TenCate to launch $835 million, €350 million term loans on Monday

By Sara Rosenberg

New York, Jan. 26 – TenCate Grass Holding BV is scheduled to hold a lender call at 10 a.m. ET on Monday to launch an $835 million seven-year term loan B and a €350 million seven-year term loan B, according to a market source.

BofA Securities Inc. is the left lead on the U.S. loan. BofA Securities and Jefferies LLC are the joint physical bookrunners on the euro loan. Deutsche Bank Securities Inc., BMO Capital Markets, Societe Generale and ING are arrangers. BofA Securities is the agent.

Included in the U.S. term loan B is a $150 million delayed-draw tranche, the source said.

The term loans have 101 soft call protection for six months.

Proceeds will be used to help fund the buyout of the company by Leonard Green & Partners LP from Crestview Partners and select other shareholders, to add cash to the balance sheet and to pay related fees.

The current senior management team of TenCate will remain invested in the company.

Closing is expected in February.

TenCate is a Netherlands-based manufacturer, distributor and installer of artificial turf and other surfaces for sports and the outdoor living segment.

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