LDiscovery completes syndication, allocation process on recently upsized credit facility

By Sara Rosenberg

New York, Dec. 22 – Syndication of LDiscovery LLC’s credit facility successfully wrapped up following an upsizing last week and the deal has allocated, according to a market source.

The $155 million credit facility consists of a $15 million five-year revolver, a $100 million six-year term loan B and a $40 million six-year delayed-draw term loan.

Pricing on the term loans is Libor plus 475 basis points with a 1% Libor floor, and the debt was sold at an original issue discount of 99.

Recently, the delayed-draw term loan was upsized from $30 million due to strong demand, and pricing on all of the term debt firmed at the low end of the Libor plus 475 bps to 500 bps talk.

Antares Capital is the lead on the deal that allocated on Monday.

Proceeds will be used to help fund the buyout of the company by Carlyle Group.

Closing is expected late this year.

LDiscovery is a McLean, Va.-based technology-enabled provider of information discovery and governance services serving principally blue-chip corporations and law firms.

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