Kronos to launch new $370 million term B, amend and extend on Monday

By Sara Rosenberg

New York, Dec. 9 - Kronos Inc. is scheduled to hold a lender call at 11 a.m. ET on Monday to launch a new $370 million incremental first-lien term loan B, as well as an amendment and extension of its existing credit facility, according to sources.

J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Wells Fargo Securities LLC, Jefferies & Co. and Deutsche Bank Securities Inc. are the bookrunners on the deal.

Proceeds from the incremental debt will be used to fund a distribution to shareholders.

The existing credit facility that will be amended and extended consists of a $60 million revolver, a $635 million first-lien term loan B and a $355 million second-lien term loan B.

Price talk on the new money and the extended debt is still to be determined, sources said.

Current and expected ratings are B2/B.

Kronos is a Chelmsford, Mass.-based provider of workforce management software.

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