Alexander Mann widens OID on £325 million equivalent term loan to 96

By Sara Rosenberg

New York, Aug. 1 – Alexander Mann Solutions widened the original issue discount on its £325 million equivalent seven-year term loan B to 96 from 99.5, according to a market source.

In addition, the 101 soft call protection on the term loan B debt was extended to one year from six months, the source said.

Also, a maintenance covenant was included, the freebie basket was tightened, incurrence ratio terms were tightened, the MFN was improved, permitted payments terms were tightened, EBITDA adjustments were tightened and mandatory prepayment terms were tightened.

The term loan is split between a U.S. tranche talked at a size of £100 million to £125 million equivalent and a pound sterling tranche talk at a size of £200 million to £225 million.

Pricing on the term loan B debt is Libor plus 550 basis points with a 0% Libor floor.

Bank of America Merrill Lynch and HSBC are the bookrunners and mandated lead arrangers on the deal.

Unconditional commitments are due at 8 a.m. ET on Tuesday, the source added.

Proceeds will be used to help fund the buyout of the company by OMERS Private Equity for an enterprise value of £820 million.

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

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