Bank Loan Calendar: $60.5899 billion deals being marketed

January Lender Call

ADTALEM GLOBAL EDUCATION INC.: Lender call Jan. 17; $253 million senior secured covenant-lite first-lien term B (Ba3/BB) due Aug. 12, 2028 talked at SOFR plus 350 bps to 375 bps, step ups talked at SOFR plus 375 bps to 400 bps at 1.73x net first-lien leverage and SOFR plus 400 bps to 425 bps at 2.23x net first-lien leverage, 0.75% floor, issue price par, 101 soft call for six months; Morgan Stanley; repricing; Chicago-based provider of post-secondary education.

CHARTER NEXT GENERATION INC.: Lender call Jan. 17; $2.317 billion term B; KKR; repricing; Milton, Wis., producer of specialty films used in flexible packaging and other end-use markets.

MARINER WEALTH ADVISORS: Lender call Jan. 17; $100 million incremental covenant-lite first-lien term loan due August 2028 talked at SOFR+CSA plus 325 bps, 0.5% floor; BMO, RBC and UBS; repricing; Overland Park, Kan., investment adviser.

MERLIN ENTERTAINMENTS PLC: Lender call Jan. 17; $1.273 billion term loan due November 2029, 101 soft call for six months; BofA Securities, Deutsche Bank, Bank of China, Barclays, HSBC, Intesa, Mizuho, Morgan Stanley, Santander, SMBC and UniCredit; also €200 million add-on term loan due November 2029 talked at Euribor plus 400 bps, 0% floor; help refinance existing 2026 term loans; Poole, England, operator of hotels and holiday attractions.

PCI PHARMA SERVICES (PACKAGING COORDINATORS MIDCO INC.): Lender call Jan. 17; $400 million incremental first-lien term loan due Nov. 30, 2027 talked at SOFR+CSA plus 350 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 99.27; Jefferies; refinance second-lien term loan; Philadelphia-based provider of outsourced pharmaceutical services.

SUBCOM: Lender call Jan. 17; $1.35 billion term B; Goldman Sachs; refinance existing term loans and fund a distribution to shareholders; Eatontown, N.J., subsea fiber optic cable turnkey service provider.

TMF GROUP (TMF SAPPHIRE BIDCO BV): Lender call Jan. 17; $400 million term B due May 2028 talked at SOFR plus 425 bps to 450 bps, 25 bps step-down at 3.5x leverage, 0% floor, issue price par, 101 soft call for six months; Goldman Sachs, HSBC, Barclays, Deutsche Bank, Jefferies and Nomura; also €955 million term B due May 2028 talked at Euribor plus 400 bps to 425 bps, 25 bps step-downs at 4x and 3.5x leverage, 0% floor, issue price par, 101 soft call for six months; repricing; Amsterdam-based provider of legal financial and employee administration services.

TRICOR/VISTRA: Lender call Jan. 17; $598.5 million senior secured covenant-lite term B due June 17, 2029 talked at SOFR plus 400 bps to 425 bps, 0.5% floor, issue price par, 101 soft call for six months; Goldman Sachs, Barclays, Deutsche Bank, HSBC, BNP Paribas, Citigroup, Credit Agricole, DBS, Morgan Stanley, MUFG, Nomura, SMBC and Standard Chartered; also €816 million senior secured covenant-lite term B due June 17, 2029 talked at Euribor plus 400 bps to 425 bps, 25 bps step-down at 4.5x leverage, 0% floor, issue price par, 101 soft call for six months; repricing; Hong Kong-based fund and corporate services company.

VISTAGE WORLDWIDE: Lender call Jan. 17; $125 million add-on first-lien term loan due July 2029 talked at SOFR+CSA plus 525 bps, CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, 0.75% floor; Golub; refinance second-lien term loan borrowings; San Diego-based member-based advisory company for executives of small- and medium-sized businesses.

Upcoming Closings

1-800 CONTACTS INC.: $350 million incremental term loan (B2) talked at SOFR plus 375 bps, 25 bps step-down at 5x net first-lien leverage, 0.75% floor, OID 99.5, 101 soft call for six months; KKR; partially refinance second-lien term loan and fund a shareholder distribution; Orem, Utah, seller of contact lenses.

ACCESS CIG LLC: $125 million incremental first-lien term loan due Aug. 18, 2028 talked at SOFR plus 500 bps, 0.5% floor, OID 98.5 to 99, 101 soft call through Feb. 18; Jefferies; refinance a portion of existing second-lien term loan; Livermore, Calif., provider of records and information management solutions for highly regulated industries.

