Bank Loan Calendar: $31.608 billion deals being marketed

May Bank Meetings

BAYMARK HEALTH SERVICES: Lender call May 20; $650 million credit facilities; Capital One, BMO and KeyBanc; $40 million revolver; $360 million first-lien term loan; $100 million delayed-draw first-lien term loan; $100 million second-lien term loan; $50 million delayed-draw second-lien term loan; refinance existing debt and fund near-term acquisitions; Lewisville, Tex., provider of medication-assisted treatment to patients in recovery from substance use disorder.

DESSERT HOLDINGS: Lender call May 20; $665 million credit facilities; Antares, Barclays, BMO, Deutsche Bank, HSBC, KKR, MUFG, Nomura, RBC, Sumitomo and Stifel; $75 million revolver; $380 million first-lien term loan; $75 million first-lien delayed-draw term loan; $135 million second-lien term loan; help fund buyout by Bain Capital Private Equity from Gryphon Investors; St. Paul, Minn., dessert company.

SMART START INC.: Lender call May 20; new first-lien loan facility; BNP Paribas; Grapevine, Tex., provider of ignition interlocks and portable devices for alcohol monitoring.

UNIVAR INC.: Lender call May 20; $1 billion term B (BBB-/BBB-) talked at Libor plus 200 bps, 0% Libor floor, OID 99.25 to 99.5, 101 soft call for six months; JPMorgan, BofA Securities, Deutsche Bank, Goldman Sachs, Wells Fargo, Citigroup, Morgan Stanley and BMO; refinance existing debt; Downers Grove, Ill., specialty chemical, ingredient and solutions provider.

Upcoming Closings

ACADEMY SPORTS & OUTDOORS: $300 million covenant-lite first-lien term loan (B2/B+) due November 2027 talked at Libor plus 400 bps to 425 bps, 0.75% Libor floor, issue price par, 101 soft call for six months; Credit Suisse; repricing; Katy, Tex.-based sports, outdoor and lifestyle retailer.

AMERICAN ROCK SALT CO. LLC: $570 million of term loans; Citizens; $470 million covenant-lite first-lien term loan (B2/B) talked at Libor plus 400 bps, 0.75% Libor floor, OID 99.5, 101 soft call for six months; $100 million privately placed second-lien term loan (Caa1/CCC+); refinance existing debt and fund a distribution to shareholders; Mount Morris, N.Y., producer of de-icing salt.

ANI PHARMACEUTICALS INC.: $340 million credit facilities (B2/B+); Truist, Regions and Huntington; $40 million five-year revolver; $300 million six-year term B at Libor plus 600 bps, 0.75% Libor floor, OID 98, 101 soft call for one year; help fund acquisition of Novitium Pharma and refinance existing senior credit facilities; Baudette, Minn., specialty pharmaceutical company.

ASCENSUS: $1.05 billion seven-year first-lien term loan (B2/B-) talked at Libor plus 375 bps, 0.5% Libor floor, OID 99 to 99.5, 101 soft call for six months; JPMorgan; also privately placed second-lien term loan (Caa2); help fund buyout by Stone Point Capital and GIC from Genstar Capital, Aquiline Capital Partners and Atlas Merchant Capital; Dresher, Pa., tech-enabled solutions provider focused on recordkeeping and administration in the U.S. tax advantages savings market.

BOINGO WIRELESS INC.: $350 million senior secured credit facilities; Truist, TD Securities and CIT; $50 million revolver; $200 million delayed-draw term A; $100 million delayed-draw term A; help fund buyout by Digital Colony Management LLC; Los Angeles-based distributed antenna system and Wi-Fi provider.

CAMPING WORLD HOLDINGS INC.: $1.1 billion seven-year term B (Ba3/BB-) talked at Libor plus 250 bps to 275 bps, 0.75% Libor floor, OID 99, 101 soft call for six months; Goldman Sachs and JPMorgan; refinance an existing term B; Lincolnshire, Ill., retailer of recreational vehicles and related products and services.

CARNIVAL CORP.: $1.9 billion senior secured term B due June 30, 2025 talked at Libor plus 375 bps to 400 bps, 0.75% Libor floor, OID 99.5, 101 hard call for one year; JPMorgan (left on U.S.) and Barclays (left on euro); also €794 million senior secured term B due June 30, 2025 talked at Euribor plus 400 bps to 425 bps, 0% floor, OID 99.5, 101 hard call for one year; repricing; Miami-based leisure travel company.

