Arcis Golf launches $495 million term loan B at SOFR plus 375 bps

By Sara Rosenberg

New York, Dec. 4 – Arcis Golf LLC was scheduled to hold a lender call at 3:30 p.m. ET on Monday to launch a $495 million covenant-lite term loan B due November 2028 that is talked at SOFR+CSA plus 375 basis points with a 0.5% floor and a par issue price, according to a market source.

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

The term loan has 101 soft call protection for six months, the source said.

Expected term loan ratings are B2/B+.

Deutsche Bank Securities Inc. is the left bookrunner on the deal.

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

Proceeds will be used to reprice an existing term loan B due November 2028 down from SOFR+ARRC CSA plus 425 bps with a 0.5% floor.

Arcis is a Dallas-based owner and operator in the U.S. golf market with 31 private and 37 daily fee clubs.

© 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.