Avis Budget, Ellucian disclose talk; SPX Flow, Imprivata, Belfor Holdings ready deals

By Sara Rosenberg

New York, March 7 – In the primary market on Monday, Avis Budget Group Inc. and Ellucian approached lenders with new term loans and announced price talk on their transactions.

In addition, SPX Flow Inc., Imprivata and Belfor Holdings Inc. all joined this week’s new issue calendar.

Avis proposed terms

Avis Budget Group held a lender call at 11 a.m. ET on Monday, launching a $500 million seven-year term loan C (Ba1/BB+) talked at SOFR+10 basis points CSA plus 275 bps to 300 bps with a 0% 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 the end of the day on March 14, the source added.

JPMorgan Chase Bank, Barclays, BNP Paribas Securities Corp., Credit Agricole, Bank of Nova Scotia and Truist are leading the deal that will be used for general corporate purposes.

Avis is a Parsippany, N.J.-based provider of vehicle rental services.

Ellucian holds call

Ellucian hosted a call at 1:30 p.m. ET on Monday and launched to investors a non-fungible $325 million senior secured incremental first-lien term loan (B-) due October 2027 talked at SOFR plus 400 bps to 425 bps with a 0.5% floor, an original issue discount of 99 and 101 soft call protection for six months, a market source remarked.

The term loan has no CSA.

Commitments are due at 1 p.m. ET on Thursday, the source added.

BofA Securities Inc. is the left lead on the deal that will be used to help fund the acquisition of CampusLogic, a Chandler, Ariz.-based provider of SaaS technology that helps colleges and universities remove barriers in the financial aid process.

Ellucian is a Reston, Va.-based provider of higher education software and services.

SPX on deck

SPX Flow set a lender call for 10 a.m. ET on Tuesday to launch its previously announced $1.54 billion senior secured first-lien term loan B, according to a market source.

Citigroup Global Markets Inc. is the left lead on the deal. BofA Securities Inc., RBC Capital Markets LLC, Truist Securities Inc., BNP Paribas Securities Corp. and Deutsche Bank Securities Inc. were listed in filings with the Securities and Exchange as also being providers of the debt commitment.

The company also has a commitment for a $200 million five-year revolver and a $570 million senior unsecured bridge loan, which is expected to be replaced with an issuance of senior notes, the SEC have disclosed.

The new debt and $1.878 billion of equity will be used to help fund the buyout of the company by Lone Star Funds for $86.50 per share, to refinance some existing debt and for general corporate purposes. The transaction is valued at $3.8 billion, including the assumption of debt.

Closing is expected in the first half of this year, subject to regulatory approvals, SPX shareholder approval and other customary conditions.

SPX is a Charlotte, N.C.-based provider of process solutions for the nutrition, health and industrial markets.

Imprivata joins calendar

Imprivata will hold a lender call at 11 a.m. ET on Tuesday to launch a $383 million incremental first-lien term loan B, a market source said.

Goldman Sachs Bank USA, Golub, UBS Investment Bank and Mizuho are leading the deal that will be used to help fund the acquisition of SecureLink.

Thoma Bravo is the sponsor.

Imprivata is a Lexington, Mass.-based digital identity solutions provider in health care. SecureLink provider of critical access management solutions.

Belfor readies loan

Belfor scheduled a lender call for 11 a.m. ET on Tuesday to launch a fungible $250 million add-on first-lien term loan, according to a market source.

Commitments are due at the end of the day on March 14, the source added.

JPMorgan Chase Bank is leading the deal that will be used to fund a dividend.

Pricing on the company’s existing term loan is Libor plus 400 bps with a 0% Libor floor.

Belfor is a Birmingham, Mich.-based disaster recovery and property restoration company.

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