CERTARA: $300 million term loan talked at Libor plus 325 bps to 350 bps, 0% Libor floor, OID 99.5 to 99.75; BofA Securities; refinance existing debt; Princeton, N.J., provider of technology-driven decision support solutions for drug development.

CONDUENT: $750 million seven-year term B (B1/BB-) talked at Libor plus 350 bps to 375 bps, 0.5% Libor floor, OID 99 to 99.5, 101 soft call for six months; BofA Securities, Citigroup, Mizuho, MUFG, Truist and Wells Fargo; refinance existing debt; provider of business process services.

CQP HOLDCO: $2.9 billion seven-year first-lien term B talked at Libor plus 350 bps to 375 bps, 0.5% Libor floor, OID 99.5, 101 soft call for six months; Morgan Stanley and Credit Suisse; help refinance existing debt; owner and operator of natural gas facilities.

DIGITAL MEDIA SOLUTIONS LLC: $275 million credit facilities (B2/B); Truist and Fifth Third; $50 million revolver; $225 million five-year term B at Libor plus 500 bps, 0.75% Libor floor, OID 99, 101 soft call for one year; refinance existing debt; Clearwater, Fla., adtech company.

DIVISIONS MAINTENANCE GROUP (DMG): $405 million senior secured credit facilities (B3/B); Morgan Stanley; $40 million revolver; $365 million seven-year covenant-lite first-lien term B talked at Libor plus 475 bps to 500 bps, 0.75% Libor floor, OID 99, 101 soft call for six months; refinance existing debt and fund a shareholder distribution; Newport, Ky., facilities maintenance company.

DT MIDSTREAM INC.: $1 billion seven-year senior secured term B (Baa2/BBB-/BBB-) talked at Libor plus 225 bps to 250 bps, 0.5% Libor floor, OID 99 to 99.5, 101 soft call for six months; Barclays, BofA Securities, Citigroup, JPMorgan, Wells Fargo, CoBank, Fifth Third, Mizuho, MUFG, PNC, Scotia, TD Securities, Truist and U.S. Bank; help fund a payment to DTE Energy; large-scale platform connecting supply basins to the natural gas demand markets.

ENSONO HOLDINGS LLC: $1.073 billion credit facilities; Morgan Stanley, UBS and KKR; $100 million revolver (B2/B); $723 million seven-year covenant-lite first-lien term B (B2/B) talked at Libor plus 400 bps to 425 bps, 0.75% Libor floor, OID 99 to 99.5, 101 soft call for six months; $250 million privately placed second-lien term loan (Caa2/CCC); help fund buyout by KKR from Charlesbank Capital Partners and M/C Partners and refinance existing credit facilities; Chicago-based hybrid IT services provider.

FRONTDOOR INC.: $400 million term B (Ba2/BB-) talked at Libor plus 225 bps to 250 bps, 0% Libor floor, OID 99, 101 soft call for six months; JPMorgan; help repay notes and refinance existing credit facility; Memphis, Tenn., provider of home service plans.

GLOBAL HEALTHCARE EXCHANGE LLC: $360 million of term loans; JPMorgan; $100 million incremental term loan talked at Libor plus 325 bps, 1% Libor floor, OID 98.5; $260 million privately placed second-lien term loan; redeem preferred equity and refinance existing second-lien term loan; Louisville, Colo., provider of cloud-based health care supply chain management technology and services.

HILTON GRAND VACATIONS INC.: $1.3 billion seven-year senior secured term B (Ba1/BB/BB+) talked at Libor plus 300 bps to 325 bps, 0.5% Libor floor, OID 99 to 99.5, 101 soft call for six months; BofA Securities, Deutsche Bank, Barclays, Credit Suisse, JPMorgan, Goldman Sachs and MUFG; help refinance existing debt in connection with acquisition of Diamond Resorts International Inc.; Orlando, Fla., timeshare company.

HYSTER-YALE MATERIALS HANDLING INC.: $225 million seven-year first-lien term loan (B1) talked at Libor plus 325 bps to 350 bps, 0.5% Libor floor, OID 99 to 99.5; BofA Securities; refinance existing bank debt and general corporate purposes; Cleveland-based manufacturer lift trucks and aftermarket parts.

