Dave & Buster’s, ArcLight GCX, Focus Financial break; Parexel, Conservice, MKS updated

By Sara Rosenberg

New York, Jan. 16 – Dave & Buster’s Inc. added a ratings-based step-down to its term loan B, and ArcLight GCX (AL GCX Holdings LLC) set the issue price for new money lenders for its first-lien term loan at the tight end of guidance, and then both of these deals freed to trade on Tuesday, and Focus Financial Partners LLC’s term loan B-7 began trading as well.

In more happenings, Parexel increased the size of its add-on term loan B, Conservice Midco LLC tightened the issue price on its add-on first-lien term loan, and MKS Instruments Inc. finalized sizes for its U.S. and euro add-on term loans and modified the original issue discount on the tranches.

In addition, Imperial Dade (BCPE Empire Holdings Inc.) and Kenan Advantage Group Inc. moved up the commitment deadlines for their term loan transactions.

Furthermore, HUB International, Calpine Corp., Crocs Inc., Chamberlain Group LLC (Chariot Buyer LLC), ION Corporates, Mavis Tire Express Services TopCo Corp., Intrado, Imagine Learning (Weld North Education), Insulet Corp., Autokiniton US Holdings Inc., Cross Financial, Kohler Energy (Discovery Energy Holding Corp.), DRW Holdings LLC and Dun & Bradstreet Corp. all released price talk with launch.

Lastly, SubCom, Tricor/Vistra, TMF Group (TMF Sapphire Bidco BV), Merlin Entertainments plc, Charter Next Generation Inc., PCI Pharma Services (Packaging Coordinators Midco Inc.), Adtalem Global Education Inc. and Mariner Wealth Advisors joined this week’s primary calendar.

Dave & Buster’s revised, frees

Dave & Buster’s Inc. added a 25 basis points step-down to its $897.75 million covenant-lite term loan B (B1/B) due June 2029 if corporate ratings are at least B1/B+ with a stable outlook or better, according to a market source. Current corporate ratings are B1/B.

As before, the term loan is priced at SOFR plus 325 basis points with a 0.5% floor and a par issue price, and has 101 soft call protection for six months and 0 bps CSA.

Recommitments were due at noon ET on Tuesday and the term loan broke for trading in the afternoon, with levels quoted at par 1/8 bid, par 3/8 offered, another source added.

Deutsche Bank Securities Inc., JPMorgan Chase Bank, BMO Capital Markets, Wells Fargo Securities LLC, Truist Securities, Capital One and Fifth Third are leading the deal that will be used to reprice an existing $897.75 million term loan B due June 2029 down from SOFR+10 bps CSA plus 375 bps with a 0.5% floor.

Dave & Buster’s is a Coppell, Tex.-based owner and operator of entertainment and dining venues.

ArcLight updated, trades

ArcLight GCX finalized the issue price for new money lenders for its $598 million first-lien term loan (Ba3/B+) due May 17, 2029 at par, the tight end of the 99.75 to par talk, and left the issue price for existing lenders at par, a market source remarked.

The term loan is still priced at SOFR plus 325 bps with no CSA and a 0.5% floor, and still has 101 soft call protection for six months.

During the session, the term loan made its way into the secondary market, with levels quoted at par 1/8 bid, par ½ offered, the source added.

Barclays is the left lead on the deal that will be used to reprice an existing $598 million first-lien term loan due May 2029 down from SOFR+CSA plus 350 bps with a 0.5% floor. The existing CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

ArcLight GCX is a new-build 450-mile Permian natural gas pipeline.

Focus Financial breaks

Focus Financial’s $2.437 billion term loan B-7 (B1/B+) due June 30, 2028 freed to trade in the morning, with levels quoted at par bid, par 3/8 offered, a trader said.

Pricing on the term loan is SOFR plus 275 bps with a 0.5% floor and it was sold at an original issue discount of 99.875. The debt has 101 soft call protection for six months.

During syndication, the term loan was upsized from $2.237 billion.

RBC Capital Markets and SPC Capital Markets are leading the deal that will be used to merge into one tranche and reprice an existing $1.738 billion term loan B-5 priced at SOFR plus 325 bps with a 0.5% floor and an existing $499 million term loan B-6 priced at SOFR plus 350 bps with a 0.5% floor, and, due to the recent upsizing, to repay $80 million of revolver borrowings and add some cash to the balance sheet for general corporate purposes.

