Kronos launches $2.29 billion term loan B at Libor plus 325-350 bps

By Sara Rosenberg

New York, April 27 – Kronos Inc. held a lender call on Thursday to launch a $2,294,000,000 term loan B that is talked at Libor plus 325 basis points to 350 bps with a 1% Libor floor and a par issue price, according to a market source.

The term loan B has 101 soft call protection for six months, the source said.

Nomura, Jefferies Finance LLC and Macquarie Capital (USA) Inc. are the leads on the deal.

Proceeds will be used to reprice an existing term loan B from Libor plus 400 bps with a 1% Libor floor.

Commitments are due at 5 p.m. ET on May 3, the source added.

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

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