Bank Loan Calendar: $22.657 billion deals being marketed

July Lender Calls

INVENERGY THERMAL OPERATING I LLC: Lender call July 24; $500 million credit facilities; MUFG, BofA Securities and BMO; $150 million revolver; $325 million term B; $25 million term C; refinance existing debt; Chicago-based developer, owner and operator of sustainable energy solutions.

Upcoming Closings

ARCONIC CORP.: $2.2 billion senior secured credit facilities; JPMorgan, Wells Fargo, Apollo, BMO, Mizuho, TD Securities, Citigroup, Citizens, Fifth Third, Standard Chartered and Truist; $1.2 billion asset-based revolver; $1 billion seven-year term B (Ba3/B+/BB+) talked at SOFR plus 475 bps, 0% floor, OID 97 to 97.5, 101 soft call for six months; help fund buyout by Apollo Global Management Inc.; Pittsburgh-based provider of aluminum sheet, plate, and extrusions, as well as architectural products.

BANGL LLC: $350 million seven-year senior secured term B (B2/BB-/BB) talked at SOFR plus 425 bps to 450 bps, 0% floor, OID 98 to 98.5, 101 soft call for six months; Barclays and Investec; support the construction of the Bangl expansion; pipeline system that transports NGL barrels from the Permian to Gulf Coast fractionation and purity markets.

BRANDSAFWAY: $1.335 billion seven-year first-lien term B (B3/B-) talked at SOFR plus 550 bps, 0.5% floor, OID 96, 101 soft call for six months; Goldman Sachs, JPMorgan, Barclays, Natixis, ING, Societe Generale, Credit Suisse, Deutsche Bank, Credit Agricole, UBS, Morgan Stanley and SMBC; help refinance existing first-lien term loan and unsecured notes; Atlanta-based provider of specialty craft services to industrial, commercial and infrastructure markets.

CALPINE CONSTRUCTION FINANCE CO. LP: Expected closing late July; $1.25 billion seven-year covenant-lite term B (Ba2/BB+) at SOFR plus 225 bps, 0% floor, OID 99.25, 101 soft call for six months; Citigroup, BMO, BofA Securities, Barclays, BNP Paribas, Mizuho, MUFG, RBC, SMBC, Credit Suisse, ING and Morgan Stanley; refinance existing term B and repay a portion of Calpine Corp.’s term B-5; owner and operator of power generation capacity.

CENTROMOTION (LSF12 BADGER BIDCO LLC): $450 million first-lien term B (B2/B) due 2030 talked at SOFR plus 600 bps, 0% floor, OID 95.5 to 96.5, 101 soft call for six months; JPMorgan; help fund buyout by Lone Star Funds from One Rock Capital Partners, refinance existing term B and general corporate purposes; Waukesha, Wis., designer and manufacturer of highly engineered systems and solutions for industrial and transportation applications.

CITADEL SECURITIES: $3.5 billion seven-year term loan talked at SOFR+CSA plus 250 bps, CSA is 11 bps one-month rate, 26 bps three-month rate and 43 bps six-month rate, 0% floor, OID 99 to 99.25, 101 soft call for six months; JPMorgan; refinance existing term loans; Chicago-based provider of market-making services to the fixed income, currency and commodity markets.

COADVANTAGE (AQ CARVER BUYER INC.): $550 million six-year term B (B2/B) talked at SOFR+10 bps CSA plus 550 bps to 575 bps, 1% floor, OID 98, 101 hard call for one year; Deutsche Bank, Antares Capital and Goldman Sachs; refinance first- and second-lien debt and pay a dividend; Tampa, Fla., professional employer organization and a provider of strategic human resource solutions.

DEXKO GLOBAL: $300 million incremental first-lien term loan (B2/B-) due Oct. 4, 2028 talked at SOFR plus 450 bps to 475 bps, 0% floor, OID 96, 101 soft call for six months; Goldman Sachs, Deutsche Bank, Credit Suisse, BMO, RBC, BofA Securities, Barclays, TD Securities, CIBC and BNP Paribas; refinance first-lien seller term loan and repay ABL revolver borrowings; Novi, Mich., manufacturer and distributor of highly engineered components and systems critical to the safety and performance of a range of towable and related applications.

DUN & BRADSTREET CORP.: Roughly $2.666 billion first-lien term loan due Feb. 8, 2026 at SOFR+CSA plus 300 bps, CSA is 10 bps one-month rate, 26 bps three-month rate and 43 bps six-month rate, 0% floor, issue price par, 101 soft call for six months; BofA Securities and RBC; repricing; Short Hills, N.J., provider of proprietary and curated data and analytics to support mission critical business operations.

FORTRESS INVESTMENT GROUP FINCO I LLC: $800 million covenant-lite term B (Ba1/BB/BB) due June 2028 talked at SOFR plus 300 bps, 0% floor, OID 99, 101 soft call for six months; Deutsche Bank and Goldman Sachs; amend and extend existing term B and fund future acquisitions; alternative investment management firm.

IQ-EQ (SAPHILUX SARL): $520 million first-lien term loan B (B3/B-) due July 2028 at SOFR plus 475 bps, 25 bps step-down at 0.5x inside opening senior secured net leverage, 0.5% floor, OID 98.5; Nomura, Deutsche Bank, HSBC, NatWest, Goldman Sachs, JPMorgan and Morgan Stanley; also €500 million first-lien term B (B3/B-) due July 2028 at Euribor plus 475 bps, 0% floor, OID 99; also £120 million privately placed term loan (B3/B-) due July 2028 at Sonia plus 550 bps, 0% floor, OID 98.75; amend and extend U.S., euro and sterling term loans, repay some U.S. and sterling second-lien term loans, general corporate purposes and fund acquisition activity; investor services and independent fund specialist.

