Bank Loan Calendar: $19.4185 billion deals being marketed

September Bank Meetings

GARDEN RIDGE: $330 million credit facility; Bank of America and UBS; $80 million ABL revolver; $250 million six-year term B; fund buyout by AEA Investors LP; Houston-based seller of mattresses, ready-to-assemble furniture, discount apparel and handbags and books.

KINETIC CONCEPTS INC.: $2.8 billion senior secured credit facility (Ba3/BB-); Bank of America, Morgan Stanley and Credit Suisse; $2.6 billion term loan; $200 million revolver; help fund buyout by Apax Partners, Canada Pension Plan Investment Board and the Public Sector Pension Investment Board; San Antonio, Texas, medical technology company.

OPEN TEXT INC.: $900 million senior secured credit facility (Ba1); Barclays and RBC; $100 million revolver; $200 million delayed-draw term A; $600 million term B; add cash to the balance sheet, refinance existing bank debt and for working capital purposes; Waterloo, Ont., enterprise software company.

SEALED AIR CORP.: Bank meeting for term B post-Labor Day (pro rata meeting was July 25); $3 billion credit facility (Ba1/BB+); Citigroup, Bank of America, BNP Paribas, RBS; $700 million five-year revolver talked at Libor plus 250 bps, 50 bps unused fee; $1 billion five-year term A talked at Libor plus 250 bps; $1.3 billion seven-year term loan B expected at Libor plus 275 bps/Euribor plus 300 bps, 1% Libor/Euribor floor; help fund acquisition of Diversey Holdings Inc.; Elmwood Park, N.J., manufacturer of packaging and performance-based materials and equipment systems that serve food, industrial, medical and consumer applications.

Upcoming Closings

ALKERMES INC.: $450 million of covenant-light term loans; Morgan Stanley and HSBC; $310 million six-year first-lien term B (BB) at Libor plus 525 bps, 1.5% Libor floor, OID 99, 101 soft call; $140 million seven-year second-lien term C (B) at Libor plus 800 bps, 1.5% Libor floor, OID 98, call protection 103, 102, 101; help fund merger with Elan Drug Technologies to create Dublin, Ireland-based Alkermes plc; Waltham, Mass., biotechnology company.

ASHLAND INC.: $3.9 billion credit facility (BB); Citigroup, Scotia Capital, Bank of America and U.S. Bank; $1 billion five-year revolver at Libor plus 225 bps; $1.5 billion five-year term A at Libor plus 225 bps; $1.4 billion seven-year term B at Libor plus 275 bps, 1% Libor floor, OID 993/4, 101 soft call; help fund acquisition of International Specialty Products Inc.; Covington, Ky., provider of specialty chemical products and services.

AVIS BUDGET GROUP INC.: $900 million of incremental senior secured credit facility debt (BB); Morgan Stanley, Citigroup, Credit Agricole, Scotia Capital and RBS; $200 million term A talked at Libor plus 300 bps; $400 million term B talked at Libor plus 350 bps, 1.25% Libor floor, OID 99, 101 soft call; $300 million revolver add-on talked at Libor plus 300 bps; help fund acquisition of Avis Europe plc; Parsippany, N.J., vehicle rental company.

C.H.I. OVERHEAD DOORS: $203.5 million credit facility; GE Capital and Wells Fargo; $25 million five-year revolver at Libor plus 575 bps, 1.5% Libor floor, OID 98; $127.5 million six-year first-lien term loan at Libor plus 575 bps, 1.5% Libor floor, OID 98, 101 soft call; $51 million 61/2-year second-lien term loan at Libor plus 950 bps, 1.5% floor, OID 98, call protection 103, 102, 101; help fund buyout by Friedman Fleischer & Lowe from JLL Partners; garage door company and a manufacturer of residential sectional garage doors and commercial sectional and rolling steel.

CUMULUS MEDIA INC.: $2.415 billion senior secured credit facility; JPMorgan, UBS, Macquarie, RBC and ING; $300 million five-year revolver (Ba2/BB); $1.325 billion seven-year first-lien term loan (Ba2/BB) at Libor plus 450 bps, 1.25% Libor floor, OID 99, 101 soft call; $790 million 71/2-year second-lien term loan (B2/B-) at Libor plus 600 bps, 1.5% Libor floor, OID 981/2, non-call one, 103, 102, 101; help fund acquisition of Citadel Broadcasting Corp. and refinance debt; Atlanta-based radio broadcaster.