AEGION CORP.: Roughly $809 million first-lien term loan due May 17, 2028 talked at SOFR plus 425 bps, 0.75% floor, issue price par, 101 soft call for six months; Jefferies; repricing; Chesterfield, Mo., provider of infrastructure maintenance, rehabilitation and protection solutions, primarily serving municipal water and wastewater entities.

ARCLIGHT GCX (AL GCX HOLDINGS LLC): $598 million first-lien term loan (Ba3/B+) due May 17, 2029 at SOFR plus 325 bps, 0.5% floor, issue price par, 101 soft call for six months; Barclays; repricing; new-build 450-mile Permian natural gas pipeline.

AUTOKINITON US HOLDINGS INC.: $1.155 billion senior secured covenant-lite term B due April 6, 2028 talked at SOFR+CSA plus 400 bps to 425 bps, CSA is 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate, 25 bps step-down at 2.61x net first-lien leverage, 0.5% floor, issue price par, 101 soft call for six months; Citigroup; repricing; New Boston, Mich., provider of automotive components and assembly solutions.

CALIBER COLLISION (WAND NEWCO 3 INC.): $2.525 billion seven-year term B (B3/B) talked at SOFR plus 400 bps to 425 bps, 0% floor, OID 99, 101 soft call for six months; BofA Securities, Goldman Sachs, Deutsche Bank, Mizuho, Truist, RBC, Wells Fargo, BMO, JPMorgan, Jefferies, SMBC and PNC; help refinance existing debt and fund a distribution to shareholders; Lewisville, Tex., collision repair company.

CALPINE CORP.: $1.43 billion in term loans; BMO; $700 million term B-5 due December 2027 talked at SOFR plus 200 bps, 0% floor, OID 99.75 to par; $730 million term B-10 due January 2031 talked at SOFR plus 200 bps, 0% floor, OID 99.5 to 99.75; reprice existing term B-5 and amend and extend term B-10; Houston-based provider of power generation services.

CHAMBERLAIN GROUP LLC (CHARIOT BUYER LLC): $625 million incremental covenant-lite term B (B3/B/B) due Nov. 3, 2028 talked at SOFR plus 375 bps to 400 bps, 0.5% floor, OID 98.75 to 99, 101 soft call for six months; Wells Fargo; repay existing second-lien term loan and add cash to the balance sheet; Oak Brook, Ill., provider of smart access solutions across residential and commercial properties.

CITADEL: Expected closing Jan. 29 week; $4.041 billion term B due July 2030 at SOFR plus 225 bps, 0% floor, issue price par, 101 soft call for six months; Goldman Sachs; repricing; Miami-based market maker in equities, options and fixed-income products.

CONSERVICE MIDCO LLC: Roughly $728 million first-lien term loan (including $67.5 million add-on) (B-) due May 2027 at SOFR plus 400 bps, 0% floor, issue price par, 101 soft call for six months; UBS; repricing and partially repay second-lien term loan; River Heights, Utah, provider of utility management and billing software solutions to property owners and managers.

CROCS INC.: $820 million senior secured covenant-lite term B due Feb. 17, 2029 talked at SOFR plus 225 bps to 250 bps, 0.5% floor, issue price par, 101 soft call for six months; Citigroup; repricing; Broomfield, Colo., casual footwear company.

CROSS FINANCIAL: $438 million term B due September 2027 talked at SOFR plus 375 bps, 0.75% floor, issue price par, 101 soft call for six months; JPMorgan; repricing; insurance broker.

DAVE & BUSTER’S INC.: Roughly $897.8 million covenant-lite term loan B (B1/B) due June 2029 at SOFR plus 325 bps, 25 bps step-down if corporate ratings are at least B1/B+, 0.5% floor, issue price par, 101 soft call for six months; Deutsche Bank, JPMorgan, BMO, Wells Fargo, Truist, Capital One and Fifth Third; repricing; Coppell, Tex., owner and operator of entertainment and dining venues.

DRW HOLDINGS LLC: $250 million add-on term B due March 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, 0% floor, OID 99.03; BofA Securities, Jefferies and JPMorgan; general corporate purposes; technology-driven electronic trading firm.

DUN & BRADSTREET CORP.: $2.202 billion term B (including $1.75 billion incremental) due January 2029 talked at SOFR plus 275 bps, 25 bps step-down at Ba3/BB+ corporate ratings, 0% floor, OID 99.875 on incremental, issue price par on repricing; BofA Securities; refinance existing 2026 term loan and reprice existing 2029 term loan; Short Hills, N.J., provider of business decisioning data and analytics.

ENSEMBLE: $1.7 billion term B due August 2029 talked at SOFR plus 325 bps to 350 bps, 0% floor, OID 99.5, 101 soft call for six months; Goldman Sachs; refinance existing term B; Cincinnati-based provider of technology-enabled, end-to-end revenue cycle management services to hospitals and health systems.

