APi breaks; Priority Technology revised; Grant Thornton, Cinemark, others set talk

By Sara Rosenberg

New York, May 6 – APi Group Corp. finalized the spread and issue price on its first-lien term loan at the tight end of guidance and added a pricing step-down, and then the debt made its way into the secondary market on Monday.

In more happenings, Priority Technology Holdings Inc. increased the size of its term loan B and moved up the commitment deadline.

Also, Grant Thornton Advisors LLC, Ontic (Bleriot US Bidco Inc.), Cinemark Holdings Inc., Whatabrands LLC (Whataburger), Open Text Corp., Southern Veterinary Partners LLC, Setanta Aircraft Leasing DAC, Cvent Holding Corp. (Capstone Borrower Inc.), Prometric Holdings Inc., Oxbow Carbon LLC, Berlin Packaging, Creative Planning, BCP Renaissance Parent LLC and Cimpress plc all released price talk with launch.

Furthermore, Bakelite Synthetics, BroadStreet Partners Inc., AmWINS Group Inc. and TransNetwork LLC joined this week’s primary calendar.

APi Group firmed pricing on its $2.257 billion first-lien term loan due Jan. 3, 2029 at SOFR plus 200 basis points, the low end of the SOFR plus 200 bps to 225 bps talk, added a 25 bps step-down at Ba1/BB+ corporate ratings, and set the issue price at par, the tight end of the 99.75 to par talk, according to a market source.

On Monday, the term loan broke for trading, with levels quoted at par ¼ bid, par ½ offered, another source added.

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