Genex tightens $365 million first-lien term loan OID to 99.875

By Sara Rosenberg

New York, March 5 – Genex Services revised the original issue discount on its $365 million seven-year first-lien term loan B (B) to 99.875 from 99.5, according to a market source.

Pricing on the first-lien term loan is still Libor plus 325 basis points with a 0% Libor floor, and the debt still has 101 soft call protection for six months.

The company’s $535 million of credit facilities also include a $50 million five-year revolver (B) and a $120 million eight-year second-lien term loan (CCC+).

Pricing on the second-lien term loan is Libor plus 700 bps with a 0% Libor floor, and the tranche has hard call protection of 102 in year one and 101 in year two.

SunTrust Robinson Humphrey Inc., RBC Capital Markets LLC, Capital One, Fifth Third Bank and KKR Capital Markets are the leads on the deal, with SunTrust the left lead on the first-lien loan and RBC the left lead on the second-lien loan.

Recommitments were scheduled to be due at 5 p.m. ET on Monday, the source added.

Proceeds will be used to help fund the buyout of the company by Stone Point Capital LLC from Apax Partners.

Closing is expected this quarter.

Genex is a Wayne, Pa.-based provider of cost containment services to the workers’ compensation, disability and auto industries.

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