Bank Loan Calendar: $41.2868 billion deals being marketed

March Lender Calls

TRUIST INSURANCE HOLDINGS: Lender call March 8; $7.075 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 on first-lien; Stone Point left lead on already syndicated second-lien; $4 billion first-lien term B; $1.175 billion revolver; $1.9 billion eight-year second-lien term loan at SOFR plus 475 bps, 0% floor, issue price par, hard call 102, 101; help fund buyout by Stone Point Capital and Clayton, Dubilier & Rice from Truist Financial Corp.; Charlotte, N.C., insurance brokerage.

WS AUDIOLOGY (AURIS LUX III SARL): Lender call March 11; €2.768 billion equivalent U.S. and euro term B (B-); Goldman Sachs (physical bookrunner on U.S.); Deutsche Bank, Danske Bank and JPMorgan Chase Bank (physical bookrunners on euro), HSBC, Jyske Bank, Mizuho, Nordea, Nykredit, RBC, Santander, UBS, Citigroup and MUFG; minimum $500 million term B due February 2029, 101 soft call for six months; minimum €1 billion term B due February 2029, 101 soft call for six months; extend existing term loans; Denmark and Singapore-based provider of hearing aids.

Upcoming Closings

ACCESS CIG LLC: $125 million incremental first-lien term loan due Aug. 18, 2028 talked at SOFR plus 500 bps, 0.5% floor, OID 99.25 to 99.5, 101 soft call for one year; Jefferies, Macquarie, Golub, Nomura and KKR; repay second-lien term loan; Livermore, Calif., provider of records and information management solutions for highly regulated industries, including health care, financial services, law, consumer, and materials & industries.

ALLISON TRANSMISSION INC.: Expected closing March 8; $518 million seven-year senior secured covenant-lite term B (Baa2) at SOFR plus 175 bps, 0% floor, issue price par, 101 soft call for six months; Citigroup, Fifth Third, BofA Securities, Barclays, BMO, Deutsche Bank, JPMorgan, MUFG, Goldman Sachs, SMBC and Truist; amend and extend existing term B; Indianapolis-based automatic transmission company and supplier of hybrid-propulsion systems.

APPLOVIN CORP.: $3.567 billion of term loans (Ba3/BB+); Goldman Sachs; $1.474 billion term B due October 2028 talked at SOFR plus 250 bps to 275 bps, 0.5% floor, issue price par, 101 soft call for six months; $2.093 billion term B (including $600 million add-on) due August 2030 talked at SOFR plus 250 bps to 275 bps, 0.5% floor, issue price par on repricing, OID 99.5 to 99.75 on add-on, 101 soft call for six months; repricing existing 2028 and 2030 term loans and pay down revolver borrowings; Palo Alto, Calif., provider of marketing software.

ARCLIGHT NGPL HOLDINGS LLC (AL NGPL HOLDINGS LLC): Roughly $714 million term B due April 17, 2028 talked at SOFR plus 325 bps, 1% floor, issue price par for existing, OID 99.75 to par for new money, 101 soft call for six months; Barclays; repricing; FERC-regulated natural gas pipeline system.

ASGN INC.: $498.8 million covenant-lite term B due Aug. 31, 2030 talked at SOFR plus 175 bps to 200 bps, 0% floor, issue price par, 101 soft call for six months; Wells Fargo; repricing; Glen Allen, Va., provider of IT and professional services.

AXALTA COATING SYSTEMS LTD.: Roughly $1.736 billion senior secured term B-6 due Dec. 20, 2029 talked at SOFR plus 200 bps, 0.5% floor, OID 99.75 to par, 101 soft call for six months; Barclays; repricing; Glen Mills, Pa., coatings company.

BAKELITE SYNTHETICS: $110 million incremental first-lien term loan (B1/BB-/BB+) due May 2029 at SOFR+CSA plus 400 bps, 0.5% floor, OID 99.5; Goldman Sachs; fund a distribution to shareholders and pay down drawn portions of the ABL; Atlanta-based producer of thermoset specialty resins, solutions and engineered thermoset molding compounds.

BETTCHER INDUSTRIES INC.: $85 million add-on first-lien term loan due December 2028 talked at SOFR plus 400 bps, 0.5% floor, OID 99.03; KKR; fund an acquisition; Birmingham, Ohio, manufacturer and supplier of food processing equipment and associated aftermarket parts and consumables.

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.

CENGAGE LEARNING INC.: $1.613 billion senior secured covenant-lite first-lien term B (B2/B) due March 2031 talked at SOFR plus 450 bps to 475 bps, 1% floor, OID 99, 101 soft call for six months; Morgan Stanley, BMO, Wells Fargo, Citigroup, Deutsche Bank, Goldman Sachs, Standard Chartered, UBS, Apollo and KKR; refinance existing term B; Boston-based educational content, technology and services company.

