System1 to launch $400 million term loan B on Monday afternoon

By Sara Rosenberg

New York, Oct. 15 – System1 Inc. will hold a lender call at 3 p.m. ET on Monday to launch a $400 million seven-year term loan B, according to a market source.

BofA Securities Inc. is the lead on the deal.

The term loan has 101 soft call protection for six months, the source said.

Based on filings with the Securities and Exchange Commission, the company is also expected to get a $50 million five-year revolving credit facility.

The credit facilities are being done in connection with the acquisition of the company by Trebia Acquisition Corp., a special purpose acquisition company formed by entities affiliated with William P. Foley II and Frank Martire Jr.

Concurrently with this transaction, System1 will be combining with Protected.net, a developer of security and privacy subscription products.

Proceeds from the credit facilities will be used to help repay the company’s existing credit facility, fund redemptions of Trebia class A ordinary shares, provide cash for working capital and pay transaction fees.

System1 is a Venice, Calif.-based omnichannel customer acquisition marketing platform.

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