LegalShield launches $135 million term loan at Libor plus 400 bps

By Sara Rosenberg

New York, Sept. 8 – LegalShield launched on Tuesday its non-fungible $135 million incremental first-lien term loan (B2) due May 2025 with price talk of Libor plus 400 basis points with a 1% Libor floor and an original issue discount of 98, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

RBC Capital Markets and Stone Point Capital Markets are leading the arranger group.

Commitments are due at 5 p.m. ET on Monday, the source added.

Proceeds will be used with cash on hand to refinance an existing $180 million second-lien term loan due May 2026.

The incremental term loan will be co-terminus with the existing $713 million first-lien term loan due May 2025.

LegalShield is an Ada, Okla.-based provider of subscription-based legal and identity theft protection plans to businesses and individuals. The company is owned by Stone Point Capital, Further Global Capital Management, MidOcean Partners and management.

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