Enlyte launches $150 million add-on term loan at 97.5-98 OID

By Sara Rosenberg

New York, July 25 – Enlyte launched on Tuesday its fungible $150 million add-on first-lien term loan due October 2028 with original issue discount talk of 97.5 to 98, according to a market source.

Pricing on the add-on term loan is SOFR+CSA plus 375 basis points with a 0.5% floor.

CSA is 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Stone Point and KKR Capital Markets are the bookrunners on the deal.

Commitments are due at noon ET on Aug, 1, the source added.

Proceeds will be used to repay revolving credit facility borrowings, for general corporate purposes and to fund potential acquisitions.

Enlyte, formerly known as Mitchell International Inc., is a San Diego-based provider of claims software and technology-enabled solutions to the workers’ compensation and auto insurance industries.

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