SymphonyIRI sets spread on $450 million facility at Libor plus 375 bps

By Sara Rosenberg

New York, May 20 - SymphonyIRI Group Inc. firmed pricing on its $450 million credit facility (B1/B+) at Libor plus 375 basis points, the tight end of the Libor plus 375 bps to 400 bps talk, according to a market source.

The facility consists of a $50 million five-year revolver and a $400 million 61/2-year covenant-light term loan B.

Also, the B loan saw the addition of a step-down to Libor plus 350 bps when total net leverage is less than 3.5 times, the source said.

As before, the term loan B has a 1.25% Libor floor and 101 soft call protection for one year and is being offered at an original issue discount of 991/2.

The revolver has no Libor floor and a 50 bps upfront fee and includes senior secured leverage and interest coverage covenants.

Recommitments were due at 5 p.m. ET on Friday, and allocations are expected to go out on Monday.

Bank of America Merrill Lynch, Jefferies & Co. and BMO Capital Markets Corp. are the lead banks on the deal, with Bank of America the left lead.

Proceeds, along with $420 million of equity, will be used to fund the buyout of the company by New Mountain Capital LLC and management.

SymphonyIRI is a Chicago-based provider of sales and marketing data and analytic services for customers in the consumer packaged goods and consumer health industries.

© 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.