CIBT Holdings launches $327 million credit facility to investors

By Sara Rosenberg

New York, May 16 – CIBT Holdings Inc. launched on Monday afternoon syndication of a $327 million senior credit facility, according to a market source.

Antares Capital is the lead on the deal.

The facility consists of a $20 million five-year revolver, a $20 million equivalent pound sterling six-year term loan, a $20 million equivalent euro six-year term loan, a $40 million 18-month delayed-draw six-year final maturity term loan and a $227 million six-year term loan, the source said.

Price talk on the term loans is Libor plus 550 basis points with a 1% Libor floor and an original issue discount of 99, the source continued.

Included in the term loans is 101 soft call protection for six months.

The delayed-draw term loan has a 1% unused fee during the delayed-draw period.

Commitments are due on June 1.

Proceeds will be used to refinance existing debt and fund add-on acquisitions.

Closing is targeted for June 10, the source added.

CIBT, an ABRY Partners portfolio company, is a McLean, Va.-based provider of travel document processing services.

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