Bank Loan Calendar: $24.3798 billion deals being marketed

December Lender Calls

IRON MOUNTAIN INFORMATION MANAGEMENT LLC: Lender call Dec. 4; $1 billion seven-year senior secured term B, 101 soft call for six months; Barclays, JPMorgan Chase Bank and others; general corporate purposes, including the repayment of revolver borrowings; Portsmouth, N.H., information management company.

NUVEI CORP.: Lender call Dec. 4; $1.075 billion covenant-lite term B due December 2030; BMO, RBC and others; refinance existing reducing revolver and term B; Montreal-based payment technology company.

Upcoming Closings

A-GAS FINCO INC.: $520 million seven-year senior secured covenant-lite term B (B2/B) talked at SOFR plus 500 bps, 25 bps step-downs at 0.5x and 1x inside opening senior secured net leverage, 0% floor, OID 96 to 97, 101 soft call for six months; Citigroup, HSBC, Guggenheim and Truist; help fund acquisition of a majority stake by TPG from KKR; U.K.-based supplier and lifecycle manager of refrigerant and industrial gases, fire suppressants and blowing agents.

AMERICAN AIRLINES INC.: Expected closing Dec. 4; $1.1 billion 5.5-year term B (Ba2/BB/BB-) at SOFR plus 350 bps, 0% floor, OID 99, 101 soft call for six months; Citigroup, BofA Securities, Morgan Stanley, Barclays, Deutsche Bank, Goldman Sachs, JPMorgan, SMBC, BNP Paribas, Credit Agricole, MUFG, US Bank and Bank of Texas; help refinance notes; Fort Worth airline company.

AVIS BUDGET GROUP INC.: Roughly $540 million term C due March 2029 at SOFR+10 bps CSA plus 300 bps, 0.5% floor, issue price par, 101 soft call for six months; JPMorgan; repricing; Parsippany, N.J., provider of vehicle rental services.

BMC SOFTWARE: $3 billion equivalent of term loans; Goldman Sachs and KKR; $2 billion term B due December 2028 talked at SOFR plus 425 bps to 450 bps, 0% floor, OID 98.5, 101 soft call for six months; $1 billion equivalent euro term B due December 2028 talked at Euribor plus 450 bps to 475 bps, 0% floor, OID 98.5, 101 soft call for six months; amend and extend some existing U.S. and euro term loans; Houston-based provider of IT software solutions.

BROOKFIELD NGPL (BIP PIPECO HOLDINGS LLC): $465 million seven-year senior secured term loan (Ba3/B+) talked at SOFR plus 350 bps, 0% floor, OID 98.5 to 99, 101 soft call for six months; Barclays, RBC, CIBC and Santander; pay a distribution to Brookfield; natural gas pipeline system.

CHARTER COMMUNICATIONS OPERATING LLC: $2 billion seven-year term B-4 (Ba1/BBB-) at SOFR plus 200 bps, no floor, OID 99.5, 101 soft call for six months; BofA Securities; refinance term B-1; Stamford, Conn., cable telecommunications company.

CLOUDERA INC.: $250 million add-on term loan due October 2028 at SOFR+10 bps CSA plus 375 bps, 0.5% floor, OID 99.04, 101 soft call for six months; JPMorgan; general corporate purposes; Santa Clara, Calif., enterprise data cloud company.

CULLIGAN INTERNATIONAL CO. (AI AQUA MERGER SUB INC.): Expected closing Dec. 29; $1.15 billion senior secured incremental covenant-lite first-lien term B (including $200 million unfunded delayed-draw tranche) due July 30, 2028 (B3/B) at SOFR plus 425 bps, 25 bps step-down at 4.75x net first-lien leverage, 0.5% floor, OID 97, 101 soft call for six months; Morgan Stanley, JPMorgan, BofA Securities and Goldman Sachs; fund acquisition of Primo Water Corp.’s international businesses (Primo Europe), repay revolver borrowings and add cash to the balance sheet; Rosemont, Ill., provider of water treatment products and services.

