Bank Loan Calendar: $25.7045 billion deals being marketed

February Lender Calls

BLUE TRITON BRANDS (TRITON WATER HOLDINGS, INC.: $300 million incremental senior secured term loan B (B2/B) price talk SOFR plus 400 to 425 bps, 0.5% floor, at 98 (25 bps step-down upon IPO), 101 six month soft call, 1% annual amortization; Morgan Stanley; to fund a distribution to shareholders; Stamford, Conn.-based bottled water supplier; commitments due noon ET Feb. 28.

K-MAC ENTERPRISES INC. via MIC GLEN LLC: $115 million non-fungible covenant-lite incremental first lien term loan due July 2028 (expected ratings B3/B-); BMO (left arranger), Goldman Sachs, KKR, RBC (arrangers); to repay $105 million second lien term loan and revolver debt; Fayetteville, Ark.-based fast food restaurant operator; sponsor Mubadala Capital; lender call Feb. 22.

ALLISON TRANSMISSION INC.: Lender call Feb. 15; $518 million seven-year senior secured covenant-lite term B talked at SOFR plus 175 bps, 0% floor, OID 99.5 to 99.75, 101 soft call for six months; Citigroup; amend and extend existing term B; Indianapolis-based automatic transmission company and supplier of hybrid-propulsion systems.

BLACKHAWK NETWORK HOLDINGS INC.: Lender call Feb. 15; $1.7 billion five-year first-lien term B talked at SOFR plus 450 bps to 475 bps, 0% floor, OID 98, 101 soft call for six months; BofA Securities; help refinance existing first-lien term B, partially repay a second-lien term loan and fund acquisition of Tango Card; Pleasanton, Calif., financial technology company and provider of payment solutions.

MOTOR FUEL GROUP £800 million equivalent five-year term loans (expected ratings B2/B): Euro-denominated term loan B7, price talk Euribor plus 450 to 475 bps, 0% floor, at 99; also sterling-denominated term loan B6, price talk SOFR plus 575 to 600 bps, 0% floor, at 98; both tranches feature 101 soft call protection for six months; BNPP (left physical books), Deutsche Bank, RBC, SMBC (joint physical books), Barclays, BofA, Citigroup, Goldman Sachs, HSBC, ING, Lloyds (passive books); to fund acquisition of Morrisons’ forecourt portfolio; borrower is forecourt operator and convenience retailer in the UK; lender sessions Feb. 21-22; commitments due March 1.

ONTARIO GAMING GTA LTD. PARTNERSHIP and OTG CO-ISSUER INC. (ONE TORONTO GAMING): C$600 million equivalent fungible add-on to first-lien term loan B due Aug. 1, 2030 (B2/B/BB+) pricing SOFR plus 425 bps, 0.5% floor, at 99, 101 soft call resets for six months (resets across entire tranche); Deutsche Bank (left books), BMO (joint books, administrative agent), Barclays, CIBC, Scotia, TD, Macquarie., SMBC, Apollo, Brookfield Capital Solutions (joint books); to fund distribution to shareholders; casino operator headquartered in Canada; commitments due noon ET Friday.

OSAIC INC. $2,322,500,000 first lien term loan due August 2028 (B1/B/B+): New $575 million fungible incremental tranche (upsized from $500 million) and repricing of $1,747,500,000 existing tranche; price talk SOFR plus 400 bps (reduced from 450 bps), 0% floor, at 99.5 for new money, 99.75 to par for existing lenders; 101 soft call for six months; UBS; to help fund acquisition of Lincoln Financial Group’s wealth management business; provider of wealth management solutions; commitments due Feb. 22.

SARATOGA FOOD SPECIALTIES LLC (“SOLINA”): $420 million five-year first lien term loan B; 101 soft call for six months; BofA (left arranger), Natixis, Credit Agricole CIB, JPMorgan, NatWest, SMBC (arrangers); to refinance $320 million term loan facility, finance acquisition of Oscar and Puljonki from the Nestlé Group, acquire outstanding minority shares of Zafron, and prefund identified strategic capital expenditures; supplier of seasonings, sauces, dressings, and glazes to quick service restaurants and food manufacturers, acquired by Solina in 2022; loan announced on Feb. 16.

