Access CIG first- and second-lien term loan price talk surfaces

By Sara Rosenberg

New York, Oct. 2 – Access CIG LLC is talking its $342 million seven-year first-lien covenant-light term loan (B) at Libor plus 425 basis points with a 1% Libor floor and an original issue discount of 99 and its $152 million eight-year second-lien covenant-light term loan (CCC+) at Libor plus 775 bps with a 1% Libor floor and a discount of 99, according to a market source.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two, the source said.

The company’s $534 million credit facility also provides for a $40 million five-year revolver (B).

Deutsche Bank Securities Inc., Goldman Sachs Bank USA and Bank of America Merrill Lynch are the lead banks on the deal that launched with a bank meeting on Wednesday, with Deutsche Bank the left lead on the first-lien debt and Goldman the left lead on the second-lien debt.

Proceeds will be used to help fund the buyout of the company by Berkshire Partners.

Access CIB is a Pleasanton, Calif.-based provider of records and information management services.

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