FOCUS FINANCIAL: $2.437 billion term B-7 (B1/B+) due June 30, 2028 at SOFR plus 275 bps, 0.5% floor, OID 99.875, 101 soft call for six months; RBC and SPC; repricing and merger into one tranche of term B-5 and term B-6, repay revolver borrowings and add cash to the balance sheet; New York-based partnership of independent, fiduciary wealth management firms operating in the registered investment advisor industry.

HARBOURVEST PARTNERS: $499 million term B due April 2030 talked at SOFR plus 250 bps, 0% floor, OID 99.75 to par, 101 soft call for six months; JPMorgan; repricing; private markets firm.

HUB INTERNATIONAL: $4.86 billion term B due June 2030 talked at SOFR plus 350 bps, 0.75% floor, issue price par, 101 soft call for six months; Goldman Sachs, Morgan Stanley and JPMorgan; repricing and help refinance term B-4 and notes; Chicago-based insurance brokerage firm.

IDEMIA: $750 million term loan due September 2028 talked at SOFR plus 425 bps, 0.75% floor, issue price par, 101 soft call for six months; JPMorgan, BNP Paribas, Credit Agricole, CM-CIC, Deutsche Bank, Goldman Sachs, HSBC, Morgan Stanley, Natixis, Nomura and Societe Generale; repricing; France-based provider of security technology products and services.

IMAGINE LEARNING (WELD NORTH EDUCATION): $922 million term B (B2/B) due December 2029 talked at SOFR plus 350 bps, 0.5% floor, OID 99.5, 101 soft call for six months; RBC; refinance existing term B; education technology company focused on digital curriculum for grades K-12.

IMPERIAL DADE (BCPE EMPIRE HOLDINGS INC.): Roughly $2.143 billion first-lien term loan (including $150 million incremental) (B3/B-) due December 2028 talked at SOFR plus 400 bps to 425 bps, 0.5% floor, OID 99.75 on rolled positions, OID 99.5 on new commitments, 101 soft call for six months; UBS; repricing and pay down ABL borrowings; Jersey City, N.J., distributor of foodservice disposables and janitorial sanitation products.

INSPIRE BRANDS INC. (IRB HOLDING CORP.): $4.237 billion first-lien term loan (B2/B+) due Dec. 15, 2027 at SOFR plus 275 bps, 0.75% floor, issue price par, 101 soft call for six months; Barclays; repricing; Atlanta-based multi-brand restaurant company.

INSULET CORP.: $488 million senior secured covenant-lite first-lien term B (Ba2/BB-) due May 2028 talked at SOFR plus 300 bps, 0% floor, issue price par, 101 soft call for six months; Morgan Stanley; repricing; Acton, Mass., medical device company dedicated to simplifying life for people with diabetes and other conditions.

INTERNATIONAL SOS: $686 million term B due September 2028 talked at SOFR plus 325 bps to 350 bps, 0.5% floor, issue price par, 101 soft call for six months; JPMorgan; repricing; provider of assistance and medical services to corporates, governments and other public entities.

INTRADO: $871 million term B (B2/B) due Jan. 31, 2030 talked at SOFR plus 350 bps, 0.5% floor, OID 99.75, 101 soft call for six months; RBC, UBS, Goldman Sachs, MUFG and Jefferies; repricing; provider of critical public emergency telecommunications services.

ION CORPORATES: $698 million term B (including $75 million add-on) due July 2030 talked at SOFR plus 375 bps, 0% floor, OID 99.75 to par on repricing, OID 99.75 on add-on, 101 soft call for six months; BNP Paribas; repricing, fund a distribution and put cash on the balance sheet; provider of software and solutions focused on corporate treasury and commodities management.

KENAN ADVANTAGE GROUP INC.: $1.725 billion credit facilities (B2/B); KeyBanc, Citizens, Barclays, CIBC, ING, MUFG, Regions, UBS, Wells Fargo and Fifth Third; $200 million five-year revolver; $1.525 billion five-year covenant-lite term B talked at SOFR plus 400 bps to 425 bps, 0% floor, OID 99, 101 soft call for six months; extend existing credit facilities; North Canton, Ohio, provider of liquid bulk transportation services to the fuels, chemicals, liquid foods and merchant gas markets.

KOHLER ENERGY (DISCOVERY ENERGY HOLDING CORP.): $1.625 billion equivalent U.S. and euro seven-year term B (B1) talked at SOFR/Euribor plus 375 bps to 400 bps, 0% floor, OID 98, 101 soft call for six months; BofA Securities, Goldman Sachs, BMO, Deutsche Bank, HSBC, Mizuho, Nomura, Santander, Stifel and UBS; help fund the acquisition of a majority stake in Kohler Co.’s energy division by Platinum Equity; provider of mission critical power solutions to homes, businesses, and equipment.

