Bank Loan Calendar: $14.71 billion deals being marketed

May Lender Calls

CVENT HOLDING CORP. (CAPSTONE BORROWER INC.): Lender call May 9; $515 million credit facilities; Morgan Stanley, UBS and Citizens; $115 million revolver; $400 million first-lien senior secured term B; help fund buyout by Blackstone and refinance existing bank debt; Tysons, Va., provider of meetings, events and hospitality technology.

KINDERCARE LEARNING COS.: Lender call May 9; $1.4 billion seven-year first-lien term loan (B2); Barclays, Goldman Sachs, Macquarie, Deutsche Bank, UBS, BofA Securities, Jefferies and KKR; refinance existing debt; Lake Oswego, Ore., provider of private early childhood care and education.

NOURYON: Lender call May 9; minimum $2.5 billion first-lien term B (B2) due April 3, 2028 talked at SOFR+10 bps CSA plus 400 bps, 0% floor, OID 98.5 to 99, 101 soft call until Oct. 3, 2023; JPMorgan, Barclays and HSBC; also minimum €1.2 billion first-lien term B (B2) due April 3, 2028 talked at Euribor plus 425 bps to 450 bps, 0% floor, OID 98; amend and extend a portion of existing U.S. and euro term loans; Amsterdam-based specialty chemicals company.

Upcoming Closings

ALTERRA MOUNTAIN CO.: $500 million seven-year term B (B1/B+) talked at SOFR+10 bps CSA plus 375 bps, 0% floor, OID 99 to 99.25, 101 soft call for six months; JPMorgan, Citigroup, Deutsche Bank, Morgan Stanley, US Bank and Wells Fargo; refinance existing term loan and general corporate purposes; Denver-based mountain resort and adventure company.

ARCIS GOLF LLC: $200 million of term loans (B+); Deutsche Bank, JPMorgan and Wells Fargo; $160 million incremental covenant-lite term loan B due Nov. 24, 2028 talked at SOFR+CSA plus 425 bps, CSA is 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate, 0.5% floor, OID 98.75 to 99; $40 million covenant-lite delayed-draw term loan due Nov. 24, 2028 talked at SOFR+CSA plus 425 bps, CSA is 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate, 0.5% floor, OID 98.75 to 99; fund the acquisitions of Pac Life and Project Pine; Dallas-based owner and operator of golf clubs.

ATLANTIC AVIATION (KKR APPLE BIDCO LLC): $750 million incremental first-lien term loan (B2) due September 2028 talked at SOFR plus 400 bps, 0.5% floor, OID 98.5 to 99; KKR; repay a second-lien term loan and fund a shareholder distribution; operator of fixed base operations, providing a full suite of critical services to the private aviation sector.

AVENTIV TECHNOLOGIES LLC: $700 million four-year covenant-lite term B (B3/B-) talked at SOFR plus 600 bps, 0.5% floor, OID 97, 101 soft call for one year; Deutsche Bank; help refinance existing debt; Dallas-based technology platform provider enabling the delivery of mission critical solutions to correctional facilities, government agencies, incarcerated individuals, and their friends & family members.

BLACKHAWK NETWORK HOLDINGS INC.: $1.75 billion seven-year term B (B) talked at SOFR plus 400 bps to 425 bps, 0% floor, OID 98 to 98.5, 101 soft call for six months; BofA Securities; help repay first- and second-lien term loans; Pleasanton, Calif., financial technology company.

COPELAND: Up to $2.725 billion seven-year term B (Ba3/BB-/BB+) at SOFR plus 300 bps, 25 bps step-down at 3.25x first-lien net leverage, 0% floor, OID 99, 101 soft call for six months; RBC, Barclays, Wells Fargo, SMBC, Goldman Sachs, BNP Paribas, HSBC, JPMorgan, Mizuho, Truist, BofA Securities, MUFG, Scotia, TD Securities, CIBC, Regions, Fifth Third and US Bank; help fund acquisition by Blackstone of a majority stake in Emerson Electric Co.’s Climate Technologies business (Copeland); the term B could potentially be reduced ahead of closing by an up to $450 million term A; manufacturer of mission critical, highly engineered heating, ventilation, air conditioning and refrigeration components.

FOCUS FINANCIAL PARTNERS INC.: $500 million first-lien secured term B-6 (B1/B+) due June 30, 2028 talked at SOFR plus 350 bps, 0.5% floor, OID 98.5, 101 soft call for six months; RBC, Stone Point Capital, Truist, Citizens, MUFG, Fifth Third, BMO and Capital One; help fund buyout by Clayton, Dubilier & Rice LLC and Stone Point Capital LLC; New York-based partnership of independent, fiduciary wealth management firms.

