Alight Solutions increases add-on term loan B size to $205 million

By Sara Rosenberg

New York, Nov. 16 – Alight Solutions upsized its fungible add-on covenant-light term loan B to $205 million from $185 million, according to a market source.

The add-on term loan is still 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.

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

Commitments are due on Friday.

Proceeds, along with a $180 million add-on to the company’s 6¾% senior notes, downsized from $200 million, 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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