Stone Point and CD&R are the sponsors.

Focus Financial is a New York-based partnership of independent, fiduciary wealth management firms operating in the registered investment adviser industry.

Parexel upsized

Parexel raised its fungible add-on term loan B (B2/B) due November 2028 to $600 million from $550 million and left original issue discount talk at 99.03 to 99.5, according to a market source.

Pricing on the add-on term loan is SOFR plus 325 bps with a 0.5% floor, in line with existing term loan B pricing, and the add-on term loan has 101 soft call protection for six months.

Commitments are due at 10 a.m. ET on Wednesday, accelerated from noon ET on Thursday, the source added.

Goldman Sachs Bank USA, Barclays, UBS Investment Bank, DNB, Jefferies LLC, BofA Securities Inc., BNP Paribas Securities Corp., RBC Capital Markets, ING, PNC and Mizuho are leading the deal that will be used to refinance a portion of the company’s second-lien term loan due November 2029.

EQT and Goldman Sachs Asset Management are the sponsors.

Parexel is a Durham, N.C.-based biopharmaceutical services company that provides clinical research and logistics, medical communications, consulting, commercialization, and advanced technology products and services.

Conservice modified

Conservice Midco changed the issue price on the fungible $67.5 million add-on first-lien term loan portion of its roughly $728 million term loan (B-) due May 2027 to par from 99.75, a market source remarked.

The issue price on the remaining portion of the company’s term loan, which will be used to reprice an existing first-lien term loan, is unchanged at par.

Pricing on the term loan is still SOFR plus 400 bps with a 0% floor, and the debt still has 101 soft call protection for six months.

Commitments continued to be due at 5 p.m. ET on Tuesday, the source added.

The add-on will be used to partially repay a second-lien term loan and fees and expenses.

UBS Investment Bank is leading the deal.

Conservice is a River Heights, Utah-based provider of utility management and billing software solutions to property owners and managers.

MKS tweaked

MKS Instruments firmed the size of its fungible U.S. add-on term loan B due August 2029 at $500 million and the size of its fungible euro add-on term loan B due August 2029 at €250 million, versus earlier talk of a fungible roughly $744 million equivalent U.S. and euro add-on term loan B with the split to be determined, according to a market source.

Furthermore, the original issue discount on the U.S. add-on term loan was tightened to 99.75 from talk in the range of 99 to 99.5, and the discount on the euro add-on term loan was changed to 99.75 from 99, the source said.

Pricing on the U.S. add-on term loan is SOFR plus 250 bps with a 0.5% floor and pricing on the euro add-on term loan is Euribor plus 300 bps with a 0% floor, and both loans have 101 soft call protection for six months.

JPMorgan Chase Bank is the lead on the deal.

MKS refinancing

MKS will use the new add-on term loans to refinance an existing $744 million term loan A due 2027.

Commitments were due at 5 p.m. ET on Tuesday for the U.S. loan and are due at 7 a.m. ET on Wednesday for the euro loan, after being accelerated from 5 p.m. ET on Wednesday for the U.S. and at 7 a.m. ET on Thursday for the euro, the source added.

The add-on loans will be fungible with the company’s existing $3.6 billion term loan B due August 2029 and €593 million term loan B due August 2029.

MKS is an Andover, Mass.-based provider of technology solutions to semiconductor manufacturing, electronics and packaging, and specialty industrial applications.

Imperial Dade accelerated

Imperial Dade revised the commitment deadline for its roughly $2.143 billion first-lien term loan (B3/B-) due December 2028 to noon ET on Wednesday from 5 p.m. ET on Wednesday, a market source said.

Of the total term loan amount, roughly $1.993 billion is a repricing of the company’s existing first-lien term loan and $150 million is a new fungible incremental piece to pay down ABL borrowings.

Talk on the term loan is SOFR plus 400 bps to 425 bps with a 0.5% floor, an original issue discount of 99.75 on rolled positions, a discount of 99.5 on new commitments and 101 soft call protection for six months.

UBS Investment Bank is the left lead arranger on the deal. Credit Suisse is the administrative agent.

Imperial Dade is a Jersey City, N.J.-based distributor of foodservice disposables and janitorial sanitation products.

Kenan moves deadline

Kenan Advantage Group changed the commitment deadline for its $1.525 billion five-year covenant-lite term loan B to 5 p.m. ET on Wednesday from 5 p.m. ET on Thursday, according to a market source.

