Acosta Sales modifies term loan talk to Libor plus 375-400 bps

By Sara Rosenberg

New York, Aug. 13 – Acosta Sales & Marketing revised price talk on its $2,065,000,000 seven-year term loan to Libor plus 375 basis points to 400 bps from Libor plus 350 bps to 375 bps, according to a market source.

Also, the original issue discount talk was changed to just 99 from 99 to 99˝, and the 101 soft call protection was extended to one year from six months, the source said.

The term loan still has a 1% Libor floor.

The company’s $2.29 billion credit facility also includes a $225 million five-year revolver.

Recommitments were due at 5 p.m. ET on Wednesday, the source added.

J.P. Morgan Securities LLC, Goldman Sachs Bank USA and Morgan Stanley Senior Funding Inc. are leading the debt.

Proceeds will be used to help fund the buyout of the company by Carlyle Group from Thomas H. Lee Partners LP.

In connection with this transaction, GIC, which is an investor in Acosta, will re-invest in the company.

Closing is expected in the third quarter.

Acosta is a Jacksonville, Fla.-based full-service sales and marketing agency in the consumer goods industry.

© 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.