DAVITA INC.: $200 million in bank debt; Wells Fargo; $100 million revolver add-on due 2015; $100 million term loan A-2 due 2016 talked at Libor plus 350 bps, 1% Libor floor, OID 991/2; general corporate purposes; Denver-based provider of dialysis services.

FOGO DE CHAO CHURRASCARIA (HOLDINGS) LLC: $205 million credit facility (B2/B+); JPMorgan; $10 million five-year revolver; $195 million seven-year term B talked at Libor plus 475 bps to 500 bps, 1.25% Libor floor, OID 99, 101 soft call; fund the acquisition of shares from current shareholders Dallas-based steakhouse chain.

GENCOAT INC.: New credit facility; GE Capital; Sussex, Wis., designer, manufacturer and distributor of roll coaters, laminating equipment, Peabody electrostatic oilers, integrated coil processing lines and replacement parts.

INSIGHT PHARMACEUTICALS CORP.: $420 million credit facility; GE Capital, SunTrust and RBC; $20 million revolver; $255 million first-lien term loan at Libor plus 600 bps, 1.5% Libor floor, OID 981/2, 101 soft call; $145 million second-lien term loan at Libor plus 1,175 bps, 1.5% Libor floor, OID 98, non-call one, 103, 102, 101; acquisition financing; Langhorne, Pa., marketer and distributor of branded over-the-counter pharmaceutical products.

LEVEL 3 FINANCING INC.: $650 million six-year senior secured covenant-light term loan B II (B+) talked at Libor plus 425 bps, 1.5% Libor floor, OID 99, 101 soft call; Bank of America, Citigroup, Deutsche Bank, Morgan Stanley and Credit Suisse; in connection with acquisition of Global Crossing Ltd.; Hamilton, Bermuda, provider of fiber-based communications services.

METROPOLITAN HEALTH NETWORKS INC.: $355 million senior secured credit facility; GE Capital and SunTrust; $25 million five-year revolver (BB-) talked at Libor plus 475 bps, 1.5% Libor floor, 50 bps unused fee; $240 million five-year first-lien term loan (BB-) talked at Libor plus 475 bps, 1.5% Libor floor, OID 99; $90 million six-year second-lien term loan (B-) talked at Libor plus 900 bps, 1.75% Libor floor, OID 98, call protection 103, 102, 101; help fund acquisition of Continucare Corp.; Boca Raton, Fla., health care organization.

MSC.SOFTWARE CORP.: $235 million credit facility (B2/B+); Bank of America; $20 million revolver; $215 million six-year term loan talked at Libor plus 500 bps, 1.5% Libor floor, OID 99, 101 soft call; refinance existing debt and fund a dividend; Santa Ana, Calif., provider of multidiscipline simulation services that accelerate product innovation.

OCWEN FINANCIAL CORP.: $575 million five-year senior secured term loan (B1/B) at Libor plus 550 bps, 1.5% Libor floor, OID 98, 101 soft call; Barclays; help fund acquisition of Litton Loan Servicing LP; Atlanta-based provider of residential and commercial loan servicing, special servicing and asset management services.

OMNICARE INC.: Expected close Aug. 24; $750 million five-year unsecured credit facility (Baa3/BBB-); SunTrust, JPMorgan, Barclays and Goldman Sachs; $300 million revolver at Libor plus 250 bps; $450 million term loan at Libor plus 250 bps; refinance existing debt; Covington, Ky., pharmaceutical services company.

PLAZE INC.: $150 million senior credit facility; GE Capital and PNC; $20 million revolver talked at Libor plus 500 bps, 1.5% Libor floor, OID 991/4; $130 million term loan talked at Libor plus 500 bps, 1.5% Libor floor, OID 991/4; help fund buyout by Olympus Partners; St. Clair, Mo., full-service contract aerosol and liquid packager.

