Ancestry launches $350 million incremental term loan at 98.75-99 OID

By Sara Rosenberg

New York, Aug. 3 – Ancestry.com (Arches Buyer Inc.) launched on Tuesday its fungible $350 million incremental covenant-lite first-lien term loan due December 2027 with original issue discount talk of 98.75 to 99, according to a market source.

Pricing on the incremental term loan is Libor plus 325 basis points with a 0.5% Libor floor, in line with existing term loan pricing.

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

Expected term loan ratings are B1/B.

Credit Suisse Securities (USA) LLC is the left lead arranger on the deal.

Commitments are due at noon ET on Thursday, the source added.

Proceeds will be used to fund a shareholder distribution.

Ancestry.com is a Lehi, Utah-based provider of digital family history services and consumer genomics.

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