Bank Loan Calendar: $11.9967 billion deals being marketed

September Bank Meetings

LEGALSHIELD: Lender call Sept. 8; new loan financing; RBC and Stone Point; Ada, Okla., provider of subscription-based legal and identity theft protection plans.

Upcoming Closings

AVIANCA: $1.3 billion tranche A DIP delayed-draw term B due 18 months from the Chapter 11 filing date talked at Libor plus 1,000 bps to 1,050 bps cash/Libor plus 1,150 bps to 1,200 bps PIK, 0.5% Libor floor, OID 98 with a back-end fee of 75bps; Goldman Sachs and JPMorgan; fund expenses and operations in Chapter 11, roll-up of existing pre-petition claims and general corporate purposes; Bogota, Colombia, airline holding company.

C.J. FOODS INC.: $285 million term B talked at Libor plus 525 bps, 1% Libor floor, OID 97, 101 hard call; Citizens and KeyBanc; back already completed acquisition of American Nutrition Inc.; Kansas-based manufacturer of pet food. American Nutrition is an Ogden, Utah-based supplier of dry, canned and baked pet food and treats products.

LOGMEIN INC.: Expected closing Aug. 31; $2.25 billion of term loans; Barclays, RBC, Deutsche Bank, Jefferies and Mizuho; $1.75 billion seven-year first-lien term B (B1/B-/BB-) at Libor plus 475 bps, 0% Libor floor, OID 97.5, 101 soft call; $500 million pre-placed second-lien term loan (Caa1/CCC/CCC+); help fund buyout by Francisco Partners and Elliott Management Corp.; Boston-based provider of cloud-based connectivity.

MAG AEROSPACE (MAG DS CORP.): $290.7 million covenant-lite first-lien term loan (B3/B) due April 2027 talked at Libor plus 525 bps, 1% Libor floor, OID 97, 101 soft call for six months; Citizens, RBC and Regions; support acquisitions of Aaski Technology and Remotely Piloted Solutions LLC, and refinance existing debt; Fairfax, Va., provider of tip-to-tail manned and unmanned aerial intelligence, surveillance and reconnaissance services.

METRONET: $100 million incremental term B talked at Libor plus 450 bps, 1% Libor floor, OID 99.75 to par; TD Securities, Citizens, CoBank and Fifth Third; general corporate purposes; Evansville, Ind., provider of high-speed broadband, video and voice services over a fiber-to-the-premises network.

MILANO ACQUISITION CORP. (U.S. STATE AND LOCAL HEALTH AND HUMAN SERVICES): $3.2 billion of term loans; JPMorgan; $2.4 billion seven-year covenant-lite term B (B2/B+) at Libor plus 400 bps, 0.75% Libor floor, OID 99, 101 soft call for six months; $800 million privately placed second-lien term loan; help fund buyout by Veritas Capital from DXC Technology; end-to-end provider of technology enabled, mission critical solutions that are fundamental to the administration and operations of health programs.

PIKE CORP.: Expected closing Aug. 26; $336 million covenant-lite first-lien term B (Ba3/BB-) due July 24, 2026 at Libor plus 300 bps, 0% Libor floor, OID 99.5, 101 soft call for six months; Morgan Stanley; refinance existing debt; Mount Airy, N.C., specialty construction and engineering firm.

PLZ AEROSCIENCE CORP.: $385 million of incremental bank debt; Antares; $25 million incremental revolver; $360 million incremental term loan due Aug. 2, 2026 talked at Libor plus 425 bps, 1% Libor floor, OID 98.5, 101 soft call six months; repay existing debt and fund acquisitions; Downers Grove, Ill., producer of specialty aerosol and liquid packaging.

UPC/SUNRISE: $2.6 billion of term loans (B1/BB-/BB+); Deutsche Bank, BNP Paribas, JPMorgan, BofA Securities, Citigroup, Credit Suisse, Goldman Sachs and Scotia; $1.3 billion covenant-lite term B-1 due January 2029 at NewCo at Libor plus 350 bps, 0% Libor floor, OID 99, 101 soft call for six months; $1.3 billion covenant-lite term B-2 due January 2029 at UPC at Libor plus 350 bps, 0% Libor floor, OID 99, 101 soft call for six months; also €400 million covenant-lite term B-1 due January 2029 at NewCo at Euribor plus 350 bps, 0% floor, OID 98.5, 101 soft call for six months; €400 million covenant-lite term B-2 due January 2029 at UPC at Euribor plus 350 bps, 0% floor, OID 98.5, 101 soft call for six months; help fund the acquisition of Sunrise Communications Group AG and refinance existing debt; integrated video, broadband internet, fixed-line telephony and mobile services.

WINDSTREAM HOLDINGS INC.: $1.25 billion credit facilities; JPMorgan, Goldman Sachs, Truist, Citigroup, Deutsche Bank and Morgan Stanley; $750 million seven-year term B (B3/B) at Libor plus 625 bps, 1% Libor floor, OID 96, 101 soft call; $500 million four-year super-senior revolver at Libor plus 300 bps, two 25 bps step-downs based on achievement of certain first-lien secured leverage ratios, 1% Libor floor; exit financing; Little Rock, Ark., provider of advanced network communications and technology solutions.

On The Horizon

ANCESTRY: New debt financing; BofA Securities and Credit Suisse; help fund buyout by Blackstone from Silver Lake, GIC, Spectrum Equity, Permira and other equity holders; Lehi, Utah, provider of digital family history services and consumer genomics.

ASP NAVIGATE ACQUISITION CORP.: New debt financing; Jefferies and KeyBank; help fund American Securities LLC’s buyout of NN Inc.’s Life Sciences division and combination with MW Industries; designer and manufacturer of high-precision components, assemblies, and instruments for the medical and life sciences end market.

CINCINNATI BELL INC.: $1.6 billion senior secured credit facilities; Goldman Sachs, Regions Capital and Societe Generale; $250 million revolver; $1.35 billion of term loans; help fund acquisition by Macquarie Infrastructure Partners; Cincinnati-based provider of integrated communications solutions.

MAJESCO: New debt financing; help fund buyout by Thoma Bravo LP; Morristown, Pa., provider of cloud insurance software solutions.

WHITE CAP: New debt financing; Deutsche Bank, RBC, Jefferies, BNP Paribas and Credit Suisse; help fund buyout by Clayton, Dubilier & Rice from HD Supply Holdings Inc. and combination with Construction Supply Group; distributor of concrete accessories, and specialty construction and safety products.

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