Bank Loan Calendar: $8.49 billion deals being marketed

January Bank Meetings

PROTECTIVE INDUSTRIAL PRODUCTS INC.: Lender call Jan. 7; $670 million of senior secured credit facilities; Antares, Citizens and Bank of Ireland; $75 million five-year revolver; $435 million seven-year covenant-lite first-lien term loan; $160 million privately placed second-lien term loan; help fund buyout by Odyssey Investment Partners from Audax Private Equity; Latham, N.Y., provider of personal protective equipment and industrial safety products.

TMS INTERNATIONAL CORP.: Lender call Jan. 7; $150 million incremental term B (B1/BB-) due 2024 talked at Libor plus 275 bps, 1% Libor floor, OID 97 to 98, 101 soft call for six months; JPMorgan; fund acquisitions, including the purchase of the Stein Cos., and general corporate purposes; Pa.-based provider of outsourced industrial services to steel mills.

Upcoming Closings

ERT (ERESEARCHTECHNOLOGY INC.): $950 million of senior secured term loans; Goldman Sachs and Jefferies; $750 million incremental first-lien term loan (of which $250 million has been pre-placed) (B2/B-) due Feb. 4, 2027 talked at Libor plus 450 bps, 1% Libor floor, OID 98.79 to 99; $50 million pre-placed first-lien delayed-draw term loan; $150 million pre-placed incremental second-lien term loan; fund acquisition of Bioclinica; Philadelphia-based provider of software-enabled clinical research solutions to pharmaceutical companies and contract research organizations.

GRAB HOLDINGS INC.: $750 million five-year term loan B (B3/B-) talked at Libor plus 525 bps to 550 bps, 1% Libor floor, OID 97, non-call two, 101, carve-out in year one of 103 for IPO; JPMorgan, Barclays, HSBC, Mizuho and MUFG; general corporate purposes; Singapore-based ride hailing company and a provider of food delivery, digital payments and other financial services via a mobile app.

ICP GROUP: $1.05 billion of term loans; JPMorgan, BMO, Antares and Goldman Sachs; $825 million seven-year first-lien term loan (B3/B) talked at Libor plus 400 bps, leverage-based and IPO-based step-downs, 0.75% Libor floor, OID 99, 101 soft call for six months; $225 million eight-year second-lien term loan (Caa2/CCC) talked at Libor plus 800 bps, 0.75% Libor floor, OID 98, hard call 102, 101; fund the acquisition of Gardner-Gibson and Sun Coatings and refinance existing debt; Andover, Mass., manufacturer of specialty coatings, adhesives and sealants.

NTHRIVE TSG (MEDASSETS SOFTWARE INTERMEDIATE HOLDINGS INC.): $600 million of term loans; Deutsche Bank, UBS, BMO, Jefferies, Antares, BNP Paribas and Golub; $440 million seven-year covenant-lite first-lien term B talked at Libor plus 425 bps to 450 bps, 0.75% Libor floor, OID 99, 101 soft call for six months; $160 million privately placed second-lien term loan; help fund buyout by Clearlake Capital Group LP from nThrive Holdings LP; provider of healthcare revenue cycle management software-as-a-service solutions.

PPD INC.: $3.05 billion seven-year term B (Ba2/BB-) at Libor plus 225 bps, 0.5% Libor floor, OID 99.5, 101 soft call for six months; JPMorgan; refinance an existing term B; Wilmington, N.C., contract research organization focused on clinical development and laboratory services.

UTZ BRANDS INC.: $720 million seven-year term B (B) talked at Libor plus 350 bps, 0% Libor floor, OID 99.25 to 99.5, 101 soft call for six months; BofA Securities, Goldman Sachs and Credit Suisse; help refinance an existing term B and a bridge loan used to fund the purchase of Truco Enterprises; Hanover, Pa., manufacturer of branded salty snacks.

WOMEN’S CARE HOLDINGS INC. LLC: $550 million credit facilities; Jefferies (left on first-lien), Credit Suisse (left on second-lien), Deutsche Bank, RBC, Macquarie and Nomura; $70 million five-year revolver (B-); $360 million seven-year covenant-lite first-lien term loan (B-) talked at Libor plus 450 bps to 475 bps, 0.75% Libor floor OID 99, 101 soft call for six months; $120 million eight-year covenant-lite second-lien term loan (CCC) talked at Libor plus 825 bps, 0.75% Libor floor, OID 98, hard call 102, 101; help fund buyout by BC Partners; women’s health platform, dedicated to providing the highest quality obstetrics, gynecology and fertility care for their patients.

On The Horizon

ADAPTHEALTH CORP.: $477.1 million in new senior secured term loans; Jefferies; help fund acquisition of AeroCare Holdings Inc.; Plymouth Meeting, Pa., provider of home healthcare equipment, medical supplies to the home and related services.

