IFR International - 28.07.2018

LOANS LEVERAGED LOANS

Proceeds from the funding will be used to
lNANCEû+ELSOûû#OMPANYSûACQUISITIONûOFûAû
majority stake in the company.
Existing investors Stone Point Capital and
MANAGEMENTûWILLûRETAINûAûSIGNIlCANTû
interest in the company.
4HEûCREDITûFACILITIESûINCLUDEûAû53Mû
REVOLVINGûCREDITûANDûAû53MûlRST
LIENû
term loan.
!û53MûSECOND
LIENûTERMûLOANûHASûBEENû
privately placed.
The company provides services including
retirement plan record-keeping and
administration, life insurance distribution
and servicing of retirement plans.
AMERICAN EXPRESS GLOBAL BUSINESS TRAVEL
!MEXû'"4 ûHASûLAUNCHEDûAû53Mû4ERMû
,OANû"ûBACKINGûITSûPURCHASEûOFû5+
BASEDû
business travel company Hogg Robinson.
Proceeds from the loan will fund the
purchase of Hogg Robinson as well as allow
!MEXû'"4ûTOûBUYûBACKûSOMEû(OGGû2OBINSONû
debt in conjunction with the acquisition.
The seven-year loan is guided at a range of
BP
BPûOVERû,IBORûWITHûAûûmOORûANDû
is offered at a 99.5 original issue discount.
The loan has 101 soft call protection for six
months and is expected to amortize at an
annual rate of 1%.
Morgan Stanley is leading the covenant-lite
loan with Goldman Sachs. Commitments are
DUEûONû!UGUSTû
!MEXû'"4ûLINEDûUPûAûaM û
DAYû
bridge loan from Morgan Stanley to support
the transaction in March, as reported by
,0#û4HEûLOANûWASûPRICEDûATûBPûOVERûTHEû
benchmark.
The acquisition was announced on
&EBRUARYûûANDûISûWORTHûaMûPERû2EUTERSû
calculations.

BOYD CORP TO LAUNCH US$1.615bn
ACQUISITION FINANCE

Speciality material-based components
provider BOYD CORP is poised to launch a
lNANCINGûTOûBACKûITSûACQUISITIONûBYû
'OLDMANû3ACHSû-ERCHANTû"ANKING
4HEûlNANCINGûINCLUDESûAû53BNûlRST
lien term loan and a US$415m second-lien
term loan.
Goldman Sachs is the lead arranger on the
lRST
LIENûLOANûANDûJP Morgan is lead on the
second lien. Commitments are due by
August 14.
Earlier this month Boyd announced the
'OLDMANû3ACHSû-ERCHANTû"ANKINGû
ACQUISITIONûFROMû'ENSTARû#APITAL ûWHICHû
acquired the company in 2015.
SI GROUP has scheduled a lender meeting
FORû*ULYûûTOûDISCUSSûlNANCINGûTOûBACKûITSû
BUYOUTûBYû3+û#APITALû0ARTNERS
4HEûlNANCINGûFORûTHEûCOMPANY ûAû
developer and manufacturer of
performance additives and chemical

intermediates for the polymer, fuel

and lubricant markets, includes a

lVE

YEARû53MûREVOLVINGûLINEûOFû

credit that will be undrawn at close, a

SEVEN

YEARû53BNûlRST

LIENûTERMûLOANû

and an eight-year US$250m second-lien

term loan.

JP Morgan is the lead left arranger on the

lRSTûLIENûANDû(3"#ûISûLEADûLEFTûONûTHEûSECONDû

lien. Commitments are due by August 10.

3+ûANNOUNCEDûTHEû3)û'ROUPûBUYOUTûLASTû

month. At the close of the transaction SI

'ROUPûANDû!DDIVANTûWHICHûTHEûINVESTMENTû

lRMûHASûOWNEDûSINCEûûWILLûBEû

combined.

MARRIOTT VACATIONS WORLDWIDE is set to

LAUNCHûAûlNANCINGûTOûBACKûTHEûTIMESHAREû

COMPANYSûACQUISITIONûOFû),'

JP Morgan ISûLEADINGûTHEûlNANCINGûWHICHû

INCLUDESûAû53MûREVOLVINGûLINEûOFûCREDITû

ANDûAû53MûSEVEN

YEARû4ERMû,OANû"ûTHEû

source said.

Commitments are due on August 9. The

borrower is Marriott Ownership Resorts.

Marriott announced the acquisition in

April, saying it would acquire all of the

OUTSTANDINGûSHARESûOFû),'ûINûAûCASHûANDûSTOCKû

transaction with an implied equity valuation

of US$4.7bn.

SIVANTOS SETS PRICING ON

MERGER LOANS

Hearing-aid maker SIVANTOSûSETûlNALûPRICINGû

on dual-currency loans to back its merger

with Widex.

