Ancestry.com launches $825 million credit facility to investors

By Sara Rosenberg

New York, Aug. 10 – Ancestry.com held a lender call at 2 p.m. ET on Monday to launch an $835 million senior secured credit facility (B), according to a market source.

Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA and RBC Capital Markets are the joint lead arrangers and bookrunners on the deal.

The facility consists of a $100 million five-year revolver and a $735 million seven-year covenant-light term loan B, the source said.

Price talk on the revolver is Libor plus 350 basis points to 375 bps with a leverage-based step-down and no Libor floor, and talk on the term loan B is Libor plus 375 bps to 400 bps with a 1% Libor floor and an original issue discount of 99, the source continued.

Included in the term loan B is 101 soft call protection for six months.

The revolver has a springing total first-lien net leverage covenant.

Commitments are due on Friday, the source added.

Proceeds will be used to refinance existing term loan B-1 and B-2 borrowings, to fund a dividend distribution and for general corporate purposes.

Closing is expected this month.

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

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