TriMark, Corsair, Mitel Networks, Wilshire Grand Center join next week’s calendar

By Sara Rosenberg

New York, Aug. 30 – The post-Labor Day primary calendar is starting to build, with deals for TriMark USA LLC, Corsair, Mitel Networks Corp. and Wilshire Grand Center (Hanjin International Corp.) all scheduling launches.

TriMark set a conference call for 9:30 a.m. ET on Sept. 7 to launch a $585 million seven-year first-lien term loan, according to a market source.

The term loan includes a $25 million delayed-draw tranche.

Commitments are due at noon ET on Sept. 14, the source said.

Barclays, Jefferies LLC, Nomura and Citizens Bank are leading the deal that will be used to fund the buyout of the company by Centerbridge Partners LP from Warburg Pincus.

Closing is expected in the third quarter, subject to customary conditions and approvals.

TriMark is a South Attleboro, Mass.-based provider of equipment, supplies and design services to the foodservice industry.

Corsair on deck

Corsair scheduled a bank meeting for Sept. 6 to launch $350 million of credit facilities, split between a $50 million revolver, a $235 million first-lien term loan and a $65 million second-lien term loan, a market source remarked.

Macquarie Capital (USA) Inc. and BNP Paribas Securities Corp. are leading the deal that will be used to help fund the buyout of the company by EagleTree Capital from Francisco Partners and several minority shareholders.

With this transaction, the company’s founder and chief executive officer Andy Paul will maintain a sizable equity stake in Corsair and IMCO (Investment Management Corporation of Ontario) and the Honeywell pension will co-invest alongside EagleTree.

Closing is subject to customary conditions.

Corsair is a Fremont, Calif.-based provider of high performance branded computer products, including memory, components, peripherals and complete systems.

Mitel timing emerges

Mitel Networks will hold a lender meeting at 10 a.m. ET on Sept. 7 to launch its new term loan, according to a market source. Previously, the deal was simply labeled as post-Labor Day business, with a specific day unavailable.

The commitment letter filed with the Securities and Exchange Commission has the debt as a $300 million covenant-light six-year term loan priced at Libor plus 425 basis points if corporate ratings are B2/B and Libor plus 500 bps if ratings are lower than B2/B, with a 1% Libor floor.

BMO Capital Markets, Citizens Bank, HSBC Bank and CIBC are leading the deal that will be used with cash on hand and revolver borrowings to help fund the acquisition of ShoreTel for $7.50 per share, or a total equity value of about $530 million and a total enterprise value of around $430 million.

Closing is expected in the third quarter, subject to ShoreTel stockholders having tendered shares representing more than 50% of the outstanding shares of ShoreTel common stock, receipt of regulatory approvals and other customary conditions.

Mitel is an Ottawa-based provider of communications software solutions. ShoreTel is a Sunnyvale, Calif.-based provider of communication solutions.

Wilshire Grand coming soon

Wilshire Grand Center surfaced with plans to host a lenders’ presentation at 10:30 a.m. ET on Sept. 6 to launch a $600 million senior secured term loan B, a market source said.

Morgan Stanley Senior Funding Inc. is leading the deal that will be used to refinance existing debt, fund cash to the balance sheet and pay transaction-related fees and expenses.

Wilshire Grand is a hotel and mixed-use building.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.