Ascensus ups term loan to $1.1 billion, firms at Libor plus 400 bps

By Sara Rosenberg

New York, Aug. 13 – Ascensus (AqGen Ascensus Inc.) upsized its covenant-lite first-lien term loan (B2/B-) due December 2026 to $1.102 billion from $1.052 billion and set pricing at Libor plus 400 basis points, the low end of the Libor plus 400 bps to 425 bps talk, according to a market source.

The term loan still has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Barclays, Deutsche Bank Securities Inc. and Capital One are the lead arrangers on the deal.

Recommitments were scheduled to be due at 2:30 p.m. ET on Thursday, the source added.

Proceeds will be used to refinance existing first-lien term loans.

Ascensus is a Dresher, Pa.-based tech-enabled solutions provider focused on recordkeeping and administration in the U.S. tax advantages savings market.

© 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.