Prometric tightens $572.5 million first-lien loan to Libor plus 300 bps

New York, Jan. 18 – Prometric lowered pricing on its $572.5 million seven-year covenant-light first-lien term loan (B1/B) to Libor plus 300 basis points from original talk of Libor plus 350 bps, according to a market source.

The loan continues to have a 1% Libor floor and an original issue discount of 99.5. Also unchanged is the 101 soft call protection for six months.

However the incremental allowance was increased to the greater of $120 million and 100% of EBITDA from the greater of $90 million and 75% of EBITDA previously.

The most-favored nation provision was amended to increase the sunset to 18 months from six months and to remove the $75 million carve out and maturity exception. The fee continues to be 50 bps.

The EBITDA covenant was also amended.

Commitments were due by 5 p.m. ET Thursday. The deadline was previously accelerated from Jan. 22.

The company’s $827.5 million of credit facilities also include a $50 million five-year revolver (B1/B) and a $205 million pre-placed eight-year second-lien term loan.

Barclays, Deutsche Bank Securities Inc. and Nomura are the lead arrangers on the deal. Barclays is also administrative agent.

Proceeds will be used to help fund the buyout of the company by Baring Private Equity Asia and to pay related fees and expenses.

Prometric is a provider of technology-enabled testing and assessment services.

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