Informatica firms incremental euro loan at par, adds step-downs

By Sara Rosenberg

New York, Jan. 16 – Informatica Corp. set the issue price on its €200 million incremental covenant-light term loan (B2/B) due Aug. 6, 2022 at par, the tight end of the 99.75 to par talk, according to a market source.

Also, the company added a 25 bps step-down to its repriced $1,424,000,000 covenant-light term loan (B2/B) due Aug. 6, 2022 and repriced €242.6 million covenant-light term loan (B2/B) due Aug. 6, 2022 when corporate family ratings are B2/B or better, the source said.

As before, pricing on the U.S. term loan is Libor plus 325 basis points with a 0% Libor floor and a par issue price and pricing on the euro term loan debt is Euribor plus 350 bps with a 0% floor, with the repriced euro loan offered at par.

The term loans still have 101 soft call protection for six months.

Bank of America Merrill Lynch and Goldman Sachs Bank USA are the leads on the deal.

Recommitments were scheduled to be due at noon ET on Tuesday, the source added.

Proceeds will be used to reprice the company’s existing U.S. term loan down from Libor plus 350 bps with a 1% Libor floor and euro term loan from Euribor plus 350 bps with a 1% floor, and the incremental loan will be used to repay a portion of the existing U.S. term loan, bringing the balance down to $1,424,000,000.

Informatica is a Redwood City, Calif.-based provider of enterprise data integration software and services.

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