JANUS INTERNATIONAL GROUP: $625 million seven-year term B (B1/B+) talked at SOFR+10 bps CSA plus 350 bps to 375 bps, 25 bps step-down at B1/B+ corporate ratings, 1% floor, OID 98, 101 soft call for six months; Goldman Sachs, JPMorgan and BofA Securities; refinance existing term B; Temple, Ga., provider of self-storage and commercial industrial doors, relocatable storage units, facility automation solutions, and door replacement and self-storage restoration services.

LACKAWANNA ENERGY CENTER LLC: Expected closing July 31 week; $932 million senior secured credit facilities (Ba3/BB-); Morgan Stanley, BMO, BNP Paribas and MUFG; $120 million revolver; $380 million six-year term B-2 at SOFR plus 500 bps, 0.5% floor, OID 97, 101 soft call for one year; $82 million six-year term C at SOFR plus 500 bps, 0.5% floor, OID 97, 101 soft call for one year; $350 million privately placed term B-1 at 9.5% fixed-rate, non-call two, 101; refinance existing debt and cash-collateralize letters of credit; combined-cycle natural gas-fired power plant located in Jessup, Pa.

ODYSSEY LOGISTICS & TECHNOLOGY CORP.: $621 million credit facilities (B2/B); UBS, Credit Suisse, JPMorgan, RBC, Citizens and KeyBanc; $120 million revolver due July 2027; roughly $501 million first-lien term loan due Oct. 12, 2027 at SOFR plus 450 bps, 0.5% floor, OID 98, 101 soft call for six months; amend and extend; Danbury, Conn., provider of multi-modal logistics services and technology solutions.

OMNIA PARTNERS LLC: Expected closing early August; $2.03 billion credit facilities (B2/B); Barclays, Fifth Third, Brinley, BNP Paribas, Citizens, UBS, Jefferies and Golub; $250 million revolver; $1.65 billion seven-year first-lien term loan at SOFR plus 425 bps, 25 bps step-down at 1x inside closing date consolidated first-lien net leverage, 0% floor, OID 99, 101 soft call for six months; $155 million first-lien delayed-draw term loan at SOFR plus 425 bps, 25 bps step-down at 1x inside closing date consolidated first-lien net leverage, 0% floor, OID 99; fund acquisition of Premier Inc.’s non-healthcare group purchasing organization operations, refinance existing debt and general corporate purposes; Franklin, Tenn., non-healthcare group purchasing organization.

ONE TORONTO GAMING: $800 million seven-year term B (B2/B/BB+) at SOFR plus 425 bps, 25 bps step-down at first-lien net covenant adjusted leveraged of 2.25x and 25 bps step-down upon an IPO, 0.5% floor, OID 99, 101 soft call for six months; Barclays; help refinance existing capital structure and general corporate purposes; gaming, entertainment and hospitality company located in the greater Toronto area.

RISK STRATEGIES CO.: $700 million unitranche incremental delayed-draw term loan talked at SOFR plus 600 bps, 0.75% floor, OID 98.5, 101 call protection for one year; Golub; support ongoing acquisition opportunities; Boston-based insurance brokerage firm.

SELECT MEDICAL CORP.: $2.103 billion term B due March 2027 talked at SOFR plus 300 bps, 25 bps step-down at 4x net leverage, OID 99 to 99.25, 101 soft call for six months; JPMorgan; amend and extend; Mechanicsburg, Pa., operator of critical illness recovery hospitals, rehabilitation hospitals, outpatient rehabilitation clinics and occupational health centers.

SOFTWARE AG (MOSEL BIDCO SE): €1 billion equivalent seven-year U.S. (minimum $400 million) and euro term loan (B2/B/BB-); JPMorgan, Banco Santander and Citigroup; U.S. term loan talked at SOFR plus 500 bps, 25 bps step-down at 3.5x senior secured net leverage, 0.5% floor, OID 97, 101 soft call for six months; euro term loan talked at Euribor plus 500 bps, 25 bps step-downs at 3.5x, 3x and 2.5x senior secured net leverage, 0% floor, OID 97, 101 soft call for six months; help fund buyout by Silver Lake; Darmstadt, Germany, software 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.

BAUSCH + LOMB CORP.: New debt financing; JPMorgan; fund acquisition of Xiidra, libvatrep and AcuStream from Novartis; Vaughan, Ont., eye health company.

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.

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.

HERITAGE-CRYSTAL CLEAN INC.: New debt financing; Jefferies and SMBC; help fund buyout by J.F. Lehman & Co.; Hoffman Estates, Ill., provider of parts cleaning, hazardous and non-hazardous waste services, used oil re-refining, antifreeze recycling, industrial and field services, and emergency and spill response services.

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 senior secured credit facilities; Goldman Sachs, UBS, RBC, BMO, HSBC, Wells Fargo, Citigroup, Jefferies, Macquarie, Natixis and Truist; $500 million revolver; $2.2 billion term loan; 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.

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.

WORLDPAY: New debt financing; JPMorgan, Goldman Sachs, Citigroup, Wells Fargo, Deutsche Bank and UBS; help fund buyout of a majority stake by GTCR from Fidelity National Information Services Inc. (FIS); provider of payment processing solutions.

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