Institutional Shareholder flexes first-lien loan to Libor plus 400 bps

By Sara Rosenberg

New York, April 24 - Institutional Shareholder Services Inc. increased pricing on its $167 million first-lien term loan B (B2) to Libor plus 400 basis points from Libor plus 375 bps, according to a market source.

Also, the 101 soft call protection on the first-lien term loan was pushed out to one year from six months, the source said.

The first-lien loan still has a 1% Libor floor and an original issue discount of 991/2.

Meanwhile, pricing on the $73 million second-lien term loan (Caa2) firmed at Libor plus 750 bps, the wide end of the Libor plus 725 bps to 750 bps talk, the source continued.

As before, the second-lien term loan has a 1% Libor floor, a discount of 99 and hard call protection of 102 in year one and 101 in year two.

The company's $260 million credit facility also provides for a $20 million revolver (B2).

Recommitments were due at 5 p.m. ET on Thursday, the source added.

GE Capital Markets and SunTrust Robinson Humphrey Inc. are the joint lead arrangers on the deal.

Proceeds will be used to help fund the buyout of the company by Vestar Capital Partners from MSCI Inc. for $364 million.

Other funds for the transaction will come from equity.

Closing is expected in the second quarter, subject to customary conditions.

Institutional Shareholder Services is a provider of corporate governance services to the financial community.

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