Talk on the term loan is SOFR plus 400 bps to 425 bps with a 0% floor, an original issue discount of 99 and 101 soft call protection for six months.

The company’s $1.725 billion of credit facilities (B2/B) also include a $200 million five-year revolver with a springing maturity 91 days in advance of the term loan B.

KeyBanc Capital Markets, Citizens, Barclays, CIBC, ING, MUFG, Regions, UBS Investment Bank, Wells Fargo Securities LLC and Fifth Third are leading the deal that will be used to extend existing credit facilities from March 2026 and to pay related fees and expenses.

Kenan Advantage, owned by OMERS, is a North Canton, Ohio-based provider of liquid bulk transportation services to the fuels, chemicals, liquid foods and merchant gas markets.

Inspire allocates

Inspire Brands Inc. (IRB Holding Corp.) allocated its $4.237 billion first-lien term loan (B2/B+) due Dec. 15, 2027, a market source remarked.

Pricing on the term loan is SOFR plus 275 bps with no CSA, a 0.75% floor and a par issue price, and the debt has 101 soft call protection for six months.

Barclays is the left lead on the deal that will be used to reprice an existing $4.237 billion first-lien term loan due Dec. 15, 2027 down from SOFR+CSA plus 300 bps with a 0.75% floor. CSA on the existing loan is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

Inspire Brands is an Atlanta-based multi-brand restaurant company.

HUB holds call

HUB International emerged in the morning with plans to hold a lender call at noon ET on Tuesday to launch a $4.86 billion term loan B due June 2030 talked at SOFR plus 350 bps with a 0.75% floor, a par issue price 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.

Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc. and JPMorgan Chase Bank are leading the deal that will be used to reprice an existing $4.75 billion term loan B due 2030 down from SOFR plus 425 bps with a 0.75% floor, and will be used with a $1.9 billion senior unsecured notes offering and a $1.1 billion add-on secured notes offering to refinance an existing $844 million term loan B-4 due 2029 and $1.67 billion of senior unsecured notes due 2026.

Hellman & Friedman is the sponsor.

HUB is a Chicago-based insurance brokerage firm.

Calpine comes to market

Calpine launched in the morning without a lender call a $700 million term loan B-5 due December 2027 talked at SOFR plus 200 bps with a 0% floor and an original issue discount of 99.75 to par, and a $730 million term loan B-10 due January 2031 talked at SOFR plus 200 bps with a 0% floor and a discount of 99.5 to 99.75, a market source said.

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

BMO Capital Markets is the left lead on the deal that will be used to reprice an existing term loan B-5 due December 2027 and to amend and extend an existing upsized term loan B-10 due August 2026.

Calpine is a Houston-based provider of power generation services.

Crocs repricing

Crocs surfaced early with plans to hold a lender call at 9:30 a.m. ET to launch an $820 million senior secured covenant-lite term loan B due Feb. 17, 2029 talked at SOFR plus 225 bps to 250 bps with no CSA, a 0.5% floor, a par issue price and 101 soft call protection for six months, according to a market source.

Commitments from existing lenders are due at 5 p.m. ET on Thursday and commitments from new lenders are due at noon ET on Friday, the source added.

Citigroup Global Markets Inc. is leading the deal that will be used to reprice an existing term loan down from SOFR+CSA plus 300 bps with a 0.5% floor. CSA on the existing term loan is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

Crocs is a Broomfield, Colo.-based casual footwear company.

Chamberlain launches

Chamberlain Group came out in the morning with plans to hold a lender call at 1 p.m. ET to launch a non-fungible $625 million incremental covenant-lite term loan B (B3/B/B) due Nov. 3, 2028 talked at SOFR plus 375 bps to 400 bps with a 0.5% floor, an original issue discount of 98.75 to 99 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 repay an existing second-lien term loan, to pay transaction-related fees and expenses, and any excess proceeds will add cash to the balance sheet.

Blackstone is the sponsor.

Chamberlain Group is an Oak Brook, Ill.-based provider of smart access solutions across residential and commercial properties.

ION holds call

ION Corporates announced in the morning that it would hold a lender call at 3 p.m. ET to launch a $698 million term loan B due July 2030 talked at SOFR plus 375 bps with a 0% floor and 101 soft call protection for six months, according to a market source.

