Access CIG prices $342 million loan with 500 bps Libor spread at 99

By Paul A. Harris

Portland, Ore., Oct. 16 – Access CIG LLC priced a $342 million seven-year first-lien covenant-light term loan (B1/B) at Libor plus 500 basis points with a 1% Libor floor at 99, according to a market source.

The spread came 75 bps wide of the 425 bps spread talk. The reoffer price came on top of price talk. The 101 soft call protection was increased to 12 months from six months.

Deutsche Bank Securities Inc. was the lead left bookrunner. Goldman Sachs Bank USA and Bank of America Merrill Lynch were lead banks.

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

Access is also obtaining a 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.

Goldman the left lead on the second-lien debt with Deutsche and Bank of America Merrill Lynch also acting as leads.

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

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