Ultimate Kronos launches $2.95 billion loan at Libor plus 325 bps

By Sara Rosenberg

New York, Jan. 12 – Ultimate Kronos Group (UKG Inc.) was scheduled to hold a lender call at 2 p.m. ET on Tuesday to launch a $2.945 billion covenant-lite first-lien term loan due May 2026 that is talked at Libor plus 325 basis points with a 0.75% Libor floor and a par issue price, 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.

Credit Suisse Securities (USA) LLC is the left lead arranger on the deal.

Proceeds will be used to reprice an existing term loan down from Libor plus 400 bps with a 0.75% Libor floor.

Commitments are due at 5 p.m. ET on Thursday, the source added.

Ultimate Kronos is a provider of best-of-breed human capital management solutions with headquarters in Lowell, Mass. and Weston, Fla.

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