Arcis Golf launches $200 million of term loans at 98.75-99 OID

By Sara Rosenberg

New York, May 2 – Arcis Golf LLC launched on Tuesday its $160 million incremental covenant-lite term loan B due Nov. 24, 2028 and $40 million covenant-lite delayed-draw term loan due Nov. 24, 2028 with original issue discount talk of 98.75 to 99, according to a market source.

As previously reported, price talk on the term loans is SOFR+CSA plus 425 basis points with a 0.5% floor.

CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Ticking fees on the delayed-draw term loan are half the spread starting on day 46 and the full spread starting on day 91.

Deutsche Bank Securities Inc., JPMorgan Chase Bank and Wells Fargo Securities LLC are the bookrunners on the $200 million of term loans (B2/B+). Deutsche Bank is the administrative agent.

Commitments are due at noon ET on May 9.

Proceeds from the incremental term loan will be used to fund the acquisition of Pac Life and the delayed-draw term loan will be used to fund the acquisition of Project Pine.

Arcis is a Dallas-based owner and operator in the U.S. golf market with 30 private and 35 daily fee clubs.

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