Q9 NETWORKS INC.: C$446 million credit facility; TD Securities leading first-lien, Barclays leading second-lien; C$40 million revolver; C$276 million first-lien term loan; C$130 million second-lien term loan; refinance debt and fund a recapitalization; Toronto-based provider of outsourced data centre infrastructure.

SMART MODULAR TECHNOLOGIES INC.: $360 million credit facility; JPMorgan and UBS; $310 million six-year first-lien term B (B2/B+) talked at Libor plus 700 bps, 1.25% Libor floor, call protection 103, 102, 101; $50 million five-year first-lien first-out revolver (B1); help fund buyout by Silver Lake Partners and Silver Lake Sumeru; Newark, Calif., manufacturer of memory modules and solid state storage products.

SNL FINANCIAL LC: $205 million credit facility (B2/B+); Credit Suisse; $30 million five-year revolver; $175 million seven-year covenant-light term loan at Libor plus 700 bps, 1.5% Libor floor, OID 97, 101 soft call for two years; help fund buyout by New Mountain Capital LLC; Charlottesville, Va., provider of sector-focused information services on the banking, financial services, insurance, real estate, energy, and media & communications industries.

STEAK 'N SHAKE: $160 million credit facility (B1); Jefferies; $20 million three-year revolver; $140 million four-year term loan talked at Libor plus 450 bps, 1% Libor floor, OID 99; refinance existing debt and fund a return of capital to the parent; quick-service restaurant chain founded in Normal, Ill.

UNIFRAX I LLC: $150 million term loan add-on (Ba3) at Libor plus 500 bps, 1.5% Libor floor, OID 99; Wells Fargo; fund acquisition of Saffil from Dyson Group plc; Niagara Falls, N.Y., supplier of high-temperature insulation products.

U.S. COAL CORP.: $105 million six-year term loan (B2/B+) talked at Libor plus 600 bps, 1.5% Libor floor, OID 99, call protection 103, 102, 101; Credit Suisse; refinance existing debt; Lexington, Ky., producer of coal.

On The Horizon

APAC CUSTOMER SERVICES INC.: New credit facility; help fund buyout by One Equity Partners; Bannockburn, Ill.-based provider of customer care services.

BJ'S WHOLESALE CLUB INC.: $2.575 billion senior secured credit facility; Deutsche Bank, Citigroup, Barclays, Jefferies, GE Capital and Wells Fargo; $900 million asset-based facility; $1.25 billion first-lien term loan; $425 million second-lien term loan; help fund buyout by Leonard Green & Partners LP and CVC Capital Partners; Westborough, Mass., operator of warehouse clubs.

BLACKBOARD INC.: $1.15 billion senior secured credit facility; Bank of America, Deutsche Bank and Morgan Stanley; $100 million five-year revolver expected at Libor plus Libor plus 450 bps; $700 million seven-year first-lien term loan expected at Libor plus 475 bps, 1.5% Libor floor; $350 million eight-year second-lien term loan expected at Libor plus 800 bps, 1.5% Libor floor; help fund buyout by Providence Equity Partners; Washington, D.C.-based provider of enterprise software applications and related services to the education industry.

BSERV INC.: New debt financing; Bank of Montreal, SunTrust and Silicon Valley Bank; help fund buyout by GTCR; Las Vegas-based provider of software-as-a-service-based payment systems used by banks and corporations to transfer money.

CHINA FIRE & SECURITY GROUP INC.: $80 million five-year credit facility; Bank of America, Citigroup and HSBC; $20 million revolver expected at Libor plus 500 bps; $60 million term loan expected at Libor plus 500 bps; help fund buyout by Bain Capital Partners LLC and management; provider of industrial fire protection systems in China.

CONVERGEX HOLDINGS LLC: New credit facility; Bank of America, Barclays, Deutsche Bank, Morgan Stanley and Citigroup; help fund buyout by CVC Capital Partners from GTCR; New York-based technology company providing mission-critical proprietary software products and technology-enabled services to asset managers and financial intermediaries.

