Berlin, Creative Planning, Prometric, Bakelite, Cimpress, BroadStreet, others break

By Sara Rosenberg

New York, May 10 – Berlin Packaging finalized the spread on its first-lien term loan B-7 at the low end of guidance and changed the issue price, Creative Planning trimmed pricing on its term loan B, removed a leverage-based step-down and revised the original issue discount, and Prometric Holdings Inc. removed the CSA from its term loan B, and then these deals broke for trading on Friday.

Also, before freeing up, Bakelite Synthetics firmed pricing on its first-lien term loan at the low end of talk, Oxbow Carbon LLC set the original issue discount on its term loan at the tight end of guidance, and Cimpress plc increased the size of its term loan B and finalized the issue price at the tight side of talk.

Other deals to make their way into the secondary market during the session included BroadStreet Partners Inc., Open Text Corp., AmWINS Group Inc. and BCP Renaissance Parent LLC.

In more happenings, Alter Domus (Chrysaor Bidco Sarl) modified spread guidance and original issue discount talk on its U.S. and euro term loans, Grant Thornton Advisors LLC moved up the commitment deadline for its term loan B, and Michael Baker International LLC, Buckeye Partners and Maximus Inc. joined the near-term primary calendar.

Berlin updated, frees

Berlin Packaging set pricing on its $2.08 billion seven-year first-lien term loan B-7 (B2/B-) at SOFR plus 375 basis points, the low end of the SOFR plus 375 bps to 400 bps talk, and tightened the original issue discount to 99.75 from 99.5, a market source said.

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

Recommitments were due at 10:30 a.m. ET on Friday, and the term loan began trading in the afternoon, with levels quoted at par bid, par ½ offered, another source added.

Goldman Sachs Bank USA, Barclays, Jefferies LLC and MUFG are leading the deal that will be used to refinance all of the company’s existing first-lien term loans, including a $100 million equivalent Canadian term loan B-3, a $485 million term loan B-4, a $1.199 billion term loan B-5, a $226 million privately placed term loan B-6 and a $48 million equivalent euro privately placed term loan B-6.

Oak Hill and CPPIB are the sponsors.

Berlin Packaging is a Chicago-based hybrid packaging supplier.

Creative revised, trades

Creative Planning cut pricing on its $1.35 billion seven-year term loan B (Ba2/BB) to SOFR plus 200 bps from talk in the range of SOFR plus 225 bps to 250 bps, eliminated a 25 bps step-down at 1.75x total net leverage and adjusted the original issue discount to 99.75 from 99.5, according to a market source.

The term loan still has a 25 bps pricing step-down upon an initial public offering, a 0% floor and 101 soft call protection for six months.

Recommitments were due at 10 a.m. ET on Friday, and the term loan broke in the afternoon, with levels quoted at par bid, par ½ offered, another source added.

Goldman Sachs Bank USA, Citizens, BMO Capital Markets, Capital One, MUFG, Wells Fargo Securities LLC, Mizuho and US Bank are leading the deal that will be used to refinance the company’s existing term loans A-1, A-2 and A-3.

Creative Planning is a registered investment adviser that provides a broad suite of wealth management services.

Prometric modified, breaks

Prometric eliminated the ARRC CSA of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate from its $571 million term loan B due Jan. 31, 2028 (B2/B-), leaving the loan with no CSA, a market source remarked.

Pricing on the term loan remained at SOFR plus 475 bps with a 1% floor and a par issue price, and the debt still has 101 soft call protection for six months.

Recommitments were due at 11 a.m. ET on Friday, and the term loan freed up later in the day, with levels quoted at par ¼ bid, par ¾ offered, another source added.

Barclays, Morgan Stanley Senior Funding Inc., Deutsche Bank Securities Inc. and Nomura are leading the deal that will be used to reprice an existing term loan due 2028 down from SOFR+ARRC CSA plus 525 bps with a 1% floor.

Prometric is a provider of technology-enabled testing and assessment services.

Bakelite finalized, frees

Bakelite Synthetics firmed pricing on its $586 million first-lien term loan due May 2029 at SOFR plus 350 bps, the low end of the SOFR plus 350 bps to 375 bps talk, according to a market source.

As before, the term loan has a 25 bps step-down at 2.6x first-lien net leverage, a 0.5% floor, a par issue price, no CSA and 101 soft call protection for six months.

During the session, the term loan made its way into the secondary market, with levels quoted at par ¼ bid, par 5/8 offered, another source added.

Goldman Sachs Bank USA and JPMorgan Chase Bank are leading the deal that will be used to reprice an existing $586 million first-lien term loan due May 2029 down from SOFR+CSA plus 400 bps with a 25 bps step-down at 2.6x first-lien net leverage and a 0.5% floor.

Black Diamond and Investindustrial are the sponsors.

Bakelite is an Atlanta-based producer of wood adhesives and specialty resins.

