LanguageLine sets price talk for $735 million term loans

By Paul A. Harris

Portland, Ore., April 21 - LanguageLine Solutions and Language Line LLC set price talk on $735 million of term loans, a market source said on Monday.

A $515 million seven-year first-lien term loan, with a 101 six-month soft call, is talked at Libor plus 450 basis points.

A $220 million 7.5-year second-lien term loan, with hard calls at 102 and 101, is talked at Libor plus 850 bps.

Both tranches are being offered at 99 and feature 1% Libor floors.

Commitments are due on May 5.

The $785 million of credit facilities also feature a $50 million revolver.

Credit Suisse Securities (USA) LLC is the lead.

The loans feature maximum net leverage covenants.

Credit ratings remain to be determined.

The Monterey, Calif.-based provider of language interpretation and translation services plans to use the proceeds to refinance debt and fund a dividend.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.