Chamberlain Group to launch $1.93 billion term loan B on Wednesday

By Sara Rosenberg

New York, Oct. 12 – Chamberlain Group LLC (Chariot Buyer LLC) is set to hold a lender call at 2 p.m. ET on Wednesday to launch a $1.925 billion seven-year covenant-lite term loan B, according to a market source.

Wells Fargo Securities LLC, Barclays, Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are the lead arrangers on the deal.

The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Security is a perfected first-lien interest in substantially all of the present and after-acquired assets of the borrower and each subsidiary guarantor and, in each case of holdings, a pledge of all capital stock of the borrower, subject to certain exceptions.

Commitments are due at noon ET on Oct. 22, the source added.

Proceeds will be used to help fund the buyout of the company by Blackstone from Duchossois Group Inc. and to pay transaction related fees and expenses. The transaction values Chamberlain Group at approximately $5 billion.

Closing is expected by the end of 2021, subject to regulatory approvals and customary conditions.

Chamberlain Group is an Oak Brook, Ill.-based provider of smart access solutions across residential and commercial properties.

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