CLOSURE SYSTEMS INTERNATIONAL GROUP INC.: $620 million credit facilities (B2/B); UBS; $120 million revolver due September 2028; $500 million first-lien term loan due March 2029 talked at SOFR plus 425 bps to 450 bps, 0% floor, OID 99.5, 101 soft call for six months; refinance existing first-lien credit facilities; Indianapolis-based designer and manufacturer of plastic and aluminum closures and capping equipment/application systems.

CREATIVE ARTISTS AGENCY LLC: $125 million incremental first-lien term B (//B+) due Nov. 26, 2028 talked at SOFR plus 350 bps, 0% floor, OID 99.5; BofA Securities, BNP Paribas, Credit Agricole, HSBC, JPMorgan, Mizuho, RBC and Truist; pre-fund remainder of CMC Capital buyout and fund cash to balance sheet; Los Angeles-based entertainment and sports agency.

DELIVERY HERO SE: Roughly $1.363 billion senior secured term B due December 2029 talked at SOFR plus 500 bps to 525 bps, 0.5% floor, OID 99.5, hard call 103, 101; JPMorgan; also €300 million pre-placed senior secured term B due December 2029 talked at Euribor plus 500 bps to 525 bps, 0% floor; amend and extend existing U.S. and euro term loans and repurchase convertibles; Berlin, Germany, local delivery platform.

FERTITTA ENTERTAINMENT LLC: Roughly $3.542 billion first-lien term loan (including $300 million add-on) due Jan. 27, 2029 at SOFR plus 375 bps, 0.5% floor, issue price par on repricing, OID 99.75 on add-on, 101 soft call for six months; Jefferies; repricing and general corporate purposes; diversified gaming, restaurant, hospitality and entertainment company.

FIRST BRANDS GROUP LLC: $525 million incremental first-lien term loan (//BB+) due March 30, 2027 at SOFR+CSA plus 500 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 99.25; Jefferies; also €225 million incremental first-lien term loan (//BB+) due March 30, 2027 at Euribor plus 500 bps, 1% floor, OID 99; refinance existing 2024-I incremental first-lien term loan, fund the acquisition of Factory Motor Parts Group and add cash to the balance sheet; Rochester, Mich., automotive aftermarket platform.

FLUTTER ENTERTAINMENT PLC: $514 million add-on term B due 2030 talked at SOFR plus 225 bps, 0.5% floor, OID 99.375 to 99.625; JPMorgan; refinance existing term loan due 2028; Dublin-based sports betting and gaming operator.

ICON PLC: $2.976 billion term B due July 2028 talked at SOFR plus 175 bps to 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.

INEOS QUATTRO: $475 million add-on term B (Ba3/BB/BB+) due March 2029 at SOFR+10 bps CSA plus 425 bps, 0% floor, OID 98, 101 soft call until Nov. 14, 2024; JPMorgan on U.S., BNP Paribas, Citigroup and JPMorgan on euro; also, €500 million add-on term B (Ba3/BB/BB+) due March 2029 at Euribor plus 450 bps, 0% floor, OID 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.

INMARSAT: $1.4 billion term B (B1/B+) due September 2029 talked at SOFR plus 400 bps to 425 bps, 0.5% floor, OID 98.5, 101 soft call for six months; BofA Securities, Citizens, DnB, Goldman Sachs, ING, JPMorgan, MUFG and NatWest; extend all or a portion of existing outstanding term loans; provider of mobile satellite communications services.

IVIRMA: $500 million seven-year term B (B2/B/B+) talked at SOFR plus 450 bps, 0% floor, OID 99, 101 soft call for six months; KKR, Barclays, BofA Securities, CVC Capital, Deutsche Bank, Intesa, Mizuho, Morgan Stanley, MUFG, Santander, SMBC, Societe Generale and UniCredit; also, €550 million seven-year term B (B/B+) talked at Euribor plus 450 bps, 0% floor, OID 99, 101 soft call for six months; refinance existing debt; fertility platform.

LEGALSHIELD: $125 million add-on first-lien term loan (B3) due December 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, 0.5% floor, OID 99.5, 101 soft call for six months; RBC and Stone Point; repay some second-lien debt; Ada, Okla., provider of legal and identity theft protection plans.

PACIFIC DENTAL SERVICES LLC: $1 billion seven-year term B (B1/B) at SOFR plus 325 bps, 0% floor, OID 99.75, 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.

QUICKBASE: $415 million first-lien term loan (including $152 million incremental) (B-) talked at SOFR plus 400 bps, 0.5% floor, OID 99.05 to 99.5, 101 soft call for six months; 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.

STATION CASINOS LLC (RED ROCK RESORTS): $1.57 billion term B (Ba2/BB+) due 2031 at SOFR plus 225 bps, 0% floor, OID 99.5, 101 soft call for six months; JPMorgan; help repay existing term A, term B and revolver borrowings; Las Vegas-based gaming, development and management company.