SOFIA, L.P. (ELLUCIAN): $420.125 million fungible incremental first lien term loan B due Oct. 7, 2027 (B2/B-) pricing SOFR plus CSA plus 350 bps, 0.5% floor, at 99.5 to 99.75; BofA (left books), others to be announced; to refinance existing first lien term loan; Reston, Va.-based provider of higher education software and services; commitments due 5 p.m. ET on Feb. 22.

TALLGRASS HOLDCO (PRAIRIE ACQUIROR LP): $1.05 billion five-year first-lien term loan (B), price talk SOFR plus 475 to 500 bps, 0% floor, at 98, 101 soft call for six months; Jefferies and JPMorgan; proceeds plus planned senior secured notes to help refinance existing first-lien term loan; acquirer, owner, developer and operator of midstream energy assets; commitments due Feb. 22.

US FOODS, INC.: $721.5 million 2021 incremental term loan (expected ratings Ba3/BBB-); pricing SOFR plus 200 to 225 bps, 0% floor, at par, six-month reset of 101 soft call; Citibank (agent, arranger); repricing; Rosemont, Ill.-based foodservice distributor; existing lender commitments due Feb. 22, new lender commitments due Feb. 23, closing expected Feb. 26 week.

Upcoming Closings

BRIGHTSPRING HEALTH SERVICES INC. (PHOENIX GUARANTOR INC.): $2.566 billion senior secured covenant-lite first-lien term B (B1/B+) due February 2031 at SOFR plus 325 bps, 0% floor, OID 99, 101 soft call for six months; Morgan Stanley and KKR; refinance existing first-lien facility; Louisville, Ky., provider of home and community-based health services.

CONSTANT CONTACT INC.: $300 million covenant-lite incremental first-lien term B (B2/B-) due February 2028; Deutsche Bank, Jefferies and others; fund the repurchase of second-lien term loan debt and a portion of Siris Capital’s equity stake; Waltham, Mass., provider of marketing automation software.

COTIVITI INC.: $5 billion of first-lien term loans (B2/B); JPMorgan, KKR, Veritas, UBS, Barclays, Morgan Stanley and Stone Point on floating-rate; Goldman Sachs and KKR on fixed-rate; $4.25 billion seven-year floating-rate term loan (downsized from $4.4 billion, talked at SOFR plus 325 bps (from 350 bps), one 25 bps leveraged-based step-down (decreased from two step downs) and 25 bps step-down upon an IPO, 0% floor, OID 99.5, 101 soft call for six months; $750 million seven-year fixed-rate term loan (upsized from $600 million) price talk 7 5/8% (from 7 ¾% area; help fund buyout by KKR, with co-sponsor and current Cotiviti investor Veritas Capital; South Jordan, Utah, provider of payment integrity technology and services to healthcare payors; pricing and allocating Feb. 22.

DAYFORCE INC.: $650 million seven-year first-lien term B (Ba3/BB-) talked at SOFR plus 275 bps to 300 bps, 0% floor, OID 99.5, 101 soft call for six months; JPMorgan, Citigroup and Goldman Sachs; refinance existing term B and general corporate purposes; Minneapolis-based provider of human resources software and services.

EISNERAMPER (EISNER ADVISORY GROUP LLC): $795 million seven-year covenant-lite term B (B2/B-) talked at SOFR plus 425 bps to 450 bps, 0.5% floor, OID 99; Deutsche Bank, JPMorgan, TD Securities and Golub; refinance existing debt; New York-based professional services firm with a full suite of accounting, tax and advisory services.

FIRST EAGLE INVESTMENT MANAGEMENT LLC: $1.775 billion five-year covenant-lite first-lien term B (BB-) talked at SOFR plus 300 bps (revised from 275 bps), 0% floor, OID 98.5 (revised from 99), 101 soft call for six months, format revised to amend and extend execution; Morgan Stanley; refinance existing term B due February 2027; New York-based investment management firm; commitments due Feb. 21.

FULLBLOOM: $100 million add-on first-lien term loan due 2029 talked at SOFR+CSA plus 425 bps, CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, 25 bps step-down at 3.99 first-lien leverage and 25 bps step-down upon an IPO, 0.75% floor, OID 99.03 to 99.5; JPMorgan; refinance second-lien term loan; provider of special education, instructional intervention, behavioral health and professional development solutions.

