Global Knowledge sets first- and second-lien term loan talk with launch

By Sara Rosenberg

New York, Jan. 6 – Global Knowledge Training LLC released price talk on its $175 million six-year first-lien covenant-light term loan and $50 million seven-year second-lien covenant-light term loan in connection with its bank meeting on Tuesday, according to a market source.

The first-lien term loan is talked at Libor plus 525 basis points with a 1% Libor floor and an original issue discount of 99, and the second-lien term loan is talked at Libor plus 900 bps with a 1% Libor floor and a discount of 98˝, the source said.

Also, the first-lien term loan has 101 soft call protection for one year, and the second-lien term loan has call protection of 103 in year one, 102 in year two and 101 in year three, the source added.

The company’s $245 million credit facility includes a $20 million revolver as well.

Credit Suisse Securities (USA) LLC, Macquarie Capital and ING are the leads on the deal.

Proceeds will be used to help fund the buyout of the company by Rhone Capital LLC from MidOcean Partners.

Commitments are due on Jan. 16.

Global Knowledge is a Cary, N.C.-based provider of IT and business skills training.

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