Bank Loan Calendar: $19.992 billion deals being marketed

April Bank Meetings

POLYCONCEPT: Lender call April 29; $925 million credit facilities; KKR; $125 million five-year ABL revolver; $800 million seven-year covenant-lite term B; refinance existing loans; New Kensington, Pa., supplier of promotional products.

TERRAFORM POWER: Lender call April 29; $500 million seven-year first-lien green term loan; RBC, Barclays and Wells Fargo; refinance existing debt; New York-based owner and operator of a renewable power portfolio including solar and wind assets.

May Bank Meetings

BARRACUDA NETWORKS INC.: Lender call May 2; $1.57 billion of term loans; UBS (left on first-lien), KKR (left on second-lien) and Jefferies; $1.115 billion seven-year first-lien term loan, 101 soft call for six months; $455 million eight-year second-lien term loan, hard call 102, 101; help fund buyout by KKR from Thoma Bravo; provider of cybersecurity solutions.

Upcoming Closings

ARISTOCRAT TECHNOLOGIES: $2.35 billion credit facilities (Ba1//BBB-); BofA Securities; $500 million revolver; $1.35 billion term A; $500 million term B talked at SOFR+10 bps CSA plus 250 bps, 0.5% floor, OID 99, 101 soft call for six months; refinance existing term B and increase liquidity; North Ryde, Australia, provider of gaming solutions.

AZZ INC.: $1.7 billion senior secured credit facilities (Ba3/B); Citigroup, Wells Fargo, Barclays, CIBC and US Bank; $400 million five-year revolver; $1.3 billion seven-year covenant-lite term B talked at SOFR+10 bps CSA plus 375 bps, 25 bps step-down at 0.5x inside closing date first-lien net leverage, 0.5% floor, OID 98, 101 soft call for six months; help fund acquisition of Sequa Corp.’s Precoat Metals business division and refinance existing debt; Fort Worth, Tex., provider of galvanizing and metal coating solutions, welding solutions, specialty electrical equipment and highly engineered services.

BAUSCH + LOMB: $2.5 billion five-year first-lien term loan (Ba2/B+/BB+) talked at SOFR+10 bps CSA plus 325 bps to 350 bps, 0.5% floor, OID 98.5, 101 soft call for six months; Goldman Sachs, Morgan Stanley, Citigroup, JPMorgan and Barclays; repay intercompany loan at Bausch Health Cos. Inc. in connection with spin-off; Vaughan, Ont., eye health company.

BLACKSTONE MORTGAGE TRUST INC.: $400 million incremental term B-4 (Ba2) due 2029 talked at SOFR plus 325 bps to 350 bps, 0.5% floor, OID 98.5; JPMorgan; repay secured debt; New York-based real estate finance company.

CONGRUEX GROUP: $545 million credit facilities (B3/B); KeyBanc, Citizens and Fifth Third; $75 million revolver; $470 million seven-year term loan at SOFR+CSA plus 575 bps, CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, 0.75% floor, OID 97.5, 101 soft call for one year; fund two acquisitions and refinance existing debt; specialist in broadband network construction and engineering.

CURIUM BIDCO: $335 million add-on first-lien term loan (B) due December 2027 talked at Libor plus 425 bps, 0.75% Libor floor, OID 98.75 to 99; JPMorgan; refinance existing second-lien term loan, general corporate purposes and/or working capital requirements; nuclear medicine company with headquarters in London and Paris.

DAYCO PRODUCTS LLC: $470 million term B (B3) due May 2025 talked at SOFR+CSA plus 575 bps to 600 bps, CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, 0.5% floor, OID 97.5 to 98, 102 hard call for one year, then 101 hard call for six months; BofA Securities; refinance/extend an existing term loan; Roseville, Mich., engine products and drive systems manufacturer for the automotive, heavy-duty, and industrial market segments.

DENALI WATER SOLUTIONS LLC: $185 million incremental term loan talked at SOFR+CSA plus 450 bps, CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, 0.75% floor, OID 96 to 96.5, 101 soft call for six months; UBS; fund acquisition of Imperial Western Products; Russellville, Ark., specialty waste and environmental services company.

