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Match Group plans $800 million term loan with spinoff from IAC
By Sara Rosenberg
New York, Oct. 19 – Match Group Inc. plans to get an incremental $800 million seven-year senior secured term loan (Ba2/BB+), according to a market source.
The term loan is expected to have an excess cash flow sweep, asset sale and event of loss prepayment requirements and 1% annual amortization.
Proceeds will be used to help fund a distribution to IAC/InterActiveCorp in connection with its spinoff from IAC.
Other funds for the transaction will come from $500 million of notes and an initial public offering of stock.
Match Group is a Dallas-based provider of dating products.
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