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CIBT tightens spreads, shift sizes in $327 million multi-tranche loan
By Paul A. Harris
Portland, Ore., June 13 – CIBT Holdings Inc. tightened spread talk and shifted proceeds in its $327 million multi-tranche senior credit facility, according to a market source.
The shift of proceeds sees $10 million equivalent shifted to the sterling-denominated tranche from the dollar-denominated tranche.
The sterling-denominated six-year term loan is upsized to $30 million equivalent from $20 million equivalent.
The dollar-denominated six-year term loan is downsized to $217 million from $227 million.
The sizes of the $20 million five-year revolver, the $20 million equivalent euro six-year term loan and the $40 million 18-month delayed-draw six-year final maturity term loan were left unchanged.
Spread talk on the term loans was decreased to Libor plus 525 basis points from 550 bps. Left unchanged were the 1% Libor floors and an original issue discounts of 99.
Antares Capital is the lead on the deal.
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 at 5 p.m. ET on Tuesday.
The deal is expected to close and fund on Friday.
Proceeds will be used to refinance existing debt and fund add-on acquisitions.
CIBT, an ABRY Partners portfolio company, is a McLean, Va.-based provider of travel document processing services.
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