GAMING CAPITAL GROUP (GCG HOLDINGS LLC): $750 million credit facilities (B2/B+); Wells Fargo, Goldman Sachs, US Bank, PNC and NV State Bank; $100 million revolver; $200 million term A; $450 million seven-year covenant-lite term B talked at SOFR+10 bps CSA plus 525 bps to 550 bps, 0.5% floor, OID 98, 101 soft call for six months; refinance existing debt and consolidate ownership by performing buyouts of various GCG entities; Newcastle, Okla., provider of electronic gaming machines to casinos.

MALLINCKRODT PLC: $900 million senior secured covenant-lite first-lien secured term B (B3/B) due Sept. 30, 2027 talked at SOFR plus 600 bps, 0 bps CSA, 0.75% floor, OID 95 to 96, 101 soft call for six months; Morgan Stanley, MUFG, Barclays and Deutsche Bank; repay revolver borrowings and make payments under a Chapter 11 plan; Dublin-based manufacturer of specialty pharmaceutical products and therapies.

METRONET: $65 million add-on first-lien term B due June 2028 talked at SOFR+CSA plus 375 bps, CSA is 11 bps one-month rate, 26 bps three-month rate and 43 bps six-month rate, 0.75% floor, OID 98.57 to 99; Goldman Sachs, TD Securities, Citizens, Fifth Third, Societe Generale and KKR; repay revolver borrowings; Evansville, Ind., provider of fiber optic high-speed broadband, video and voice services.

MONTANA RENEWABLES LLC: $500 million five-year green term B (B3/B) talked at SOFR+CSA plus 775 bps, CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, 0.75% floor, OID 98, non-call one; BofA Securities; refinance existing debt and general corporate purposes; Great Falls, Mont., renewable diesel project.

PIXELLE (SPECTRUM GROUP BUYER INC.): $567 million credit facilities (B1/B); Credit Suisse, Macquarie, Barclays, BMO and KKR; $60 million revolver; $507 million seven-year first-lien term B talked at SOFR plus 625 bps to 650 bps, 0.5% floor, OID 98, 101 soft call for one year; help fund buyout by H.I.G. Capital from Lindsay Goldberg; Spring Grove, Pa., manufacturer of fiber-based specialty products for label technology, food packaging, and other commercial and industrial end uses.

R1 RCM INC.: $540 million seven-year senior secured term B (Ba2/B+/BBB-) talked at SOFR+10 bps CSA plus 300 bps, 0.5% floor, OID 98.5 to 99, 101 soft call for six months; Barclays, JPMorgan, BofA Securities, Capital One, Wells Fargo, US Bank, KeyBanc, PNC, Morgan Stanley, HSBC and Fifth Third; help fund the acquisition of Cloudmed from New Mountain Capital; Murray, Utah, provider of technology-driven solutions that transform the patient experience and financial performance of healthcare providers.

REFRESCO GROUP BV: €3.4 billion equivalent of term loans (B2/B+); Goldman Sachs (left on U.S.), JPMorgan (Left on euro and GBP), KKR, Credit Suisse, Natwest, BofA Securities, Morgan Stanley, Mizuho, MUFG, ABN Amro, Credit Agricole, Unicredit, Rabobank, ING, BNP Paribas and SMBC; €1.53 billion equivalent U.S. term B talked at SOFR plus 425 bps to 450 bps, 25 bps leverage-based step-down and 25 bps step-down upon an IPO, 0.5% floor, OID 98 to 98.5, 101 soft call for six months; €1.53 billion term B talked at Euribor plus 450 bps, two 25 bps leverage-based step-downs and 25 bps step-down upon an IPO, 0% floor, OID 98 to 98.5, 101 soft call for six months; €340 million equivalent GBP term B talked at Sonia plus 525 bps, two 25 bps leverage-based step-downs and 25 bps step-down upon an IPO, 0% floor, OID 98 to 98.5, 101 soft call for six months; help fund buyout by KKR; Rotterdam, the Netherlands, beverage producer.

RESTORATION HARDWARE INC.: $1 billion incremental term B-2 (Ba3/BB) talked at SOFR+10 bps CSA plus 325 bps, 0.5% floor, OID 97.5, 101 soft call for six months; BofA Securities; general corporate purposes; Corte Madera, Calif., upscale home furnishings company.

