Insight Global flexes $210 million tack-on loan to Libor plus 500 bps

By Sara Rosenberg

New York, Jan. 22 – Insight Global (IG Investments Holdings LLC) increased pricing on its $210 million first-lien tack-on covenant-light term loan (B1/B) due October 2021 to Libor plus 500 basis points from Libor plus 475 bps, according to a market source.

The term loan still has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.

Recommitments were due at 5 p.m. ET on Thursday, the source said.

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

Proceeds will be used to fund a distribution to the sponsor and minority shareholders.

In addition, the company is seeking an extension of its existing term loan, and the extended will have 101 soft call protection for one year.

Existing lenders are being offered a 25 bps fee, split between 5 bps for the amendment and 20 bps for the extension.

Insight Global is an Atlanta-based temporary staffing firm for the information technology sector.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.