Asurion, AmWINS, Ineos Group term loans free to trade; TransDigm revisions surface

By Sara Rosenberg

New York, Feb. 10 – Asurion LLC increased the size of its term loan B-11, and AmWINS Group Inc. trimmed the spread on its incremental term loan B and modified the original issue discount, and then these deals broke for trading on Friday.

In addition, Ineos Group Holdings’ term loan B made its way into the secondary market during the session, with levels quoted above its original issue discount.

And, in more happenings, TransDigm Inc. finalized the size of its first-lien term loan I and revised the original issue discount, and Charter Next Generation Inc. joined the near-term primary calendar.

Asurion upsized, frees

Asurion lifted its term loan B-11 due Aug. 19, 2028 to $1.175 billion from $1 billion, and left pricing at SOFR+10 basis points CSA plus 425 bps with a 0% floor and an original issue discount of 94, a market source remarked.

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

Recommitments were due at 10:30 a.m. ET on Friday and the term loan B-11 began trading during the session, with levels quoted at 94½ bid, 95¼ offered, another 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-based provider of insurance for smartphones, tablets, consumer electronics, appliances, satellite receivers and jewelry.

AmWINS revised, breaks

AmWINS cut pricing on its non-fungible $850 million incremental term loan B (Ba3/B+) due February 2028 to SOFR plus 275 bps from SOFR plus 300 bps, and adjusted the original issue discount to 99 from talk in the range of 98 to 98.5, a market source said.

The term loan still has 10 bps CSA, a 0.75% floor and 101 soft call protection for six months.

Earlier in syndication, the term loan was upsized from $700 million.

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 99½ bid, par offered, another source added.

Goldman Sachs Bank USA, Barclays, JPMorgan Chase Bank, Wells Fargo Securities LLC and Morgan Stanley Senior Funding Inc. are leading 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.

Ineos starts trading

Ineos Group’s $1.2 billion term loan B due February 2030 broke as well, with levels quoted at 99 3/8 bid, 99 7/8 offered, according to a market source.

Pricing on the term loan is SOFR+10 bps CSA plus 350 bps with a 0% floor and it was sold at an original issue discount of 99. The debt has 101 soft call protection for one year.

The company is also getting a fungible €700 million add-on euro term loan B due November 2027 priced at Euribor plus 400 bps with a 0% floor and issued at a discount of 98.5, $425 million of senior secured notes and €400 million of senior secured notes.

The euro term loan has 101 soft call protection until November 2023.

During syndication, sizes on the U.S. term loan, euro term loan and bonds were determined from revised talk of €2.6 billion equivalent total for the debt offerings and initial talk of €2 billion equivalent total. Also, pricing on the U.S. term loan was changed from revised talk of SOFR+10 bps CSA plus 375 bps and initial talk of SOFR plus 375 bps to 400 bps, and the discount was tightened from 98.5. And, the discount on the euro term loan was modified from revised talk of 98 and initial talk in the range of 97 to 97.5.

Ineos lead banks

Barclays is the active bookrunner on Ineos’ U.S. loan, and Barclays, BNP Paribas Securities Corp. and Citigroup Global Markets Inc. are the joint global coordinators and active bookrunners on the euro loan. Goldman Sachs, HSBC and ING are joint global coordinators. China Construction Bank, Credit Agricole, First Abu Dhabi, Industrial and Commercial Bank of China, Mizuho, MUFG and Santander are passive bookrunners. Barclays is the administrative agent.

Proceeds will be used to repay the company’s remaining U.S. and euro term loan Bs due 2024 and for general corporate purposes.

The U.S. borrower is Ineos US Finance LLC, and the euro borrower is Ineos Finance plc.

Ineos is a London-based chemicals company.

TransDigm updated

TransDigm firmed the size of its first-lien term loan I (Ba3) due August 2028 at 4.559 billion, compared to talk at launch of up to $4.825 billion, and changed the original issue discount to 99.75 from 99, according to a market source.

As before, the term loan I is priced at SOFR plus 325 bps with a 0% floor and has 101 soft call protection for one year.

Recommitments were due at 11:30 a.m. ET on Friday, the source added.

Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc., Citigroup Global Markets Inc., JPMorgan Chase Bank, RBC Capital Markets, Barclays, HSBC Securities (USA) Inc., Capital One, Wells Fargo Securities LLC, KKR Capital Markets and PNC Capital Markets are leading 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.

In addition, the company is issuing $1 billion of senior secured notes, upsized from $750 million, to refinance the portion of the term loan E and term loan F that is not being refinanced into the new term loan I.

TransDigm is a Cleveland-based supplier of highly engineered aircraft components.

Charter Next on deck

Charter Next Generation set a lender call for 2 p.m. ET on Monday to launch a $250 million incremental term loan B, a market source remarked.

KKR Capital Markets is the left lead on the deal that will be used to repay some senior unsecured PIK notes.

Charter Next Generation is a Milton, Wis.-based producer of specialty films used in flexible packaging and other end-use markets.

Fund flows

In other news, actively managed loan fund flows on Thursday were positive $105 million and loan ETFs were negative $40 million, market sources remarked.

Actively managed high-yield fund flows on Thursday were positive $93 million and high-yield ETFs were negative $812 million, sources added.

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