Kroll cuts U.S. term loan to $198 million, adds €25 million term loan

By Sara Rosenberg

New York, April 14 – Kroll downsized its fungible incremental first-lien term loan due April 2027 to $198 million from $225 million and added a fungible €25 million privately placed incremental first-lien term loan due April 2027 to the capital structure, according to a market source.

The add-on euro term loan is priced at Euribor plus 400 basis points with a 0% floor, in line with the existing euro term loan, and is being issued at a discount of 99.5, the source said.

Pricing on the U.S. incremental term loan is SOFR plus 375 bps with a 1% floor and an original issue discount of 99.5.

Earlier in syndication, the discount on the U.S. term loan was tightened from 99.

Goldman Sachs Bank USA, Stone Point Capital Markets, UBS Investment Bank, BofA Securities Inc., Morgan Stanley Senior Funding Inc., KKR Capital Markets, Capital One and Credit Suisse Securities (USA) LLC are the arrangers on the deal, with Goldman the left lead and administrative agent.

Proceeds will be used to repay revolving credit facility borrowings and add cash to the balance sheet.

The company is also seeking through a negative consent amendment to move pricing on its existing U.S. term loan due April 2027 to SOFR plus 375 bps with a 1% floor from Libor plus 375 bps with a 1% Libor floor.

Stone Point is the sponsor.

Kroll, previously known as Duff & Phelps, is a New York-based provider of data, technology and insights for risk, governance and growth.

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