Worldwide/GlobalTranz to launch $1.58 billion of term loans Monday

By Sara Rosenberg

New York, July 8 – Worldwide Express LLC/GlobalTranz Enterprises LLC is scheduled to hold a lender call at 11:30 a.m. ET on Monday to launch $1.575 billion of term loans, according to a market source.

Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, UBS Investment Bank, Deutsche Bank Securities Inc., Barclays, Citigroup Global Markets Inc., Jefferies LLC, Morgan Stanley Senior Funding Inc. and CPPIB are the bookrunners on the deal.

The debt consists of a $1.275 billion first-lien term loan, and a $300 million second-lien term loan of which $125 million has been pre-placed, the source said.

Proceeds will be used, alongside sponsor backing and significant equity rollover, to support the combination of WorldWide Express and GlobalTranz.

The transaction is sponsored by a consortium led by CVC Capital Partners as well as GlobalTranz’s current lead investors, Providence Equity Partners and PSG. Current Worldwide Express lead investor Ridgemont Equity Partners, along with both Worldwide Express and GlobalTranz management, will also retain a significant stake in the combined entity.

Closing is expected in the third quarter.

Dallas-based Worldwide Express and Scottsdale, Ariz.-based GlobalTranz are providers of technology-driven third-party logistics.

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