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Momentive loan size surfaces; Servpro, Wrench Group, Transact schedule lender meetings
By Sara Rosenberg
New York, April 1 – In the loan market on Monday, Momentive Performance Materials Inc. (MPM Holdings Inc.) came out with the size of its proposed financing ahead of its upcoming bank meeting, and Servpro LLC, Wrench Group LLC and Transact (RCP Vega Inc.) joined this week’s primary calendar.
Momentive Performance Materials intends to launch an $839 million term loan B (B+) at its bank meeting at 10:30 a.m. ET in New York on Tuesday, according to a market source. The meeting was announced at the end of last week, but nothing was disclosed on size and structure.
Servpro surfaced with plans to hold a bank meeting on Wednesday to launch $360 million of first-lien credit facilities, split between a $45 million five-year revolver and a $315 million seven-year first-lien term loan, a market source said.
The company is also getting a $125 million privately placed eight-year second-lien term loan.
Wrench Group set a bank meeting for 10 a.m. ET on Tuesday to launch its previously announced $345 million of first-lien credit facilities, according to a market source.
Transact scheduled a bank meeting for 10 a.m. ET in New York on Wednesday to launch a $260 million seven-year covenant-lite first-lien term loan that has a 0% Libor floor, a market source remarked.
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