September Bank Meetings
EIF VAN HOOK EQUITY HOLDINGS: Bank meeting Sept. 6; $425 million credit facilities; Macquarie; $25 million super-priority revolver; $400 million first-lien term loan (B3/B+); support expansion of North Dakota midstream platform; midstream company.
REFINITIV (THOMSON REUTERS’ FINANCIAL & RISK): $8.75 billion equivalent credit facilities; Bank of America, JPMorgan and Citigroup; $750 million revolver; $8 billion of secured term loans (including up to $2.5 billion equivalent in euros); help fund acquisition of a 55% stake by Blackstone, Canada Pension Plan Investment Board and GIC; data and financial technology platform.
U.S. LUMBER GROUP LLC: Bank meeting Sept. 6; $600 million credit facilities; SunTrust; $100 million five-year ABL revolver; $500 million seven-year covenant-light term loan; fund acquisition of Alexandria Moulding and refinance existing debt; Atlanta-based two-step distributor of specialty building products.
WEB.COM GROUP INC.: Lender presentation Sept. 5; $1.6 billion senior secured credit facilities; Morgan Stanley, RBC and Macquarie; $100 million revolver; $1.08 billion first-lien term B; $420 million second-lien term loan; help fund buyout by Siris Capital Group LLC and refinance existing debt; Jacksonville, Fla., provider of Internet services and online marketing solutions.
Upcoming Closings
24-7 INTOUCH: Expected closing Aug. 24; $370 million senior secured credit facilities; RBC and Credit Suisse; $45 million revolver (B2/B); $245 million seven-year first-lien term loan (B2/B) at Libor plus 425 bps, 0% Libor floor, OID 98, 101 soft call; $80 million privately placed second-lien term loan (Caa2/CCC+) at Libor plus 775 bps; provider of technology enabled, omnichannel, outsourced customer care to consumer-facing businesses.
ALLEN MEDIA LLC: $375 million five-year term B (B2/B) at Libor plus 650 bps, 1% Libor floor, OID 97.5, hard call 102, 101; Deutsche Bank and Jefferies; support the Target Acquisition, repay existing debt, issue a dividend and fund cash to the balance sheet; media, content and technology company.
BALL METALPACK: $665 million credit facilities; Goldman Sachs (left on first-lien), Bank of America (left on second-lien), Deutsche Bank, Credit Suisse, Mizuho and Stifel; $125 million five-year ABL revolver; $395 million seven-year first-lien term loan (B1/B) at Libor plus 450 bps, 0% Libor floor, OID 99.5, 101 soft call for six months; $145 million eight-year second-lien term loan (B3/CCC+) at Libor plus 875 bps, 1% Libor floor, OID 98, call protection 102, 101; fund formation of the company via a joint venture between Ball Corp. and Platinum Equity Capital Partners; manufacturer of tinplate food and aerosol cans.
BAY CLUB (BULLDOG PURCHASER INC.): Expected closing Aug. 31; $765 million senior secured credit facilities; Morgan Stanley, Bank of America, Jefferies and KKR; $50 million five-year revolver (B2/B+); $340 million seven-year covenant-light first-lien term loan (B2/B+) at Libor plus 375 bps, 0% Libor floor, OID 99, 101 soft call; $185 million delayed-draw covenant-light first-lien term loan (B2/B+) at Libor plus 375 bps, 0% Libor floor, OID 99; $125 million eight-year covenant-light second-lien term loan (Caa2/CCC+) at Libor plus 775 bps, 0% Libor floor, OID 99, call protection 102, 101; $65 million delayed-draw covenant-light second-lien term loan (Caa2/CCC+) at Libor plus 775 bps, 0% Libor floor, OID 99; fund buyout by KKR from York Capital Management and minority investors; San Francisco-based active lifestyle and hospitality company.
BOYD CORP.: $1.615 billion of term loans; Goldman Sachs (left on first-lien), JPMorgan (left on second-lien), RBC, Barclays, Citigroup, UBS, KeyBanc, Societe Generale and ING; $1.3 billion seven-year covenant-light first-lien term loan (B2/B-) at Libor plus 350 bps, 25 bps step-down upon an IPO and 25 bps step-down at 0.5x inside opening first-lien net leverage, 0% Libor floor, OID 99.5, 101 soft call for six months; $315 million eight-year covenant-light second-lien term loan (Caa2/CCC+) at Libor plus 675 bps, 25 bps step-down upon an IPO, 0% Libor floor, call protection 102, 101; help fund buyout by Goldman Sachs Merchant Banking from Genstar Capital; Pleasanton, Calif., provider of highly-engineered thermal management and environmental sealing solutions.
