TenCate revises pricing on $835 million, €350 million term loans

By Sara Rosenberg

New York, Feb. 6 – TenCate Grass Holding BV (Touchdown Acquirer Inc.) lowered pricing on its $835 million seven-year term loan B and €350 million seven-year term loan B to SOFR/Euribor plus 400 basis points from talk in the range of SOFR/Euribor plus 425 bps to 450 bps, according to a market source.

Furthermore, the original issue discount on the term loans was revised to 99 from 98.5, the source said.

As before, the term loans (B2/B) have a 0% floor and 101 soft call protection for six months.

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

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 administrative agent.

Commitments continue to be due at noon ET on Wednesday, the source added.

Proceeds will be used with contributed equity to 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 this month.

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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