Match Group firms $800 million term loan B issue price at 98.5

By Sara Rosenberg

New York, Nov. 6 – Match Group Inc. finalized the original issue discount on its incremental $800 million seven-year senior secured term loan B (Ba2/BB+) at 98.5, the tight end of revised talk of 98 to 98.5 but wide of initial talk of 99, according to a market source.

Pricing on the term loan is Libor plus 450 basis points with a 1% Libor floor, and the debt has 101 soft call protection for one year.

Previously, pricing on the term loan was increased from talk of Libor plus 375 bps to 400 bps and the call protection was extended from six months.

J.P. Morgan Securities LLC, BNP Paribas Securities Corp., Goldman Sachs Bank USA, Deutsche Bank Securities Inc. and Bank of America Merrill Lynch are the lead banks on the deal.

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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