Virgin Pulse discloses first- and second-lien term loan price talk

By Sara Rosenberg

New York, March 15 – Virgin Pulse released price talk on its $505 million first-lien term loan and $185 million second-lien term loan in connection with its lender call on Monday, according to a market source.

The first-lien term loan is talked at Libor plus 400 basis points with a 0.75% Libor floor and an original issue discount of 99, and the second-lien term loan is talked at Libor plus 750 bps with a 0.75% Libor floor and a discount of 98.5 to 99, the source said.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

KKR Capital Markets and JPMorgan Chase Banks are the leads on the deal, with KKR the left lead on the first-lien loan and JPMorgan the left lead on the second-lien loan.

Commitments are due on March 29, the source added.

Proceeds will be used to refinance existing debt and fund a dividend.

Virgin Pulse is a digital health, wellbeing and engagement company. It is based in Providence, R.I.

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