Mitchell International to launch first-lien upsizing, repricing Thursday

By Sara Rosenberg

New York, Sept. 27 - Mitchell International Inc. is scheduled to hold a conference call on Thursday to launch an upsizing and a repricing of its first-lien term loan that will be used to take out the existing second-lien term loan, according to a market source.

The first-lien term loan will be increased to about $135 million, from a current size of about $87 million, the source said.

Furthermore, the enlarged tranche will be repriced in the Libor plus 225 to 250 basis-point range, down from current pricing of Libor plus 300 bps, the source added.

Proceeds from the first-lien upsizing will be used to repay and terminate the company's second-lien term loan, which currently carries an interest rate of Libor plus 625 bps.

Goldman Sachs and Wachovia are the lead banks on the deal, with Goldman the left lead.

Mitchell is a San Diego-based provider of information products, software and e-business services for the auto insurance, collision repair, medical claims and glass replacement industries.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.