Oxbow updated, trades

Oxbow Carbon finalized the original issue discount on its roughly $347 million term loan due May 12, 2030 at 99.875, the tight end of the 99.75 to 99.875 talk, a market source said.

Pricing on the term loan remained at SOFR plus 350 bps with no CSA and a 0.5% floor, and the debt still has 101 soft call protection for six months.

On Friday, the term loan broke for trading, with levels quoted at par bid, par ½ offered, another source added.

BofA Securities Inc. is leading the deal that will be used to reprice an existing term loan due May 12, 2030 down from SOFR+10 bps CSA plus 400 bps with a 0.5% floor.

Oxbow Carbon is a West Palm Beach, Fla.-based producer and distributor of calcined petroleum coke and distributor of fuel grade petroleum coke.

Cimpress upsized, breaks

Cimpress lifted its term loan B due 2028 to roughly $1.08 billion from $773 million and firmed the issue price at par, the tight end of the 99.75 to par talk, a source remarked.

Pricing on the term loan remained at SOFR plus 300 bps with no CSA and a 0.5% floor, and the debt still has 101 soft call protection for six months.

Recommitments were due at 1 p.m. ET on Friday and the term loan freed to trade later in the day, with levels quoted at par bid, par ½ offered, another source added.

JPMorgan Chase Bank is the left lead on the deal that will be used to reprice an existing term loan B down from SOFR plus 350 bps with a 0.5% floor and, due to the upsizing, to pay down a euro term loan.

Cimpress is a Dundalk, Ireland-based company that invests in and builds customer-focused, entrepreneurial, mass-customization businesses.

BroadStreet frees up

BroadStreet Partners’ $3.5 billion seven-year term loan B-4 (B2/B) broke as well, with levels quoted at par 3/8 bid, par 7/8 offered, a trader said.

Pricing on the term loan is SOFR plus 325 bps with a 0% floor, and it was sold at an original issue discount of 99.875. The debt has 101 soft call protection for six months.

During syndication, the term loan was upsized from $3.3 billion and the discount was tightened from talk in the range of 99.5 to 99.75.

RBC Capital Markets and BMO Capital Markets are leading the deal that will be used to refinance a roughly $1.1 billion term loan B-1, a roughly $400 million term loan B-2, a roughly $1.3 billion term loan B-3 and a roughly $500 million term loan A, to repay revolver borrowings, and, due to the upsizing, to add cash to the balance sheet for acquisitions and general corporate purposes.

BroadStreet is a Columbus, Ohio-based insurance broker.

Open Text starts trading

Open Text’s $2.23 billion term loan B due January 2030 (Ba1/BBB-/BBB-) freed up too, with levels quoted at par ¼ bid, par ½ offered, according to a market source.

Pricing on the term loan is SOFR plus 225 bps with a 0.5% floor, and it was issued at par. The debt has 101 soft call protection for six months and no CSA.

Barclays is the left lead on the deal that will be used to reprice an existing term loan due January 2030 down from SOFR+10 bps CSA plus 275 bps with a 0.5% floor.

The $2.23 billion term loan B size is pro forma for a pay down with proceeds from the $2.275 billion sale of Open Text’s Application Modernization and Connectivity business (AMC) to Rocket Software Inc. The company used $940 million of the proceeds to terminate its term loan B due 2025 and $1.06 billion to reduce its term loan due 2030.

Open Text is a Waterloo, Ont.-based provider of enterprise information management, helping companies securely capture, govern and exchange information.

AmWINS hits secondary

AmWINS’ fungible $839 million add-on term loan B due February 2028 began trading during the session, with levels quoted at par 1/8 bid, par 5/8 offered, a market source remarked.

Pricing on the add-on term loan is SOFR+CSA plus 225 bps with a 0.75% floor, in line with pricing on the company’s existing $2.5 billion term loan due February 2028, and the debt was sold at an original issue discount of 99.875 and includes 101 soft call protection for six months. CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

During syndication, the discount on the term loan was changed from talk in the range of 99.5 to 99.75.

Goldman Sachs Bank USA is the left lead on the deal that will be used to refinance the company’s non-fungible $839 million term loan B priced at SOFR plus 275 bps.

AmWINS is a Charlotte, N.C.-based specialty insurance broker.

BCP Renaissance breaks

BCP Renaissance’s $1.093 billion term loan B due Oct. 31, 2028 also broke, with levels quoted at par ½ bid, par ¾ offered, according to a market source.

Pricing on the term loan is SOFR plus 325 bps with a 1% floor. The debt was sold at an original issue discount of 99.75 for new money and at par for rolled money, and has 101 soft call protection for six months.

Jefferies LLC is leading the deal that will be used to reprice an existing term loan B due Oct. 31, 2028 down from SOFR plus 350 bps with a 1% floor.

BCP Renaissance is the owner of a 32.435% interest in the Rover Pipeline, which transports natural gas from the Marcellus and Utica Shale production areas.

