CareerBuilder flexes $350 million term loan to Libor plus 675 bps

By Sara Rosenberg

New York, July 26 – CareerBuilder LLC increased pricing on its $350 million six-year covenant-light first-lien term loan to Libor plus 675 basis points from Libor plus 600 bps, according to a market source.

Also, the original issue discount on the term loan was changed to 97 from talk in the range of 98 to 99 and the 101 soft call protection was extended to one year from six months, the source said.

The term loan still has a 1% Libor floor.

The company’s $400 million of credit facilities (B2/B) also include a $50 million revolver.

Credit Suisse Securities (USA) LLC, Barclays, Deutsche Bank Securities Inc., Citigroup Global Markets Inc. and Goldman Sachs Bank USA are the lead arrangers on the deal.

Commitments were scheduled to be due at 2 p.m. ET on Wednesday, the source added.

Proceeds will be used to help fund the buyout of the company by Apollo Global Management LLC and Ontario Teachers’ Pension Plan Board.

Closing is expected in the third quarter, subject to regulatory approvals and customary conditions.

Following the close, the company’s current owners, Tegna Inc., Tribune National Marketing Co. LLC and McClatchy Interactive West, will retain a minority interest.

CareerBuilder is a Chicago-based end-to-end human capital solutions company focused on helping employers find, hire and manage great talent.

© 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.