Insight Global upsizes, flexes incremental term loan, adds repricing

By Sara Rosenberg

New York, May 25 – Insight Global (IG Investments Holdings LLC) upsized its fungible covenant-lite incremental first-lien term loan (B2/B-) due May 2025 to $600 million from $550 million, reduced pricing to Libor plus 375 basis points from Libor plus 400 bps and tightened the original issue discount to 99.5 from 99.27, according to a market source.

Furthermore, the company added a repricing of its existing $1.085 billion covenant-lite first-lien term loan (B2/B-) due May 2025 that is priced at Libor plus 375 bps with a 1% Libor floor and a 37.5 bps amendment fee, the source said.

The incremental term loan still has a 1% Libor floor, and all of the first-lien term loan debt is still getting 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC, BofA Securities Inc., Truist, Wells Fargo Securities LLC, BMO Capital Markets and Goldman Sachs Bank USA are the leads on the deal.

Recommitments are due at noon ET on Wednesday, the source added.

Proceeds from the incremental term loan will be used to fund a distribution to shareholders, and the repricing will take the existing term loan down from Libor plus 400 bps with a 1% Libor floor.

Insight Global is an Atlanta-based professional services company.

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