Match Group readies launch of $800 million term loan B for Tuesday

By Sara Rosenberg

New York, Oct. 22 – Match Group Inc. scheduled a bank meeting for 10:30 a.m. ET on Tuesday to launch its proposed incremental $800 million seven-year senior secured term loan B (Ba2/BB+), according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal.

Unofficial whispered talk on the term loan is Libor plus 400 basis points with a 1% Libor floor and an original issue discount of 99, the source said.

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 and for general corporate purposes.

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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