STUBHUB HOLDINGS INC. (STUBHUB HOLDCO SUB LLC): $1 billion senior secured term B (B3/B-) due March 2030 talked at SOFR plus 500 bps, 0% floor, OID 98 to 98.5, 101 soft call for six months; JPMorgan; also €452 million senior secured term B (B3) due March 2030 talked at Euribor plus 500 bps, 0% floor, OID 98 to 98.5, 101 soft call for six months; amend and extend a portion of U.S. term B and term B-2, and all of euro term B; Wilmington, Del., ticketing marketplace for live events.

SUNSOURCE (CD&R HYDRA BUYER INC./STS OPERATING INC.): $2.185 billion credit facilities; UBS; $500 million five-year ABL revolver; $1.685 billion seven-year first-lien term loan (B3/B) talked at SOFR plus 425 bps to 450 bps, 0% floor, OID 99, 101 soft call for six months; refinance existing capital structure, fund a distribution to shareholders and add cash to the balance sheet; Addison, Ill., distributor of highly technical products, solutions and services.

TENEO GLOBAL LLC (THOR FINCO LLC): $800 million credit facilities (B2/B); Nomura, HSBC, Deutsche Bank and Santander; $90 million five-year revolver; $710 million seven-year covenant-lite first-lien term loan at SOFR plus 475 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.

TK ELEVATOR: $2.941 billion term B (B2/B/B+) due April 2030 talked at SOFR plus 350 bps to 375 bps, 0.5% floor, OID 99.5, 101 soft call for six months; Goldman Sachs, Barclays, Credit Agricole, Deutsche Bank, UBS, BofA Securities, Commerzbank, Hessische Landesbank, HSBC, Intesa Sanpaolo, KKR, MUFG, RBC, SMBC, Societe Generale, Standard Chartered, TD Securities and Unicredit; also €500 million term B (B2/B/B+) due April 2030 talked at Euribor plus 400 bps, 0% floor, OID 99.5, 101 soft call for six months; extend existing U.S. term B and refinance existing private senior unsecured notes; provider of elevators and escalators.

VISTRA ZERO OPERATING CO. LLC: $700 million seven-year senior secured covenant-lite term B (Ba2/BBB-/BB) talked at SOFR plus 300 bps, 0% floor, OID 99, 101 soft call for six months; Citigroup; general corporate purposes; holder of a 1.4 GW portfolio of six unlevered, operating, solar generation and energy storage assets.

WORLD WIDE TECHNOLOGY HOLDING CO. LLC: $669 million term B due 2030 talked at SOFR+10 bps CSA plus 275 bps, 0.5% floor, OID 99.75 to par; JPMorgan; repricing; St. Louis-based provider of information technology supply chain solutions.

ZEKELMAN INDUSTRIES: $900 million term B due Jan. 24, 2031 talked at SOFR plus 225 bps, 0% floor, OID 99.5 to 99.75, 101 soft call for six months; Goldman Sachs and BofA Securities; amend, extend and modestly upsize existing senior secured term B; Chicago-based steel and pipe producer.

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.

EVERI HOLDINGS INC./INTERNATIONAL GAME TECHNOLOGY INC. (IGNITE ROTATE LLC): $3.22 billion senior secured credit facilities; Deutsche Bank and Macquarie; $500 million five-year revolver; $2.72 billion seven-year term loan; help fund merger of Everi with International Game Technology plc’s Global Gaming and PlayDigital businesses; gaming and fintech company.

FIRST ADVANTAGE CORP.: $2.07 billion credit facilities; BofA Securities, Barclays, BMO, Jefferies and RBC; $250 million five-year revolver; $1.82 billion seven-year senior secured incremental covenant-lite term loan expected at SOFR plus 325 bps, two 25 bps step-downs at first-lien leverage of 0.5x and 1x less than at closing, 0% floor, 101 soft call for six months; help fund acquisition of Sterling Check Corp., retire existing Sterling debt, and expand and extend existing revolver; Atlanta-based provider of employment background screening, identity and verification 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.

IRIDIUM COMMUNICATIONS INC.: New add-on term B; fund acquisition of Satelles Inc.; McLean, Va., provider of voice and data satellite communications.

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.: $750 million incremental senior secured covenant-lite term loan due Sept. 21, 2030 expected at SOFR plus 225 bps, 0% floor; JPMorgan; 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.

VIAVI SOLUTIONS: $900 million credit facilities; Wells Fargo; $100 million five-year revolver expected at SOFR plus 350 bps, two 25 bps step-downs based on leverage, 0% floor; $800 million seven-year covenant-lite term loan (//BB+) expected at SOFR plus 375 bps, two 25 bps step-downs based on leverage, 0% floor; help fund acquisition of Spirent Communications plc; Chandler, Ariz., provider of communications test, measurement and optical technologies.

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