TenCate Grass prices €315M ESG buyout term loan B; terms

TenCate Grass has priced its €315 million environmental, social and governance-linked buyout term loan B in line with revised guidance given earlier this week at E+500, with a 0% floor, offered at 98.50. Joint bookrunners and lead arrangers Societe Generale CIB, ING (ESG coordinator) and Jefferies led the deal. Pricing compares with initial guidance of E+450-475, with a 0% floor, offered at 99.50, and suggests a yield of 5.37%.

The loan opened in the secondary in a 98.50/99.25 market, sources said.

Proceeds support Crestview Partners' buyout of artificial-turf maker TenCate Grass from Gilde that was announced in July. The existing management team reinvested in the company as part of the transaction. Ratings are B/B2 for both issuer and issue, with a stable outlook and 3 recovery rating. TCG AcquisitionCo BV is the borrowing entity. A €65 million revolver rounds out the debt.

TenCate Grass designs, manufactures, distributes and installs artificial grass for sports and landscaping applications. The company is based in Nijverdal, Netherlands, and has manufacturing and distribution facilities in the Netherlands, the United States and the United Arab Emirates. The business has about $600 million in annual revenue.

Terms: