Ascensus launches $150 million incremental term loan, repricing

By Sara Rosenberg

New York, Dec. 7 – Ascensus Inc. was scheduled to hold a lender call at 2:30 p.m. ET on Thursday to launch a $150 million incremental first-lien term loan due December 2022 and a repricing of its existing $460 million first-lien term loan due December 2022, according to a market source.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Price talk on the term loans is Libor plus 350 basis points to 375 bps with a 1% Libor floor, the source said. The incremental loan is talked with an original issue discount of 99.5 to 99.75 and the repricing is offered at par.

Included in the term debt is 101 soft call protection for six months.

Of the total incremental loan amount, $100 million will be funded and $50 million is delayed draw.

The delayed-draw piece has a ticking fee of half the margin from days 31 to 60 and the full margin thereafter.

Proceeds from the incremental loan will be used to fund tuck-in acquisitions, and the repricing will take the existing term loan down from Libor plus 400 bps with a 1% Libor floor.

Commitments are due at 5 p.m. ET on Dec. 14, the source added.

Ascensus is a Dresher, Pa.-based service provider of retirement and college savings plans.

© 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.