Consilio + Advanced Discovery sets talk on first-, second-lien loans

By Sara Rosenberg

New York, March 26 – Consilio + Advanced Discovery (GI Revelation Acquisition LLC) released price talk on its $415 million seven-year first-lien term loan (B+) and $150 million eight-year second-lien term loan (CCC+) with its bank meeting on Monday, according to a market source.

Talk on the first-lien term loan is Libor plus 450 basis points to 475 bps with a 0% Libor floor and an original issue discount of 99.5, and talk on the second-lien term loan is Libor plus 850 bps to 875 bps with a 0% Libor floor and a discount of 99, the source said.

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

The $615 million of senior secured credit facilities also include a $50 million five-year revolver (B+).

Jefferies LLC, SunTrust Robinson Humphrey Inc., Goldman Sachs Bank USA and KKR Capital Markets are the arrangers on the deal.

Commitments are due on April 9, the source added.

Proceeds will be used to fund the acquisitions of Consilio and Advanced Discovery by GI Partners, and combination of the two businesses.

The Advanced Discovery purchase is expected to close in late March. The Consilio acquisition and the subsequent merger are expected to close in the second quarter, subject to usual and customary conditions.

Consilio is a provider of eDiscovery, document review and legal consulting services. Advanced Discovery is a provider of eDiscovery and risk management, partnering with law firms and corporations.

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