BRACKET INTERMEDIATE HOLDINGS CORP.: Expected closing mid-September; $815 million credit facilities; Jefferies, Antares and Barclays; $40 million revolver (B2/B-); $545 million seven-year first-lien term loan (B2/B-) at Libor plus 425 bps, 0% Libor floor, OID 99.5, 101 soft call; $230 million privately placed second-lien term loan; help fund the acquisition of CRF Health Group Ltd. from Vitruvian Partners; provider of software and technology-enabled solutions utilized in clinical trials.
CYPRESS SEMICONDUCTOR CORP.: Expected closing Sept. 15; $477.6 million senior secured term B due July 5, 2021 at Libor plus 200 bps, 0% Libor floor, 101 soft call for six months; Morgan Stanley, Barclays, SunTrust and Fifth Third; repricing; San Jose, Calif., semiconductor manufacturer.
DEL FRISCO’S RESTAURANT GROUP INC.: $310 million term B (B3/B-) at Libor plus 600 bps, 0% Libor floor, OID 95, 101 soft call; JPMorgan and Citizens; refinance debt used for recent acquisition of Barteca Restaurant Group; Irving, Texas, restaurant company.
DRESSER NATURAL GAS SOLUTIONS: $235 million credit facilities; BNP Paribas; $35 million five-year revolver; $150 million seven-year first-lien term loan at Libor plus 425 bps, step-down to Libor plus 400 bps, 1% Libor floor, OID 99.5, 101 soft call for six months; $50 million privately placed eight-year second-lien term loan; help fund buyout by First Reserve from Baker Hughes; original equipment manufacturer of commercial and industrial natural gas meters and pipeline repair products.
ION TRADING FINANCE LTD.: $2.1 billion equivalent senior secured incremental covenant-light first-lien term loan ($1.32 billion U.S. and €670 million euro) (B) at Libor plus 400 bps/Euribor plus 325 bps, 1% floor, OID 99.75, 101 soft call for six months; UBS; help fund acquisition of Fidessa Group plc; also increasing pricing on existing term loans to match incremental pricing; software provider of trading, treasury and workflow solutions.
LUMENTUM HOLDINGS INC.: $500 million seven-year covenant-light term loan (Ba2/BB) at Libor plus 250 bps, step-down to Libor plus 225 bps at 0.5x net first-lien leverage with a $100 million cap on cash netting, 0% Libor floor, OID 99.75, 101 soft call for six months; Deutsche Bank; help fund acquisition of Oclaro Inc.; Milpitas, Calif., provider of photonics products for optical networking and lasers for industrial and consumer markets.
MARRIOTT VACATIONS WORLDWIDE CORP.: $1.5 billion of credit facilities (Baa3/BBB-); JPMorgan, Bank of America, SunTrust, Deutsche Bank, Wells Fargo and Credit Suisse; $600 million five-year revolver; $900 million seven-year term B at Libor plus 225 bps, 0% Libor floor, OID 99.5, 101 soft call for six months; help fund acquisition of ILG; Orlando, Fla., pure-play vacation ownership company.
NAVEX GLOBAL INC.: Expected closing early September; $639 million senior secured credit facilities; Morgan Stanley, Antares, Golub and Macquarie; $75 million five-year revolver (B2/B-); $410 million seven-year covenant-light first-lien term loan (B2/B-) at Libor plus 325 bps, 0% Libor floor, OID 99.5, 101 soft call for six months; $154 million eight-year covenant-light second-lien term loan (Caa2/CCC) at Libor plus 700 bps, 0% Libor floor, OID 99, call protection 102, 101; help fund buyout by BC Partners from Vista Equity Partners and refinance existing debt; Portland, Ore., provider of ethics and compliance software, content and services.
NEWPORT GROUP: $330 million senior secured credit facilities; RBC, SunTrust, Capital One and Fifth Third; $30 million revolver (B2/B); $240 million seven-year covenant-light first-lien term loan (B2/B) at Libor plus 375 bps, 0% Libor floor, OID 99.5, 101 soft call for six months; $60 million privately placed second-lien term loan; fund acquisition of a majority stake by Kelso & Co.; Walnut Creek, Calif., provider of retirement services and consulting services related to retirement plans.
