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Mergermarket firms $273 million first-lien loan at Libor plus 350 bps
By Sara Rosenberg
New York, Jan. 29 - Mergermarket USA Inc. finalized pricing on its $273 million seven-year first-lien term loan (B2/B) at Libor plus 350 basis points after flexing from most recent talk of Libor plus 325 bps, talk before that of Libor plus 350 bps and initial talk of Libor plus 375 bps, according to a market source.
The first-lien term loan still has a 1% Libor floor, an original issue discount of 993/4, 101 soft call protection for six months and amortization of 1% per annum.
The company's credit facility also includes a $40 million five-year revolver (B2/B) and a $106.5 million eight-year second-lien term loan (Caa2/CCC+).
Pricing on the second-lien term loan is Libor plus 650 bps with a 1% Libor floor and an original issue discount of 991/2.
The second-lien loan has call protection of 102 in year one and 101 in year two.
Earlier in syndication, the first-lien term loan was upsized from U.S. equivalent £150 million and the discount was revised from 991/2, while the second-lien term loan was downsized from U.S. equivalent £63.88 million, pricing was reduced from revised talk of Libor plus 675 bps and initial talk of Libor plus 725 bps, and the discount was tightened from 99.
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.
First-lien leverage is 4.5 times, and total leverage is 6.2 times.
Mergermarket is a provider of corporate financial news, intelligence and analysis with headquarters in New York, London and Hong Kong.
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