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UKG launches $400 million term loan at SOFR plus 450-475 bps
By Sara Rosenberg
New York, May 23 – UKG Inc. was scheduled to hold a lender call at 2 p.m. ET on Tuesday to launch a non-fungible $400 million incremental covenant-lite first-lien term loan due May 2026 that is talked at SOFR+10 basis points CSA plus 450 bps to 475 bps with a 0.5% floor and an original issue discount of 97.5, according to a market source.
The term loan has 101 soft call protection for six months, the source said.
Expected term loan ratings are B1/B-.
Nomura is the left lead arranger on the deal.
Commitments are due at noon ET on Thursday, the source added.
Proceeds will be used to pay down a revolving credit facility draw and further bolster liquidity in anticipation of a potential strategic acquisition that is under a letter of intent.
UKG is a provider of human capital management solutions based in Weston, Fla., and Lowell, Mass.
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