Bank Loan Calendar: $15.232 billion deals being marketed

Upcoming Closings

ARCLIGHT NGPL HOLDINGS LLC (AL NGPL HOLDINGS LLC): $235 million senior secured term loan due April 15, 2028 talked at SOFR+CSA plus 375 bps, CSA is 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate, 1% floor, OID 97.5 to 98, 101 soft call for six months; Barclays; support acquisition by an affiliate of ArcLight Capital Partners of an additional 12.5% stake in NGPL and acquisition of 12.5% share of the shareholders notes; natural gas pipeline system.

ARAMARK: $750 million seven-year term B (BBB-) talked at SOFR+CSA plus 275 bps to 300 bps, CSA is 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate, 0% floor, OID 98.5, 101 soft call for six months; JPMorgan; repay a portion of existing term B-3 due 2025; Philadelphia-based professional services company that provides food, hospitality and facility management services as well as uniform and work apparel.

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.

AVOLON: Roughly $1.432 billion senior secured covenant-lite first-lien term B-6 due June 2028 talked at SOFR plus 250 bps, 0.5% floor, OID 99, 101 soft call for six months; Morgan Stanley; amend and extend; Dublin-based aircraft lessor.

BOWLERO CORP.: $150 million add-on term loan due February 2028 talked at SOFR plus 350 bps, 0% floor, OID 97.75 to 98.25; JPMorgan; fund acquisition of Lucky Strike Entertainment LLC and pay down revolver borrowings; Mechanicsville, Va., operator of bowling centers.

COVANTA HOLDING CORP.: $430 million of term loans (Ba2/BB); Barclays; $400 million sustainability linked term B due Nov. 30, 2028 talked at SOFR plus 325 bps, 12.5 bps coupon increase for each KPI not met by the observation date of Dec. 31, 2025, 0.5% floor, OID 98 to 98.5, 101 soft call for six months; $30 million sustainability linked term C due Nov. 30, 2028 talked at SOFR plus 325 bps, 12.5 bps coupon increase for each KPI not met by the observation date of Dec. 31, 2025, 0.5% floor, OID 98 to 98.5, 101 soft call for six months; reimburse a portion of EQT Infrastructure’s initial equity contribution in relation to the acquisition of Circon Holdings Inc. and enhance liquidity; Morristown, N.J., waste to energy company.

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.

FORTREA: $1.52 billion credit facilities (Ba3/BB/BB+); Goldman Sachs, Barclays, BofA Securities, Citigroup, JPMorgan, MUFG, PNC and Wells Fargo; $450 million revolver; $500 million term A; $570 million seven-year term B talked at SOFR plus 400 bps to 425 bps, 0.5% floor, OID 98 to 98.5, 101 soft call for six months; help fund spin-off from Labcorp; Durham, N.C., contract research organization providing phase I through IV biopharmaceutical product and medical devices services.

HUB INTERNATIONAL: $4.25 billion seven-year term B (B2/B) talked at SOFR plus 425 bps, 25 bps step-down upon an IPO, 0.75% floor, OID 98 to 98.5, 101 soft call for six months; Goldman Sachs, Morgan Stanley, Barclays, JPMorgan, BofA Securities, BMO, Nomura, Macquarie, Credit Suisse and ATB; help refinance existing term loans and fund acquisitions; Chicago-based insurance brokerage firm.

INMAR INC.: $950 million first-lien term loan (B3/B-) due May 1, 2026 at SOFR plus 550 bps, 0.5% floor, OID 96.5, 101 soft call for one year; 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.

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.

RXBENEFITS INC. (RXB HOLDINGS INC.): $150 million add-on first-lien term loan (B3/B) due Dec. 18, 2027 talked at SOFR plus 525 bps, 0.75% floor, OID 97.5, 101 soft call for six months; Barclays, Deutsche Bank and Goldman Sachs; help repay existing second-lien term loan; Birmingham, Ala., pharmacy benefits optimizer for the employee benefit industry.

SAMSONITE INTERNATIONAL SA: $2.25 billion of credit facilities (Ba1/BB+/BBB-); JPMorgan left on term B; HSBC left on term A and revolver; $850 million revolver; $800 million term A at SOFR plus 137.5 bps; $600 million seven-year term B talked at SOFR plus 275 bps, 0.5% floor, OID 98.5 to 99, 101 soft call for six months; also new revolver; help refinance existing senior secured credit facilities; Hong Kong-based manufacturer of bags and luggage.

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.

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.: $2.2 billion senior secured credit facilities; JPMorgan and Wells Fargo; $1.2 billion asset-based revolver; $1 billion 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.

© 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.