COSTAR GROUP INC.: $465 million credit facility; JPMorgan; $415 million seven-year term loan expected at Libor plus 350 bps, 1.25% Libor floor; $50 million five-year revolver expected at Libor plus 300 bps; help fund acquisition of LoopNet Inc.; Washington, D.C.-based commercial real estate information company.

DIAMOND FOODS INC.: $1.75 billion in credit facilities; Bank of America; $300 million five-year term A at Diamond expected at Libor plus 250 bps; $400 million five-year revolver at Diamond expected at Libor plus 250 bps, 35 bps unused fee; $375 million five-year term A at Pringles expected at Libor plus 250 bps; $675 million seven-year term B at Pringles expected at Libor plus 325 bps, 1% Libor floor; repay existing bank debt, fund working capital and other general corporate purposes, and help fund merger with Pringles Co.; San Francisco-based packaged food company.

EMDEON INC.: $1.325 billion senior secured credit facility; Bank of America, Citigroup and Barclays; $125 million five-year revolver expected at Libor plus 450 bps, 50 bps unused fee; $1.2 billion seven-year covenant-light term B expected at Libor plus 475 bps, 1.25% Libor floor; help fund buyout by Blackstone Capital Partners VI LP; Nashville, Tenn., provider of revenue and payment cycle management services, connecting payers, providers and patients in the health care system.

GO DADDY GROUP INC.: New debt financing; Barclays, Deutsche Bank, RBC and KKR; help fund investment and partnership with KKR, Silver Lake and Technology Crossover Ventures; Scottsdale, Ariz., provider of web hosting and domain names.

HUSSMANN INTERNATIONAL INC.: $200 million secured term loan; GE Capital, ING, Rabobank, BMO, RBC and Natixis; help fund buyout of majority stake by Clayton, Dubilier & Rice LLC from Ingersoll-Rand plc; Bridgeton, Mo.-based manufacturer, seller, installer and servicer of refrigerated display merchandising equipment and refrigeration systems.

NTELOS WIRELINE ONC INC.: New senior secured credit facility including revolver; fund a working capital cash reserve and make a payment to Ntelos Holdings Corp. in connection with spin-off; Waynesboro, Va., wireline communications business.

RENAISSANCE LEARNING INC.: $270 million credit facility; RBC; help funds buyout by Permira Funds; Wisconsin Rapids, Wis., provider of technology-based school improvement and student assessment programs for K-12 schools.

SOPHIA LP (SUNGARD HIGHER EDUCATION/DATATEL INC.): New credit facility; Bank of America, Barclays, Citigroup, Credit Suisse and JPMorgan; help fund buyout of SunGard Higher Education by Hellman & Friedman LLC and merger with Datatel Inc.; provider of software, technology products and services to the higher education community.

STAFFMARK HOLDINGS INC.: $150 million five-year secured revolver at Libor plus 200 bps to 250 bps; SunTrust and Harris; in connection with IPO; refinance existing facility; Cincinnati-based provider of light industrial, clerical and specialty temporary staffing.

SUNRISE SENIOR LIVING INC./CNL INCOME PARTNERS LP: About $120 million of new loans; help fund formation of new joint venture that will own seven senior living facilities.

WEB.COM: $800 million credit facility; JPMorgan, Deutsche Bank, Goldman Sachs and SunTrust; $50 million revolver expected at Libor plus 425 bps; $600 million first-lien term B expected at Libor plus 425 bps; $150 million second-lien term loan expected at Libor plus 800 bps; help fund acquisition of Network Solutions; Jacksonville, Fla., provider of internet and online marketing services.

WESTERN DIGITAL CORP.: $3 billion senior unsecured credit facility; Bank of America; $500 million revolver; $2.5 billion five-year term loan; help fund acquisition of Hitachi Global Storage Technologies from Hitachi Ltd., refinance existing bank debt and for general corporate purposes; Irvine, Calif., designer and producer of hard drives and solid state drives.

WII COMPONENTS INC.: New senior secured credit facility; help fund tender for notes; St. Cloud, Minn., manufacturer of hardwood cabinet doors, hardwood components and engineered wood products.

W.R. GRACE & CO.: Exit facility, including a $200 million revolver; Goldman Sachs and Deutsche Bank; Columbia, Md., specialty chemicals company.

© 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.