Of the total term loan amount, $623 million is to reprice an existing term loan down from SOFR plus 425 bps with a 0% floor, and $75 million is a fungible add-on that will be used to fund a distribution, put cash on the balance sheet for general corporate purposes, and pay transaction fees and expenses.

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

Commitments are due at noon ET on Monday.

BNP Paribas Securities Corp. is leading the deal.

ION is a provider of software and solutions focused on corporate treasury and commodities management.

Mavis shops loan

Mavis Tire Express Services emerged early in the day with plans to hold a lender call at 1 p.m. ET to launch a roughly $2.301 billion first-lien term loan due May 4, 2028 talked at SOFR plus 350 bps with no CSA, a 0.75% floor, a par issue price and 101 soft call protection for six months, a market source said.

Consents are due at noon ET on Jan. 23, the source added.

Jefferies LLC is leading the deal that will be used to reprice an existing first-lien term loan down from SOFR+CSA plus 400 bps with a 0.75% floor. CSA on the existing loan is 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Mavis is a Millwood, N.Y.-based tire and service retailer.

Intrado proposed terms

Intrado held a lender call at 11 a.m. ET, launching an $871 million term loan B (B2/B) due Jan. 31, 2030 at talk of SOFR plus 350 bps with a 0.5% floor, an original issue discount of 99.75 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.

RBC Capital Markets, UBS Investment Bank, Goldman Sachs Bank USA, MUFG and Jefferies LLC are leading the deal that will be used to reprice an existing term loan B down from SOFR plus 400 bps with a 0.5% floor.

Stonepeak is the sponsor.

Intrado is a provider of critical public emergency telecommunications services.

Imagine refinancing

Imagine Learning launched on a noon ET lender call a $922 million term loan B (B2/B) due December 2029 at talk of SOFR plus 350 bps with a 0.5% floor, an original issue discount of 99.5 and 101 soft call protection for six months, a market source remarked.

Commitments are due at noon ET on Jan. 23, the source added.

RBC Capital Markets is the left lead on the deal that will be used to refinance an existing term loan B due December 2027 priced at SOFR plus 375 bps with a 0.5% floor.

Imagine Learning, a portfolio company of Silver Lake Partners and Onex Corp., is an education technology company focused on digital curriculum for grades K-12.

Insulet launches

Insulet held a lender call at 11 a.m. ET, launching a $488 million senior secured covenant-lite first-lien term loan B (Ba2/BB-) due May 2028 at talk of SOFR plus 300 bps with a 0% floor, a par issue price and 101 soft call protection for six months, according to a market source.

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

Morgan Stanley Senior Funding Inc. is the left lead on the deal that will be used to reprice an existing term loan.

Insulet is an Acton, Mass.-based medical device company dedicated to simplifying life for people with diabetes and other conditions.

Autokiniton hits market

Autokiniton held a lender call at 1 p.m. ET on Tuesday to launch a $1.155 billion senior secured covenant-lite term loan B due April 6, 2028 talked at SOFR+CSA plus 400 bps to 425 bps with a 25 bps step-down at 2.61x net first-lien leverage, a 0.5% floor, a par issue price and 101 soft call protection for six months, a market source said. 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 from existing lenders are due at 5 p.m. E on Thursday and new lender commitments are due at noon ET on Friday, the source added.

Citigroup Global Markets Inc. is leading the deal that will be used to reprice an existing term loan down from SOFR+ARRC CSA plus 450 bps with a 25 bps step-down at 2.61x net first-lien leverage and a 0.5% floor.

Autokiniton is a New Boston, Mich.-based provider of automotive components and assembly solutions.

Cross seeks loan

Cross Financial held a lender call at 11 a.m. ET, launching a $438 million term loan B due September 2027 at talk of SOFR plus 375 bps with a 0.75% floor, a par issue price and 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on Friday, 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 400 bps with a 0.75% floor.

Cross Financial is an insurance broker.

Kohler Energy guidance

Kohler Energy came out with talk of SOFR/Euribor plus 375 bps to 400 bps with a 0% floor and an original issue discount of 98 on its $1.625 billion equivalent seven-year U.S. and euro term loan B (B1) in connection with its morning lender call, a market source remarked.

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

Commitments are due at noon ET on Jan. 25, the source added.

