Corporate Executive Board gets $625 million secured credit facility

By Sara Rosenberg

New York, July 3 - The Corporate Executive Board Co. entered into an agreement for a new $625 million senior secured credit facility, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Bank of America Merrill Lynch and Barclays Capital Inc. are the joint lead arrangers and bookrunners on the deal.

The facility consists of a $50 million five-year revolver priced at Libor plus 300 basis points, a $200 million five-year term loan A priced at Libor plus 300 bps and a $375 million seven-year term loan B priced at Libor plus 350 bps with a 1.25% Libor floor.

Amortization on the term loan A is 1.25% quarterly for the first two years and 2.5% quarterly in the next three years. The term loan B amortizes at a quarterly rate of 0.25%.

Covenants include leverage and interest coverage ratios.

Proceeds will be used to help fund the acquisition of SHL, a U.K.-based provider of cloud-based talent measurement and management services, from funds managed by HgCapital and Veronis Suhler Stevenson for $660 million in cash, subject to customary pre- and post-closing adjustments.

Corporate Executive Board is an Arlington, Va.-based member-based advisory company.

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