Chamberlain talks $1.93 billion term loan B at Libor plus 350-375 bps

By Sara Rosenberg

New York, Oct. 13 – Chamberlain Group LLC (Chariot Buyer LLC) launched on Wednesday its $1.925 billion seven-year covenant-lite term loan B with price talk of Libor plus 350 basis points to 375 bps with a 0.5% Libor floor and an original issue discount of 99.5, according to a market source.

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

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.

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

Commitments are due at noon ET on Oct. 22.

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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