Connolly launches $320 million term loan B at Libor plus 425 bps

By Sara Rosenberg

New York, Jan. 8 - Connolly Holdings Inc. launched its $320 million seven-year term loan B on Wednesday with price talk of Libor plus 425 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.

The B loan has 101 soft call protection for six months, the source said.

The company's $350 million credit facility also includes a $30 million five-year revolver.

Commitments are due on Jan. 22, the source added.

RBC Capital Markets LLC, Bank of America Merrill Lynch and SunTrust Robinson Humphrey Inc. are the lead banks on the deal.

Proceeds will be used to refinance existing bank debt.

Leverage is 3 times all senior.

Connolly is an Atlanta-based provider of technology-enabled recovery audit services.

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