Bank Loan Calendar: $13.964 billion deals being marketed

Upcoming Closings

AMYNTA GROUP: $150 million incremental term B (B2/B-) due February 2025 talked at SOFR plus 475 bps to 500 bps, 0% floor, OID 94 to 95, 101 soft call for six months; BofA Securities; repay revolver borrowings and add cash to the balance sheet; N.Y.-based provider of property, casualty and specialty insurance as well as warranty and protection.

APPLIED SYSTEMS INC.: Expected closing early December; $2.191 billion credit facilities; Nomura, Jefferies and Macquarie; $80 million revolver due June 2026; $1.5463 billion covenant-lite first-lien term loan (including $215 million new money) due September 2026 at SOFR plus 450 bps, 0.5% floor, OID 99.5 on new money, 50 bps extension fee, 101 soft call for six months; $564.7 million covenant-lite second-lien term loan due September 2027 at SOFR plus 675 bps, 0.75% floor, 50 bps extension fee, 101 hard call for one year; amend and extend; University Park, Ill., cloud software provider to the property & casualty and benefits insurance industry.

ELECTRO RENT CORP.: $534 million covenant-lite first-lien term loan (B-) due Nov. 1, 2024 talked at SOFR+10 bps CSA plus 550 bps, 1% floor, 150 bps extension fee, 101 soft call for one year; Deutsche Bank, Barclays, BMO and Goldman Sachs; amend and extend; West Hills, Calif., provider of electronic testing and measurement equipment services.

FOUR SEASONS HOTELS AND RESORTS: Expected closing Nov. 30; $850 million seven-year senior secured first-lien term B (Ba3/BB+) at SOFR+10 bps CSA plus 325 bps, 0.5% floor, OID 98.5, 101 soft call for six months; Citigroup and Morgan Stanley; refinance existing first-lien term loan; Toronto-based luxury hotels company.

INGENOVIS HEALTH INC.: $85 million incremental covenant-lite first-lien term loan (B2/B) due March 6, 2028 at SOFR+10 bps CSA plus 425 bps, 0.5% floor, OID 95, 101 soft call for six months; Citizens and KeyBanc; fund an acquisition; provider of travel nurse, Allied, Rapid Response, Locum Tenens and labor dispute preparedness talent services to healthcare facilities.

NIELSEN HOLDINGS PLC (NEPTUNE BIDCO US INC.): $1.5 billion term B (B2/B) due April 2029 talked at SOFR+10 bps CSA plus 500 bps, 0.5% floor, OID 89 to 90, 101 soft call for one year; BofA Securities, Barclays, Credit Suisse, Mizuho, Citigroup, HSBC, KKR, Nomura, BMO, Goldman Sachs, Jefferies, Macquarie, Morgan Stanley, RBC, Truist, BNP Paribas, CIBC, Fifth Third and MUFG; also minimum €250 million term B (B2/B) due April 2029 talked at Euribor plus 500 bps, 0% floor, OID 89 to 90, 101 soft call for one year; help support already completed buyout by Evergreen Coast Capital Corp. and Brookfield Business Partners LP; New York-based provider of audience measurement, data and analytics.

OPENTEXT CORP.: Expected closing first quarter 2023; $3.585 billion seven-year senior secured term B (Ba1/BBB-/BBB-) at SOFR+10 bps CSA plus 350 bps, 0.5% floor, OID 97, 101 soft call for six months; Barclays, BMO, RBC, Citigroup, MUFG, HSBC, PNC, National Bank of Canada and CIBC; help fund acquisition of Micro Focus; Waterloo, Ont., software provider of business-to-business cloud integration services.

