Kronos lifts spread on $1.21 billion term loan to Libor plus 350 bps

By Sara Rosenberg

New York, Feb. 6 - Kronos Inc. increased pricing on its $1.21 billion first-lien covenant-light term loan due October 2019 to Libor plus 350 basis points from Libor plus 325 bps, according to a market source.

As before, the loan has a 1% Libor floor, a par offer price and 101 repricing protection for six months.

Proceeds will be used to refinance the existing term loan that is priced at Libor plus 425 bps with a 1.25% Libor floor.

Existing lenders will get paid out at 101%.

Allocations are expected on Thursday, the source added.

Credit Suisse Securities (USA) LLC is the lead arranger on the deal and a bookrunner with Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC.

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

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