TruGreen to launch $965 million term loan B on Tuesday afternoon

By Sara Rosenberg

New York, March 4 – TruGreen LP is set to hold a lender call at 1 p.m. ET on Tuesday to launch a $965 million seven-year first-lien term loan B (B1), according to a market source.

J.P. Morgan Securities LLC is the left lead on the deal.

Price talk on the term loan B is Libor plus 400 basis points with a 0% Libor floor and an original issue discount of 99.5, the source said.

The term loan B has 101 soft call protection for six months.

Proceeds will be used to refinance an existing $790 million first-lien term loan due April 2023 and fund a $234 million distribution to be used to purchase the equity stake held by the Scotts Miracle-Gro Co.

Commitments are due at 5 p.m. ET on March 12, the source added.

TruGreen is a Memphis, Tenn.-based provider of lawn care, tree & shrub and mosquito services.

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