Intertape Polymer, Maxar Technologies release price guidance; CDK sets lender call

By Sara Rosenberg

New York, June 1 – On Wednesday, Intertape Polymer Group Inc. (Iris Holding Inc.) and Maxar Technologies Inc. came to market with first-lien term loans and released price talk on the proposed debt.

In addition, CDK Global Inc. joined this week’s primary calendar with plans to launch its buyout financing.

Intertape launches

Intertape Polymer Group emerged in the morning with plans to hold a lender call at 3:30 p.m. ET on Wednesday to launch a $1.5 billion six-year first-lien term loan (B) talked at SOFR+10 basis points CSA plus 475 bps with a 0.5% floor, an original issue discount of 93 to 94 and 101 soft call protection for six months, according to a market source.

Commitments are due at 5 p.m. ET on June 14, the source added.

The company’s $1.75 billion of credit facilities also include a $250 million ABL revolver.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Jefferies LLC and BMO Capital Markets are leading the deal that will be used with $400 million of unsecured notes to help fund the buyout of the company by Clearlake Capital Group LP for C$40.50 per share in an all-cash transaction valued at about US$2.6 billion, including net debt.

Closing is expected in the third quarter, subject to customary conditions, including receipt of shareholder, regulatory and court approvals.

Intertape Polymer, based in Montreal and Sarasota, Fla., is a provider of packaging and protective solutions.

Maxar holds call

Maxar Technologies hosted a lender call at 2 p.m. ET, launching a $1.5 billion seven-year term loan B at talk of SOFR+CSA plus 400 bps to 425 bps with a 0.5% floor, an original issue discount of 96 and 101 soft call protection for six months, a market source remarked.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

The company’s $2 billion of credit facilities (B2/B) also include a $500 million five-year revolver.

Commitments are due at noon ET on June 9, the source added.

RBC Capital Markets is leading the deal that will be used with a $500 million senior secured notes offering and cash on hand to refinance an existing term loan B and 9¾% senior secured notes due 2023, and to pay related fees and expenses.

Maxar Technologies is a Westminster, Colo.-based provider of comprehensive space solutions and secure, precise, geospatial intelligence.

CDK on deck

CDK set a lender call for 11 a.m. ET on Thursday to launch $4 billion of credit facilities, split between a $650 million revolver and a $3.35 billion seven-year first-lien term loan, a market source said.

The term loan has a 0.5% floor and 101 soft call protection for six months, the source added.

Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, BMO Capital Markets, Barclays, Deutsche Bank Securities Inc., RBC Capital Markets, TD Securities (USA) LLC, Wells Fargo Securities LLC, BofA Securities Inc., BNP Paribas Securities Inc., CIBC, Bank of Nova Scotia, Credit Agricole, MUFG, Societe Generale and Golub are leading the deal that will be used to help fund the buyout of the company by Brookfield Business Partners for $54.87 per share. The transaction has a total enterprise value of $8.3 billion.

Closing is expected in the third quarter, subject to the tender of a majority of CDK’s outstanding shares, the expiration or termination of the antitrust waiting period and other customary conditions.

CDK is a Hoffman Estates, Ill.-based automotive retail technology company.

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