Bank Loan Calendar: $24.27 billion deals being marketed

October Bank Meetings

EMDEON INC.: $1.325 billion senior secured credit facility (Ba3); Bank of America, Citigroup, Barclays and Goldman Sachs; $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; to launch at a bank meeting during the middle part of the Oct. 3 week.

KINETIC CONCEPTS INC.: $2.8 billion senior secured credit facility (Ba3/BB-); Bank of America, Morgan Stanley and Credit Suisse (could be downsized); $2.6 billion term loan (could be downsized); $200 million revolver; help fund buyout by Apax Partners, Canada Pension Plan Investment Board and the Public Sector Pension Investment Board; San Antonio medical technology company; to launch at an Oct. 3 bank meeting in London.

OPEN TEXT INC.: Bank meeting Oct. 5; $700 million senior secured credit facility; Barclays and RBC; $100 million revolver; $600 million term A; add cash to the balance sheet, refinance existing bank debt and for working capital purposes; Waterloo, Ont., enterprise software company.

Upcoming Closings

BAJA BROADBAND: Bank meeting Sept. 28; $103 million credit facility; GE Capital; $10 million five-year revolver talked at Libor plus 550 bps, 1.5% Libor floor, OID 98; $78 million five-year first-lien term loan talked at Libor plus 550 bps, 1.5% Libor floor, OID 98; $15 million six-year second-lien term loan; refinance existing debt and fund the acquisition of U.S. Cable; Fort Mill, S.C., full-service telecommunications company.

BLACKBOARD INC.: $1.23 billion senior secured credit facility; Bank of America, Deutsche Bank and Morgan Stanley; $100 million five-year revolver (B1/B+); $780 million seven-year first-lien term loan (B1/B+) at Libor plus 600 bps, 1.5% Libor floor, OID 92, soft call 102, 101; $350 million eight-year second-lien term loan (Caa1/CCC+) talked at Libor plus 975 bps, 1.5% Libor floor, OID 97½ to 98, non-call one, 102, 101; help fund buyout by Providence Equity Partners; Washington, D.C.-based provider of enterprise software applications and related services to the education industry.

COMPASS GROUP DIVERSIFIED HOLDINGS LLC: Bank meeting Sept. 28; $500 million first-lien secured credit facility; TD Securities, BMO and SunTrust; $275 million five-year revolver, price talk Libor plus 350 bps; $225 million six-year last-out term B, price talk Libor plus 525 bps to 550 bps at 97 to 98 with a 1.5% Libor floor; refinance existing debt, make acquisitions and working capital and general corporate purposes; Westport, Conn., investment firm specializing in acquiring controlling stakes in small- to middle-market companies.

DIAL GLOBAL: $265 million credit facility; GE Capital and ING leading first-lien, Macquarie leading second-lien; $25 million revolver talked at Libor plus 600 bps to 625 bps, 1.5% Libor floor, OID 98 to 981/2; $175 million first-lien term loan talked at Libor plus 600 bps to 625 bps, 1.5% Libor floor, OID 98 to 981/2; $65 million second-lien term loan talked at Libor plus 950 bps to 1,000 bps, 1.5% Libor floor, OID 97 to 98, call protection 102, 101; help fund merger with Westwood One Inc. and refinance existing debt; Los Angeles-based provider of advertising sales representation and syndication services to radio production companies.

DIAMOND FOODS INC.: $1.75 billion in credit facilities; Bank of America Merrill Lynch; $1.25 billion five-year term loan A and $500 million five-year revolver; leverage-based pricing opens at 250 bps, 35 bps unused fee; $375 million five-year term A at Pringles expected at Libor plus 250 bps, and ranges from and ranges from Libor plus 200 bps to 275 bps; to 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; expected to allocate in early October.