BofA Securities Inc., Goldman Sachs Bank USA, BMO Capital Markets, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Mizuho, Nomura, Santander, Stifel and UBS Investment Bank are leading the deal that will be used to help fund the acquisition of a majority stake in Kohler Co.’s energy division by Platinum Equity. Kohler will continue to stay invested in the energy business following completion of the transaction.

Closing is expected in the first half of this year.

Kohler Energy is a provider of mission critical power solutions to homes, businesses and equipment.

DRW shops add-on

DRW Holdings held a lender call at 1 p.m. ET on Tuesday to launch a fungible $250 million add-on term loan B due March 2028 talked with an original issue discount of 99.03, according to a market source.

Pricing on the add-on term loan is SOFR+CSA plus 375 bps with a 0% 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 Jan. 23, the source added.

BofA Securities Inc., Jefferies LLC and JPMorgan Chase Bank are leading the deal that will be used for general corporate purposes.

DRW is a technology-driven electronic trading firm.

Dun & Bradstreet launches

Dun & Bradstreet held a lender call at 11 a.m. ET on Tuesday to launch a $2.202 billion term loan B due January 2029 talked at SOFR plus 275 bps with a 25 bps step-down at Ba3/BB+ corporate ratings and a 0% floor, a market source said.

Of the total term loan amount, $1.75 billion is an incremental piece to refinance a 2026 term loan priced at SOFR+CSA of 10 bps one-month rate, 26 bps three-month rate and 43 bps six-month rate, plus 300 bps with a 0% floor, and $452 million is to reprice an existing term loan due January 2029 down from SOFR plus 300 bps with a 0% floor.

The incremental piece is talked with an original issue discount of 99.875 and the repricing is talked with a par issue price, the source added.

Commitments are due at noon ET on Jan. 23.

BofA Securities Inc. is the left lead on the deal.

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

SubCom joins calendar

SubCom set a lender call for 11 a.m. ET on Wednesday to launch a $1.35 billion term loan B, according to a market source.

Goldman Sachs Bank USA is the left lead on the deal that will be used to refinance an existing $585 million first-lien term loan due April 2027 and a $458 million incremental first-lien term loan due April 2027, and to fund a distribution to shareholders.

Cerberus Capital Management is the sponsor.

SubCom is an Eatontown, N.J.-based subsea fiber optic cable turnkey service provider.

Tricor/Vistra on deck

Tricor/Vistra will hold a lender at 10 a.m. ET on Wednesday to launch a $598.5 million senior secured covenant-lite term loan B due June 17, 2029 and an €816 million senior secured covenant-lite term loan B due June 17, 2029, a market source remarked.

Talk on the U.S. loan is SOFR plus 400 bps to 425 bps with no CSA, a 0.5% floor and a par issue price, and talk on the euro loan is Euribor plus 400 bps to 425 bps with a 25 bps step-down at 4.5x leverage with a nine-month holiday, a 0% floor and a par issue price, the source continued. Both loans have 101 soft call protection for six months.

Commitments for the U.S. term loan are due at 5 p.m. ET on Jan. 23 and commitments for the euro term loan are due at noon ET on Jan. 23, the source added.

Tricor/Vistra repricing

Tricor/Vistra will use the term loans to reprice its existing U.S. and euro term loans due June 2029.

Goldman Sachs is the lead arranger and sole left lead bookrunner on the deal. Barclays, Deutsche Bank Securities Inc., HSBC Securities, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole, DBS, Morgan Stanley Senior Funding Inc., MUFG, Nomura, SMBC and Standard Chartered are lead arrangers and joint bookrunners. Goldman Sachs is the agent.

Tricor, owned by EQT, is a Hong Kong-based fund and corporate services company.

TMF readies deal

TMF Group scheduled a lender call for 9 a.m. ET on Wednesday to launch a $400 million term loan B due May 2028 and a €955 million term loan B due May 2028, according to a market source.

Talk on the U.S. term loan is SOFR plus 425 bps to 450 bps with a 25 bps step-down at 3.5x leverage, a 0% floor and a par issue price, and talk on the euro term loan is Euribor plus 400 bps to 425 bps with 25 bps step-downs at 4x and 3.5x leverage, a 0% floor and a par issue price, the source said. Both term loans have 101 soft call protection for six months and a six-month margin ratchet holiday.

Consents/commitments are due at 5 p.m. ET on Monday for the U.S. loan and at noon ET on Monday for the euro loan, the source added.

