3TAFlNGûlRMûALKU is expected to tap the
leveraged loan market in early September.
The company is lining up a new US$248m
acquisition credit facility backing the
COMPANYSûSALEûTOûlNANCIALûSPONSORû&&,û
Partners.
The deal is slated to launch after Labour
Day.
Administrative agent Societe Generale leads
the deal, joined by SunTrust on the right.
The funding will comprise a US$30m
revolving credit facility and a US$218m term
loan B.
Software provider NCR set price talk on a
US$750m incremental loan.
The deal is guided at 250bp over Libor
WITHûAûûmOORû4HEûLOANûISûOFFEREDûWITHûAû
99.5 OID.
The US$750m term loan includes a
US$400m delayed-draw loan that is expected
to fund by year end.
Bank of America Merrill Lynch, JP Morgan and
Wells Fargo are arranging the seven-year loan.
Proceeds will be used, along with new
UNSECUREDûDEBT ûTOûRElNANCEûTHEûCOMPANYSû
existing capital structure.
Waste management company US ECOLOGY
has scheduled a lender meeting for Tuesday
to discuss a US$400m term loan B.
The seven-year TLB is expected to come
with 101 soft-call protection for six months
and a 1% annual amortisation.
Wells Fargo is leading the transaction.
0ROCEEDSûWILLûlNANCEû53û%COLOGYSû
ACQUISITIONûOFû.2#û'ROUPûANDûRElNANCEûTHEû
target company’s existing debt.
US Ecology said in June that it had agreed
to merge with NRCG through an all-stock
transaction with a US$966m enterprise value.
US Ecology will form a new holding
company, US Ecology Inc, after the
acquisition closes and will own both US
Ecology and NRCG.
NRCG provides environmental,
compliance and waste management services
to the marine and rail transportation,
industrial and energy industries.
ALBERTSONS SEEKS REFI&OODûANDûDRUGûRETAILERûALBERTSONS is seeking
Aû53BNûTERMûLOANû"ûTOûRElNANCEûTHEû
company’s existing TLB debt.
The seven-year TLB is being offered at
BPûOVERû,IBOR ûWITHûAûûmOOR ûû
OID and 101 soft-call protection for six
months.
Credit Suisse is leading the B8 loan.
#ORPORATEûRATINGSûAREû"" ûANDûTHEûlRST
lien term loan will be rated Ba2/BB.
Albertsons in October 2018 tapped the
TLB market for a US$2bn B7 loan.
Accessories retailer CLAIRE’S STORES has
launched a US$700m term loan B that will
RElNANCEûDEBTûANDûREDEEMûPREFERREDûEQUITY
The seven-year TLB is being offered at
BPûOVERû,IBOR ûWITHûAûûmOOR ûû/)$û
and 101 soft-call protection for six months.
JP Morgan, Citigroup, Citizens Bank, Credit
Suisse and Guggenheim are arranging the
transaction.
0ROCEEDSûWILLûSPECIlCALLYûRElNANCEûAû
US$250m TLB that was part of Claire’s exit
lNANCINGû4HEûCOMPANYûlLEDûFORû#HAPTERûû
bankruptcy protection in March 2018.
The exit loan priced at 725bp over Libor,
WITHûAûûmOORûANDûMATURESûINû/CTOBERû
2038.
Athletic event organizer WORLD TRIATHLON
CORP has launched a US$265m term loan B
THATûWILLûBEûUSEDûTOûRElNANCEûANûEXISTINGû
TLB and repay a revolving credit facility.
4HEûlRST
LIENûSEVEN
YEARû4,"ûISûBEINGû
OFFEREDûATûBPûOVERû,IBOR ûWITHûAûûmOOR û
99 OID and 101 soft-call protection for six
months.
Deutsche Bank is leading the transaction.
World Triathlon in June 2017 tacked on
53MûINûlRST
LIENûINCREMENTALûDEBTûTOûANû
existing TLB that also paid 425bp over Libor
WITHûAûûmOOR
That existing TLB, a US$225m seven-year
facility, was raised in June 2014, along with
a US$20m revolving credit facility, to fund a
dividend recapitalisation.GEMS EDUCATION CUTS TLBPrivate educator GEMS EDUCATION has cut its
term loan B by US$100m to US$750m and
lNALISEDûTHEûPRICINGûTERMSûONûTHEû
transaction.
