Patagonia Holdco seeks term loan B; STG Logistics joins calendar with incremental plans

By Sara Rosenberg

New York, July 18 – In the primary market on Monday, Patagonia Holdco (Lumen Latin America) approached lenders with a term loan B for the acquisition of Lumen Technologies’ Latin American business.

Furthermore, STG Logistics emerged with plans to bring an incremental first-lien term loan to market this week.

Patagonia shops loan

Patagonia Holdco launched an $800 million seven-year term loan B talked at SOFR plus 575 basis points with a 0.5% floor, an original issue discount of 90 and 101 soft call protection for six months, a market source remarked.

There is a recorded lender presentation for investors, and there will be a question-and-answer call at 10 a.m. ET on Wednesday to discuss the transaction, the source added.

Commitments are due at 5 p.m. ET on July 26.

JPMorgan Chase Bank, Goldman Sachs Bank USA, Citigroup Global Markets Inc., BofA Securities Inc., Natixis, Deutsche Bank Securities Inc. and Bank of Nova Scotia are leading the deal that will be used with $500 million of secured notes to help fund the buyout of Lumen Technologies’ Latin American business by Stonepeak for $2.7 billion.

Patagonia is a Latin American communications platform with a subsea, terrestrial fiber and data center footprint.

STG readies deal

STG Logistics set a lender call for 2 p.m. ET on Tuesday to launch a $45 million incremental first-lien term loan, according to a market source.

Antares Capital is leading the deal.

STG is a Bensenville, Ill.-based provider of facilities-based containerized logistics services.

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