Bank Loan Calendar: $4.29 billion deals being marketed

July Bank Meetings

ETC GROUP (EOS FINCO): Lender call July 21; €972.4 million equivalent U.S. senior secured seven-year first-lien term loan talked at SOFR plus 575 bps to 600 bps, 0.5% floor, OID 92, 101 soft call for six months; Credit Suisse, Barclays, BNP Paribas, Bank of Ireland, Credit Agricole, Mizuho, MUFG and Standard Chartered; help fund the acquisition of a majority interest by Cinven from Carlyle; France-based designer, procurer and distributor of materials, tools and equipment used by the telecom industry.

Upcoming Closings

CORNERSTONE BUILDING BRANDS INC.: $300 million covenant-lite first-lien term loan (B2/B) due Aug. 1, 2028 at SOFR plus 562.5 bps, 0.5% floor, OID 90.5, non-call two, then 106.563 in year three and 103.281 in year four; Deutsche Bank, UBS, Barclays, BNP Paribas, RBC, Societe Generale, Goldman Sachs, Natixis and Jefferies; help fund purchase of 51% of shares outstanding by Clayton, Dubilier & Rice; Cary, N.C., manufacturer of exterior building products.

KINDRED AT HOME HOSPICE: $2.05 billion of term loans; Goldman Sachs (left on first-lien), Barclays (left on second-lien), Deutsche Bank, UBS, BNP Paribas, Citizens, Mizuho, RBC, Truist and Wells Fargo; $400 million five-year term A (B); $1.2 billion 5˝-year first-lien term B (B) talked at SOFR plus 525 bps, 0.5% floor, OID 92 to 93, 101 soft call for six months; $450 million six-year second-lien term loan (CCC+) talked at SOFR plus 825 bps, 0.5% floor, OID 91 to 92, hard call 102, 101; help fund acquisition of a 60% interest by Clayton, Dubilier & Rice from Humana Inc.; provider of home-based personal care and hospice services.

PATAGONIA HOLDCO (LUMEN LATIN AMERICA): $800 million seven-year term B (B1) talked at SOFR plus 575 bps, 0.5% floor, OID 90, 101 soft call for six month; JPMorgan, Goldman Sachs, Citigroup, BofA Securities, Natixis, Deutsche Bank and Scotia; help fund buyout of Lumen Technologies’ Latin American business by Stonepeak; Latin American communications platform with a subsea, terrestrial fiber and data center footprint.

STG LOGISTICS: $45 million incremental first-lien term loan; Antares; Bensenville, Ill., provider of facilities-based containerized logistics services.

TERRA MILLENNIUM CORP.: $585 million credit facilities (B2/B); Macquarie and Stifel; $50 million five-year revolver; $435 million seven-year covenant-lite first-lien term loan talked at SOFR plus 550 bps, 0.5% floor, OID 93 to 94, 101 soft call for six months; $100 million delayed-draw covenant-lite first-lien term loan talked at SOFR plus 550 bps, 0.5% floor, OID 93 to 94; help fund buyout by H.I.G. Capital from Court Square Capital Partners; Salt Lake City-based provider of outsourced industrial maintenance services, including refractory maintenance and other specialized services.

TONY'S FRESH MARKET + CARDENAS MARKETS (CARDENAS MERGER SUB LLC): $510 million credit facilities (B2/B); Credit Suisse, Wells Fargo, Rabobank and Natixis; $75 million revolver; $435 million seven-year first-lien term loan at SOFR+10 bps CSA plus 700 bps, 0.75% floor, OID 94, 101 hard call for one year; help fund acquisition of Cardenas Markets by Apollo from KKR and merger with Tony’s Fresh Market; Hispanic/ethnic focused grocery platform.

On The Horizon

AVIENT CORP.: $500 million senior secured term B; JPMorgan and Morgan Stanley; help fund acquisition of DSM Protective Materials from Royal DSM; Avon Lake, Ohio, provider of specialized and sustainable material solutions.

BETTCHER INDUSTRIES: $200 million incremental first-lien term loan (B-); UBS, KKR and Jefferies; help fund acquisition of Frontmatec from Axcel; Birmingham, Ohio, developer and manufacturer of precision cutting and trimming tools for food processing and industrial applications.

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.