INSIGHT GLOBAL (IG INVESTMENTS HOLDINGS LLC): $550 million covenant-lite incremental first-lien term loan (B2/B-) due May 2025 talked at Libor plus 400 bps, 1% Libor floor, OID 99.27, 101 soft call for six months; Credit Suisse, BofA Securities, SunTrust, Wells Fargo, BMO and Goldman Sachs; fund distribution to shareholders; Atlanta-based professional services company.

MAXIMUS INC.: $2.1 billion credit facilities (Ba2/BB+); JPMorgan; $600 million revolver; $1.1 billion term A; $400 million seven-year first-lien term B talked at Libor plus 225 bps, 0.5% Libor floor, OID 99 to 99.5, 101 soft call for six months; help fund acquisition of Veterans Evaluation Services Inc. and refinance existing debt; Reston, Va., government contractor focused on health and human services programs.

METRONET: $910 million of term loans; Goldman Sachs, Fifth Third, Citizens and TD Securities; $585 million first-lien term B (B2/B-) talked at Libor plus 375 bps to 400 bps, 0.75% Libor floor, OID 99 to 99.5, 101 soft call for six months; $65 million first-lien delayed-draw term loan (B2/B-) talked at Libor plus 375 bps to 400 bps, 0.75% Libor floor, OID 99 to 99.5; $85 million privately placed second-lien term loan; $175 million privately placed second-lien delayed-draw term loan; help fund investments by KKR and Oak Hill Capital; Evansville, Ind., provider of fiber optic high-speed broadband services.

PQ CORP.: Expected closing May 31 week; $900 million seven-year senior secured covenant-lite term B (B1/BB-) talked at Libor plus 275 bps to 300 bps, 25 bps step-down at 0.5x inside closing date net first-lien net leverage, 0.5% Libor floor, OID 99.5, 101 soft call for six months; Citigroup; refinance some term loan B debt; Malvern, Pa., producer of specialty inorganic performance chemicals and catalysts.

PROAMPAC: $1.8 billion term loan due November 2024 talked at Libor plus 375 bps, 0.75% Libor floor, OID 99.75 to par, 101 soft call for six months; Antares; repricing; Cincinnati-based manufacturer of flexible packaging and material science solutions.

ROCKET SOFTWARE INC.: Roughly $490 million incremental term B (B-) talked at Libor plus 425 bps, 0% Libor floor, OID 98, 101 soft call for six months; RBC and Deutsche Bank; also €275 million first-lien term loan talked at Euribor plus 425 bps, 0% floor, OID 98, 101 soft call for six months; help fund the acquisition of ASG Technologies from Evergreen Coast Capital; Waltham, Mass., provider of enterprise infrastructure software.

SABRE INDUSTRIES INC.: $1.22 billion of term loans; Goldman Sachs and Citigroup; $875 million first-lien term loan (B1/B) talked at Libor plus 375 bps, 25 bps step-down at 0.5x inside closing date first-lien net leverage, 0.5% Libor floor, OID 99 to 99.5, 101 soft call for six months; $345 million privately placed second-lien term loan; help fund buyout by Blackstone from the Jordan Co.; Alvarado, Tex., designer and manufacturer of highly-engineered, mission-critical overhead steel poles, towers, battery storage solutions, and related services for electrical utility and telecom end markets.

SOLERA: $3.38 billion seven-year term loan (B2/B-) talked at Libor plus 400 bps to 425 bps, 0.75% Libor floor, OID 99, 101 soft call for six months; Goldman Sachs (left on U.S.), JPMorgan (left on euro/GBP), Barclays, BNP Paribas, Citigroup, Deutsche Bank, Guggenheim, HSBC, Nomura, Macquarie, Jefferies and KKR; also €1.2 billion seven-year term loan (B2/B-) talked at Euribor plus 400 bps to 425 bps, 0% floor, OID 99, 101 soft call for six months; £300 million seven-year term loan (B2/B-) talked at Sonia plus 525 bps, 0% floor, OID 99, 101 soft call for six months; refinance existing debt and other general corporate purposes; Westlake, Tex., provider of integrated vehicle lifecycle management.

