Autodata discloses price talk on first- and second-lien term loans

By Sara Rosenberg

New York, Nov. 29 – Autodata Inc. released price talk on its $260 million seven-year covenant-light first-lien term loan and $100 million eight-year covenant-light second-lien term loan with its bank meeting on Wednesday, according to a market source.

The first-lien term loan is talked at Libor plus 375 basis points to 400 bps with a 0% Libor floor and an original issue discount of 99.5, and the second-lien term loan is talked at Libor plus 775 bps to 800 bps with a 0% Libor floor and a discount of 99, the source said.

Included in the first-lien term loan is 101 soft call protection for six months and the second-lien term loan has call protection of 102 in year one and 101 in year two.

The company’s $385 million of senior secured credit facilities also provide for a $25 million revolver.

RBC Capital Markets and KKR Capital Markets are the joint lead arrangers on the deal.

Commitments are due on Dec. 13, the source added.

Proceeds will be used to capitalize the business as a stand-alone entity.

Kohlberg Kravis Roberts & Co. LP is the sponsor.

Autodata, which was carved out of Internet Brands Inc., is a provider of data and software solutions that power the automotive industry.

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