Ancestry launches $1.8 billion term loan at Libor plus 425 bps

By Sara Rosenberg

New York, Nov. 13 – Ancestry.com (Arches Buyer Inc.) launched on its call on Friday a $1.8 billion seven-year covenant-lite first-lien term loan with price talk of Libor plus 425 basis points with a 0.5% Libor floor and an original issue discount of 98.5 to 99, according to a market source.

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

Credit Suisse Securities (USA) LLC, BofA Securities Inc., Morgan Stanley Senior Funding Inc., Barclays, J.P. Morgan Securities LLC and Blackstone are the lead arrangers on the deal.

Commitments are due at 5 p.m. ET on Nov. 23, the source added.

Proceeds will be used to help fund the buyout of the company by Blackstone from Silver Lake, GIC, Spectrum Equity, Permira and other equity holders for a total enterprise value of $4.7 billion. Current Ancestry investor GIC will continue to retain a significant minority stake in the company.

Ancestry is a Lehi, Utah-based provider of digital family history services and consumer genomics.

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