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Liftoff Mobile talks $300 million term B at Libor plus 425-450 bps
By Sara Rosenberg
New York, Feb. 4 – Liftoff Mobile Inc. launched on Thursday its $300 million seven-year covenant-lite first-lien term loan B with price talk of Libor plus 425 basis points to 450 bps with a 0.75% Libor floor and an original issue discount of 99 to 99.5, according to a market source.
The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.
The company’s $350 million of senior secured credit facilities also include a $50 million five-year revolver.
Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC, Barclays, Nomura and Blackstone are the lead arrangers on the deal.
Commitments are due at noon ET on Feb. 18, the source added.
Proceeds will be used to finance the majority investment in Liftoff by Blackstone and pay fees and expenses related to the transaction.
Closing is subject to customary conditions.
Liftoff is a Redwood City, Calif.-based performance-based mobile app marketing optimization platform.
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