KORE Wireless hits secondary; Pure Fishing updated again; Kleinfelder Group revised

By Sara Rosenberg

New York, Dec. 20 – KORE Wireless Group Inc. increased the size of its first-lien term loan, and widened the spread and the issue price, and terminated plans for a second-lien term loan before freeing up for trading on Thursday.

In more happenings, Pure Fishing Inc. revised the original issue discount on its first-lien term loan for a second time, and Kleinfelder Group Inc. moved some funds between its first-and second-lien term loans.

KORE reworked

KORE Wireless upsized its first-lien term loan to $280 million from $250 million, lifted pricing to Libor plus 550 basis points from Libor plus 500 bps, revised the original issue discount to 99 from 99.5 and shortened the maturity to six years from seven years, a market source said.

The first-lien term loan still has a 0% Libor floor and 101 soft call protection for six months.

Also, the company canceled plans for a $90 million eight-year second-lien term loan that was talked at Libor plus 875 bps with a 0% Libor floor, a discount of 99 and call protection of 102 in year one and 101 in year two.

Preferred equity is being used to help compensate for the eliminated second-lien term loan funds.

The company’s now $310 million of senior secured credit facilities (B3/B) include a $30 million five-year revolver as well.

KORE starts trading

On Thursday, KORE Wireless’ bank debt broke for trading, with the first-lien term loan quoted at 99 bid, par offered, the source added.

UBS Investment Bank is leading the deal that will be used to refinance existing debt and to fund an acquisition.

KORE Wireless, an ABRY Partners portfolio company, is an Alpharetta, Ga.-based provider of integrated software platform to enterprises to deploy, manage and optimize their IoT environments.

Pure Fishing modified

Pure Fishing adjusted the original issue discount on its $435 million first-lien term loan (B1/B) to 96 from revised talk of 97 and initial talk of 99, according to a market source.

The first-lien term loan is priced at Libor plus 450 bps with a 0% Libor floor and has 101 soft call protection for one year.

Previously in syndication, pricing on the first-lien term loan was lifted from Libor plus 425 bps, and the call protection was extended from six months.

The company’s $740 million of credit facilities also include a $125 million asset-based lending revolver that is expected to be undrawn at closing and a $180 million second-lien term loan that has been privately placed.

RBC Capital Markets is leading the deal that will be used to help fund the buyout of the company by Sycamore Partners from Newell Brands for around $1.3 billion.

Closing is expected this quarter, subject to customary conditions, including regulatory approval.

Pure Fishing is a designer, marketer and wholesaler of fishing equipment including rods, reels, combos, line and bait.

Kleinfelder tweaks deal

Kleinfelder Group raised its first-lien term loan B to $120 million from $115 million and trimmed its second-lien term loan to $30 million from $35 million, a market source remarked.

As before, the first-lien term loan is priced at Libor plus 475 bps with a 1% Libor floor and an original issue discount of 99.

The second-lien term loan ended up pricing slightly wider than talk at launch of Libor plus 875 bps with a 1% Libor floor and a discount of 98, the source added.

The company’s $175 million of credit facilities also include a $25 million revolver.

BNP Paribas Securities Corp. is leading the deal that will be used to help fund the buyout of the company by Wind Point Partners.

Kleinfelder is a San Diego-based engineering, construction management, design and environmental professional services firm.

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