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Kronos ups term loan B to $2.34 billion, firms at Libor plus 350 bps
By Sara Rosenberg
New York, May 4 – Kronos Inc. upsized its term loan B to $2,344,000,000 from $2,294,000,000 and set pricing at Libor plus 350 basis points, the high end of the Libor plus 325 bps to 350 bps talk, according to a market source.
Also, a step-down was added to Libor plus 325 bps at 4.25 times net first-lien leverage, the source said.
As before, the term loan B has a 1% Libor floor, a par issue price and 101 soft call protection for six months.
Nomura, Jefferies Finance LLC and Macquarie Capital (USA) Inc. are the leads on the deal.
Proceeds will be used to refinance an existing term loan B priced at Libor plus 400 bps with a 1% Libor floor, and funds from the upsizing will be used for general corporate purposes, the source added.
Recommitments were scheduled to be due at 2 p.m. ET on Thursday.
Allocations are expected on Monday.
Kronos is a Chelmsford, Mass.-based provider of workforce management software.
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