Dunn Paper, Henry, Beasley Broadcast Group anticipated to launch new deals next month

By Sara Rosenberg

New York, Aug. 30 – The primary calendar for September is starting to build, with Dunn Paper Inc., Henry Co. and Beasley Broadcast Group Inc. now expected to bring new deals to market during the month, joining previously announced transactions from LANDesk Software and Polycom Inc.

Dunn on deck

Dunn Paper set a bank meeting for Sept. 7 to launch a $315 million credit facility, a market source remarked.

The facility consists of a $30 million revolver, a $228 million first-lien term loan B and a $57 million second-lien term loan, with pricing still to be determined, the source added.

BNP Paribas Securities Corp. and Bank of Ireland are leading the debt that will be used to back the recently completed buyout of the company by Arbor Investments from Wingate Partners.

Dunn Paper is a Port Huron, Mich.-based manufacturer of lightweight paper and tissue products.

Henry joins calendar

Henry emerged with plans to hold a bank meeting in September to launch a $360 million credit facility, split between a $40 million revolver and a $320 million term loan B, according to a market source. A specific bank meeting date is not yet available.

RBC Capital Markets LLC, Credit Suisse Securities (USA) LLC, Antares Capital and Nomura are leading the debt that will be used to help fund the buyout of the company by American Securities.

Henry is an El Segundo, Calif.-based developer and manufacturer of roofing products and other building envelope applications for the residential and commercial construction markets.

Beasley readies deal

Beasley Broadcast Group is expected to hold the bank meeting for its $285 million credit facility in September as well, with the exact date still to be determined, a source remarked.

The facility, which was announced by the company in July, consists of a $20 million revolver and a $265 million term loan B.

RBC Capital Markets LLC and U.S. Bank NA are leading the deal that will be used with cash and cash equivalents to fund the acquisition of Greater Media Inc. for about $100 million in cash and roughly $25 million in shares of Beasley’s class A common stock.

Also, Greater Media shareholders will receive the net cash proceeds from the sale of its tower assets, estimated to be about $20 million, and Beasley will refinance around $80 million of Greater Media’s debt.

Closing is expected in the fourth quarter, subject to regulatory approvals and other customary conditions.

Beasley is a Naples, Fla.-based large- and mid-size market radio broadcaster. Greater Media is a Braintree, Mass.-based broadcast company.

LANDesk coming soon

LANDesk Software is scheduled to hold a bank meeting on Sept. 6 to launch new first- and second-lien term loans.

As previously reported, Jefferies Finance LLC is leading the deal that will be used to refinance existing debt and fund a dividend.

The company currently has senior leverage of 3.3 times, total leverage of 4.5 times and EBITDA of about $110 million. By comparison, when the company’s last loan transaction was completed in 2014, senior leverage was 4.5 times, total leverage was 6 times, and EBITDA was $85 million.

LANDesk is a South Jordan, Utah-based user-centered IT management company.

Polycom expected near-term

Polycom is likely going to hold a bank meeting during the second week of September to launch its $1 billion credit facility, sources previously told Prospect News.

The facility consists of a $50 million revolver, a $750 million first-lien term loan and a $200 million second-lien term loan.

Macquarie Capital (USA) Inc. is leading the debt that will be used with equity to fund the buyout of the company by Siris Capital Group LLC for $12.50 per share in cash. The all-cash transaction is valued at about $2 billion, including Polycom’s outstanding debt.

Closing is anticipated in the third quarter, subject to regulatory approval, shareholder approval and other customary conditions.

Polycom is a San Jose, Calif.-based provider of secure video, voice and content solutions.

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