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Mergermarket reworks first- and second-lien term loan sizes, pricing
By Sara Rosenberg
New York, Jan. 23 - Mergermarket USA Inc. upsized its U.S. equivalent seven-year first-lien term loan (B2/B) to £165.22 million from £150 million and downsized its U.S. equivalent eight-year second-lien term loan (Caa2/CCC+) to £63.88 million from £70 million, according to a market source.
Also, pricing on the first-lien term loan was reduced to Libor plus 350 basis points from Libor plus 375 bps and pricing on the second-lien term loan was trimmed to Libor plus 675 bps from Libor plus 725 bps, the source said.
In addition, the original issue discount on the first-lien term loan was moved to 99¾ from 99½ and the discount on the second-lien loan was changed to 99½ from 99, the source continued.
Both term loans still have a 1% Libor floor, the first-lien term loan still has 101 soft call protection for six months and amortization of 1% per annum, and the second-lien term loan still has call protection of 102 in year one and 101 in year two.
Also included in the company's credit facility is a $40 million five-year revolver (B2/B).
Commitments are due by 5 p.m. ET on Friday, accelerated from Monday, the source added.
UBS Securities LLC, Mizuho Securities USA Inc. and HSBC Securities (USA) Inc. are the bookrunners on the deal.
Proceeds will be used to help fund the acquisition of Mergermarket Group by BC Partners from Pearson plc for £382 million, and due to the first-lien term loan upsizing, to add cash to the balance sheet.
Closing is expected by the end of this quarter.
Mergermarket is a provider of corporate financial news, intelligence and analysis with headquarters in New York, London and Hong Kong.
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