Endurance International, MultiPlan, International Seaways reveal price talk with launch

By Sara Rosenberg

New York, May 30 – Endurance International Group (EIG Investors Corp.), MultiPlan Inc. and International Seaways Operating Corp. all came out with price talk on transactions that they presented to investors during Tuesday’s market hours.

And, Securus Technologies Holdings Inc., Penn Engineering & Manufacturing Corp. and American Airlines Inc. joined this week’s primary calendar.

Endurance sets guidance

Endurance International Group held its bank meeting on Tuesday, launching its $1,697,000,000 first-lien term loan due February 2023 at talk of Libor plus 400 basis points to 425 bps with a 1% Libor floor, according to a market source.

The term loan, which has 101 soft call protection for six months, will be used to refinance existing first-lien term loans due in 2019 and 2023.

Extended and new money commitments are being offered an original issue discount of 99.5, and existing 2023 loan lenders are being offered a par issue price, the source said.

Commitments are due at 5 p.m. ET on June 8.

Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc., Jefferies LLC and Societe Generale are leading the deal.

Endurance is a Burlington, Mass.-based provider of cloud-based platform solutions designed to help small and medium-sized businesses succeed online.

MultiPlan holds call

MultiPlan emerged in the morning with plans to host a lender call at 3 p.m. ET to launch a $3.2 billion term loan B due June 7, 2023 talked at Libor plus 275 bps with a step-down to Libor plus 250 bps when consolidated first-lien debt to consolidated EBITDA is 3.75 times, a 1% Libor floor, a par issue price and 101 soft call protection for six months, a market source remarked.

Commitments/consents are due at 5 p.m. ET on Friday.

Barclays and Goldman Sachs Bank are leading the deal that will be used to reprice an existing term loan B down from Libor plus 375 bps with a 1% Libor floor.

Cashless roll is available for the repricing, the source added.

MultiPlan is a New York-based provider of health care cost management solutions.

International Seaways talk

International Seaways held its bank meeting in the afternoon, launching its $550 million five-year senior secured first-lien term loan at talk of Libor plus 475 bps to 500 bps with a 1% 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.

The company’s $600 million in credit facilities also include a $50 million 4.5-year super-senior revolver.

Commitments are due on June 13, the source said.

Jefferies and J.P. Morgan Securities LLC are leading the deal that will be used to refinance existing bank debt and for general corporate purposes, including fleet renewal and growth.

International Seaways is a New York-based tanker company.

Securus timing emerges

Securus Technologies nailed down timing on the launch of its previously announced $1.3 billion of credit facilities, with the bank meeting for the transaction scheduled to take place at for 2 p.m. ET in New York on Thursday, a market source said.

When first announced, timing on the deal had been broadly labeled as this quarter’s business.

The facilities consist of a $150 million super-priority revolver, an $870 million seven-year covenant-light first-lien term loan and a $280 million eight-year covenant-light second-lien term loan.

Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Barclays, Citigroup Global Markets Inc., Credit Suisse Securities, Goldman Sachs Bank, Jefferies, Morgan Stanley Senior Funding and BNP Paribas Securities Corp. are leading the deal that will be used to help fund the buyout of the company by Platinum Equity from ABRY Partners.

Securus is a Dallas-based provider of advanced inmate communications, investigative technologies and information management solutions to the corrections industry.

Penn Engineering on deck

Penn Engineering & Manufacturing set a lender call for Wednesday to launch a $540 million seven-year term loan B talked at Libor plus 300 bps with a 1% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months, according to a market source.

The company will also launch a €118 million seven-year term loan C talked at Euribor plus 275 bps with a 1% floor, a discount of 99.75 and 101 soft call protection for six months, the source said.

J.P. Morgan Securities is leading the deal that will be used to fund an acquisition.

Penn Engineering is a Danboro, Pa.-based manufacturer of highly engineered specialty fasteners.

American Airlines coming soon

American Airlines surfaced with plans to hold a lender call at 2 p.m. ET on Wednesday to launch a new loan deal, a market source remarked.

Citigroup Global Markets is the left lead bank on the deal.

American Airlines is a Fort Worth-based airline company.

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