Corporate Capital cuts term B to minimum $350 million, raises pricing

By Sara Rosenberg

New York, May 14 - Corporate Capital Trust downsized its term loan B to a minimum of $350 million from $500 million and increased pricing to Libor plus 325 basis points from talk of Libor plus 275 bps to 300 bps, according to a market source.

In addition, the original issue discount on the term loan was set at 991/2, the wide end of the 99½ to 99¾ talk, and the debt is now non-callable for one year as opposed to having 101 soft call protection for six months, the source said.

Furthermore, the maturity on the term loan B was shortened to five years from seven years.

The loan still has a 0.75% Libor floor.

Recommitments were due at 5 p.m. ET on Wednesday, the source added.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to pay down some bank debt and for general corporate purposes.

Corporate Capital Trust is an Orlando-based business development company that invests in privately owned American companies.

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