BofA Securities Archives

Summit Hotel Properties Completes $200MM Join Venture Credit Facility Refinancing

Summit Hotel Properties’ joint venture with GIC, Singapore’s sovereign wealth fund, has successfully completed the refinancing of its $200 million senior credit facility.

Cambridge Bancorp Enters into Definitive Agreement to Merge with Eastern Bankshares

Cambridge Bancorp and Eastern Bankshares entered into a definitive merger agreement pursuant to which Cambridge will merge with and into Eastern in an all-stock transaction valued at approximately $528 million.

RBC and BofA Provide Bridge Financing Facility for J.M. Smucker’s Acquisition of Hostess Brands

The J. M. Smucker Co. signed a definitive agreement to acquire Hostess Brands for $34.25 per share in a cash and stock transaction. J.M. Smucker secured $5.2 billion in a fully committed bridge financing from Bank of America, and RBC Capital Markets in connection with the transaction.

Arclight Capital Partners Buys Duke Energy’s Commercial Distributed Business for $364MM

Duke Energy reached an agreement to sell its commercial distributed generation business to an affiliate of ArcLight Capital Partners, a middle-market infrastructure investor, for an enterprise value of $364 million, inclusive of non-controlling tax equity interests.

Silver Point Supports $1.5B Acquisition of Company Behind SurveyMonkey

An investor consortium led by Symphony Technology Group completed the acquisition of Momentive, the maker of SurveyMonkey, in a transaction valued at approximately $1.5 billion. Silver Point acted provided committed debt financing in support of the acquisition.

J.P. Morgan Leads $350MM Term Loan and $150MM ABL Facility for TTM Technologies

TTM Technologies, a global manufacturer of technology solutions, closed and syndicated a $350 million senior secured term loan and a U.S. asset-based revolving credit facility with committed borrowing capacity of $150 million. J.P. Morgan is acting as administrative agent for both facilities.

PGIM Acquires Majority Interest in Deerpath Capital

PGIM, the $1.2 trillion global investment management business of Prudential Financial, signed a definitive agreement to acquire a majority interest in Deerpath Capital Management and its associated affiliates.

Wells Fargo Bank Provides $400MM Term loan B to Koppers Holdings

Koppers Holdings, an integrated global provider of treated wood products, wood treatment chemicals and carbon compounds, priced and allocated a seven-year $400 million senior secured Term Loan B. Wells Fargo Bank is acting as sole and exclusive administrative agent.

BofA and TD Securities Amend Casella Waste Systems’ $650MM Credit Facility

Casella Waste Systems, a regional solid waste, recycling and resource management services company, amended its existing $650 million credit facility that links borrowing costs to progress in achieving certain annual sustainability goals.

February 13, 2023 BofA Securities | Casella Waste Systems | John W. Casella | TD Securities (USA) Ian Koplin

Wells Fargo Securities, BofA Securities Lead $2.5B ESG-Linked Credit Facility for Host Hotels & Resorts

Host Hotels & Resorts amended and restated its existing $2.5 billion credit facility. The agreement extends maturities from January 2025 to January 2028, including all extension options, and continues to provide a $1.5 billion revolving credit facility and two $500 million term loans.

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