IMPERIAL DADE: $1.5 billion term loan (B3) due December 2028 talked at SOFR plus 475 bps, 0.5% floor, OID 97.5 to 98, 101 soft call for six months; JPMorgan, Barclays, BMO, Credit Suisse, Citizens, MUFG, Stifel, TD Securities and US Bank; extend a portion of existing first-lien term loans; Jersey City, N.J., distributor of foodservice disposables and janitorial sanitation products.

LIFE TIME INC.: Expected closing May 9; $310 million covenant-lite term B (B2/BB-) due Jan. 15, 2026 at SOFR+CSA plus 475 bps, 25 bps step-down at B2/B corporate ratings, CSA is of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate, 0.5% floor, OID 99.5, 101 soft call for six months; Deutsche Bank, JPMorgan, BofA Securities, Goldman Sachs, BMO, Mizuho, Wells Fargo, Morgan Stanley, RBC and US Bank; refinance existing term loan and pay down revolver borrowings; Chanhassen, Minn., operator of athletic resorts.

RYMAN HOSPITALITY PROPERTIES (RHP HOTEL PROPERTIES LP): $375 million seven-year covenant-lite term B (Ba3/BB-/BB+) talked at SOFR plus 275 bps, 0% floor, OID 99; Wells Fargo, BofA Securities, Deutsche Bank, JPMorgan and US Bank; refinance existing term B; Nashville, Tenn., real estate investment trust that owns and operates hotels.

TALEN ENERGY SUPPLY LLC: Expected closing late May; $1.05 billion of term loans (Ba3/BB/BB+); Citigroup, BMO, Deutsche Bank, Goldman Sachs, RBC, Credit Suisse, MUFG, Morgan Stanley and Barclays; $580 million seven-year senior secured covenant-lite term B at SOFR plus 450 bps, 0.5% floor, OID 97, 101 soft call for six months; $470 million seven-year senior secured covenant-lite term C at SOFR plus 450 bps, 0.5% floor, OID 97, 101 soft call for six months; refinance existing secured financing agreements in connection with Chapter 11 emergence, add cash to the balance sheet and general corporate purposes; Houston-based power generation and infrastructure company.

TANK HOLDING CORP.: $450 million incremental unitranche term loan (including $100 million delayed-draw tranche) due March 31, 2028 talked at SOFR+10 bps CSA plus 575 bps, 0.75% floor, OID 97, 101 hard call until March 31, 2024; Antares; finance several acquisitions, and refinance revolver draws or replenish balance sheet cash; Lincoln, Neb., designer and manufacturer of rigid liquid storage tanks and containers, material handling solutions, and custom products.

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.

ARCONIC CORP.: New senior secured credit facilities; asset-based revolver; term loan; help fund buyout by Apollo Global Management Inc.; Pittsburgh-based provider of aluminum sheet, plate, and extrusions, as well as architectural products.

GENTIVA: New debt financing; Goldman Sachs, Deutsche Bank, UBS, BNP Paribas, Citizens, Truist and Wells Fargo; fund acquisition of Heartland hospice and home care agencies/locations from ProMedica; hospice, palliative and personal care company.

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.: New senior secured credit facilities; Goldman Sachs, Deutsche Bank, Barclays and Wells Fargo; revolver; first-lien term loan; help fund buyout by Madison Dearborn Partners LLC; Dallas-based digital P2P payments company.

SOLENIS: $750 million incremental term loan due Nov. 9, 2028; BofA Securities and Goldman Sachs; help fund acquisition of Diversey Holdings Ltd.; Wilmington, Del., manufacturer of specialty chemicals used in water-intensive industries.

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.

TESSCO TECHNOLOGIES INC.: New debt financing; Wells Fargo; help fund buyout by Lee Equity Partners and Twin Point Capital; Hunt Valley, Md., technology distributor, manufacturer and solutions provider serving commercial customers in the wireless infrastructure ecosystem.

UNIVAR SOLUTIONS INC.: $3.5 billion senior secured credit facilities; JPMorgan; $1.4 billion asset-based revolver; $2.1 billion term loan; help fund buyout by Apollo; Downers Grover, Ill., specialty chemical and ingredient distributor.

VISTRA OPERATIONS: New term loan debt; Citigroup, BMO and Mizuho; help fund acquisition of Energy Harbor Corp.; Irving, Tex., retail electricity and power generation 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.