Aleris International, Goodpack reveal price talk; new issue calendar for this week builds

By Sara Rosenberg

New York, May 29 – In the primary market on Tuesday, Aleris International Inc. and Goodpack (IBC Capital Ltd.) released price talk on their term loans in connection with their launches.

Also, TransUnion, PowerSchool Group LLC, Vertex Aerospace Services Corp., Vantiv LLC, American Bath Group LLC, Russell Investments, CPG International LLC, Lyons Magnus Inc., Ascensus Inc. and EVO Payments International joined this week’s primary calendar.

Aleris sets guidance

Aleris International held its bank meeting on Tuesday and announced price talk on its $1.1 billion covenant-light first-lien term loan (B-) due February 2023 at Libor plus 450 basis points with a 0% Libor floor and an original issue discount of 99, according to a market source.

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

Commitments are due at noon ET on June 8.

Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch, Barclays and J.P. Morgan Securities LLC are leading the deal.

The company also plans on raising $400 million of new senior secured second-lien debt financing and amending its existing asset-based revolver to increase the commitments to up to $750 million from $600 million and extend the maturity to 2023 from 2020.

The new debt will be used with cash on hand to redeem 7 7/8% senior notes due 2020 and 9½% senior secured notes due 2021 and to repay some ABL facility borrowings.

Aleris is a Cleveland-based manufacturer and seller of aluminum rolled products.

Goodpack discloses talk

Goodpack came out with price talk on its $765 million in senior secured term loans in connection with its morning lender call, a market source remarked.

Talk on the $595 million five-year covenant-light first-lien term loan B (B) is Libor plus 375 bps to 400 bps with a 0% Libor floor, an original issue discount of 99.5 to 99.75 and 101 soft call protection for six months, and talk on the $170 million six-year covenant-light second-lien term loan (CCC+) is Libor plus 700 bps with a 0% Libor floor, a discount of 99 and 101 hard call protection for one year, the source added.

Commitments are due at noon ET on June 8.

Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC and KKR Capital Markets are leading the deal, with Morgan Stanley left on the first-lien loan and Credit Suisse left on the second-lien loan.

The term loans will be used to refinance existing debt and pay down revolver borrowings.

Goodpack is a Singapore-based operator of a fleet of nestable and collapsible intermediate bulk containers.

TransUnion on deck

TransUnion set a lender call for 3:30 p.m. ET on Wednesday to launch $1.8 billion in term loans (BB+), according to a market source.

The debt consists of a $400 million term loan A due August 2022, and a $1.4 billion seven-year covenant-light term loan B-3 that has 101 soft call protection for six months, the source said.

Commitments are due at noon ET on June 8.

Deutsche Bank Securities Inc., RBC Capital Markets, Bank of America Merrill Lynch and Capital One are leading the deal that will be used to fund the acquisitions of Callcredit Information Group Ltd., a Leeds, U.K.-based consumer credit bureau, for £1 billion, iovation, a Portland, Ore.-based provider of device-based information, and Healthcare Payment Specialists, a Fort Worth, Texas-based company that helps healthcare providers optimize Medicare reimbursement.

Closing on the Callcredit and iovation transactions is expected late in the second quarter or early in the third quarter, and closing on the Healthcare Payment acquisition from Nautic Partners is expected in the second quarter, all subject to regulatory approval.

TransUnion is a Chicago-based provider of information management and risk management services.

PowerSchool coming soon

PowerSchool scheduled a bank meeting for 9:30 a.m. ET on Thursday to launch $1.26 billion of credit facilities, split between a $120 million five-year revolver, a $775 million seven-year first-lien term loan and a $365 million eight-year second-lien term loan, a market source remarked.

Barclays, Credit Suisse Securities (USA) LLC, Macquarie Capital (USA) Inc., Ares, Golub and Jefferies LLC are leading the deal, with Barclays left on the first-lien loan and Credit Suisse left on the second-lien loan.

The credit facilities will be used to help fund the buyout of the company by Onex Corp. and Vista Equity Partners. Vista is the current owner of the company but will invest new capital in the business with the purchase of a stake by Onex.

With the Onex/Vista transaction, PowerSchool will acquire PeopleAdmin, a provider of cloud-based talent management solutions for the education sector.

Closing is expected in the second half of this year, subject to customary conditions and regulatory approvals.

PowerSchool is a Folsom, Calif.-based education technology platform for K-12 schools.

