Corelogic gets $350 million five-year term loan, $550 million revolver

By Angela McDaniels

Tacoma, Wash., May 25 - Corelogic, Inc. and CoreLogic Australia Pty. Ltd. entered into a $900 million five-year credit facility on Monday, according to an 8-K filing with the Securities and Exchange Commission.

The facility includes a $350 million five-year term loan and a $550 million revolver, which includes a $100 million multi-currency subfacility and a $50 million letter-of-credit subfacility.

There is a $500 million accordion feature.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Barclays Capital Inc. and Suntrust Robinson Humphrey Inc. were the joint lead arrangers and bookrunners. JPMorgan Chase Bank, NA and Wells Fargo Bank, NA were the syndication agents. Barclays Bank plc, SunTrust Bank and US Bank, NA were the documentation agents. Bank of America, NA is the administrative agent.

The initial interest rate is adjusted Libor plus 200 basis points. The spread can range from 175 bps to 275 bps, depending on leverage.

The commitment fee for the revolver is 30 bps to 50 bps, depending on leverage.

The term loan will be repaid in quarterly installments beginning on Sept. 30. Initially, the payments will be $4.38 million each. The payments will increase to $8.75 million on Sept. 30, 2013 and to $13.13 million on Sept. 30, 2014.

The term loan is subject to prepayment from the net cash proceeds of certain debt issued by the company or certain asset sales.

Under the credit facility covenants, the company must maintain a total leverage ratio of no more than 4.25 to 1, which steps down to 4 to 1 beginning with the quarter ending Dec. 31, 2012 and to 3.5 to 1 beginning with the quarter ending on Dec. 31, 2013. The maximum senior secured leverage ratio is 3.25 to 1, which will step down to 3 to 1 beginning with the quarter ending Dec. 31, 2012.

The company terminated the credit facility it entered into on April 12, 2010. JPMorgan Chase Bank was the administrative agent.

Corelogic provides analytics, information and outsourcing solutions and is based in Santa Ana, Calif.

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