Ascensus launches $160 million term loan at Libor plus 425 bps

By Sara Rosenberg

New York, Oct. 17 – Ascensus Inc. launched on its lender call on Thursday a non-fungible $160 million covenant-lite first-lien term loan (B-) due December 2022 that is talked at Libor plus 425 basis points with a 1% Libor floor and an original issue discount of 99.25, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

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

Commitments are due at 5 p.m. ET on Oct. 24, the source added.

Proceeds will be used to fund tuck-in acquisitions.

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

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