Victra changes surface; Solenis, Doosan Bobcat disclose price talk; Perrigo joins calendar

By Sara Rosenberg

New York, March 28 – In the primary market on Monday, Victra (LSF9 Atlantis Holdings LLC) increased the size of its term loan B, firmed the spread at the high end of guidance, widened the original issue discount, revised the call protection and made some changes to documentation.

Also, Solenis and Doosan Bobcat released price talk on their term loan transactions with launch, and Perrigo Co. plc joined this week’s new issue calendar.

Victra revised

Victra raised its seven-year term loan B to $620 million from $600 million, finalized pricing at SOFR plus 725 basis points, the high end of the SOFR plus 700 bps to 725 bps talk, adjusted the original issue discount to 96 from 98 and changed the call protection to a 101 hard call for one year from a 101 soft call for one year, according to a market source.

Furthermore, amortization was revised to 5% per annum, MFN was modified to 50 bps for life with no carve-outs, Serta/J Crew/Chewy protections were added, and certain baskets were tightened, including the incremental facilities, the source said.

The term loan still has a 0.75% floor.

Recommitments were due at 1 p.m. ET on Monday, the source added.

Truist, UBS Investment Bank and Citizens are leading the deal that will be used to fund the acquisition of Go Wireless Holdings Inc.

Victra is a Raleigh, N.C.-based retailer for wireless products and services.

Solenis guidance

Solenis held its lender call on Monday morning and announced talk on its $300 million incremental term loan B (B2/B-) due November 2028 at SOFR+10 bps CSA plus 450 bps with a 0.5% floor, an original issue discount of 97 to 97.5 and 101 soft call protection for six months, a market source remarked.

Commitments are due at 10 a.m. ET on Friday, the source added.

Goldman Sachs and BofA Securities Inc. are leading the deal that will be used to pay down ABL borrowings and to add cash to balance sheet for general corporate purposes.

Platinum Equity is the sponsor.

Solenis is a Wilmington, Del.-based manufacturer and distributor of specialty chemicals and solutions for water-intensive industries and pools.

Doosan talk

Doosan Bobcat launched on a lender call at noon ET an $850 million seven-year term loan B talked at SOFR+10 bps CSA plus 275 bps to 300 bps with a 0.5% floor, an original issue discount of 97.5 and 101 soft call protection for six months, a market source said.

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

BofA Securities Inc., JPMorgan Chase Bank, PNC Capital Markets and TD Securities (USA) LLC are leading the deal that will be used refinance existing debt.

Doosan Bobcat is a manufacturer of compact farm and construction equipment.

Perrigo on deck

Perrigo set a lender call for 11:30 a.m. ET on Wednesday to launch an $800 million seven-year first-lien term loan B, of which $400 million is delayed-draw, talked at SOFR+10 bps CSA plus 275 bps to 300 bps with a 25 bps step-down at 0.5x inside closing date total net leverage, a 0.5% floor, an original issue discount of 98.5 and 101 soft call protection for six months, according to a market source.

Commitments are due at 5 p.m. ET on April 6, the source added.

The company’s $2.1 billion of senior secured credit facilities (BBB-/BBB-) also include a $1 billion five-year revolver and a $300 million five-year term loan A.

JPMorgan Chase Bank, Morgan Stanley Senior Funding Inc., Wells Fargo Securities LLC, BofA Securities Inc. and HSBC Securities (USA) Inc. are leading the deal.

Perrigo buying Hera

Perrigo will use the new credit facilities with $500 million of other unsecured debt and cash on hand to fund the €1.8 billion acquisition of Hera SAS (HRA Pharma) from Astorg and Goldman Sachs Asset Management, to refinance an existing term loan A due August 2022 and to redeem $369 million of existing notes due 2023.

Closing on the acquisition is expected by the end of the first half of 2022, subject to customary conditions, including regulatory approvals.

Perrigo is a Dublin-based provider of self-care products and over-the-counter health and wellness solutions. Hera is a Paris-based consumer self-care company.

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