Crossmark seeks $100 million add-on term loan at discount of 99

By Sara Rosenberg

New York, Aug. 5 - Crossmark launched on Monday a $100 million add-on term loan that is talked at Libor plus 350 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.

The spread and floor match existing term loan pricing, as the debt is fungible.

BofA Merrill Lynch, UBS Securities LLC, Credit Suisse Securities (USA) LLC and Barclays are the lead banks on the deal.

Proceeds will be used to fund the acquisition of Marketing Werks and put cash on the balance sheet as a cushion for contingent payments.

Commitments are due on Friday, the source added.

Allocations are expected on Aug. 12, and closing is targeted by the end of August.

Crossmark is a Plano, Texas-based sales and marketing services company in the consumer goods industry. Marketing Werks is a Chicago-based consumer engagement company.

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