STG LOGISTICS: $900 million senior secured credit facilities (B/BB-); Antares, Deutsche Bank, Stifel, Citizens and MUFG; $60 million revolver; $90 million designated letter-of-credit revolver; $750 million first-lien term loan at SOFR+CSA plus 600 bps, CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, 0.75% floor, OID 98.5, 101 soft call for one year; fund acquisition of XPO Logistics’ intermodal segment and refinance existing debt; Bensenville, Ill., provider of facilities-based containerized logistics services.

SYNIVERSE HOLDINGS LLC: $1.025 billion seven-year term loan (B3/B-) talked at SOFR plus 500 bps to 525 bps, ESG step-down of 7.5 bps subject to outlined KPI, 0.5% floor, OID 97, 101 soft call for six months; Barclays, Goldman Sachs, Mizuho, BofA Securities, Credit Suisse, Deutsche Bank, BNP Paribas and Societe Generale; help refinance existing capital structure in connection with an investment by Twilio Inc.; Tampa, Fla., provider of technology and business services for the telecommunications industry.

VIZIENT INC.: $900 million of term loans (Ba2/BB+); Barclays (left on term B), BofA Securities (left on term A), JPMorgan, BMO, Goldman Sachs, Morgan Stanley, Citigroup, Fifth Third, Truist and Wells Fargo; $600 million seven-year term B at SOFR+10 bps CSA plus 225 bps, 0.5% floor, OID 99, 101 soft call for six months; $300 million five-year term A; refinance existing capital structure; Irving, Tex., member driven health care performance improvement company.

VXI GLOBAL SOLUTIONS: $615 million seven-year term B (B3/B) talked at SOFR+10 bps CSA plus 475 bps, 0.5% floor, OID 97 to 97.5, 101 soft call for six months; BofA Securities, Citigroup and HSBC; help fund buyout by Bain Capital from Carlyle Group; Los Angeles-based provider of customer care and customer experience solutions.

ZAYO GROUP HOLDINGS INC.: $750 million incremental sustainability-linked first-lien term loan (B2) due March 2027 talked at SOFR plus 425 bps, 0.5% floor, OID 97.5 to 98, 101 soft call for six months; Credit Suisse; general corporate purposes, including paying down revolver and adding cash to the balance sheet; Boulder, Colo., provider of bandwidth infrastructure.

On The Horizon

CDK GLOBAL INC.: $5.865 billion senior secured credit facilities; Credit Suisse, Goldman Sachs, BMO, Barclays, Deutsche Bank, RBC, TD Securities, Wells Fargo and BofA Securities on first-lien, Broad Street and WSMP providing second-lien; $650 million five-year revolver; $4.35 billion seven-year term loan; $865 million eight-year second-lien term loan; help fund buyout by Brookfield Business Partners; Hoffman Estates, Ill., automotive retail technology company.

CITRIX SYSTEMS INC.: $8.05 billion senior secured credit facilities; BofA Securities, Credit Suisse, Goldman Sachs, Barclays, Citigroup, Deutsche Bank, KKR, Mizuho, Morgan Stanley and RBC; $1 billion revolver; $7.05 billion term loan; help fund buyout by Vista Equity Partners and Evergreen Coast Capital Corp. and merger with Tibco Software; Fort Lauderdale, Fla., provider of secure, unified digital workspace technology.

DAVE & BUSTER’S ENTERTAINMENT INC.: Up to $1.35 billion senior secured credit facilities; Deutsche Bank, JPMorgan and BMO; up to $500 million five-year revolver; up to $850 million seven-year covenant-lite term B expected at SOFR plus 425 bps, 0.5% floor, 101 soft call for six months; help fund acquisition of Main Event from Ardent Leisure Group Ltd. and RedBird Capital Partners; Coppell, Tex., owner and operator of entertainment and dining venues.

EPIC STAFFING GROUP: New debt financing; Truist and Wells Fargo; help fund acquisition by The Pritzker Organization LLC; El Segundo, Calif., provider of outsourced employment to the biopharmaceutical and healthcare industries.

