Bank Loan Calendar: $8.528 billion deals being marketed

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: Expected closing end of May; 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.): Expected closing mid-June; $615 million credit facilities (B2/B-/BB); Morgan Stanley, UBS, Citizens and Fifth Third; $115 million revolver; $500 million seven-year first-lien senior secured covenant-lite term B at SOFR plus 375 bps, 25 bps step-down following an IPO, 0% floor, OID 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.

EMERALD EXPOSITIONS (EMERALD X INC.): $415 million term B due May 22, 2026 talked at SOFR+10 bps CSA plus 475 bps to 500 bps, 0% floor, OID 97, 101 soft call for one year; BofA Securities; refinance existing term B; owner and operator of business-to-business trade shows.

INMAR INC.: $950 million first-lien term loan (B3/B-) due May 1, 2026 talked at SOFR plus 525 bps, 0.5% floor, OID 96.5, 101 soft call for six months; Jefferies, Credit Suisse, Wells Fargo, Goldman Sachs and ING; help refinance existing capital structure; Winston-Salem, N.C., provider and partner in facilitating and optimizing workflows for retailers, manufacturers, pharmacies, hospitals and other trading partners through the use of data analytics and tech-enabled logistics capabilities.

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.

PHINIA INC.: $1.3 billion credit facilities (Ba1/BB+); JPMorgan, BofA Securities, PNC, US Bank and Wells Fargo; $500 million revolver; $300 million term A; $500 million seven-year term B talked at SOFR+10 bps CSA plus 375 bps, 0.5% floor, OID 98.5 to 99, 101 soft call for six months; help fund spin-off from BorgWarner Inc.; Auburn Hills, Mich., provider of fuel systems, starters and alternators to the commercial vehicle, light vehicle, and aftermarket end markets.

SOLENIS: Expected close early July; $500 million incremental term B (B3/B-) due Nov. 9, 2028 at SOFR plus 500 bps, 0.5% floor, OID 95, 101 soft call for six months; Goldman Sachs, BofA Securities, BMO, HSBC, Deutsche Bank, Citigroup, Macquarie and Nomura; help fund acquisition of Diversey Holdings Ltd.; Wilmington, Del., manufacturer of specialty chemicals used in water-intensive industries.

UKG INC.: Expected closing May 29 week; $400 million incremental covenant-lite first-lien term loan (B1/B-) due May 2026 at SOFR+10 bps CSA plus 450 bps, 0.5% floor, OID 97.5, 101 soft call for six months; Nomura, BNP Paribas, Citigroup, Credit Suisse, Macquarie, Truist, Wells Fargo and others; pay down revolver draw and bolster liquidity in anticipation of a potential strategic acquisition; provider of human capital management solutions based in Weston, Fla., and Lowell, Mass.

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.

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.

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.

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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