Kronos sets Friday launch of $490 million first-, second-lien add on

New York, Feb. 20 - Kronos Inc. will launch a $490 million two-part add on to its credit facility with a lender call on Friday, according to a market source.

The facility will include a $315 million first-lien covenant-light add on and a $175 million second-lien covenant-light add on.

Pricing for the first-lien tranche is Libor plus 350 basis points with a 1% floor and for the second-lien piece Libor plus 850 bps with a 1.25% floor. The original issue discount for both parts is still to be determined.

The first-lien loan has a soft call at 101 for six months and matures in October 2019. The second-lien debt is callable at 103 until October 2015, then at 102 and 101. it matures in April 2020.

Proceeds will be used to fund a shareholder distribution in connection the acquisition of a minority stake in the company by Blackstone Group LP and the Government Investment Corp. of Singapore.

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

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