Ingenovis frees to trade; Sabre term loan gains on paydown news; Nielsen updates tranching

By Sara Rosenberg

New York, Nov. 21 – Ingenovis Health Inc. finalized the original issue discount on its incremental first-lien term loan at the wide end of guidance and then the debt made its way into the secondary market on Monday morning.

Also, Sabre GLBL Inc.’s 2024 term loan headed higher in trading after the company announced plans to repay the debt in full with proceeds from a bond offering.

Furthermore, Nielsen Holdings plc (Neptune Bidco US Inc.) came out with an update on tranche sizes for its U.S. and euro term loan Bs.

Ingenovis breaks

Ingenovis set the original issue discount on its non-fungible $85 million incremental covenant-lite first-lien term loan (B2/B) due March 6, 2028 at 95, the wide end of the 95 to 96 talk, market sources remarked.

As before, the incremental term loan is priced at SOFR+10 basis points CSA plus 425 bps with a 0.5% floor, and has 101 soft call protection for six months.

On Monday, the incremental term loan freed to trade, with levels quoted at 95½ bid, 97 offered, sources added.

Citizens Bank and KeyBanc Capital Markets are leading the deal that will be used to fund an acquisition.

Cornell Capital and Trilantic North America are the sponsors.

Ingenovis, formerly known as CCRR Parent Inc., is a provider of travel nurse, Allied, Rapid Response, Locum Tenens and labor dispute preparedness talent services to health care facilities.

Sabre rises

Sabre GLBL’s 2024 term loan rose to 99¼ bid, par offered from 98½ bid, 99¼ offered following news that the debt is expected to be paid down in full, according to a trader.

Funds for the repayment will come from a $555 million senior secured notes offering, which was upsized from $535 million.

There is currently about $536 million outstanding under the 2024 term loan.

Sabre is a Southlake, Tex.-based software and technology company that serves the travel industry.

Nielsen sizes

Back in the primary market, Nielsen is talking its U.S term loan B due April 2029 with a size of $1.5 billion and its euro term loan B due April 2029 with a minimum size of €250 million, compared to talk at launch of $1.75 billion equivalent U.S. and euro term loan B with tranche sizes to be determined, a market source said.

Talk on the U.S. term loan is SOFR+10 bps CSA plus 500 bps with a 0.5% floor and an original issue discount of 89 to 90, and talk on the euro term loan is Euribor plus 500 bps with a 0% floor and a discount of 89 to 90. Both tranches have 101 soft call protection for one year.

Commitments continue to be due at noon ET on Tuesday, the source added.

BofA Securities Inc., Barclays, Credit Suisse, Mizuho, Citigroup Global Markets Inc., HSBC Securities, KKR Capital Markets LLC, Nomura Securities International Inc., BMO Capital Markets Corp., Goldman Sachs, Jefferies LLC, Macquarie Capital, Morgan Stanley Senior Funding Inc., RBC Capital Markets LLC, Truist Securities Inc., BNP Paribas Securities Corp., CIBC, Fifth Third Bank and MUFG are leading the deal that backs the recently completed buyout of the company by a private equity consortium led by Evergreen Coast Capital Corp. and Brookfield Business Partners LP for $28 per share, or about $16 billion including the assumption of debt.

Nielsen is a New York-based provider of audience measurement, data and analytics.

Fund flows

In other news, actively managed loan fund flows on Friday were negative $290 million and loan ETFs were positive $17 million, according to market sources.

Outflows for loan funds year to date total $5.6 billion, including negative $2.6 billion ETFs, sources added.

Loan indices soften

IHS Markit’s iBoxx loan indices were down on Friday, with the Leveraged Loan indexes (MiLLi) closing out the day down 0.01% and the Liquid Leveraged Loan indices (LLLi) closing out the day down 0.10%.

Month to date, the MiLLi is up 1.09% and year to date its down 1.7%. The LLLi is up 0.96% month to date and down 2.51% year to date.

Average secondary market bids in the U.S. on Friday were 92.44, down 0.01% from the previous day and down 4.55% year to date.

According to the IHS Markit data, some of the top advancers on Friday were Kettle Cuisine’s August 2018 covenant-lite term loan at par, up from 90.65, Tex-X’s September 2017 covenant-lite term loan B at 91, up from 85, and Cooper-Standard’s November 2016 covenant-lite term loan B at 96.75, up from 92.36.

Some top decliners on Friday were Cineworld’s February 2018 U.S. covenant-lite term loan at 25.83, down from 29.21, AMC Entertainment’s April 2019 covenant-lite term loan B at 56.38, down from 58.60, and Zayo’s June 2022 incremental covenant-lite term loan B at 77.75, down from 80.48.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.