Mitchell launches $70 million incremental term loan at par issue price

By Sara Rosenberg

New York, June 20 – Mitchell International Inc. launched on Tuesday its fungible $70 million incremental term loan due Oct. 12, 2020 with price talk of Libor plus 350 basis points with a 1% Libor floor and a par issue price, according to a market source.

The spread and floor on the incremental term loan matches existing term loan pricing.

Jefferies LLC and KKR Capital Markets are the bookrunners on the deal.

Commitments are due at 3 p.m. ET on Thursday, the source said.

Proceeds will be used to repay existing debt and fund cash to the balance sheet for general corporate purposes.

Mitchell is a San Diego-based provider of technology, connectivity and information solutions to the property and casualty claims and collision repair industries.

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