Alter Domus tweaked

Alter Domus changed price talk on its €1.45 billion equivalent of U.S. and euro covenant-lite term loans to SOFR/Euribor plus 375 bps to 400 bps from SOFR/Euribor plus 400 bps, and revised the original issue discount talk on the term loans to 99.5 from talk in the range of 99 to 99.5, according to a market source.

The U.S. term loan still has a 0.5% floor, the euro term loan still has a 0% floor and both loans still have 101 soft call protection for six months.

As previously reported, the debt is split between a €1.35 billion equivalent U.S. and euro seven-year term loan B and a €100 million equivalent U.S. and euro delayed-draw term loan B, which will be sold as a pro rata strip, the U.S. term loan will have a minimum size of $500 million and the euro term loan will have a minimum size of €500 million.

Commitments are due at 5 p.m. ET on Monday for the U.S. loan and at 7 a.m. ET on Tuesday for the euro loan, accelerated from noon ET on Wednesday for both loans, the source added.

Alter Domus leads

Barclays, Credit Agricole, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., HSBC Securities, Mizuho and Morgan Stanley Senior Funding Inc. are joint physical bookrunners on Alter Domus’ debt transaction, with Barclays the sole U.S. physical bookrunner. BNP Paribas Securities Corp., BOI, Goldman Sachs, Jefferies LLC, Lloyds, MUFG, NatWest, Nomura, RBC Capital Markets and Standard Chartered are joint bookrunners. Barclays is the agent.

The term loans will be used to help fund the acquisition by Cinven of a majority stake in the company, to refinance existing debt and to pay related fees and expenses. Premira will continue to be a significant shareholder in the company.

The transaction gives Alter Domus an enterprise value of €4.9 billion.

Alter Domus is a provider of end-to-end tech-enabled fund administration and corporate services.

Grant Thornton accelerated

Grant Thornton Advisors changed the commitment deadline for its $1.8 billion seven-year covenant-lite term loan B (B2/B) to 5 p.m. ET on Tuesday from 5 p.m. ET on Thursday, a market source said.

The term loan is talked at SOFR plus 375 bps with a 0% floor, an original issue discount of 99 and 101 soft call protection for six months.

Deutsche Bank Securities Inc., BMO Capital Markets, Jefferies LLC, Golub Capital, BofA Securities Inc. and KKR Capital Markets are leading the deal that will be used to help fund the buyout of the company by New Mountain Capital LLC.

Closing is expected in the second quarter, subject to regulatory approval and other standard conditions.

Grant Thornton is a Chicago-based provider of audit and assurance, tax, and advisory services to enterprises.

Michael Baker on deck

Michael Baker set a lender call for 2 p.m. ET on Monday to launch a fungible $175 million incremental first-lien term loan due December 2028, according to a market source.

Pricing on the incremental term loan is SOFR plus 500 bps with a 0.75% floor, and the debt is getting 101 soft call protection for six months.

Original issue discount talk on the incremental term loan is not yet announced, the source added.

UBS Investment Bank is the left lead on the deal that will primarily be used to fund the purchase price of four acquisitions.

Pro forma for the transaction, the term loan will total about $577 million.

Michael Baker is a Pittsburgh-based provider of engineering and consulting services focused on complex infrastructure challenges.

Buckeye readies deal

Buckeye Partners scheduled a lender call for 1 p.m. ET on Monday to launch a $997.5 million term loan due 2030, a market source remarked.

The term loan has 101 soft call protection for six months, the source added.

MUFG is leading the deal that will be used to reprice an existing term loan due 2030 from SOFR plus 250 bps with a 0% floor.

Buckeye, backed by IFM investors, is a Houston-based owner and operator of integrated midstream assets.

Maximum joins calendar

Maximus will hold a lender call at 11 a.m. ET on Monday to launch a $500 million term loan B due 2031 talked at SOFR plus 200 bps to 225 bps with a 0.5% floor, an original issue discount of 99.5 and 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on May 22, the source added.

The company’s up to $1.9 billion of credit facilities (Ba2/BB+) also include an up to $750 million revolver and an up to $650 million term loan A.

JPMorgan Chase Bank is leading the deal that will be used to partially repay and refinance an existing $868 million term loan A due 2026 and $343 million term loan B due 2028.

Maximus is a Tysons, Va.-based provider of government health and human services programs.

Fund flows

In other news, loan actively managed fund flows on Thursday were a positive $155 million and loan ETFs were a positive $99 million, sources said.

Loan funds reported weekly inflows totaling $2 billion, with a positive $1.9 billion ETFs. These were a 20th consecutive inflow, the third largest on record, the largest for the asset class since February 2022, and included the largest inflows into the ETFs on record, sources added.

For 2024, inflows for loan funds total $9 billion, with a positive $7.9 billion to ETFs.

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