Access CIG reduces pricing on first- and second-lien term loans

By Sara Rosenberg

New York, Feb. 13 – Access CIG LLC trimmed pricing on its $575 million seven-year first-lien term loan (B2/B) and $120 million seven-year delayed-draw first-lien term loan (B2/B) to Libor plus 375 basis points from Libor plus 400 bps, according to a market source.

The company also lowered pricing on its $215 million eight-year second-lien term loan (Caa2/CCC+) and $40 million eight-year delayed-draw second-lien term loan (Caa2/CCC+) to Libor plus 775 bps from Libor plus 800 bps, the source said.

As before, the first-lien term debt has a 0% Libor floor and an original issue discount of 99.5, and the second-lien term loan debt has a 0% Libor floor and a discount of 99.

Ticking fees on the delayed-draw term loans are half the spread from days 61 to 120 and the full spread thereafter.

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

The company’s $1.01 billion of senior secured credit facilities also provide for a $60 million five-year revolver (B2/B).

Jefferies LLC, Macquarie Capital (USA) Inc. and Nomura are the arrangers on the deal.

Recommitments were scheduled to be due at 1 p.m. ET on Tuesday, the source added.

Allocations are expected on Wednesday.

Proceeds will be used to refinance existing debt, and the delayed-draw term loans are intended to be used to fund acquisitions currently under letters of intent.

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

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