DIGITALGLOBE: $600 million senior secured credit facility (Ba3/BB+); Morgan Stanley and JPMorgan; $100 million revolver; $500 million term B talked at Libor plus 425 bps to 450 bps, 1.25% Libor floor, OID 97½ to 98, 101 soft call; fund notes tender offer and for general corporate purposes; Longmont, Colo., content provider of high-resolution earth imagery products and services.

DRUG ROYALTY II LP1: $155 million term loan (Ba2/BB+) talked at Libor plus 450 bps area, 1.25% Libor floor, OID 99 to 991/2; Macquarie; refinance existing debt; specialty pharmaceutical royalty acquisition company.

ECOMMERCE INDUSTRIES INC.: $142 million credit facility; Golub Capital; $3 million revolver talked around 7½%, including coupon and Libor floor, OID 981/2; $139 million term loan talked around 7½%, including coupon and Libor floor, OID 981/2; refinance existing debt and fund a small acquisition; Fort Worth, Texas-based developer of industry-specific business operations software and integrated supply chain automation.

ENDURANCE INTERNATIONAL GROUP: $340 million credit facility (B2); Morgan Stanley; $35 million three-year revolver; $305 million five-year term B talked at Libor plus 650 bps, 1.5% Libor floor, OID 95½ to 96; refinance existing debt and general corporate purposes; Burlington, Mass., provider of online services to small- and medium-sized businesses.

FLEXERA SOFTWARE: $355 million credit facility; BMO; $25 million revolver (B2/B); $230 million first-lien term loan (B2/B) talked at Libor plus 600 bps, 1.25% Libor floor, OID 98; $100 million second-lien term loan (Caa2/CCC+) talked at Libor plus 925 bps, 1.25% Libor floor, OID 98; help fund buyout by Teachers' Private Capital from Thoma Bravo LLC; Schaumburg, Ill., provider of strategic application usage management services for application producers and their enterprise customers.

GARDEN RIDGE: $330 million credit facility; Bank of America and UBS; $80 million ABL revolver; $250 million six-year term B (B2/B+) talked at Libor plus 725 bps, 1.5% Libor floor, OID 93, soft call 102, 101; fund buyout by AEA Investors LP; Houston-based seller of mattresses, ready-to-assemble furniture, discount apparel and handbags and books.

GE SEACO: $1 billion term loan talked at Libor plus 300 bps, step-up to Libor plus 400 bps after two years and to Libor plus 600 bps at year six; Deutsche Bank and ING; help fund buyout by HNA Group Co. Ltd. and Bravia Capital from General Electric Capital Corp. and Sea Containers Ltd.; Singapore-based marine container leasing company.

GEORGE LITTLE MANAGEMENT: $95 million six-year credit facility; GE Capital; $10 million revolver at Libor plus 550 bps, 1.5% Libor floor, OID 99; $85 million term loan at Libor plus 550 bps, 1.5% Libor floor, OID 99; help fund buyout by Providence Equity Partners from Daily Mail and General Trust plc; creator of face-to-face and online buying, selling and networking platforms for designers, product developers, manufacturers, reps, retailers and operators.

GO DADDY GROUP INC.: $825 million credit facility (Ba3/B); Barclays, Deutsche Bank, RBC and KKR; $75 million revolver; $750 million term loan at Libor plus 575 bps, 1.25% Libor floor, OID 93, 101 soft call; help fund investment and partnership with KKR, Silver Lake and Technology Crossover Ventures; Scottsdale, Ariz., provider of web hosting and domain names.

KAPSTONE PAPER AND PACKAGING CORP.: $525 million five-year senior credit facility; Bank of America and Barclays; $150 million five-year revolver; $375 million five-year term loan, pricing opens at Libor plus 200 bps, with commitment fees ranging from 37.5 bps for commitments less of than $35 million to 100 bps for commitments of $75 million; to help fund acquisition of U.S. Corrugated Inc. and refinance existing debt; Northbrook, Ill., producer of unbleached kraft paper products and linerboard.

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.

