Bank Loan Calendar: $9.898 billion deals being marketed

May Lender Calls

GOLDEN ENTERTAINMENT INC.: Lender call May 15; $400 million seven-year term B, 10 bps CSA, 101 soft call for six months; JPMorgan, Deutsche Bank, Citizens, Fifth Third, Capital One, Macquarie and Wells Fargo; help repay an existing term loan; Las Vegas-based owner and operator of a diversified entertainment platform.

Upcoming Closings

ARCIS GOLF LLC: Expected closing early June; $200 million of term loans (B2/B+); Deutsche Bank, JPMorgan and Wells Fargo; $160 million incremental covenant-lite term loan B due Nov. 24, 2028 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 99; $40 million covenant-lite delayed-draw term loan due Nov. 24, 2028 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 99; fund the acquisitions of Pac Life and Project Pine; Dallas-based owner and operator of golf clubs.

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.

CASA SYSTEMS INC.: Up to roughly $223 million super-priority term B due Dec. 20, 2027 talked at SOFR+CSA plus 650 bps, CSA is 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate. step ups to SOFR plus 700 bps on July 1, 2024 and SOFR plus 800 bps on Jan. 1, 2025 if more than $125 million is outstanding, step-up to SOFR plus 1,300 bps after Dec. 20, 2025, 2% floor, OID 97 (expected to be paid in kind); JPMorgan; amend and extend; Andover, Mass., provider of open, cloud-native network solutions.

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.

CVENT HOLDING CORP. (CAPSTONE BORROWER INC.): $515 million credit facilities (B2/B-/BB); Morgan Stanley, UBS, Citizens and Fifth Third; $115 million revolver; $400 million seven-year first-lien senior secured covenant-lite term B talked at SOFR plus 400 bps, 25 bps step-down at 3.75x first-lien leverage, 25 bps step-down at 3.25x first-lien leverage and 25 bps step-down following an IPO, 0% floor, OID 98 to 98.5, 101 soft call for six months; help fund buyout by Blackstone and refinance existing bank debt; Tysons, Va., provider of meetings, events and hospitality technology.

IMA FINANCIAL GROUP: $200 million incremental term loan (B3/B) due November 2028 talked at SOFR+10 bps CSA plus 425 bps, 0.5% floor, OID 96 to 97, 101 soft call for six months; BMO; fund near-term acquisitions and to pay down revolver borrowings; Denver-based insurance brokerage firm.

KINDERCARE LEARNING COS.: $1.4 billion seven-year first-lien term loan (B2/B/BB+) talked at SOFR+500 bps, 0.5% floor, OID 97, 101 soft call for six months; 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.

MONEYGRAM INTERNATIONAL INC.: $500 million seven-year first-lien term B talked at (B2/B/B+) SOFR plus 550 bps, 0.5% floor, OID 92, 101 soft call for one year; Goldman Sachs, Barclays, Deutsche Bank and Wells Fargo; help fund buyout by Madison Dearborn Partners LLC; Dallas-based digital P2P payments company.

NOURYON: 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.

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.

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.

BIOPHARMA SOLUTIONS: New debt financing; help fund buyout by Advent International and Warburg Pincus from Baxter International Inc.; provider of sterile contract manufacturing solutions, parenteral delivery systems and customized support services to the pharma and biotech industries.

FRANCHISE GROUP INC.: New debt financing; help fund buyout by senior management, B. Riley Financial Inc. and Irradiant Partners; Delaware, Ohio, owner and operator of franchised and franchisable businesses.

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.

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.

SYNEOS HEALTH INC.: $2.7 billion credit facilities; Goldman Sachs, UBS, RBC, BMO, HSBC, Wells Fargo, Citigroup, Jefferies, Macquarie, Natixis and Truist; $500 million revolver; $2.2 billion in term loans; help fund buyout by Elliott Investment Management, Patient Square Capital and Veritas Capital; Morrisville, N.C., biopharmaceutical solutions organization.

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.

TEMPUR SEALY INTERNATIONAL INC.: New debt financing; help fund acquisition of Mattress Firm Group Inc. and repay Mattress Firm’s outstanding debt; Lexington, Ky., designer, manufacturer, distributor and retailer of bedding products.

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.

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