DAVIS-STANDARD LLC (DS PARENT INC.): $450 million seven-year covenant-lite term B (B2/B) talked at SOFR plus 525 bps to 550 bps, 0.75% floor, OID 97 to 98, 101 soft call for six months; Wells Fargo; fund acquisition of the Extrusion Technology Group from Nimbus and refinance existing debt; Pawcatuck, Conn., provider of extrusion equipment and services.

ELEMENT SOLUTIONS INC./MACDERMID INC.: $1 billion seven-year term B (Ba1/BBB-) talked at SOFR plus 200 bps, 0% floor, OID 99.5, 101 soft call for six months; BofA Securities; help refinance existing term B; Fort Lauderdale, Fla., specialty chemicals company.

EVERISE: $425 million seven-year covenant-lite term B (B3/B-) talked at SOFR plus 550 bps to 575 bps, 0% floor, OID 97, 101 soft call for six months; BMO, Standard Chartered, ING, Scotia and Societe Generale; fund acquisition of a roughly 47% equity stake in the company by Warburg Pincus from Brookfield Asset Management and other shareholders; Plantation, Fla., health care services outsourcing company.

FLEXERA SOFTWARE LLC: $425 million incremental first-lien term loan due March 2028 talked at SOFR+CSA plus 375 bps to 400 bps, CSA is 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate, 0.75% floor, OID 98.5 to 99.04, 101 soft call for six months; Jefferies, Barclays, UBS, Goldman Sachs and Mizuho; help fund an acquisition; Itasca, Ill., provider of SaaS-based IT management solutions.

GREENWAY HEALTH LLC: $375 million 5.25-year first-lien term loan (B3/B-) talked at SOFR plus 575 bps to 600 bps, 0% floor, OID 97, 101 soft call for one year; Jefferies; refinance existing debt; Tampa, Fla., provider of software solutions to office-based physician practices and community health centers.

INDICOR LLC: Roughly $1.224 billion first-lien term loan Nov. 22, 2029 talked at SOFR plus 400 bps, 0.5% floor, OID 99.75 to par, 101 soft call for six months; UBS (left on U.S.) and BNP Paribas (left on euro); also roughly €299 million first-lien term loan Nov. 22, 2029 talked at Euribor plus 450 bps, 0% floor, OID 99.75 to par, 101 soft call for six months; repricing; diversified industrial solutions company.

INNIO GROUP: €1.664 billion equivalent U.S. and euro covenant-lite term loans due November 2028 (B2/B+/B+); Citigroup, BNP Paribas, Deutsche Bank, Unicredit, Morgan Stanley, BofA Securities Inc., Credit Agricole, Erste and Helaba; minimum $500 million term loan talked at SOFR plus 425 bps to 450 bps, 0% floor, OID 98.5, 101 soft call for six months; minimum €900 million term loan talked at Euribor plus 425 bps to 450 bps, 0% floor, OID 98.5, 101 soft call for six months; help amend and extend existing U.S. and euro term loans, fund acquisition of Northeast-Western Energy Systems from Penn Power Group and pay a shareholder distribution; Jenbach, Austria, energy solution and service provider.

LIFE TIME INC.: Expected closing Dec. 6; $310 million covenant-lite term B due January 2026 at SOFR+CSA plus 400 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, issue price par, 101 soft call for six months; Deutsche Bank; repricing; Chanhassen, Minn., operator of athletic resorts.

NORTHEAST GROCERY INC.: $550 million five-year term B (B3/B+/BB+) talked at SOFR plus 750 bps, 1% floor, OID 96 to 97, non-call one, 103, 101; Deutsche Bank, UBS and BofA Securities; refinance existing debt; Schenectady, N.Y., traditional food retailer.

ONEDIGITAL: $325 million incremental term loan (B3/B) due November 2027 talked at SOFR+CSA plus 425 bps, CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, 0.5% floor, OID 98.5 to 99, 101 soft call for six months; JPMorgan, Barclays, Goldman Sachs, Golub, BofA Securities, Wells Fargo and Scotia; fund acquisitions, and working capital and general corporate purposes; Atlanta-based provider of employee benefits insurance brokerage and retirement consulting services.

OVERDRIVE: $600 million first-lien term B (B2/B) talked at SOFR plus 425 bps to 450 bps, 0% floor, OID 98.5, 101 soft call for six months; KKR, Goldman Sachs, Morgan Stanley, ING, Truist and Credit Agricole; refinance existing term loan; Cleveland-based provider of digital content catalog.