LEVI STRAUSS & CO.: $850 million ABL revolver talked at Libor plus 175 bps, 50 bps unused fee; JPMorgan, Bank of America Merrill Lynch, Wells Fargo and HSBC; refinance an existing revolver; San Francisco-based apparel maker.

MARSHALL RETAIL GROUP: $100 million senior secured credit facility; Golub Capital; $10 million revolver talked at Libor plus 600 bps, 1.5% Libor floor, OID 981/2; $90 million term loan talked at Libor plus 600 bps, 1.5% Libor floor, OID 981/2; refinance existing debt and fund a dividend; Las Vegas-based specialty retailer in the casino resort marketplace.

METROPOLITAN HEALTH NETWORKS INC.: $355 million senior secured credit facility; GE Capital and SunTrust; $40 million revolver talked at Libor plus 500 bps, 1.5% Libor floor, OID 99; $240 million first-lien term loan talked at Libor plus 550 bps, 1.5% Libor floor, OID 981/2; $75 million second-lien term loan talked at Libor plus 1,175 bps, 1.75% Libor, OID 98; help fund acquisition of Continucare Corp.; Boca Raton, Fla., health care organization.

MICROSEMI CORP.: $800 million senior term B due Feb. 2, 2018 talked at Libor plus 425 bps to 450 bps, 1.25% Libor floor, OID 97 to 98, 101 soft call; Morgan Stanley; help fund acquisition of Zarlink Semiconductor Inc.; Aliso Viejo, Calif., provider of semiconductor services.

PODS ENTERPRISES INC.: $225 million credit facility; GE Capital and Barclays; $25 million revolver talked at Libor plus 600 bps, 1.5% Libor floor, OID 981/2; $154 million term loan talked at Libor plus 600 bps, 1.5% Libor floor, OID 981/2; $46 million delayed-draw for six months term loan talked at Libor plus 600 bps, 100 bps unused fee, 1.5% Libor floor, OID 981/2; acquisition funding and refinance existing debt; Clearwater, Fla., provider of portable on demand storage and moving products and services.

RENAISSANCE LEARNING INC.: $270 million credit facility; RBC and BMO; $20 million revolver (B1/BB-); $175 million first-lien term loan (B1/BB-) talked at Libor plus 600 bps to 625 bps, 1.5% Libor floor, OID 96 to 97, 101 soft call; $75 million second-lien term loan; help fund buyout by Permira Funds; Wisconsin Rapids, Wis., provider of technology-based school improvement and student assessment programs for K-12 schools.

SEALED AIR CORP.: $3 billion credit facility (Ba1/BB+); Citigroup, Bank of America, BNP Paribas, RBS; $700 million five-year revolver at Libor plus 250 bps, 50 bps unused fee; $1.1 billion five-year term A at Libor plus 250 bps; $790 million term B at Libor plus 375 bps, 1% Libor floor, OID 98, 101 soft call; $410 million U.S. dollar equivalent euro term B at Euribor plus 450 bps, 1% Euribor floor, OID 97, 101 soft call; help fund acquisition of Diversey Holdings Inc.; Elmwood Park, N.J., manufacturer of packaging and performance-based materials and equipment systems for food, industrial, medical and consumer applications.

SANDS CHINA $3.7 billion equivalent five-year pro rata credit facility: $500 million revolver and $3.2 million Libor plus 225 bps term loan A, to be issued in U.S. dollar-, Hong Kong dollar- and Macau pataca denominations; Bank of China (administrative agent), Goldman Sachs & Co., Bank of America Merrill Lynch, Bank of China, Barclays Capital Inc., BNP Paribas, Citigroup Global Markets, Commerzbank, Credit Agricole CIB, Credit Suisse Securities (USA) LLC, ICBC, ING, Sumitomo Mitsui Banking, UBS Securities, United Overseas Bank (global coordinators), Banco Nacional Ultramarino, DBS Bank, Oversea-Chinese Banking, Bank of Nova Scotia, Wing Lung Bank (lead arrangers); to repay Venetian Macau's existing loans, and fund construction on Macau parcels; gaming and entertainment company headquartered in Las Vegas, Nev.; expected to fund before Nov. 29.

