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

By Sara Rosenberg

New York, Feb. 7 – TenCate Grass Holding BV (Touchdown Acquirer Inc.) changed original issue discount talk on its $835 million seven-year term loan B and €350 million seven-year term loan B to a range of 99.25 to 99.5 from revised talk of 99 and initial talk of 98.5, and then finalized the discount at 99.5, according to a market source.

Pricing on the term loans (B2/B) remained at SOFR/Euribor plus 400 basis points with a 0% floor, and the debt still has 101 soft call protection for six months.

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

Earlier in syndication, pricing on the term loans was reduced from talk in the range of SOFR/Euribor plus 425 bps to 450 bps.

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.

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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