CONVEY HEALTH SOLUTIONS HOLDINGS INC.: New debt financing; help fund buyout by TPG Capital; Fort Lauderdale, Fla., specialized healthcare technology and services company.

CORPORATION SERVICE CO. (CSC): $2.35 billion term B (B1/BB-/BBB-); BofA Securities, Jefferies and Wells Fargo; also €1 billion term A (B1/BB-/BBB-); help fund acquisition of Intertrust NV; Wilmington, Del., provider of corporate, legal, tax and digital brand services.

COVETRUS: $2.25 billion credit facilities; Deutsche Bank (left on first-lien), UBS (left on second-lien), BMO, Mizuho, TD Securities, Santander and ING; $300 million five-year revolver expected at SOFR plus 450 bps, 25 bps step-downs at 5x and 4.5x total first-lien leverage and a 25 bps step-down upon an IPO, 0% floor; up to $1.525 billion seven-year covenant-lite first-lien term loan expected at SOFR plus 450 bps, 25 bps step-downs at 5x and 4.5x total first-lien leverage and a 25 bps step-down upon an IPO, 0% floor; $425 million eight-year covenant-lite second-lien term loan expected at SOFR plus 800 bps, 25 bps step-down upon an IPO, 0% floor, call protection 102, 101; help fund buyout by Clayton, Dubilier & Rice and TPG Capital; Portland, Maine, animal-health technology and services company.

DSM ENGINEERING MATERIALS: €2.9 billion equivalent term loan; Goldman Sachs, Barclays, UBS and BNP Paribas; help fund acquisition by Advent International and Lanxess from Royal DSM; supplier of engineering and high-performance polymers.

HEMISPHERE MEDIA GROUP INC.: $395 million credit facilities; Wells Fargo, Truist, Fifth Third and Deutsche Bank; $35 million revolver; $360 million first-lien term loan; help fund buyout by Gato Investments LP; Coral Gables, Fla., pure-play media company targeting the U.S. Hispanic and Latin American markets.

KAMAN CORP.: New debt financing; help fund acquisition of Parker-Hannifin Corp.’s aircraft wheel & brake division; Bloomfield, Conn., provider of products and systems related to bearings, mechanical and electrical power transmission, automation & control, material handling, and fluid power for the MRO and OEM markets.

MAXLINEAR INC.: $3.5 billion senior secured credit facilities; Wells Fargo, BMO, Citizens and Truist; $250 million five-year revolver expected at SOFR plus 225 bps, 0% floor; $512.5 million five-year term A expected at SOFR plus 225 bps, 0% floor; $2.7375 billion seven-year covenant-lite term B expected at SOFR+CSA plus 300 bps, CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, 0.5% floor, 101 soft call for six months; help fund acquisition of Silicon Motion; Carlsbad, Calif., provider of radio frequency, analog and mixed-signal integrated circuits for broadband, connectivity, and infrastructure markets.

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: $9.15 billion secured credit facilities; BofA Securities, Barclays, Mizuho, Credit Suisse, Citigroup, HSBC, KKR, Nomura, Ares, BMO, Goldman Sachs, Jefferies, Macquarie, Morgan Stanley, RBC, Truist, BNP Paribas, CIBC, Fifth Third and MUFG; $650 million revolver; $6.35 billion first-lien term loan; $2.15 billion privately placed second-lien 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.

POST HOLDINGS INC.: $450 million incremental term loan; Barclays and JPMorgan; help fund a tender offer for notes; St. Louis-based consumer packaged goods holding company.

RIPIC HOLDINGS: $2.25 billion credit facilities; UBS, RBC, BNP Paribas, BMO, Mizuho and Natixis; $300 million revolver; $1.95 billion of term loans; help fund acquisition of a 51% interest in Roper Technologies Inc.’s industrial businesses by Clayton, Dubilier & Rice LLC.

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; Citigroup; $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.

UNISON: New debt financing; Antares; help fund buyout by Madison Dearborn Partners LLC from Carlyle; Dulles, Va., provider of procurement, supply chain, and contract management software to U.S. federal government agencies and government contractors.

ZENDESK INC.: $4.1 billion senior secured credit facilities; $350 million revolver; $3.75 billion term loan; help fund buyout by Permira and Hellman & Friedman LLC; San Francisco-based provider of customer service software and sales CRM.

© 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.