Navex Global trims pricing on first- and second-lien term loans

By Sara Rosenberg

New York, Aug. 9 – Navex Global Inc. reduced pricing on its $410 million seven-year covenant-light first-lien term loan (B2/B-) to Libor plus 325 basis points from talk in the range of Libor plus 375 bps to 400 bps and on its $154 million eight-year covenant-light second-lien term loan (Caa2/CCC) to Libor plus 700 bps from talk in the range of Libor plus 750 bps to 775 bps, according to a market source.

Also, the original issue discount on the first-lien term loan finalized at 99.5, the tight end of the 99 to 99.5 talk, the source said.

The first-lien term loan still has a 0% Libor floor and 101 soft call protection for six months, and the second-lien term loan still has a 0% Libor floor, a discount of 99 and hard call protection of 102 in year one and 101 in year two.

The company’s $639 million of senior secured credit facilities also include a $75 million five-year revolver (B2/B-).

Morgan Stanley Senior Funding Inc., Antares Capital, Golub Capital LLC and Macquarie Capital (USA) Inc. are the joint lead arrangers and bookrunners on the deal.

Recommitments were scheduled to be due at 12:30 p.m. ET on Thursday, the source added.

Proceeds will be used to help fund the buyout of the company by BC Partners from Vista Equity Partners, which will retain a minority stake, to refinance existing debt, and to pay transaction related fees and expenses.

Navex is a Portland, Ore.-based provider of ethics and compliance software, content and services.

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