TruGreen readies launch of $800 million term loan for Tuesday

By Sara Rosenberg

New York, July 31 – TruGreen LP is set to hold a lender call on Tuesday to launch an $800 million term loan (B) due April 2023, according to a market source.

J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, ING Capital Markets, Natixis, Rabobank, Goldman Sachs Bank USA and SMBC are the leads on the deal.

Price talk on the term loan is Libor plus 425 basis points to 450 bps with a 1% Libor floor and an original issue discount of 99.5, the source said.

The term loan has 101 soft call protection for six months.

Proceeds will be used to refinance an existing term loan and fund a dividend.

Commitments are due at noon ET on Aug. 10, the source added.

TruGreen is a Memphis, Tenn.-based lawn care company.

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