KeyPoint launches $250 million term loan B at Libor plus 425 bps

By Sara Rosenberg

New York, Feb. 15 – KeyPoint Government Solutions Inc. launched on Wednesday its $250 million seven-year senior secured term loan B with price talk of Libor plus 425 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months and a total net leverage covenant, the source said.

The company’s $265 million credit facility (B) also includes a $15 million revolver.

Barclays is the lead bank on the deal.

Commitments are due at 1 p.m. ET on March 1, the source added.

Proceeds will be used to refinance the company’s existing term loan, fund a dividend to shareholders and pay transaction related fees and expenses.

KeyPoint is a Loveland, Colo.-based provider of background investigative services for the federal government.

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