TMF lead banks

Goldman Sachs, HSBC, Barclays, Deutsche Bank Securities Inc., Jefferies LLC and Nomura are bookrunners on TMF’s term loans, with Goldman the physical bookrunner on the U.S. term loan and HSBC the physical bookrunner on the euro term loan. HSBC is the agent.

The debt will be used to reprice an existing U.S. term loan due May 2028 down from SOFR plus 500 bps with a 25 bps step-down at 3.5x leverage and a 0% floor, and an existing euro term loan due May 2028 down from Euribor plus 450 bps with 25 bps step-downs at 4x and 3.5x leverage and a 0% floor.

CVC and ADIA are the sponsors.

TMF Group is an Amsterdam-based provider of legal financial and employee administration services.

Merlin coming soon

Merlin Entertainments set a lender call for 10 a.m. ET on Wednesday to launch a $1.273 billion term loan due November 2029 and a fungible €200 million add-on term loan due November 2029, a market source said.

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

Pricing on the add-on euro term loan is Euribor plus 400 bps with a 0% floor.

Commitments are due at 10 a.m. ET on Jan. 24, the source added.

BofA Securities Inc., Deutsche Bank Securities Inc., Bank of China, Barclays, HSBC, Intesa, Mizuho, Morgan Stanley, Santander, SMBC and UniCredit are bookrunners on the deal, with BofA the left lead on the U.S. loan and BofA and Deutsche Bank the active bookrunners on the euro loan.

The term loans will be used with $400 million of other secured debt to refinance existing term loan Bs due 2026.

Merlin is a Poole, England-based operator of hotels and holiday attractions.

Charter Next on deck

Charter Next Generation will hold a lender call at 2:30 p.m. ET on Wednesday to launch a $2.317 billion term loan B, according to a market source.

KKR Capital Markets is leading the deal. Jefferies LLC is the administrative agent.

The loan will be used to reprice an existing term loan B from SOFR+CSA plus 375 basis points with a 0.75% floor. CSA on the existing term loan is 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Charter Next Generation is a Milton, Wis.-based producer of specialty films used in flexible packaging and other end-use markets.

PCI joins calendar

PCI Pharma Services scheduled a lender call for 11:30 a.m. ET on Wednesday to launch a fungible $400 million incremental first-lien term loan due Nov. 30, 2027, a market source remarked.

Pricing on the incremental term loan is SOFR+CSA plus 350 bps with a 0.75% floor, in line with existing term loan pricing, and the new debt is talked with an original issue discount of 99.27. 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 Jan. 24, the source added.

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

PCI is a Philadelphia-based provider of outsourced pharmaceutical services.

Adtalem sets call

Adtalem Global Education will hold a lender call at 11 a.m. ET on Wednesday to launch a $253 million senior secured covenant-lite first-lien term loan B (Ba3/BB) due Aug. 12, 2028, according to a market source.

Talk on the term loan is SOFR plus 350 bps to 375 bps based on current net first-lien leverage of less than 1.73x, with step ups talked at SOFR plus 375 bps to 400 bps at 1.73x net first-lien leverage and SOFR plus 400 bps to 425 bps at 2.23x net first-lien leverage, a 0.75% floor, a par issue price and 101 soft call protection for six months, the source said.

Commitments are due at 10 a.m. ET on Monday.

Morgan Stanley Senior Funding Inc. is the left lead on the deal that will be used to reprice an existing term loan B, which is being paid down from $303 million with cash from the balance sheet in connection with this transaction.

Adtalem is a Chicago-based provider of post-secondary education.

Mariner readies deal

Mariner Wealth Advisors set a lender call for 3 p.m. ET on Wednesday to launch a fungible $100 million incremental covenant-lite first-lien term loan due August 2028, according to a market source.

Pricing on the incremental term loan is SOFR+CSA plus 325 bps with a 0.5% floor.

BMO Capital Markets, RBC Capital Markets and UBS Investment Bank are leading the deal that will be used to reprice an existing non-fungible incremental term loan down from SOFR+CSA plus 425 bps with a 0.5% floor.

Leonard Green & Partners is the sponsor.

Mariner Wealth Advisors is an Overland Park, Kan.-based investment adviser.

Fund flows

In other news, actively managed loan fund flows on Friday were negative $36 million and loan ETFs were positive $68 million, a market source said.

Outflows for loan funds through the first two weeks of 2024 total $117 million, with positive $219 million ETFs, the source added.

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