GETTY IMAGES INC.: $1.38 billion equivalent of term loans (B1/BB-); JPMorgan; $980 million seven-year term B talked at SOFR plus 375 bps, 0% floor, OID 99 to 99.5, 101 soft call for six months; $400 million equivalent euro seven-year term B talked at Euribor plus 400 bps, 0% floor, OID 99 to 99.5, 101 soft call for six months; refinance existing term B and senior unsecured notes; Seattle-based visual content creator and marketplace.

GLOBAL HEALTHCARE EXCHANGE LLC: $746 million term B (B-) due June 2027 at SOFR plus 400 bps, 0.5% floor, OID 99.875, 101 soft call for six months; JPMorgan; repricing and general corporate purposes; Louisville, Colo., provider of cloud-based health care supply chain management technology and services.

H.B. FULLER CO.: $994 million term B due February 2030 talked at SOFR plus 200 bps, 0.5% floor, OID 99.75, 101 soft call for six months; JPMorgan; repricing and general corporate purposes; St. Paul, Minn., industrial adhesives, sealants, coatings and specialty materials company.

INTERSTATE WASTE SERVICES INC.: $180 million add-on term loan due 2030 at SOFR plus 450 bps, 0.5% floor, issue price par; JPMorgan, BMO, MUFG, Stifel and Comerica; fund an acquisition and general corporate purposes; Teaneck, N.J., provider of waste and recycling services.

INVENERGY THERMAL OPERATING I LLC: $327.5 million of term loans; MUFG; $302.5 million term B talked at SOFR+CSA plus 425 bps, CSA is 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate, 1% floor, issue price par for existing lenders, OID 99.875 for new money, 101 soft call for six months; $25 million term C talked at SOFR+CSA plus 425 bps, CSA is 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate, 1% floor, issue price par for existing lenders, OID 99.875 for new money, 101 soft call for six months; repricing; gas-fired power portfolio.

PLAYCORE: $1.1 billion six-year term B (B2/B) at SOFR plus 450 bps, 1% floor, OID 98.5, 101 soft call for six months; Goldman Sachs; refinance existing first-lien term loan and fund a distribution to shareholders; Chattanooga, Tenn., designer, manufacturer and marketer of commercial playground, park, recreation and specialty equipment and related complementary products.

PREGIS (PREGIS TOPCO LLC): $250 million incremental first-lien term loan (B2/B-) due August 2026 at SOFR plus 375 bps, step-up to SOFR plus 400 bps at more than 4.35x senior secured first-lien leverage, 0% floor, OID 99.52; UBS, Barclays, Morgan Stanley and Wells Fargo; fund a distribution to shareholders; Chicago-based supplier of packaging systems, consumables, specialty films and surface protection films.

ROSEN GROUP: $1.45 billion credit facilities (Ba3/B); Barclays, Antares, BNP Paribas, Credit Agricole, Mizuho, Natixis, RBC, Santander and UBS; $300 million 6.5-year revolver; $1.15 billion seven-year senior secured term B talked at SOFR plus 375 bps to 400 bps, 25 bps step-downs at 0.25x and 0.5x inside closing date first-lien net leverage, 0% floor, OID 98.5 to 99, 101 soft call for six months; help fund buyout by Partners Group; provider of technology-empowered asset integrity solutions.

SWEETWATER SOUND: $90 million add-on term loan due August 2028 talked at SOFR+CSA plus 425 bps, 25 bps step-ups at more than 4.6x first-lien net leverage and at more than 5.1x first-lien net leverage, CSA is of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate, 0.75% floor, OID 99.04; JPMorgan and MUFG; general corporate purposes; Fort Wayne, Ind., online retailer of music instruments and audio gear.

TRULITE HOLDING CORP.: $460 million credit facilities; Jefferies and Stifel; $60 million five-year ABL revolver; $400 million seven-year first-lien term loan (B2/B) talked at SOFR plus 600 bps, 1% floor, OID 98, 102 hard call in year one, 101 soft call in year two; refinance existing credit facilities and fund the acquisition of American Insulated Glass LLC; value-add glass and aluminum fabricator and supplier of related architectural products.