SRS DISTRIBUTION INC.: $2.04 billion term B (B3) talked at Libor plus 400 bps to 425 bps, 0.5% Libor floor, OID 99 to 99.5, 101 soft call for six months; BofA Securities, Barclays, UBS, BMO, Credit Suisse, Goldman Sachs, Nomura, RBC, Regions and Wells Fargo; refinance existing debt, fund a dividend and add cash to the balance sheet; McKinney, Tex., roofing products distributor.

TENEO: Expected closing late May; $150 million incremental first-lien term loan (B2/B) due July 2025 at Libor plus 525 bps, 1% Libor floor, OID 99.25, 101 soft call for six months; Goldman Sachs; fund acquisition of Deloitte UK’s restructuring services business; New York-based CEO advisory firm.

TORRID LLC: $350 million seven-year term loan (B2/B) talked at Libor plus 550 bps, 0.75% Libor floor, OID 99, hard call 102, 101; BofA Securities, Goldman Sachs, Morgan Stanley and KKR; refinance existing debt and fund a dividend; women’s retail chain.

U.S. CONCRETE INC.: $300 million seven-year term B (Ba3) talked at Libor plus 275 bps to 300 bps, 0.5% Libor floor, OID 99.5, 101 soft call for six months; JPMorgan; redeem bonds and repay ABL borrowings; Euless, Tex., supplier of aggregates and high-performance concrete for large-scale commercial, residential and infrastructure projects.

VOCUS: A$2 billion equivalent U.S., euro and Australian dollar seven-year senior secured covenant-lite term loan (including A$150 million equivalent delayed-draw tranche) (B1/BB-), U.S. talked at Libor plus 350 bps to 375 bps, 0.5% Libor floor, OID 99, 101 soft call for six months; Morgan Stanley, Deutsche Bank and Natixis; help fund buyout by Macquarie Infrastructure and Real Assets and Aware Super; Melbourne, Australia, fibre and network solutions provider.

WEST MARINE (RISING TIDE HOLDINGS INC.): $505 million of term loans; Barclays, Golub and Nomura; $385 million first-lien term loan (B2/B-) talked at Libor plus 475 bps to 500 bps, 0.75% Libor floor, OID 99, 101 soft call for six months; $120 million second-lien term loan (Caa2/CCC) talked at Libor plus 825 bps to 850 bps, 0.75% Libor floor, OID 98 to 98.5, hard call 102, 101; help fund buyout by L Catterton from Monomoy Capital Partners; omni-channel provider of aftermarket products and services to the boating, fishing, sailing and watersports markets platform.

On The Horizon

AGGREKO PLC: £1 billion equivalent senior credit facilities; BofA Securities, Barclays, Deutsche Bank, Goldman Sachs and Banco Santander; £300 million multicurrency revolver; £700 million equivalent U.S. dollar denominated five-year term loan expected at Libor plus 450 bps, two step-downs of 25 bps each based on 0.5x deleveraging from opening leverage, 0.5% Libor floor, 101 soft call for six months; help fund buyout by TDR Capital LLP and I Squared Capital; U.K.-based provider of mobile power, heating and cooling solutions.

ALASKA COMMUNICATIONS SYSTEMS GROUP INC.: $235 million senior secured credit facilities; Fifth Third; $35 million revolver; $200 million of term loans; help fund acquisition by a newly formed entity owned by ATN International Inc. and Freedom 3 Capital LLC; Anchorage provider of advanced broadband and managed IT services.

AT HOME GROUP INC.: New debt financing; help fund buyout by Hellman & Friedman; Plano, Tex., home decor superstore.

CAREMAX INC.: New senior secured credit facilities; RBC; help fund formation through acquisitions of CareMax Medical Group LLC and IMC Medical Group Holdings LLC by Deerfield Healthcare Technology Acquisitions Corp.; technology-enabled care platform providing care and chronic disease management to seniors.

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.

DIASORIN SPA: $1.1 billion term loan due 2026; Citigroup, BNP Paribas, Mediobanca and UniCredit; help fund acquisition of Luminex Corp.; Italy-based developer, producer and marketer of reagent kits used by diagnostic laboratories.

DIRECTV: New debt financing; help fund creation of joint venture owned by AT&T and TPG Capital through spin-off of DirecTV, AT&T TV and U-verse services from AT&T Inc.; video services company.

