Survey Sampling reworks tranche sizes, flexes pricing higher

By Sara Rosenberg

New York, Dec. 8 – Survey Sampling International LLC downsized its five-year revolver to $23 million from $25 million, upsized its six-year first-lien term loan B to $212 million from $208 million and trimmed its seven-year second-lien term loan to $95 million from $104 million, according to a market source.

Also, pricing on the revolver and the first-lien term loan was increased to Libor plus 500 basis points from Libor plus 475 bps, and pricing on the second-lien term loan was raised to Libor plus 900 bps from Libor plus 850 bps, the source said.

In addition, the original issue discount on the second-lien term loan widened to 98 from 98˝.

Furthermore, the 101 soft call protection on the first-lien term loan was extended to one year from six months, the source continued.

The revolver and first-lien term loan still have a 1% Libor floor and an original issue discount of 99, and the second-lien term loan still has a 1% Libor floor and hard call protection of 102 in year one and 101 in year two.

Other changes made included removing the MFN sunset provision, lowering the unlimited restricted payments incurrence test to 4 times total net leverage from 5 times and reducing the available amount basket governor test for restricted payments to 5 times total net leverage from 5.5 times, the source added.

Recommitments are due at noon ET on Tuesday.

GE Capital Markets is the lead on the company’s now $330 million credit facility, down from $337 million.

Proceeds will be used to help fund the buyout of the company by HGGC from Providence Equity Partners and Sterling Investment Partners, who have jointly owned the company since 2011 and are retaining minority stakes in the business.

As a result of the change to the total amount of bank debt being obtained, cash equity for the transaction was lifted by $8 million, and cash being put on the balance sheet was increased by $3 million.

Net first-lien leverage is 3.85 times, and net total leverage is 5.67 times.

Survey Sampling is a Shelton, Conn.-based provider of data solutions and technology for consumer and business-to-business research.

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