Orion Advisor Solutions launches $748M term loan repricing, $100M add-on

Sole lead arranger Credit Suisse has released price talk on a proposed repricing of Orion Advisor Solutions LLC’s $748 million covenant-lite first-lien term loan due September 2027 and $100 million fungible add-on, according to sources. A lender call is scheduled for today at 1 p.m. ET, and commitments are due at noon ET on March 19.

Price talk is L+375 with a 0.75% Libor floor, offered at an issue price of 99.75 for the add-on and at par for the repriced loan. That indicates yields to maturity of 4.63% and 4.58%, respectively. There will be six months of 101 soft call protection.

Funds raised from the add-on are earmarked for tuck-in M&A.

The issuer in August 2020 placed the existing TLB at pricing of L+400 with a 1% Libor floor. Proceeds were used to finance the company's merger with Brinker Capital. The combined company is backed by Genstar Capital and TA Associates. Financing also included a $230 million privately placed second-lien term loan and an $80 million revolver due 2025.

Current first-lien ratings are B/B2/BB-, with a 2 recovery rating from S&P Global Ratings and Fitch. Corporate ratings are B-/B3/B, with a stable outlook from Ratings, Moody's and Fitch. The borrower is GT Polaris Inc.

Orion provides software-based platforms focused on accounting, reconciling, reporting, and other back-office and administrative functions for asset managers.