UNITED AIRLINES INC.: $2 billion seven-year term B (/BB+/BB+) talked at SOFR plus 300 bps to 325 bps, 0% floor, OID 99, 101 soft call for six months; JPMorgan; help refinance existing term B; Chicago-based airline company.

VESTIS CORP.: $800 million seven-year covenant-lite term loan B (Ba2/BB+) at SOFR plus 225 bps, step-down to SOFR plus 200 bps at 3.3x first-lien net leverage, 0% floor, OID 99.75, 101 soft call for six months; Wells Fargo; refinance existing term A-1; Roswell, Ga., provider of uniform rentals and workplace supplies.

WHITEWATER DBR HOLDCO LLC: $540 million seven-year senior secured term B (Ba1/BB) talked at SOFR plus 275 bps to 300 bps, 0% floor, OID 99, 101 soft call for six months; Barclays; help fund acquisition of a 90% equity ownership interest in Delaware Basin Residue LLC; intra-basin Permian natural gas pipeline.

WRENCH GROUP LLC: Roughly $893 million first-lien term loan (B2/B-) due Oct. 30, 2028 at SOFR+CSA plus 400 bps, CSA is 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate, 0% floor, OID 99.75, 101 soft call for six months; Jefferies, Macquarie and Antares; extend existing first-lien term loan and incremental first-lien term loan and combine into one tranche; provider of home maintenance and repair services specializing in heating, ventilation and air conditioning, plumbing, electrical and water quality services.

On The Horizon

AMENTUM: $1.13 billion senior secured incremental first-lien term loan; JPMorgan, Morgan Stanley and RBC; fund merger with Jacobs’ Critical Mission Solutions and Cyber & Intelligence government services businesses; Chantilly, Va., engineering and technology solutions provider.

APOTEX PHARMACEUTICAL HOLDINGS INC.: New debt financing; RBC, Scotia, HSBC and Truist; help fund buyout by SK Capital Partners LP; Toronto-based pharmaceutical company.

CEDAR FAIR/SIX FLAGS: New debt financing; Goldman Sachs; $850 million revolver; potentially $500 million term B; refinance some existing debt in connection with merger of Cedar Fair and Six Flags Entertainment Corp.; Charlotte, N.C., amusement park operator.

CLEAN HARBORS INC.: New debt financing; help fund acquisition of Hepaco from Gryphon Investors; Norwell, Mass., provider of environmental and industrial services.

COHESITY: New debt financing; JPMorgan; help fund combination with Veritas’ data protection business; San Jose, Calif., AI-powered data security and management company.

CSG ELEVATE II INC.: New debt financing; JPMorgan; help fund acquisition of Vista Outdoor Inc.’s Sporting Products business by Czechoslovak Group; Anoka, Minn., ammunition manufacturer.

GLATFELTER CORP.: $1.835 billion senior secured credit facilities; Citigroup and Wells Fargo; $1.585 billion seven-year term loan; $250 million five-year ABL revolver; help fund merger with Berry Global Group Inc.’s health, hygiene and specialties global nonwovens and films business, and repay certain debt of Glatfelter; Charlotte, N.C., supplier of engineered materials.

KAMAN CORP.: New debt financing; Morgan Stanley; help fund buyout by Arcline Investment Management LP; Bloomfield, Conn., OEM and producer of subassemblies, components and parts for the aerospace & defense, industrial and medical markets.

MITER BRANDS: $2.125 billion senior secured credit facilities; KeyBanc and RBC; $325 million asset-based revolver; up to $1.8 billion term loan; help fund acquisition of PGT Innovations Inc.; manufacturer of precision-built windows and doors.

RESTAURANT BRANDS INTERNATIONAL INC.: Roughly $750 million of term loan debt; help fund acquisition of Carrols Restaurant Group Inc.; Toronto-based quick service restaurant company.

ROCKET SOFTWARE INC.: Incremental senior secured term loans; RBC, Barclays, Deutsche Bank, UBS, Citigroup, HSBC, Mizuho and SMBC; help fund acquisition of OpenText’s Application Modernization and Connectivity business; Waltham, Mass., provider of enterprise infrastructure software.

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