Monster Worldwide gets $325 million amended and restated facility

By Sara Rosenberg

New York, March 26 - Monster Worldwide Inc. closed on a $325 million three-year amended and restated credit facility, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Bank of America Merrill Lynch acted as the lead arranger and bookrunner on the deal that was completed on March 22.

The facility consists of a $225 million revolver, under which $112.5 million was drawn at closing, and a $100 million term loan.

Pricing on the facility can range from Libor plus 250 basis points to 325 bps based on leverage. Initial pricing is Libor plus 275 bps.

The revolver has an unused fee that can range from 35 bps to 50 bps based on leverage, with the initial fee set at 40 bps.

Financial covenants include a leverage ratio of no more than 3.00 to 1.00 and an interest coverage ratio of at least 3.00 to 1.00.

Proceeds are being used to refinance existing debt and for general corporate purposes.

Monster Worldwide is a New York-based provider of online employment services.

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