Alight Solutions launches $185 million add-on term loan B at 99.5 OID

By Sara Rosenberg

New York, Nov. 14 – Alight Solutions launched on Tuesday a fungible $185 million add-on covenant-light term loan B that is talked at Libor plus 300 basis points with a step-down to Libor plus 275 bps at 4.25 times net first-lien leverage, a 0% Libor floor and an original issue discount of 99.5, according to a market source.

Bank of America Merrill Lynch is the left lead on the deal.

Commitments are due at noon ET on Friday, the source added.

Proceeds, along with a $200 million add-on to the company’s 6¾% senior notes and $25 million of cash on hand, will be used to fund a return of capital to shareholders.

Alight Solutions, formerly known as Tempo Acquisition LLC, is a Lincolnshire, Ill.-based provider of benefits outsourcing services plans.

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