Sedgwick cuts spread on $300 million term loan to Libor plus 425 bps

By Sara Rosenberg

New York, May 20 – Sedgwick Claims Management Services Inc. reduced pricing on its $300 million term loan (B2/B) to Libor plus 425 basis points from Libor plus 475 bps, according to a market source.

Also, the call protection was changed to non-callable for one year, then at par, from non-callable for one year, then a 101 soft call for six months, the source said.

The term loan still has a 1% Libor floor and an original issue discount of 96.

BofA Securities Inc. is the lead bank on the deal.

Recommitments were scheduled to be due at 3:30 p.m. ET on Wednesday, the source added.

Proceeds will be used to increase liquidity.

Sedgwick is a Memphis, Tenn.-based provider of technology-enabled risk, benefits and integrated business solutions.

© 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.