Veeam tweaks loan; Advantage Sales, Sundyne, AVI-SPL, Vizient, Tecomet, HelpSystems set talk

By Sara Rosenberg

New York, Feb. 18 – In the primary market on Tuesday, Veeam Software lowered the spread on its term loan B and tightened the original issue discount.

Additionally, Advantage Sales & Marketing Inc., Sundyne (Star US Bidco LLC), AVI-SPL, Vizient Inc., Tecomet (TecoStar Holdings Inc.) and HelpSystems released price talk with launch.

Furthermore, Kissner Group Holdings LP, PPD Inc. and C.J. Foods Inc. joined this week’s primary calendar.

Veeam revised

Veeam Software trimmed pricing on its $1.25 billion seven-year term loan B (B1/B-) to Libor plus 325 basis points from Libor plus 375 bps and moved the original issue discount to 99.75 from 99.5, a market source remarked.

As before, the term loan has a 25 bps step-down at 0.5x inside closing net first-lien leverage, a 0% Libor floor and 101 soft call protection for six months.

J.P. Morgan Securities LLC, Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc., Ares Management, BofA Securities Inc., Golub Capital and Antares Capital provided the financing commitment that will be used to help fund the buyout of the company by Insight Partners.

Closing is expected this quarter.

Veeam Software is a provider of backup solutions that deliver cloud data management. The company is based in Baar, Switzerland, but will become a U.S. company with this transaction.

Advantage Sales guidance

Advantage Sales & Marketing held its New York bank meeting on Tuesday and announced talk on its $1.525 billion first-lien covenant-lite term loan B at Libor plus 475 bps with an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on Feb. 27, the source said.

The company is also getting a $300 million equivalent euro first-lien covenant-lite term loan B that will launch with a bank meeting in London on Wednesday.

BofA Securities Inc. is the left lead on the deal that will be used to refinance existing debt.

Advantage Sales is an Irvine, Calif.-based sales and marketing agency.

Sundyne proposed terms

Sundyne released with its lender presentation talk on its $535 million seven-year covenant-lite first-lien term loan B at Libor plus 375 bps with a 25 bps step-down at 5x net first-lien leverage and a 25 bps step-down at an initial public offering, a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, a market source said.

The company’s $635 million of senior secured credit facilities (B2/B) also include a $100 million five-year revolver.

Commitments are due at noon ET on March 3, the source added.

Morgan Stanley Senior Funding Inc., BMO Capital Markets, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Credit Suisse Securities (USA) LLC are leading the deal that will be used to help fund the buyout of the company by Warburg Pincus from BC Partners Advisors LP and the Carlyle Group.

Closing is expected in the first half of this year, subject to regulatory approval.

Sundyne is an Arvada, Colo.-based designer and manufacturer of mission critical flow control equipment.

AVI-SPL price talk

AVI-SPL launched during the session its $370 million seven-year covenant-lite term loan B (B2/B) at talk of Libor plus 475 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on Feb. 28, the source added.

BofA Securities Inc., Barclays, Guggenheim, KKR Capital Markets and Macquarie Capital (USA) Inc. are leading the deal that will be used to help fund the company’s merger with Whitlock, an existing portfolio company of Marlin Equity Partners.

With the merger, Marlin will become the majority shareholder, with H.I.G. Capital coinvesting through a minority equity stake.

Closing is expected this quarter, subject to customary conditions.

AVI-SPL is a Tampa, Fla.-based digital workplace services provider. Whitlock is a Richmond, Va.-based provider of audiovisual and video collaboration solutions.

Vizient holds call

Vizient hosted a lender call at 2 p.m. ET to launch a roughly $496 million first-lien term loan B due May 6, 2026 talked at Libor plus 200 bps with a 0% Libor floor, an original issue discount of 99.75 to par and 101 soft call protection for six months, according to a market source.

Commitments are due at noon ET on Feb. 25, the source added.

Barclays, BofA Securities Inc., Goldman Sachs Bank USA and J.P. Morgan Securities LLC are leading the deal that will be used to refinance/reprice the company’s existing term loan B.

Vizient is an Irving, Tex.-based network of not-for-profit health care organizations.

Tecomet discount talk

Tecomet came out with original issue discount talk of 99.5 on its fungible $135 million incremental first-lien term loan due May 1, 2024 shortly before its afternoon lender call kicked off, a market source remarked.

The incremental term loan is priced at Libor plus 350 bps with a step-down to Libor plus 325 bps at 4x net first-lien leverage and a 1% Libor floor.

Commitments and consents are due at noon ET on Feb. 25, the source added.

Jefferies LLC, Antares Capital and KKR Capital Markets are leading the deal that will be used to fund a shareholder distribution.

Tecomet is a Wilmington, Mass.-based provider of high precision manufacturing solutions serving global medical device and aerospace and defense original equipment manufacturers.

HelpSystems launches

HelpSystems launched on its morning call its fungible $60 million incremental first-lien term loan due November 2026 with original issue discount talk of 99.5 to 99.75, according to a market source.

The incremental term loan is priced at Libor plus 475 bps with a 1% Libor floor.

Commitments are due at 3 p.m. ET on Friday, the source said.

Jefferies LLC is leading the deal that will be used to fund an acquisition.

HelpSystems is an Eden Prairie, Minn.-based provider of IT operations management and monitoring, cybersecurity, and business intelligence software.

Kissner on deck

Kissner Group set a lender presentation for 1:30 p.m. ET in New York on Wednesday to launch $1.025 billion of senior secured credit facilities, according to a market source.

The facilities consist of a $125 million revolver (B3) and a $900 million first-lien term loan B (B3), the source said.

The company is also getting a $200 million privately placed second-lien term loan.

Morgan Stanley Senior Funding Inc. is the left lead on the deal that will be used to help fund the acquisition of Kissner by Stone Canyon Industries Holdings LLC from Metalmark Capital Holdings LLC and Silvertree-KMC II LP.

Kissner is an Overland Park, Kan.-based pure-play producer and supplier of salt.

PPD joins calendar

PPD emerged with plans to hold a lender call on Wednesday to launch $4.6 billion of credit facilities, a market source said.

The facilities consist of a $500 million five-year revolver and a $4.1 billion seven-year covenant-lite term loan B talked at Libor plus 200 bps to 225 bps with a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months, the source added.

Commitments are due at 5 p.m. ET on Feb. 27.

J.P. Morgan Securities LLC is the left lead on the deal that will be used to refinance a revolver due May 2022, a term loan B due August 2022 and 6 3/8% senior notes due August 2023.

Pro forma for the refinancing, total net leverage is expected to be 4.8x and interest coverage is expected to be 5x.

PPD is a Wilmington, N.C.-based contract research organization focused on clinical development and laboratory services.

C.J. Foods coming soon

C.J. Foods scheduled a bank meeting for Thursday to launch a $285 million term loan B, according to a market source.

Citizens Bank is leading the deal that will be used to help fund the acquisition of American Nutrition Inc., an Ogden, Utah-based supplier of dry, canned and baked pet food and treats products.

Closing is expected by April.

C.J. Foods, a portfolio company of J.H. Whitney Capital Partners, is a Kansas-based manufacturer of pet food.

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