Tricor/Vistra to launch $1.66 billion equivalent term loan on Friday

By Sara Rosenberg

New York, March 16 – Tricor/Vistra (Thevelia (US) LLC) is scheduled to hold a lender call at 10:30 a.m. ET on Friday to launch a $1.66 billion equivalent U.S. and euro incremental senior secured first-lien covenant-lite term loan B due June 2029 that may also include Hong Kong dollar tranches, according to a market source.

Goldman Sachs is the lead arranger and sole left lead bookrunner on the deal. Barclays, Deutsche Bank Securities Inc., HSBC Securities, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole, Morgan Stanley Senior Funding Inc., MUFG and Nomura are lead arrangers and joint bookrunners.

The incremental term loan has amortization of 1% per annum.

Commitments are due on March 28, the source added.

Allocations are expected on March 29.

Proceeds will support the merger of Tricor, which was acquired by Baring Private Equity Asia (BPEA) in 2021, and Vistra, which was acquired by BPEA in 2015, and to prepay Vistra’s existing first-lien term loan Bs.

Existing Vistra first-lien term loan B lenders can vote to register for cashless roll into the incremental term loan.

The maturity of the incremental term loan matches the maturity on Tricor’s existing first-lien term loan B.

Tricor is a Hong Kong-based business expansion specialist. Vistra is a Hong Kong-based fund administrator and corporate service provider.

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