KeyPoint firms spread on $160 million facility at Libor plus 600 bps

By Sara Rosenberg

New York, Nov. 8 - KeyPoint Government Solutions Inc. set pricing on its $160 million credit facility at Libor plus 600 basis points, the wide end of the Libor plus 550 bps to 600 bps talk, according to a market source.

The facility consists of a $10 million revolver and a $150 million six-year term loan B.

The original issue discount on the term loan B was widened to 98 from 99, the source said.

Also, the maturity on the revolver was shortened to 4½ years from five years and on the term loan B to five years from six years.

As before, the term loan B has a 1.25% Libor floor.

The B loan includes 101 soft call protection and amortization of 5% in years one and two and 10% in years three, four and five.

UBS Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance existing debt and fund a dividend.

Closing will take place on Tuesday.

KeyPoint is a Loveland, Colo.-based investigative and risk-mitigation services company.

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