Citco accelerates term loan B commitment deadline; Gentiva comes to market with add-on loan

By Sara Rosenberg

New York, Oct. 10 – In the primary market on Tuesday, Citco moved up the commitment deadline for its add-on term loan B.

Also, Gentiva approached investors with an add-on term loan B for its acquisition of the Heartland hospice and home care agencies/locations, and Minimax Viking joined this week’s new issue calendar.

Citco tweaks timing

Citco accelerated the commitment deadline for its fungible $410 million add-on term loan B due April 2028 to 5 p.m. ET on Wednesday from Thursday, according to a market source.

Pricing on the add-on term loan is SOFR plus 350 basis points with a 0.5% floor, in line with existing term loan B pricing, and the new debt is talked with an original issue discount of 99 to 99.5.

The add-on term loan has 101 soft call protection expiring this month, which matches the existing term loan B.

Goldman Sachs Bank USA is the left lead on the deal. UBS Investment Bank is the administrative agent.

Proceeds will be used to fund a minority shareholder recapitalization.

Signature pages for a technical amendment that the company is seeking are due at 3 p.m. ET on Wednesday, the source added.

Citco is an independent pure play hedge fund, private equity and real estate administrator.

Gentiva holds call

Gentiva held a lender call at 1 p.m. ET on Tuesday, launching a fungible $500 million add-on term loan B due February 2028 with original issue discount talk of 97 to 97.5, a market source remarked.

Like the existing term loan B, the add-on term loan is priced at SOFR plus 525 bps with a 0.5% floor.

Commitments are due at 10 a.m. ET on Friday, the source added.

Goldman Sachs Bank USA, Deutsche Bank Securities Inc., UBS Investment Bank, BNP Paribas Securities Corp., Citizens Bank, Truist Securities, Wells Fargo Securities LLC, Mizuho and Natixis are leading the deal that will be used to fund the acquisition of Heartland hospice and home care agencies/locations from ProMedica.

CD&R is the sponsor.

Gentiva is a provider of hospice, palliative, and personal care services.

Minimax on deck

Minimax Viking set a lender call for 9 a.m. ET on Wednesday to launch a minimum $500 million term loan B due July 2028 and a minimum €450 million term loan B due July 2028, according to a market source. Small group meetings for the loans will take place on Wednesday and Thursday.

The term loans (Ba3) have 101 soft call protection for six months.

Commitments for the U.S. term loan are due at noon ET on Oct. 19 and commitments for the euro term loan are due at 7 a.m. ET on Oct. 19, the source added.

Deutsche Bank is the global coordinator and physical bookrunner on the deal. UniCredit and Commerzbank are passive bookrunners.

The new debt will be used to amend and extend an existing $569 million term loan B due July 2025 and an existing €488 million term loan B due July 2025, and to pay transaction related fees and expenses.

Minimax is a Bad Oldesloe, Germany-based fire protection company.

Fund flows

In other news, actively managed loan fund flows on Monday were negative $6 million and loan ETFs were positive $22 million, sources said.

Actively managed loan fund flows on Friday were negative $19 million and loan ETFs were negative $8 million, sources added.

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