PENN NATIONAL GAMING INC.: $1.129 billion seven-year term B at Libor plus 225 bps, 0% Libor floor, OID 99.75, 101 soft call for six months; Bank of America, Goldman Sachs, Fifth Third, U.S. Bank, Wells Fargo, Citizens, SunTrust and TD Securities; help fund acquisition of Pinnacle Entertainment Inc. and refinance existing term loan; Wyomissing, Pa., owner and manager of gaming and racing facilities and video gaming terminal operations.
PROFRAC SERVICES LLC: $250 million five-year senior secured term B (B3/B) talked at Libor plus 450 bps, step-ups and step-downs based on total net leverage, 1% Libor floor, OID 99.5, 101 soft call; Barclays; refinance existing debt, partially repay perpetual preferred stock and general corporate purposes; Fort Worth, Texas, oil and gas services company.
RBMEDIA: $365 million credit facilities (B3/B-); Goldman Sachs, KKR and Morgan Stanley; $30 million revolver; $335 million seven-year first-lien term loan at Libor plus 450 bps, 0% Libor floor, OID 99, 101 soft call for six months; help fund buyout by KKR from Shamrock Capital; Landover, Md., digital audiobook and related spoken-word content producer.
SS&C TECHNOLOGIES INC.: $875 million incremental first-lien term B-5 (Ba3/BB) due April 2025 at Libor plus 250 bps, 25 bps step-down at senior secured net leverage of less than 4.75x, 0% Libor floor, OID 99.75; 101 soft call until October; Credit Suisse, Citigroup, Morgan Stanley and RBC; help fund acquisition of Eze Software from TPG Capital; Windsor, Conn., provider of investment and financial software-enabled services and software for the financial services and healthcare industries.
TENNECO: $4.9 billion credit facilities (Ba2/BB/BB+); JPMorgan and Barclays; $1.5 billion five-year revolver; $1.7 billion five-year term A; $1.7 billion seven-year term B at Libor plus 275 bps, 25 bps step-up if corporate ratings are lower than Ba3/BB-, 0% Libor floor, OID 99, 101 soft call for six months; help fund acquisition of Federal-Mogul from Icahn Enterprises LP and refinance existing debt; Lake Forest, Ill., designer, manufacturer and marketer of ride performance and clean air products and systems for automotive and commercial vehicle original equipment markets and the aftermarket.
TRITON SOLAR US ACQUISITION CO.: $415 million seven-year covenant-light term B (B3/B/BB) talked at Libor plus 525 bps to 550 bps, 0% Libor floor, OID 98.5 to 99; Bank of America, Societe Generale, Natixis and Goldman Sachs; help fund buyout by Permira; provider of video infrastructure technology.
VERSCEND TECHNOLOGIES INC.: $3.215 billion seven-year term B (B3/B+) at Libor plus 450 bps, 0% Libor floor, OID 99.25, 101 soft call; JPMorgan; help fund acquisition of Cotiviti Holdings Inc.; provider of payment accuracy and analytics-driven solutions.
On The Horizon
AGILITI: $810 million credit facilities; JPMorgan, Citigroup and KeyBanc; $150 million revolver; $660 million delayed-draw first-lien term loan; refinance debt in connection with formation of Agiliti through the merger of Federal Street Acquisition Corp. and Universal Hospital Services Inc.; provider of healthcare technology management and service solutions.
ALLIED UNIVERSAL: New debt; help fund acquisition of U.S. Security Associates; Santa Ana, Calif., contract security services company.
ALTRA INDUSTRIAL MOTION CORP.: $1.64 billion senior secured credit facilities; Goldman Sachs; $300 million revolver; $1.34 billion seven-year term B; help fund combination with four operating companies from Fortive’s Automation and Specialty platform; Braintree, Mass., designer, producer and marketer of a wide range of electromechanical power transmission and motion-control products.
CABOT MICROELECTRONICS CORP.: $1.265 billion senior secured credit facilities; JPMorgan, Bank of America and Goldman Sachs; $200 million revolver; $1.065 billion term loan; help fund acquisition of KMG Chemicals Inc.; Aurora, Ill., supplier of chemical mechanical planarization polishing slurries and CMP pads to the semiconductor industry.
COHU INC.: $350 million seven-year senior secured term B; Deutsche Bank; help fund acquisition of Xcerra Corp.; Poway, Calif., supplier of semiconductor test and inspection handlers, micro-electro mechanical system test modules, test contactors and thermal sub-systems.
