Bank Loan Calendar: $11.906 billion deals being marketed

February Lender Calls

INEOS QUATTRO: Lender call Feb. 29; minimum €700 million equivalent U.S. and euro fungible add-on term B (BB) due March 2029; JPMorgan on U.S., BNP Paribas, Citigroup and JPMorgan on euro; U.S. add-on term B talked at SOFR+10 bps CSA plus 425 bps, 0% floor, OID 98, 101 soft call until Nov. 14, 2024; euro add-on term B talked at Euribor plus 450 bps, 0% floor, OID 98.5 to 99, 101 soft call until Nov. 14, 2024; extend a portion of existing U.S. and euro term B borrowings due 2026, and refinance certain 2026 debt maturities; chemicals company.

PACIFIC DENTAL SERVICES LLC: Lender call Feb. 29; $1 billion seven-year term B, 101 soft call for six months; BNP Paribas, BMO, BofA Securities, Citigroup, JPMorgan, KeyBanc and Goldman Sachs; refinance existing debt, fund a dividend and general corporate purposes; Irvine, Calif., provider of business support services to affiliate dental practices.

March Lender Calls

QUICKBASE: Lender call March 5; $415 million first-lien term loan (including $152 million incremental); Golub; refinance existing second-lien term loan and extend existing first-lien term loan; Boston-based provider of Platform-as-a-Service application development tools that allow non-technical users to develop and deploy their own highly configurable apps.

Upcoming Closings

ALLISON TRANSMISSION INC.: $518 million seven-year senior secured covenant-lite term B talked at SOFR plus 175 bps, 0% floor, OID 99.5 to 99.75, 101 soft call for six months; Citigroup; amend and extend existing term B; Indianapolis-based automatic transmission company and supplier of hybrid-propulsion systems.

API GROUP DE INC.: $300 million incremental covenant-lite term B due Jan. 3, 2029 talked at SOFR+CSA plus 250 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 99.5 to 99.75; Citigroup; help repurchase conversion shares from Blackstone and Viking’s outstanding series B perpetual convertible preferred stock; New Brighton, Minn., business services provider of safety, specialty and industrial services.

BLUETRITON BRANDS (TRITON WATER HOLDINGS, INC.: Expected closing March 1; $400 million incremental senior secured covenant-lite term B (B2/B) due March 31, 2028 at SOFR plus 400 bps, 25 bps step-down upon an IPO, 0.5% floor, OID 98, 101 soft call for six months; Morgan Stanley, Deutsche Bank, RBC, JPMorgan, Mizuho, Truist and SMBC; fund a distribution to shareholders; Stamford, Conn., bottled water supplier.

CLEAN HARBORS: $400 million incremental term B (Ba1/BBB-) due October 2028 talked at SOFR+CSA plus 175 bps, 0% floor, OID 99.75 area, 101 soft call for six months; Goldman Sachs, JPMorgan, BofA Securities, Citizens, Truist, Stifel and RBC; fund acquisition of Hepaco from Gryphon Investors; Norwell, Mass., provider of environmental and industrial services.

CLEAR CHANNEL OUTDOOR HOLDINGS INC.: $425 million term B (B2) due August 2028 talked at SOFR+CSA plus 450 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, 101 soft call for six months; JPMorgan; extend a portion of existing term B; San Antonio-based out-of-home advertising company.

FERTITTA ENTERTAINMENT LLC: Roughly $3.242 billion first-lien term loan due Jan. 27, 2029 talked at SOFR plus 375 bps, 0.5% floor, issue price par, 101 soft call for six months; Jefferies; repricing; diversified gaming, restaurant, hospitality and entertainment company.

GROUNDWORKS: $1.03 billion credit facilities (B3/B); KKR, Deutsche Bank, Jefferies, Morgan Stanley, Capital One and Natixis; $65 million five-year revolver; $815 million 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; $150 million delayed-draw term loan talked at SOFR plus 375 bps to 400 bps, 0% floor, OID 99; refinance existing credit facilities; Virginia Beach, Va., foundation repair and water management solutions provider.

ICON PLC: $2.976 billion term B due July 2028 talked at SOFR plus 200 bps, 0.5% floor, issue price par, 101 soft call for six months; Citigroup; repricing; Dublin-based provider of outsourced drug and device development and commercialization services.

SOLINA (SARATOGA FOOD SPECIALTIES LLC): $420 million five-year first-lien term B talked at SOFR plus 375 bps, 0% floor, OID 99, 101 soft call for six months; BofA Securities, Natixis, Credit Agricole, JPMorgan, NatWest and SMBC; fund acquisition of Oscar and Puljonki from Nestle Group, refinance existing U.S. term loan, acquire outstanding minority shares of Zafron and pre-fund identified strategic capital expenditures; savory ingredient solutions provider to the food industry.

TENEO GLOBAL LLC (THOR FINCO LLC): $780 million credit facilities (B2/B); Nomura, HSBC, Deutsche Bank and Santander; $90 million five-year revolver; $690 million seven-year covenant-lite first-lien term loan talked at SOFR plus 475 bps to 500 bps, 1% floor, OID 99, 101 soft call for six months; refinance existing credit facilities and fund cash to the balance sheet; New York-based CEO advisory firm.

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; $850 million revolver; potentially $500 million term B; refinance some existing debt in connection with merger of Cedar Fair and Six Flags Entertainment Corp.; Charlotte, N.C., amusement park operator.

COHESITY: New debt financing; JPMorgan; help fund combination with Veritas’ data protection business; San Jose, Calif., AI-powered data security and management company.

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.

DELTA UTILITIES: New debt financing; Jefferies and Scotiabank; help fund acquisition of CenterPoint Energy Inc.’s natural gas distribution operations in Louisiana and Mississippi; New Orleans-based natural gas distribution company.

END-USER COMPUTING: $2.86 billion credit facilities; UBS, KKR and Jefferies; $260 million revolver; $2.6 billion first-lien term loan; help fund buyout by KKR from Broadcom Inc.; provider of digital workspace solutions.

GLATFELTER CORP.: $1.835 billion senior secured credit facilities; Citigroup and Wells Fargo; $1.585 billion seven-year term loan; $250 million five-year ABL revolver; help fund merger with Berry Global Group Inc.’s health, hygiene and specialties global nonwovens and films business, and repay certain debt of Glatfelter; Charlotte, N.C., supplier of engineered materials.

KAMAN CORP.: $940 million credit facilities; Morgan Stanley; $150 million revolver; $790 million term loan; help fund buyout by Arcline Investment Management LP; Bloomfield, Conn., OEM and producer of subassemblies, components and parts for the aerospace & defense, industrial and medical markets.

MITER BRANDS: $2.125 billion senior secured credit facilities; KeyBanc and RBC; $325 million asset-based revolver; up to $1.8 billion term loan; help fund acquisition of PGT Innovations Inc.; manufacturer of precision-built windows and doors.

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.

TRUIST INSURANCE HOLDINGS: $5.175 billion credit facilities; JPMorgan, Morgan Stanley, Stone Point, BofA Securities, Wells Fargo, Truist, Barclays, RBC, Citigroup, Goldman Sachs, KKR, BNP Paribas, Mizuho and TD Securities; $4 billion term B; $1.175 billion revolver; help fund buyout by Stone Point Capital and Clayton, Dubilier & Rice from Truist Financial Corp.; Charlotte, N.C., insurance brokerage.

© 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.