Vertex readies launch

Vertex Aerospace Services will host a lender presentation at 2 p.m. ET on Wednesday to launch a $330 million first-lien term loan, a market source said.

Morgan Stanley Senior Funding Inc., RBC Capital Markets and Deutsche Bank Securities Inc. are leading the deal that will be used to help fund the buyout of the company by American Industrial Partners from L3 Technologies for $540 million in cash and pay related fees and expenses.

Closing is expected this summer, subject to customary conditions and regulatory approvals.

Vertex Aerospace is a provider of aviation logistics services, supply chain management, and maintenance, repair and overhaul services.

Vantiv joins calendar

Vantiv surfaced with plans to hold a lender call at 1 p.m. ET on Wednesday to launch a repricing and amendment of its existing $7,759,000,000 of credit facilities, according to a market source.

The facilities consist of a $1.25 billion revolver, $3,949,000,000 in term loan A-3 and A-5 debt, and $2.56 billion in term loan B-3 and B-4 debt, the source said.

Morgan Stanley Senior Funding Inc. is leading the deal.

Vantiv is a payments technology company.

American Bath on deck

American Bath Group scheduled a lender call for 2 p.m. ET on Wednesday to launch a $50 million incremental first-lien term loan due Sept. 30, 2023 and a repricing of its existing $582 million first-lien term loan due Sept. 30, 2023, a market source remarked.

The term loans will include a 1% Libor floor and 101 soft call protection for six months, the source added.

Commitments are due on June 6.

Credit Suisse Securities (USA) LLC is the left lead on the deal.

The incremental loan will be used to fund a distribution to shareholders.

American Bath is a Savannah, Tenn.-based designer and manufacturer of fiberglass reinforced plastic, sheet molded compound and acrylic bathtubs and showers.

Russell plans add-on

Russell Investments will hold a lender call at 11 a.m. ET on Wednesday to launch a $300 million add-on first-lien term loan B due June 1, 2023, a market source said.

Barclays, Credit Suisse Securities (USA) LLC and Macquarie Capital (USA) Inc. are leading the deal that will be used to fund a distribution to shareholders and pay related fees and expenses.

Russell Investments is a Seattle-based asset manager.

CPG schedules call

CPG International set a lender call for 11 a.m. ET on Wednesday to launch a fungible $225 million incremental senior secured first-lien term loan due May 5, 2024 that has 101 soft call protection for six months, according to a market source.

Jefferies LLC and Barclays are leading the deal that will be used to fund the acquisition of Versatex, an Aliquippa, Pa.-based manufacturer of highly engineered cellular PVC products.

In addition, the company will be seeking an amendment to its existing credit agreement, the source said.

Closing is subject to regulatory review.

CPG is a Skokie, Ill.-based manufacturer of highly engineered low-maintenance building materials.

Lyons readies deal

Lyons Magnus scheduled a lender call for 3:30 p.m. ET on Wednesday to launch a fungible $15 million incremental first-lien term loan and a repricing of its existing $195 million first-lien term loan, a market source remarked.

RBC Capital Markets is leading the deal.

The incremental loan will be used to repay the company’s second-lien term loan.

Paine Schwartz Partners is the sponsor.

Lyons Magnus is a developer, manufacturer and marketer of fruit and flavor solutions for the foodservice, healthcare and industrial dairy channels.

Ascensus coming soon

Ascensus set a lender call for 11 a.m. ET on Wednesday to launch a $200 million incremental first-lien term loan due December 2022 talked at Libor plus 350 bps with a 1% Libor floor an original issue discount that is not yet available and 101 soft call protection through July 19, according to a market source.

The spread, floor and call protection on the incremental term loan matches the existing term loan.

Of the total incremental loan amount, $125 million will be funded and $75 million is delayed draw.

The delayed-draw piece has a ticking fee of half the margin from days 31 to 60 and the full margin thereafter.

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

Credit Suisse Securities (USA) LLC is leading the deal that will be used to fund tuck-in acquisitions.

Ascensus is a Dresher, Pa.-based service provider of retirement and college savings plans.

EVO joins calendar

EVO Payments scheduled a call for 3 p.m. ET on Wednesday to launch a new loan to current and prospective first-lien term loan lenders, a market source said.

Citigroup Global Markets Inc. is leading the transaction.

EVO Payments is an Atlanta-based payments processor and acquirer for merchants, independent sales organizations, financial institutions, government organizations and multinational corporations.

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