GORMAN-RUPP CO.: $540 million credit facilities; JPMorgan; $100 million revolver; $350 million term loan; $90 million senior unsecured subordinated term loan; help fund acquisition of Fill-Rite and Sotera from Tuthill Corp.; Mansfield, Ohio, designer, manufacturer and marketer of pumps and pump systems.

INTERTAPE POLYMER GROUP INC.: $1.75 billion credit facilities; Credit Suisse, Deutsche Bank and Wells Fargo; $250 million asset-based revolver; $1.5 billion senior secured first-lien term loan; help fund buyout by Clearlake Capital Group LP; Montreal and Sarasota, Fla.-based manufacturer of paper and film-based pressure-sensitive and water-activated tapes, stretch and shrink films, protective packaging, woven and non-woven products and packaging machinery.

KOFAX: New debt financing; JPMorgan, Credit Suisse, UBS, Jefferies, Blackstone, PSP Partners, Security Benefit and Brinley; help fund buyout by Clearlake Capital Group LP and TA Associates from Thoma Bravo; Irvine, Calif., provider of intelligent automation software to facilitate digital workflow transformations.

LITTELFUSE INC.: New debt financing; help fund acquisition of C&K Switches from Sun Capital Partners; Chicago-based industrial technology manufacturing company.

MHS GLOBAL: New debt financing; JPMorgan; help fund merger with Fortna; provider of parcel, warehouse and distribution, and lifecycle services.

MONEYGRAM INTERNATIONAL INC.: Up to $850 million senior secured credit facilities; Goldman Sachs, Deutsche Bank, Barclays and Wells Fargo; up to $150 million revolver; $700 million first-lien term loan; help fund buyout by Madison Dearborn Partners LLC; Dallas-based digital P2P payments company.

NIELSEN HOLDINGS PLC: $7 billion secured credit facilities; BofA Securities, Barclays, Credit Suisse, Mizuho, HSBC, KKR, Citigroup, Nomura and Ares; $650 million revolver; $6.35 billion term loan; help fund buyout by Evergreen Coast Capital Corp. and Brookfield Business Partners LP; New York-based provider of audience measurement, data and analytics.

QUIDEL CORP.: New debt financing; help fund acquisition of Ortho Clinical Diagnostics Holdings plc; San Diego manufacturer of diagnostic solutions at the point of care.

SPECTRUM BRANDS INC.: $500 million incremental loan; help fund acquisition of the home appliances and cookware categories of Tristar Products Inc.; Middleton, Wis., consumer products company.

TEGNA INC.: $4 billion senior secured credit facilities; RBC, BofA Securities, Goldman Sachs, Truist, BNP Paribas, Credit Suisse, Jefferies, Mizuho, TD Securities, Barclays, Deutsche Bank, MUFG, Citizens and SMBC; $500 million revolver; $3.5 billion term loan; help fund buyout by Standard General; Tysons, Va., media company.

TENNECO: $3 billion senior secured credit facilities; $600 million revolver; $2.4 billion first-lien term loan; help fund buyout by Apollo; Lake Forest, Ill., designer, manufacturer and marketer of automotive products for original equipment and aftermarket customers.

TWITTER INC.: $7 billion credit facilities; Morgan Stanley, BofA Securities, Barclays, MUFG, BNP Paribas, Mizuho and Societe Generale; $500 million five-year revolver expected at SOFR plus 450 bps, 0% floor; $6.5 billion seven-year covenant-lite term loan expected at SOFR plus 475 bps, 0.5% floor, 101 soft call for six months; help fund acquisition by Elon Musk; San Francisco-based free online social networking microblogging service.

VERTEX CO.: Up to $360 million of incremental loans; RBC, Stifel, MUFG and Citizens (on term loan), Ally Bank on ABL; up to $260 million incremental term loan; up to $100 million incremental ABL facility; refinance debt at Vectrus Inc. in connection with merger, redeem certain preferred stock of Vertex, and working capital and general corporate purposes; provider of integrated solutions and critical service offerings.

ZEBRA TECHNOLOGIES: New credit facility financing; help fund acquisition of Matrox Imaging; Lincolnshire, Ill., provider of hardware, software, services and solutions that digitize and automate workflows.

© 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.