4HEûCOMPANYûWILLûPAYûBPûPLUSû,IBORû

FROMûORIGINALûGUIDANCEûOFûBP

BPûFORû

a US$1.2bn (€990m-equivalent) seven-year

4ERMû,OANû"

4HEûLOANûWILLûHAVEûAûûmOORûANDûBEûSOLDû

at 99.5 cents on the dollar with 101 soft call

protection for six months. There is no

pricing step-down on the US dollar loan.

)TûALSOûSETûlNALûPRICINGûONûAûõBNû

53BN ûSEVEN

YEARû4ERMû,OANû"ûATûBPû

plus Euribor from original guidance of

BP

BP

)TûWILLûHAVEûAûûmOORûANDûBEûSOLDûATûPARû

from original guidance of 99.5 cents on the

dollar. The loan has 101 soft-call protection

for six months with one pricing step-down.

There is a revised ticking fee of 50% of the

MARGINûFORûDAYSû

ûPOSTûALLOCATIONSû

INCREASINGûTOûûOFûTHEûMARGINûFORûDAYSûû

and beyond.

Deutsche Bank is leading the euro-

denominated loan and JP Morgan is leading

the US dollar tranche.

Corporate ratings are B2/B+ and facility

ratings are B2/B+.

4HEûBORROWERûISû!URISû,UX#O

53ûMOBILEûMARKETINGûlRMûAPPLOVIN CORP

has set price guidance on a US$820m Term

,OANû"

4HEûCOMPANYûISûOFFERINGûTOûPAYûBP

BPûPLUSû,IBORûFORûTHEûSEVEN

YEARûLOANû

WITHûAûûmOORûONûTHEûBENCHMARKû4HEûLOANû

will be sold at 99.5 cents on the dollar.

The loan, along with a minority

INVESTMENTûFROMû++2ûWILLûBEûUSEDûTOû

REPURCHASEûûOFûTHEûCOMPANYSû

outstanding convertible promissory notes

and pay fees and expenses.

Bank of America Merrill Lynch and KKR are

ARRANGINGûTHEûlNANCINGû#ORPORATEûFAMILYû

and term loan B ratings are B1/B, the source

said.

Commitments are due on August 7.

Smart home technology provider VIVINT

DETAILEDûPRICEûTALKûFORûTHEûCOMPANYSû

53Mû4ERMû,OANû"

Pricing is guided at 475bp-500bp over

,IBORûWITHûAûDISCOUNTûINûTHEû

ûRANGEû

for the 5.5-year loan.

There will be 101 soft call protection for

six months. The loan is covenant-lite.

The company will use the proceeds to

REDEEMûITSûOUTSTANDINGûûSENIORû

secured notes that mature in 2019, repay

borrowings under an existing revolving line

of credit, and pay premiums, fees and

expenses, including repayment of other

debt.

Bank of America Merrill Lynch is the lead

arranger of the deal. Commitments are due

!UGUSTûû4HEûBORROWERûISû!08û'ROUPû)NC

"LACKSTONEû'ROUPûACQUIREDû6IVINTûINû

ALERA TIGHTENS PRICING ON

US$450m TLB

ALERA GROUP has increased the size and

TIGHTENEDûPRICINGûONûITSû4ERMû,OANû"ûTHATû

WILLûBEûUSEDûTOûRElNANCEûEXISTINGûSENIORû

credit facilities and fund signed acquisitions.

4HEû4,"ûISûNOWû53MûUPûFROMû

US$425m previously. Revised pricing on the

SEVEN

YEARû4,"ûISûATûBPûOVERû,IBORûVERSUSû

the original guidance in the 450bp–475bp

OVERû,IBORûRANGEû4HEûûmOORûANDûAûûSOFTû

call protection for six months is unchanged.

The discount is tightened to 99.75 from 99.5.

JP Morgan is leading the deal. Following

THEûRElNANCINGû!LERAû'ROUPSûPROûFORMAû

DEBT

TO

%BITDAûRATIOûWILLûBEûABOUTûXû

ACCORDINGûTOû-OODYSû)NVESTORSû3ERVICE

4HEûBORROWERûISû!LERAû'ROUPû)NTERMEDIAû

Holdings.

!LERAû'ROUPûISûANûINDEPENDENTûINSURANCEû

BROKERAGEûANDûADVISORYûlRMûOPERATINGûINû

BOTHûTHEûEMPLOYEEûBENElTSûANDûPROPERTYû

and casualty space.

Portable sanitation services provider

UNITED SITE SERVICES has cut the discount on a

US$125m incremental term loan.

The company will now sell the loan at

99.75 cents on the dollar from the previous

PROPOSALûOFûûCENTSû)TûWILLûSTILLûPAYûBPû

PLUSû,IBORûFORûTHEûLOANûWHICHûISûFUNGIBLEû