iSolved updates surface; KinderCare Learning, TRC, Franklin Square set price talk

By Sara Rosenberg

New York, April 15 – In the primary market on Monday, iSolved Inc. finalized the spread on its incremental and repriced first-lien term loan at the low end of guidance and tightened the issue price on the incremental piece.

Also, KinderCare Learning Cos. Inc. (Kuehg Corp.), TRC Cos. LLC (Energize Holdco) and Franklin Square Holdings released price talk with launch, and Spring Education Group joined this week’s primary calendar.

iSolved tweaked

iSolved set pricing on its fungible $50 million incremental first-lien term loan due Oct. 12, 2030 and roughly $573.6 million repriced first-lien term loan due Oct. 12, 2030 at SOFR plus 350 basis points, the low end of the SOFR plus 350 bps to 375 bps talk, according to a market source.

In addition, the issue price on the incremental term loan was changed to par from 99.75, the source continued.

As before, the term loan debt still has a 0% floor and 101 soft call protection for six months, and the repriced term loan has a par issue price.

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

UBS Investment Bank is the left lead on the deal.

The incremental term loan will be used to fund cash to the balance sheet and for general corporate purposes, and the repricing will take the company’s existing term loan down from SOFR plus 400 bps.

iSolved, backed by Accel-KKR, is a provider of cloud-based human capital management software.

KinderCare holds call

KinderCare emerged in the early afternoon with plans to hold a lender call at 3 p.m. ET on Monday to launch a $1.583 billion term loan B due June 12, 2030 (B2/B/BB) talked at SOFR plus 450 bps with a 0.5% floor, an original issue discount of 99.75 to par for net new money, a par issue price for existing money and 101 soft call protection for six months, a market source remarked.

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

Barclays is the left lead on the deal that will be used to reprice an existing term loan B down from SOFR plus 500 bps with a 0.5% floor.

KinderCare is a Lake Oswego, Ore.-based provider of private early childhood care and education.

TRC guidance

TRC held its lender call in the morning and announced original issue discount talk of 99.25 on its fungible $105 million incremental first-lien term loan due December 2028 (B3/B), according to a market source.

Like the existing first-lien term loan, the incremental term loan is priced at SOFR+CSA plus 375 bps with a 0.5% floor.

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

UBS Investment Bank is the left lead on the deal that will be used to partially refinance the company’s existing second-lien term loan.

Warburg Pincus is the sponsor.

TRC is a Windsor, Conn.-based tech-enabled consulting firm focused on providing end-to-end engineering, science and technology solutions.

Franklin launches

Franklin Square surfaced in the morning with plans to hold a lender call at 1 p.m. ET to launch a $700 million seven-year term loan B (BB) talked at SOFR plus 225 bps to 250 bps with a 0% floor, an original issue discount of 99.5 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.

JPMorgan Chase Bank is leading the deal that will be used to refinance an existing $498 million term loan B due 2025 and a $149 million term loan A, and for general corporate purposes, including share repurchases.

Franklin Square is a Philadelphia-based financial and investment services company.

Spring on deck

Spring Education set a lender call for Tuesday to launch a repricing of its $848 million covenant-lite first-lien term loan due October 2030, according to a market source.

Price talk on the repricing is not yet available, but the term loan will be getting 101 soft call protection for six months, the source added.

Commitments are due at noon ET on Friday.

Macquarie Capital (USA) Inc. is leading the deal that will take pricing on the term loan down from SOFR plus 450 bps with a 25 bps step-down tied to total net opco leverage and a 0% floor.

Spring Education, backed by Primavera Capital, is a Campbell, Calif.-based private pre-K through 12th grade school operator.

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