PARKWAY GENERATION LLC: Expected closing Nov. 22; $75 million of incremental term loans (BB); Morgan Stanley; $66.32 incremental term B due February 2029 at SOFR+CSA plus 475 bps, CSA is 11.4 bps one-month rate, 26.2 bps three-month rate and 42.8 bps six-month rate, 0.75% floor, OID 98.6, 101 soft call for six months; $8.68 million term C due February 2029 at SOFR+CSA plus 475 bps, CSA is 11.4 bps one-month rate, 26.2 bps three-month rate and 42.8 bps six-month rate, 0.75% floor, OID 98.6, 101 soft call for six months; fund a special dividend; portfolio of natural gas-fired power generation facilities.

PLAYA HOTELS & RESORTS BV: $1.1 billion six-year covenant-lite term B (B2/B) talked at SOFR plus 450 bps, 0.5% floor, OID 96, 101 soft call for six months; Deutsche Bank, BofA Securities, JPMorgan, Goldman Sachs, Truist and SMBC; refinance capital structure; owner, operator and developer of all-inclusive resorts.

SPIRIT AEROSYSTEMS: Expected closing Nov. 23; $594 million senior secured five-year covenant-lite first-lien term B (Ba2/BB-) at SOFR plus 450 bps, 0.5% floor, OID 97, 101 soft call for six months; Morgan Stanley and BofA Securities; help refinance existing debt and general corporate purposes; Wichita, Kan., designer and builder of aerostructures for both commercial and defense customers.

TENNECO (PEGASUS MERGER CO.): $3.3 billion of credit facilities (Ba3/B/BB-); Citigroup, BofA Securities, Barclays, BNP Paribas, Jefferies, RBC, TD Securities, Wells Fargo, Deutsche Bank, BMO, Credit Suisse, Goldman Sachs, ING, Mizuho, MUFG, Santander and U.S. Bank; $600 million revolver; $1.3 billion term A; $1.4 billion six-year covenant-lite senior secured term B talked at SOFR+10 bps CSA plus 500 bps, 0.5% floor, OID 84 to 85, 101 soft call for six months; help fund already completed buyout by Apollo; Lake Forest, Ill., designer, manufacturer and marketer of automotive products for original equipment and aftermarket customers.

On The Horizon

APOTEX PHARMACEUTICAL HOLDINGS INC.: New debt financing; RBC, Scotia, HSBC and Truist; help fund buyout by SK Capital Partners LP; Toronto-based pharmaceutical company.

ATLAS AIR WORLDWIDE: $1.9 billion senior secured credit facilities; Goldman Sachs, Barclays, Apollo, Mizuho and Credit Agricole; $300 million revolver; $1.6 billion first-lien term loan; help fund buyout by Apollo, J.F. Lehman & Co. and Hill City Capital; Purchase, N.Y., provider of outsourced aircraft and aviation operating services.

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.

CHART INDUSTRIES INC.: New term loans; JPMorgan and Morgan Stanley; help fund acquisition of Howden; Ball Ground, Ga., manufacturer of highly engineered equipment servicing the energy and industrial gas markets.

CONSUMER DIRECT CARE NETWORK INC. (GRIZZLY NEW PUBCO INC.): $150 million credit facilities; $75 million senior secured term loan; $75 million asset-based revolver; help support merger with DTRT Health Acquisition Corp.; Missoula, Mont., provider of in-home personal care.

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.

MASONITE INTERNATIONAL CORP.: New term loan; help fund acquisition of Endura Products; Tampa, Fla., based manufacturer and distributor of interior and exterior doors and door systems.

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.

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.

RITCHIE BROS. AUCTIONEERS INC.: New debt financing; Goldman Sachs, BofA Securities and RBC; help fund acquisition of IAA Inc.; Vancouver, B.C., asset management and disposition company, offering customers end-to-end solutions for buying and selling used heavy equipment, trucks and other assets.

SEALED AIR CORP.: New debt financing; help fund acquisition of Liquibox; Charlotte, N.C., provider of packaging solutions.

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.

WOOD MACKENZIE: New debt financing; help fund buyout by Veritas Capital from Verisk; provider of data, analytics, and insights used to power the energy, renewables, and natural resources industry.

© 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.