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Published on 1/23/2020 in the Prospect News Bank Loan Daily.

Allen Media, AmeriLife set talk; Gardner Denver kicking off $1.9 billion on Monday

By Paul A. Harris

Portland, Ore., Jan. 23 – On Thursday Allen Media talked its $530 million seven-year term loan B with a 550 basis points spread to Libor at 99.

AmeriLife Holdings LLC talked its $465 million seven-year covenant-lite first-lien term loan (B2/B) with a 425 to 450 bps spread to Libor at 99.5.

And the market heard that Gardner Denver Holdings, Inc. plans to launch a $1.9 billion term loan B at a Monday lender meeting.

The new paper

Allen Media talked its $530 million seven-year term loan B with a 550 bps spread to Libor at 99.

Commitments are due Feb. 5.

Proceeds will be used to help fund the acquisition of 11 broadcast television stations from USA Television Holdings LLC and USA Television MidAmerica Holdings LLC, and to refinance existing debt.

AmeriLife Holdings talked its $465 million seven-year covenant-lite first lien term loan (B2/B) with a 425 to 450 bps spread to Libor at 99.5.

Proceeds will be used to finance the buyout of the Clearwater, Fla.-based insurance company by Thomas H. Lee Partners.

Debt financing will also include a $75 million revolver and a privately placed $115 million second-lien loan.

And arrangers led by Citigroup will host a bank meeting on Monday morning in New York for the Gardner Denver $1.9 billion term loan B.

The Milwaukee, Wis. based provider of industrial equipment and technology plans to use the proceeds to finance the combination of Gardner Denver and Ingersoll Rand Industrial, and to refinance the existing Gardner Denver dollar- and euro-denominated term loan B facilities with extended facilities.

The repricings

Golden Nugget, LLC set talk for $2,392,900,000 of first-lien term loan debt it is seeking to reprice, and a $100 million incremental first-lien term loan.

Both are talked with a Libor plus 250 bps spread at 99.75.

Commitments are due on Jan. 30.

TransDigm Group, Inc. set talk and provided other details in its repricing of about $7.52 billion of term loan debt.

The repricing includes $2,221,000,000 of a repriced term loan E due May 2025 talked with a Libor plus 200 to 225 bps spread at par, with the existing spread at 250 bps; $1,778,000,000 of a repriced term loan G due August 2024 talked with a Libor plus 200 to 225 bps spread at par, with the existing spread at 250 bps; and $3,524,000,00 of a repriced and extended term loan F due December 2025 talked with a Libor plus 225 bps spread at 99.75 to 99.875, with the maturity extended from June 2023, and an existing spread of 250 bps.

Commitments are due on Jan. 30.

Quikrete Holdings, Inc. talked $2.5 billion seven-year term loan B (B1/BB-) with a 250 bps spread to Libor at 99.75.

Commitments are due Jan. 29.

The Atlanta-based supplier of cement and concrete products plans to use the proceeds to refinance its existing Libor 275 bps term loan B due 2023.

Grocery Outlet Inc. (GOBP Holdings Inc.) set final terms in the repricing of $460,187,500 of its covenant-lite first-lien term loan B due Oct. 22, 2025 (B2/BB-).

The repricing sets the spread to Libor at 275 bps, on top of revised talk.

The paper was issued at par.


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