ADTALEM: $1.4 billion senior secured credit facilities; Morgan Stanley, Barclays, Credit Suisse and MUFG; $400 million five-year revolver expected at Libor plus 375 bps, two 25 bps step-downs based on first-lien net leverage, 0% Libor floor; $1 billion seven-year covenant-lite first-lien term B expected at Libor plus 400 bps, two 25 bps step-downs based on first-lien net leverage, 0.5% Libor floor, 101 soft call for six months; help fund acquisition of Walden University from Laureate Education Inc. and refinance Adtalem’s existing credit agreement; Chicago-based workforce solutions provider.

ALASKA COMMUNICATIONS SYSTEMS GROUP INC.: New debt financing; Fifth Third; help fund acquisition by a newly formed entity owned by ATN International Inc. and Freedom 3 Capital LLC; Anchorage, Alaska, provider of advanced broadband and managed IT services.

ALLIED UNIVERSAL: $950 million seven-year covenant-lite first-lien term loan expected at Libor plus 425 bps; Credit Suisse, Morgan Stanley, Deutsche Bank, BNP Paribas, HSBC, Mizuho, Societe Generale, ING, MUFG and Truist; also €715,447,155 seven-year covenant-lite first-lien term loan expected at Euribor plus 475 bps; €300 million five-year revolver expected at Libor plus 425 bps; help fund acquisition of G4S plc; Santa Ana, Calif., provider of security services.

AMERICAN PUBLIC EDUCATION INC.: $195 million senior secured credit facilities; Macquarie; $20 million five-year revolver; $175 million six-year term B, 101 soft call; help fund acquisition of Rasmussen University; Charles Town, W.V., provider of higher learning.

CARDTRONICS PLC: New debt financing; help fund buyout by Apollo Global Management Inc. and Hudson Executive Capital LP; Houston-based ATM owner/operator.

CAREMAX INC.: New senior secured credit facilities; RBC; help fund formation through acquisitions of CareMax Medical Group LLC and IMC Medical Group Holdings LLC by Deerfield Healthcare Technology Acquisitions Corp.; technology-enabled care platform providing care and chronic disease management to seniors.

CINCINNATI BELL INC.: $1.6 billion senior secured credit facilities; Goldman Sachs, Regions Capital and Societe Generale; $250 million revolver; $1.35 billion of term loans; help fund acquisition by Macquarie Infrastructure Partners; Cincinnati-based provider of integrated communications solutions.

ENDURANCE INTERNATIONAL GROUP HOLDINGS INC.: $2.03 billion senior secured credit facilities; JPMorgan, BofA Securities, Deutsche Bank and UBS; $200 million revolver; $1.83 billion first-lien term loan; help fund buyout by Clearlake Capital Group LP; Burlington, Mass., provider of cloud-based platform solutions designed to help small and medium-sized businesses succeed online.

FORCEPOINT: New debt financing; Credit Suisse; help fund buyout by Francisco Partners from Raytheon Technologies; Austin, Tex., provider of cybersecurity solutions.

FOUNDATION BUILDING MATERIALS INC.: New credit facilities; Credit Suisse and BofA Securities; ABL facility; first-lien term loan; help fund buyout by American Securities LLC; Santa Ana, Calif.-based distributor of specialty building products.

GARRETT MOTION INC.: New exit financing; Citigroup, UBS, Credit Suisse and BNP Paribas; help fund acquisition by KPS Capital Partners LP through Chapter 11; Rolle, Switzerland, provider of passenger vehicle, commercial vehicle, aftermarket replacement and performance enhancement solutions.

GLOBAL CONNECT (NIELSENIQ): $1.95 billion equivalent credit facilities; BofA Securities, UBS, Barclays, Deutsche Bank, HSBC, RBC, MUFG and Wells Fargo; $350 million revolver; $950 million term loan; $650 million equivalent euro term loan; help fund buyout by Advent International and James Peck from Nielsen Holdings plc; Chicago-based provider of actionable information to consumer packaged goods manufacturers and retailers.

INGRAM MICRO INC.: New debt financing; JPMorgan, BofA Securities and Morgan Stanley; help fund buyout by Platinum Equity from HNA Technology Co. Ltd.; Irvine, Calif., provider of technology logistics services and solutions.

RENT-A-CENTER INC.: New credit facilities; JPMorgan, Credit Suisse and HSBC; asset-based loan; term B; help fund acquisition of Acima Holdings LLC; Plano, Tex., omni-channel lease-to-own provider for the credit constrained customer.

TRINSEO SA: $400 million senior secured credit facility; Deutsche Bank and HSBC; help fund acquisition of Arkema SA’s polymethyl methacrylates and activated methyl methacrylates businesses (PMMA); Berwyn, Pa. materials company and manufacturer of plastics, latex binders and synthetic rubber.

TRUCK HERO INC.: New debt financing; Jefferies and BofA Securities; help fund buyout by L Catterton; Ann Arbor, Mich., provider of aftermarket accessories for pickup trucks and Jeep vehicles.

© 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.