Inspire Brands, American Airlines accelerate deadlines; Asurion, Amynta disclose talk

By Sara Rosenberg

New York, Feb. 7 – In the primary market on Tuesday, Inspire Brands Inc. (IRB Holdings Corp.) and American Airlines Inc. moved up the commitment deadlines for their term loan transactions.

Also, Asurion LLC and Amynta released price talk in connection with their lender calls taking place during the session, and TransDigm Inc., AmWINS Group Inc. and Aggreko LLC joined this week’s primary calendar.

Inspire tweaks timing

Inspire Brands accelerated the commitment deadline for its $1.75 billion senior secured first-lien term loan B-3 (B+) due Dec. 15, 2027 to noon ET on Wednesday from 5 p.m. ET on Thursday, a market source said.

Talk on the term loan is SOFR+CSA plus 325 basis points with a 0.75% floor, an original issue discount of 98.5 to 99 and 101 soft call protection for six months. CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

Barclays is the left lead on the deal that will be used with anticipated variable funding note (VFN) proceeds to refinance an existing $2.488 billion term loan B-1 due February 2025.

Inspire Brands is an Atlanta-based multi-brand restaurant company.

American accelerated

American Airlines moved up the commitment deadline for its $1 billion senior secured South American slots, routes and gates backed term loan B (Ba3/B-/B) due February 2028 to noon ET on Wednesday from noon ET on Thursday, according to a market source.

The term loan is talked at SOFR+CSA plus 275 bps to 300 bps with a 0% floor, an original issue discount of 97 to 97.5 and 101 soft call protection for six months. CSA is 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Barclays, Goldman Sachs Bank USA, BofA Securities Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., JPMorgan Chase Bank, Morgan Stanley Senior Funding Inc., ICBC, SMBC, BNP Paribas Securities Corp., Credit Agricole, Standard Chartered, MUFG, HSBC Securities (USA) Inc., US Bank and Bank of Texas are leading the deal that will be used to amend and extend a portion of the company’s existing $1.752 billion South American slots, routes and gates backed term loan B due June 2025. The remainder of the existing term loan B will be refinanced with other secured debt.

American Airlines is a Fort Worth-based airline.

Asurion holds call

Asurion held a lender call at 12:30 p.m. ET on Tuesday, launching a $1 billion term loan B-11 (B+) due Aug. 19, 2028 at talk of SOFR+10 bps CSA plus 425 bps with a 0% floor, an original issue discount of 94 and 101 soft call protection for six months, a market source said.

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

BofA Securities Inc., Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA, Barclays, Deutsche Bank Securities Inc. and Credit Suisse Securities (USA) LLC are leading the deal that will be used with cash from the balance sheet to partially refinance an existing term loan B-7.

Asurion is a Nashville, Tenn.-based provider of insurance for smartphones, tablets, consumer electronics, appliances, satellite receivers and jewelry.

Amynta guidance

Amynta came out with talk of SOFR plus 500 bps with a 0% floor, an original issue discount of 96.5 to 97 and no CSA on its $1.04 billion term loan B (B-) due Feb 28, 2028 that launched with a call in the morning, according to a market source.

The term loan has 101 soft call protection for six months.

Commitments are due at noon ET on Feb. 14, the source added.

BofA Securities Inc., Barclays, BMO Capital Markets, Deutsche Bank Securities Inc., Jefferies LLC and others to be added are leading the deal, which will be used to repay the company’s first-lien term loans due 2025 and to pay transaction fees and expenses.

Amynta Agency Borrower Inc. and Amynta Warranty Borrower Inc. are the borrowers.

Amynta is a New York-based insurance services company.

TransDigm readies deal

TransDigm will hold a lender call at 11 a.m. ET on Wednesday to launch an up to $4.825 billion first-lien term loan I due August 2028 talked at SOFR plus 325 bps with a 0% floor, an original issue discount of 99 and 101 soft call protection for one year, a market source remarked.

Commitments are due at 11 a.m. ET on Friday, the source added.

Goldman Sachs Bank USA is the left lead on the deal that will be used to extend the maturity of the company’s first-lien term loan E due May 2025 and first-lien term loan F due December 2025.

The company will use up to $750 million of other senior secured debt to refinance the portion of the term loan E and term loan F that do not convert or refinance into the new term loan I, the source added.

TransDigm is a Cleveland-based supplier of highly engineered aircraft components for use on commercial and military aircraft.

AmWINS joins calendar

AmWINS emerged with plans to hold a lender call at 3 p.m. ET on Wednesday to launch a non-fungible $700 million incremental term loan B, according to a market source.

Goldman Sachs Bank USA is the left lead on the deal that will be used with cash on hand to fund a dividend to shareholders.

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

Aggreko on deck

Aggreko set a lender call for 10 a.m. ET on Wednesday to launch a non-fungible $300 million incremental term loan (B1) due August 2026 and a fungible €130 million add-on term loan (B1) due August 2026, a market source said.

Both tranches will get 101 soft call protection for six months, the source said.

Pricing on the euro term loan is Euribor plus 525 bps with a 0% floor.

Commitments for the U.S. loan are due at 5 p.m. ET on Feb. 16 and commitments for the euro loan are due at noon ET on Feb. 16, the source added.

Barclays and Goldman Sachs are the physical bookrunners on the deal and global coordinators with HSBC. GLAS USA is the administrative agent.

The loans will be used to refinance some debt, including debt related to the acquisition of Resolute Industrial, a provider of specialized temporary heating, ventilation, air conditioning and refrigeration solutions. from AE Industrial Partners LP for $440 million.

Aggreko is a Glasgow, U.K.-based provider of mobile power, heating and cooling solutions.

Fund flows

In other news, actively managed loan fund flows on Monday were negative $65 million and loan ETFs were positive $20 million, market sources remarked.

Outflows for loan funds week-to-date total an estimated $53 million following outflows in the prior week of $786 million, sources added.

Loan indices rise

IHS Markit’s iBoxx loan indices were stronger on Monday, with the Leveraged Loan indexes (MiLLi) closing out the day up 0.13% and the Liquid Leveraged Loan indices (LLLi) closing out the day up 0.09%.

Month to date, the MiLLi is up 0.45% and year to date it is up 3.04%, and the LLLi is up 0.44% month to date and up 3.08% year to date.

Average secondary market bids in the U.S. on Monday were 92.58, up 0.75% year to date.

According to the IHS Markit data, some of the top advancers on Monday were Clarion Events’ February 2018 covenant-lite term loan B2 at 77.33, up from 74.81, McAfee/Magenta’s May 2021 second-lien covenant-lite term loan at 79.33, up from 77.25, and GTT’s May 2018 U.S. covenant-lite term loan at 49.88, up from 48.60.

Some top decliners on Monday were Instant Brands’ April 2021 covenant-lite term loan at 55, down from 57.67, Diamond Sports/Sinclair/Regional Sports’ March 2022 first priority term loan at 88, down from 89.80, and Fox US Bidco/Robertshaw’s February 2018 covenant-lite term loan B at 62.72, down from 63.36.

© 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.