MAVIS TIRE EXPRESS SERVICES TOPCO CORP.: Roughly $2.301 billion first-lien term loan due May 4, 2028 talked at SOFR plus 350 bps, 0.75% floor, issue price par, 101 soft call for six months; Jefferies; repricing; Millwood, N.Y., tire and service retailer.

MKS INSTRUMENTS INC.: $500 million add-on term loan B due August 2029 at SOFR plus 250 bps, 0.5% floor, OID 99.75, 101 soft call for six months; JPMorgan; also €250 million add-on term loan B due August 2029 at Euribor plus 300 bps, 0% floor, OID 99.75, 101 soft call for six months; refinance existing term A; Andover, Mass., provider of technology solutions to semiconductor manufacturing, electronics and packaging, and specialty industrial applications.

PAREXEL: $600 million add-on term B (B2/B) due November 2028 talked at SOFR plus 325 bps, 0.5% floor, OID 99.03 to 99.5, 101 soft call for six months; Goldman Sachs, Barclays, UBS, DNB, Jefferies, BofA Securities, BNP Paribas, RBC, ING, PNC and Mizuho; refinance a portion of second-lien term loan; Durham, N.C., biopharmaceutical services company.

ROUGH COUNTRY: $100 million add-on term loan (B2) due July 28, 2028 talked at SOFR+CSA plus 350 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 99.03; Golub and Jefferies; repay a portion of existing second-lien term loan; Dyersburg, Tenn., manufacturer and distributor of off-road accessories and suspension systems.

RYAN SPECIALTY GROUP LLC: $1.6 billion term B talked at SOFR plus 275 bps, 0.75% floor, OID 99.875 to par, 101 soft call for six months; JPMorgan; repricing; Chicago-based specialty insurance organization.

SBA COMMUNICATIONS CORP.: $2 billion seven-year term B (BBB-) talked at SOFR plus 200 bps, 0% floor, OID 99.5, 101 soft call for six months; TD Securities, Mizuho, Barclays, Citigroup, Goldman Sachs, JPMorgan and Wells Fargo; help refinance existing term B; Boca Raton, Fla., owner and operator of wireless communications infrastructure.

SOLENIS: $796 million term B (B3/B-) due November 2028 talked at SOFR plus 425 bps, 0.5% floor, OID 99.75 to par, 101 soft call for six months; Goldman Sachs, BofA Securities, BMO, HSBC, Citigroup, Macquarie and Nomura; reprice and combine 2023 and 2022 incremental term loans; Wilmington, Del., provider of services for water intensive and disinfection end markets.

TMS INTERNATIONAL CORP.: $446.6 million term B due 2030 talked at SOFR plus 425 bps, 0.5% floor, OID 99.75 to par, 101 soft call for six months; JPMorgan; repricing; Pittsburgh-based provider of on-site industrial steel mill services for steelmakers.

WARNER MUSIC GROUP (WMG ACQUISITION CORP.): $1.295 billion seven-year senior secured term B talked at SOFR plus 200 bps, 0% floor, OID 99.5 to 99.75, 101 soft call for six months; JPMorgan; refinance existing term B; New York-based music entertainment company.

WESTINGHOUSE (WEC US HOLDINGS INC.): $3.5 billion seven-year first-lien term B (B1/B+/BB-) talked at SOFR plus 300 bps to 325 bps, two leverage-based step-downs, 0% floor, OID 99.5, 101 soft call for six months; Deutsche Bank; refinance existing capital structure; Cranberry Township, Pa., provider of infrastructure services to the nuclear power sector.

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.

MASONITE INTERNATIONAL CORP.: Up to $1.8 billion in senior secured term B loans; Jefferies and SMBC; help fund acquisition of PGT Innovations Inc.; Tampa, Fla., designer, manufacturer, marketer and distributor of interior and exterior doors and door systems.

RESTAURANT BRANDS INTERNATIONAL INC.: Roughly $750 million of term loan debt; help fund acquisition of Carrols Restaurant Group Inc.; Toronto-based quick service restaurant 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.

SHEARER’S FOODS: New debt financing; Deutsche Bank, UBS, BMO, BNP Paribas, RBC and TD Securities; help fund buyout by Clayton Dubilier & Rice from Ontario Teachers’ Pension Plan Board; Massillon, Ohio, contract manufacturer and private label supplier serving the snack industry.

SIRIUSXM HOLDINGS INC.: New debt financing; Morgan Stanley, BofA Securities and JPMorgan; refinance some debt in connection with merger with Liberty Media Corp.’s Liberty SiriusXM tracking stock group; New York-based audio entertainment 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.

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