Bumble lifts incremental term loan to $275 million, updates pricing

By Sara Rosenberg

New York, Oct. 8 – Bumble (Buzz Finco LLC) upsized its senior secured incremental covenant-lite term loan B due Jan. 29, 2027 to $275 million from $200 million and firmed pricing at Libor plus 325 basis points, the low end of the Libor plus 325 bps to 350 bps talk, according to a market source.

Also, the original issue discount on the term loan was set at 99.5, the tight end of the 99 to 99.5 talk, the source said.

The term loan still has a 0.5% Libor floor and 101 soft call protection for six months.

Citigroup Global Markets Inc., Barclays, HSBC Securities (USA) Inc., RBC Capital Markets, SMBC and Blackstone Securities Partners are the joint lead arrangers on the deal. Citigroup is the administrative agent.

Proceeds will be used with cash on hand to fund a distribution to shareholders.

Contemporaneously with the upsize, an amendment and consent is being sought from lenders to add a new one-time dividend basket equal to $75 million, the source added.

Commitments and consents are due at noon ET on Friday.

Pro forma for the upsize, the company will be levered 4.6x on a gross leverage basis and 4.2x on a net leverage basis.

Bumble, also known as MagicLab, is a provider of online dating and social networking services.

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