Alexander Mann to launch $305 million credit facilities on Thursday

By Sara Rosenberg

New York, April 26 – Alexander Mann Solutions is scheduled to hold a bank meeting at 3 p.m. ET in New York on Thursday to launch $305 million in credit facilities (B2/B+), according to a market source.

Credit Suisse Securities (USA) LLC, ING Capital and HSBC Securities (USA) Inc. are the lead banks on the deal.

The facilities consist of a $40 million revolver and a $265 million seven-year first-lien term loan, the source said.

Price talk on the term loan is Libor plus 525 basis points to 550 bps with a 1% Libor floor and an original issue discount of 99, the source continued.

Included in the term loan is 101 soft call protection for six months and a first-lien leverage ratio covenant.

Proceeds will be used to refinance existing debt and fund a shareholder distribution.

Commitments are due at 5 p.m. ET on May 11, the source added.

Alexander Mann is a Berkshire, England-based talent acquisition and management business.

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