PG&E CORP.: $750 million term B due June 2027 talked at SOFR plus 275 bps to 300 bps, 0.5% floor, OID 99.5, 101 soft call for six months; JPMorgan; extend existing term B; Oakland, Calif., energy company.

SABERT CORP.: $458 million covenant-lite term B due Dec. 10, 2026 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, issue price par, 101 soft call for six months; Wells Fargo; repricing; Sayreville, N.J., food packaging company.

SURGERY PARTNERS INC. (SURGERY CENTER HOLDINGS INC.): Roughly $2.104 billion credit facilities (Ba3/B); Jefferies, Barclays, JPMorgan, BofA Securities, Wells Fargo, Capital One, RBC, Mizuho, Fifth Third, SVB, KKR and SMBC; roughly $704 million five-year revolver; $1.4 billion seven-year first-lien term loan talked at SOFR plus 375 bps to 400 bps, 0% floor, OID 99, 101 soft call for six months; refinance existing credit facilities; Nashville, Tenn., operator of short-stay surgical facilities.

TITAN ACQUISITION HOLDINGS: $688.3 million first-lien term B due 2030 at SOFR plus 400 bps, 0% floor, OID 99.75, 101 soft call for six months; JPMorgan; repricing; Portland, Ore., provider of ship maintenance, repair, and overhaul services.

VISTRA OPERATIONS CO. LLC: $2.5 billion seven-year senior secured term loan talked at SOFR plus 225 bps, 0% floor, OID 99 to 99.5, 101 soft call for six months; Barclays, BMO, BNP Paribas, Citigroup, Credit Agricole, Goldman Sachs, JPMorgan, Mizuho, Morgan Stanley, MUFG, RBC, SMBC, Truist, BofA Securities, Natixis, Scotia, KeyBanc and Societe Generale; extend existing term B; Irving, Tex., integrated generation, wholesale and retail power company.

ZOOMINFO LLC: Expected closing Dec. 4 week; $595.5 million senior secured covenant-lite first-lien term B due Feb. 28, 2030 at SOFR plus 225 bps, 0% floor, issue price par, 101 soft call for six months; Morgan Stanley, Barclays, JPMorgan, Wells Fargo, BofA Securities and Goldman Sachs; repricing; Vancouver, Wash., provider of sales and marketing data.

On The Horizon

AMENTUM: $1.13 billion senior secured incremental first-lien term loan; JPMorgan, Morgan Stanley and RBC; fund merger with Jacobs’ Critical Mission Solutions and Cyber & Intelligence government services businesses; Chantilly, Va., engineering and technology solutions provider.

APOTEX PHARMACEUTICAL HOLDINGS INC.: New debt financing; RBC, Scotia, HSBC and Truist; help fund buyout by SK Capital Partners LP; Toronto-based pharmaceutical company.

CEDAR FAIR/SIX FLAGS: New debt financing; Goldman Sachs; $800 million of revolving credit commitments; refinance some existing debt in connection with merger of Cedar Fair and Six Flags Entertainment Corp.; Charlotte, N.C., amusement park operator.

CSG ELEVATE II INC.: New debt financing; JPMorgan; help fund acquisition of Vista Outdoor Inc.’s Sporting Products business by Czechoslovak Group; Anoka, Minn., ammunition manufacturer.

HILTON GRAND VACATIONS INC.: $900 million seven-year senior secured term loan (Ba2); BofA Securities, Deutsche Bank, Barclays and JPMorgan; help fund acquisition of Bluegreen Vacations; Orlando, Fla., timeshare company.

ROCKET SOFTWARE INC.: Incremental senior secured term loans; RBC, Barclays, Deutsche Bank, UBS, Citigroup, HSBC, Mizuho and SMBC; help fund acquisition of OpenText’s Application Modernization and Connectivity business; Waltham, Mass., provider of enterprise infrastructure software.

ROSEN GROUP: New debt financing; Barclays; help fund buyout by Partners Group; provider of solutions in all areas of the integrity process chain.

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.

© 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.