TaxACT Holdings frees to trade; term loan B bid in line with widened OID

By Sara Rosenberg

New York, Dec. 23 – TaxACT Holdings Inc.’s credit facility made its way into the secondary market during Wednesday’s session, with the term loan B bid at its original issue discount.

Specifically, the $400 million seven-year first-lien term loan B was quoted at 97 bid, 98 offered, a trader remarked.

Pricing on the B loan is Libor plus 600 basis points with a 1% Libor floor, and it was sold at an original issue discount of 97. The debt has 101 soft call protection for one year.

During syndication, the spread on the term loan was raised from Libor plus 500 bps and the discount was revised from 99.

The company’s $425 million credit facility (B1/BB-) also includes a $25 million five-year revolver.

ProAmpac completed its acquisition of Coating Excellence International, a Wrightstown, Wis.-based flexible packaging and technical products company, according to a news release.

To help fund the transaction, ProAmpac got a new $245 million add-on first-lien term loan (B3/B) priced at Libor plus 475 basis points with a 1% Libor floor, and sold at an original issue discount of 97.5.

During syndication, pricing on the add-on loan was increased from Libor plus 400 bps and the discount widened from 98.

Due to the change in pricing to the add-on loan, the company’s existing $428 million first-lien term loan was repriced to Libor plus 475 bps with a 1% Libor floor from Libor plus 400 bps with a 1% Libor floor.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.