DOLE PLC (TOTAL PRODUCE PLC): New five-to-seven-year debt facilities; BofA Securities, Rabobank and Goldman Sachs; refinance existing Total Produce and Dole Food Co. Inc. debt in connection with merger of the companies; Dublin, Ireland, fresh produce company.

EXTENDED STAY AMERICA INC.: New debt financing; JPMorgan, Citigroup and Deutsche Bank; help fund buyout by Blackstone Real Estate Partners and Starwood Capital Group; Charlotte, N.C., integrated hotel owner/operator.

FLY LEASING LTD.: New debt financing; RBC; help fund buyout by Carlyle Aviation Partners; Dublin-based aircraft leasing company.

GFL ENVIRONMENTAL INC.: Incremental debt financing; help fund acquisition of Terrapure Environmental Ltd.’s solid waste and environmental solutions business; Toronto-based waste management company.

GIBRALTAR ACQUISITION HOLDINGS LLC: New debt financing; JPMorgan, BNP Paribas, Citigroup and Deutsche Bank; help fund acquisition of W.R. Grace & Co. by Standard Industries Holdings Inc.; New York-based industrial company.

GRAY TELEVISION INC.: $925 million incremental term loan; Wells Fargo; fund acquisition of Quincy Media Inc.; Atlanta-based television broadcast company.

GRAY TELEVISION INC.: $1.45 billion incremental term loan; Wells Fargo; help fund acquisition of Meredith Corp. and refinance some of Meredith’s existing debt; Atlanta-based television broadcast company.

HEARTLAND DENTAL LLC: New debt financing; Jefferies and KKR; help fund acquisition of American Dental Partners Inc.; Effingham, Ill., dental support organization.

HERMAN MILLER INC.: $1.75 billion senior secured credit facilities; Goldman Sachs; $500 million revolver; $1.25 billion term loan; help fund acquisition of Knoll Inc.; Zeeland, Mich., office furniture and equipment manufacturer.

II-VI INC.: $4 billion senior secured credit facilities; JPMorgan; $350 million revolver; $850 million term A; $2.8 billion term B; help fund acquisition of Coherent Inc.; Saxonburg, Pa., manufacturer of engineered materials and optoelectronic components.

LOYALTYONE: New debt financing; help fund spinoff from Alliance Data Systems Corp.; provider of loyalty programs and solutions.

MEREDITH CORP.: $875 million credit facilities; RBC and Barclays; $150 million revolver; $725 million of secured term loans; help fund spinoff of National Media Group into standalone company retaining Meredith name and refinance some existing debt; Des Moines, Iowa, owner of a portfolio of magazines as well as digital and marketing assets.

ORBCOMM INC.: $410 million credit facilities; Credit Suisse, Jefferies, Truist and Citizens; $50 million revolver; $360 million term loan; help fund buyout by GI Partners; Rochelle Park, N.J., provider of Internet of Things (IoT) solutions.

PRIMESOURCE BUILDING PRODUCTS INC.: New debt financing; Deutsche Bank; fund acquisition of NWI Enterprises (Nationwide) from Harbour Group; Irving, Tex., provider of specialty branded residential building products.

PRINCE INTERNATIONAL CORP.: New debt financing; help fund acquisition of Ferro Corp. and merger with Chromaflo Technologies; Houston-based manufacturer of performance-critical specialty products for niche applications in the construction, electronics, consumer products, agriculture, automotive, oil & gas, industrial and other end markets.

PROOFPOINT INC.: New debt financing; Goldman Sachs; help fund buyout by Thoma Bravo; Sunnyvale, Calif., cybersecurity and compliance company.

PROSIGHT GLOBAL INC.: $230 million credit facilities; Truist; $65 million revolver; $165 million term loan; help fund buyout by TowerBrook Capital Partners LP and Further Global Capital Management; Morristown, N.J., specialty insurance company.

QUIKRETE HOLDINGS INC.: $1.5 billion seven-year incremental covenant-lite term B; Wells Fargo; help fund acquisition of Forterra Inc.; Atlanta-based buildings materials company.

SYNIVERSE: New debt financing; help refinance existing debt in connection with investment by Twilio Inc.; Tampa, Fla., provider of technology and business services for the telecommunications industry.

YAHOO (VERIZON MEDIA): New debt financing; RBC, Barclays, BMO, Deutsche Bank and Mizuho; help fund buyout by Apollo Global Management Inc. from Verizon; technology and media company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.