Bank Loan Calendar: $9.988 billion deals being marketed

August Bank Meetings

CORPORATION SERVICE CO. (CSC): Lender call Aug. 1; $3.205 billion of term loans (B1/BB-/BBB-); BofA Securities, Jefferies and Wells Fargo; $1.25 billion seven-year term B; $1.955 billion term A at SOFR plus 250 bps that was already syndicated; also €40 million term A; help fund acquisition of Intertrust NV; Wilmington, Del., provider of corporate, legal, tax and digital brand services.

Upcoming Closings

AVIENT CORP.: Expected closing Sept. 1; $575 million seven-year senior secured covenant-lite first-lien term B (Ba1/BB+) talked at SOFR plus 325 bps, 0 bps CSA, 0.5% floor, OID 97, 101 soft call for six months; Morgan Stanley and JPMorgan; help fund acquisition of DSM Protective Materials from Royal DSM and general corporate purposes; Avon Lake, Ohio, provider of specialized and sustainable material solutions.

BAYER ENVIRONMENTAL SCIENCE (DISCOVERY PURCHASER CORP.): $2.021 billion of credit facilities; Credit Suisse (left on first-lien), Barclays (left on second-lien), BMO, HSBC, ING and BofA Securities; $50 million ABL revolver; $325 million revolver (B3/B-); $1.346 billion seven-year first-lien term loan (B3/B-) talked at SOFR plus 437.5 bps, 0.5% floor, OID 90, 101 soft call for six months; $300 million eight-year second-lien term loan (Caa2/CCC) talked at SOFR plus 700 bps, 0.5% floor, OID 85.5, non-call one, 102, 101; help fund buyout by Cinven from Bayer AG; Cary, N.C., provider of environmental solutions to diverse end markets.

ETC GROUP (EOS FINCO): €972.4 million equivalent U.S. senior secured seven-year first-lien term loan (B2/B) 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.

HEMISPHERE MEDIA GROUP INC.: $370 million seven-year covenant-lite term B (B2/B) talked at SOFR plus 575 bps to 600 bps, 0.5% floor, OID 90 to 91, 101 soft call for one year; Wells Fargo, Truist, Fifth Third and Deutsche Bank; help fund buyout by Gato Investments LP; Coral Gables, Fla., pure-play media company targeting the U.S. Hispanic and Latin American markets.

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 (B2/B); $1.2 billion 5˝-year first-lien term B (B2/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 (Caa2/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 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 96.75, 101 soft call until March 2023; 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.

VENATOR MATERIALS: $337 million amended and extended term loan (B1/B) due July 2025 talked at SOFR+10 bps CSA plus 450 bps, 0% floor, 150 bps extension fee; JPMorgan; amend and extend existing term loan; The Woodlands, Tex., manufacturer and marketer of chemical products.

On The Horizon

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.

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.

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.

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.

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