TRIPLE POINT TECHNOLOGY INC.: $255 million credit facility; Credit Suisse and GE Capital; $20 million five-year revolver; $185 million six-year term loan talked at Libor plus 600 bps, 1.5% Libor floor, OID 97, 101 soft call; $50 million delayed-draw until February term loan talked at Libor plus 600 bps, 1.5% Libor floor, OID 97, 101 soft call; help fund buyout by Welsh, Carson, Anderson & Stowe; Westport, Conn., provider of software for end-to-end commodity management; commitments due by Oct. 12.

TRITON CONTAINTER INTERNATIONAL LTD.: $500 million five-year senior secured revolver; Bank of America Merrill Lynch, Union Bank, Wells Fargo Securities LLC, SunTrust Robinson Humphrey; also $180 million new notes; to repay revolver debt; San Francisco-based container manufacturer; launched Sept. 29.

UNITED RENTALS INC.: $1.8 billion five-year asset-based revolver talked at Libor plus 200 bps, 37.5 bps unused fee; Bank of America; refinance existing credit facility; Greenwich, Conn., equipment rental company.

VALEANT PHARMACEUTICALS INTERNATIONAL INC.: $1.7 billion 41/2-year senior secured credit facility; Goldman Sachs and JPMorgan; $200 million revolver talked at Libor plus 250 bps to 300 bps based on leverage; $1.5 billion term A, including a $500 million delayed-draw tranche with 50 bps unused fee, talked at Libor plus 250 bps to 300 bps based on leverage; refinance existing debt; Mississauga, Ont., specialty pharmaceutical company; commitments due Oct. 5.

WEB.COM: $800 million senior secured credit facility; JPMorgan, Deutsche Bank, Goldman Sachs and SunTrust; $50 million five-year revolver (Ba3/B); $600 million seven-year first-lien term B (Ba3/B) talked at Libor plus 550 bps, 1.5% Libor floor, OID 96½ to 97, 101 soft call; $150 million eight-year second-lien term loan (B3/CCC+) talked at Libor plus 950 bps, 1.5% Libor floor, OID 96½ to 97, non-call one, 103, 102, 101; help fund acquisition of Network Solutions; Jacksonville, Fla., provider of internet and online marketing services.

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.

CATALENT PHARMA SOLUTIONS INC.: New term loan; help fund acquisition of Aptuit LLC's clinical trial supplies business; Somerset, N.J., provider of advanced technologies, and development, manufacturing, and packaging services for pharmaceutical, biotechnology and consumer health care companies.

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.

FUNDTECH LTD.: New debt financing; RBC, BMO and Newstone Capital; help fund buyout by GTCR and merger with BankServ; Jersey City, N.J.-based provider of software services that facilitate payments processing, financial messaging and cash management for financial institutions.

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.

OPEN LINK FINANCIAL INC.: New financing; Credit Suisse; help fund buyout by Hellman & Friedman from Carlyle Group; Uniondale, N.Y., provider of cross-asset trading, risk management and operations processing software services.

PAR PHARMACEUTICAL COS. INC.: $450 million five-year credit facility; JPMorgan; $350 million term loan expected at Libor plus 250 bps; $100 million revolver expected at Libor plus 250 bps, 37.5 bps unused fee; help fund acquisition of Anchen Pharmaceuticals Inc. and refinance existing revolver; Woodcliff Lake, N.J., specialty pharmaceutical company.

SINCLAIR BROADCAST GROUP INC.: New term loan; help fund acquisition of Four Points Media Group LLC from Cerberus Capital Management LP; Hunt Valley, Md., television broadcasting company.

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.

TRONOX INC.: $550 million of new financing; Goldman Sachs; refinance term loan in connection with acquisition of Exxaro Resources Ltd.'s mineral sands operations; Oklahoma City producer and marketer of titanium dioxide pigment.

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.

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.