The seven-year TLB priced at 500bp over
Libor from guidance of 475bp-500bp, with a
ûmOOR ûû/)$ûANDûûSOFTûCALLûPROTECTIONû
for six months.
Goldman Sachs was lead-left and global
coordinator on the transaction alongside
Credit Suisse. Citigroup and HSBC are
bookrunners.
On the accompanying bonds, the US
dollar portion increased to US$900m from
US$500m, while the euros were dropped.It has B2/B/B corporate ratings and B2/B/B+
lRST
LIENûTRANCHEûRATINGS
Moody’s said its B2 corporate family
rating is supported by GEMS’ strong market
position, good revenue from committed
student enrolments, a focus on organic
growth, and good liquidity.
At the closing of the transaction, Moody’s
anticipates GEMS will have leverage of
around 7.5 times adjusted debt/Ebitda,
which will decrease toward 7 times within
12-18 months.
4HEûLOANûWILLûBEûUSEDûTOûRElNANCEûDEBTû
following a minority investment by CVC.
CVC has agreed to acquire about a 30%
stake in the company from existing
SHAREHOLDERSû!ûCONSORTIUMûLEDûBYû&AJRû
Capital including Tactical Opportunities
funds managed by Blackstone and Bahrain
Mumtalakat Holding Co, the sovereign
wealth fund of the Kingdom of Bahrain that
acquired a minority stake in GEMS
Education in 2014, will exit their positions.
Minority investor Khazanah Nasional, a
Malaysian sovereign wealth fund that invested
in January 2018, will retain its 3% stake.
Power producer WEST DEPTFORD ENERGY
COMPLETEDûAû53MûlRST
LIENûTERMûLOANû"û
THATûWILLûBEûUSEDûTOûRElNANCEûDEBTûANDûFUNDû
a shareholder distribution.
The seven-year TLB priced at 375bp over
Libor with a 25bp step-down once net
leverage reaches 5 times.
4HEûûmOOR ûû/)$ûANDûûSOFTûCALLû
protection are unchanged.
Covenants include a 1.1 times minimum
debt service coverage ratio.
The Credit Suisse
LEDûlNANCINGûALSOû
comprises a US$55m revolving credit facility.
The facility will be rated Ba3/BB-.
West Deptford Energy operates a 744MW
GAS
lREDûCOMBINED
CYCLEûPOWERûFACILITYûTHATû
supplies energy to the northeastern part of
Pennsylvania, New Jersey and Maryland.
Beauty and personal care products maker
KNOWLTON DEVELOPMENT CORP has upsized an
incremental term loan B to US$105m from
US$85m and tightened the OID to 99.75
from 99.5.
The spread remained at 425bp over Libor
WITHûAûûmOOR
KDC will use the extra US$20m for
general corporate purposes.
Jefferies, Guggenheim and UBS arranged the
deal, which is fungible with KDC’s existing
4," ûAû53MûlRST
LIENûLOANûTHATûPRICEDûINû
$ECEMBERûATûBPûOVERû,IBORûANDûAûûmOOR
#ORPORATEûFAMILYûANDûlRST
LIENûFACILITYû
ratings are B2/B.DAVITA TIGHTENS PRICINGDialysis provider DAVITA tightened pricing on
a US$2.5bn term loan B that will be used to
RElNANCEûEXISTINGûDEBTUS LEVERAGED LOANS
BOOKRUNNERS: 1/1/2019 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 BAML 310 53,925.77 11.2
2 Wells Fargo 236 46,868.12 9.7
3 JP Morgan 277 45,427.26 9.4
4 RBC 85 27,954.20 5.8
5 Citigroup 134 24,348.61 5.1
6 Barclays 120 21,114.72 4.4
7 Goldman Sachs 115 17,827.70 3.7
8 Deutsche Bank 108 17,201.43 3.6
9 Credit Suisse 92 16,358.37 3.4
10 PNC Financial 103 13,458.46 2.8
Total 1,208 481,759.90
Excluding Project Finance.
Source: Refinitiv SDC code: P2