Insight Global launches $550 million incremental loan backing shareholder distribution

By Paul A. Harris

Portland, Ore., May 17 – Insight Global launched a $550 million covenant-lite incremental first-lien term loan due May 2025 (B2/B-) on a Monday lender call.

Pricing features a 400 basis points spread to Libor atop a 1% Libor floor at 99.27.

The maturity, spread and floor are the same as those of the existing loan.

The deal features reset soft call protection at 101 for six months.

Credit Suisse Securities (USA) LLC, BofA Securities Inc., SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC, BMO Capital Markets Corp. and Goldman Sachs & Co. LLC are the arrangers.

The borrowing entity is IG Investments Holdings, LLC.

The Portland, Ore.-based staffing solutions provider plans to use the proceeds to fund a distribution to its shareholders.

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