Ancestry.com launches repricing of $622.1 million in term loans

By Sara Rosenberg

New York, Nov. 20 - Ancestry.com held a call at 1 p.m. ET on Wednesday to launch a repricing of its $622,104,188 in senior secured term loans, according to a market source.

Morgan Stanley Senior Funding Inc. is the sole lead arranger on the deal and a joint bookrunner with Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., RBC Capital Markets, Goldman Sachs Bank USA and HSBC Securities (USA) Inc.

The debt consists of a $487,104,188 term loan B-1 due Dec. 28, 2018 talked at Libor plus 325 basis points to 350 bps with a 1% Libor floor and a par offer price, and a $135 million term loan B-2 due May 15, 2018 talked at Libor plus 275 bps to 300 bps with a 1% Libor floor and a par offer price, the source said.

By comparison, current pricing on the term loan B-1 is Libor plus 400 bps with a 1.25% Libor floor and on the term loan B-2 is Libor plus 325 bps with a 1% Libor floor.

Both repriced term loans have 101 soft call protection for six months.

Amortization on the B-1 loan is 1% par annum and on the B-2 loan is 20% per annum.

Commitments are due on Monday and closing is targeted for Dec. 30, the source added.

Ancestry.com is a Provo, Utah-based online family history resource.

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