chase Bank, Bank of Nova Scotia, Barclays, BMO Capital Markets, BNP Paribas Securities Corp., BofA Securities Inc., CIBC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs Bank USA, HSBC Securities (USA) Inc., ING, RBC Capital Markets, Santander, Standard Chartered, TD Securities (USA) LLC, UBS Investment Bank, US Bank and Wells Fargo Securities LLC are leading the deal that will be used to reprice an existing term loan B down from SOFR plus 375 bps with a 0% floor.

Clarios is a Milwaukee-based supplier of low-voltage automotive batteries.

Hilton timing emerges

Hilton Grand Vacations scheduled a lender call for 3:30 p.m. ET on Thursday to launch its $900 million seven-year term loan B (Ba2), for which the commitment was announced in November, a market source remarked.

The term loan has 101 soft call protection for six months, the source added.

BofA Securities Inc., Deutsche Bank Securities Inc., Barclays, JPMorgan Chase Bank, MUFG and Goldman Sachs Bank USA are leading the deal that will be used with $900 million of other new senior secured debt to fund the acquisition of Bluegreen Vacations Holding Corp. for $75 per share in an all-cash transaction, representing total consideration of about $1.5 billion, inclusive of net debt.

Closing is expected during the first half of 2024, subject to customary conditions and regulatory approvals.

Hilton Grand Vacations is an Orlando, Fla.-based timeshare company. Bluegreen Vacations is a Boca Raton, Fla.-based vacation ownership company.

Omnia readies deal

Omnia Partners set a lender call for 11 a.m. ET on Thursday to launch a $1.805 billion senior secured term loan B (B2/B) due July 25, 2030, according to a market source.

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

Barclays is the left lead on the deal that will be used to reprice an existing $1.805 billion senior secured term loan B due July 25, 2030 from SOFR plus 425 bps with a 0% floor. The existing term loan has a 25 bps step-down at 1x inside closing date consolidated first-lien net leverage, but can’t step down prior to 12 months from the original closing date.

Omnia, owned by TA Associates, Leonard Green & Partners and management, is a Franklin, Tenn.-based non-health care group purchasing organization.

Fund flows

In other news, actively managed loan fund flows on Tuesday were negative $10 million and loan ETFs were positive $40 million, sources said.

Actively managed high-yield fund flows on Tuesday were positive $80 million and high-yield ETFs were negative $822 million, which are the first ETFs withdrawals in nine weeks, sources added.

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