DANA INC.: New debt financing; Citigroup; fund acquisition of the Drive Systems segment of the Oerlikon Group; Maumee, Ohio, supplier of drivetrain, sealing and thermal-management technologies.
| DUN & BRADSTREET CORP.: | $3.53 billion senior secured credit facilities; Bank of America, Citigroup and RBC; $400 million revolver; $3.13 billion term loan; help fund buyout by an investor group led by CC Capital, Cannae Holdings and Thomas H. Lee Partners LP; Short Hills, N.J., provider of commercial data and analytics.
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| ENVISION HEALTHCARE CORP.: $5.9 billion senior secured credit facilities; Credit Suisse, Citigroup, Morgan Stanley, Barclays, Goldman Sachs, Jefferies, UBS, RBC, HSBC and Mizuho; $550 million asset-based revolver expected at Libor plus 150 bps, 0% Libor floor; $300 million five-year revolver expected at Libor plus 300 bps, 0% Libor floor; $5.05 billion seven-year term B expected at Libor plus 300 bps, 0% Libor floor; help fund buyout by KKR; Nashville, Tenn., provider of physician-led services and post-acute care, and ambulatory surgery services.
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| FOREST CITY REALTY TRUST INC.: $1.6 billion credit facilities; Bank of America, Barclays, BMO, Citigroup, Deutsche Bank, RBC and TD; $350 million revolver; $1.25 billion term loan; help fund acquisition by Brookfield Asset Management Inc.; Cleveland-based real estate company.
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| GRAY TELEVISION INC.: $2.525 billion incremental term loan; Wells Fargo; help fund acquisition of Raycom Media Inc. and refinance certain debt at Raycom; Atlanta-based television broadcast company.
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| GREYSTAR REAL ESTATE PARTNERS: Roughly $3 billion senior term loan; JPMorgan; help fund acquisition of Education Realty Trust Inc.; Charleston, S.C., real estate company.
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| LIFEPOINT HEALTH INC.: $4.2 billion senior secured credit facilities; Citigroup, Barclays, RBC, Credit Suisse, Deutsche Bank and UBS; $800 million asset-based revolver; $3.4 billion term loan; help fund merger with RCCH HealthCare Partners; Brentwood, Tenn., healthcare provider.
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| NCI BUILDING SYSTEMS INC./PLY GEM PARENT LLC: $690 million in incremental loans; Credit Suisse and RBC; $475 million incremental term loan; $215 million incremental asset-based revolver; refinance existing NCI bank debt in connection with merger with Ply Gem; Cary, N.C., exterior building products company.
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| NOVELIS INC.: New debt financing; fund acquisition of Aleris Corp.; Atlanta-based aluminum rolled products and aluminum recycling company.
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| PCI GAMING AUTHORITY (WIND CREEK HOSPITALITY): New debt financing; Credit Suisse; help fund acquisition of Sands Casino Resort in Bethlehem, Pa., from Las Vegas Sands Corp.; owner and operator of gaming and entertainment facilities.
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| QUORUM SOFTWARE: New debt financing; Credit Suisse and Macquarie; help fund buyout by Thoma Bravo LLC from Silver Lake; provider of finance, operations and accounting software to energy companies.
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| T-MOBILE USA INC.: $11 billion senior secured credit facilities; Barclays, Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley, RBC, BNP Paribas, Commerzbank, Credit Agricole, TD Securities and Wells Fargo on revolver; Barclays, Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley and RBC on term loan; $4 billion five-year revolver expected at Libor plus 125 bps, 0% Libor floor; $7 billion seven-year covenant-light term loan expected at Libor plus 175 bps, 0% Libor floor, 101 soft call for six months; refinance existing debt in connection with merger with Sprint Corp. and fund working capital needs; Bellevue, Wash., communications services company.
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| UNITED NATURAL FOODS INC.: $3.25 billion in bank debt; Goldman Sachs; $2.15 billion senior secured term loan; $1.1 billion incremental ABL revolver; fund acquisition of SuperValu; Providence, R.I.-based wholesale distributor to the natural, organic and specialty food industry.
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| US FOODS HOLDING CORP.: $1.5 billion seven-year incremental senior secured term loan; JPMorgan and Bank of America; help fund acquisition of SGA’s Food Group of Companies; Rosemont, Ill., food company and foodservice distributor.
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| VETS FIRST CORP.: New debt financing; fund a special dividend in connection with spinoff of animal health business from Henry Schein Inc. and merger with Vets First Choice; animal health service and technology platform dedicated to supporting the veterinary market.
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