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OneDigital cuts spread on $460 million loan to Libor plus 400 bps
By Sara Rosenberg
New York, Oct. 3 – OneDigital (Achilles Acquisition LLC) trimmed pricing on its $460 million seven-year first-lien term loan (B3/B) to Libor plus 400 basis points from talk in the range of Libor plus 425 bps to 450 bps, according to a market source.
Additionally, the original issue discount on the term loan was revised to 99.75 from 99.5, the source said.
The term loan still has a 0% Libor floor and 101 soft call protection for six months.
J.P. Morgan Securities LLC is the lead bank on the deal.
Proceeds will be used to refinance existing bank debt, fund near-term acquisitions and fund a dividend.
OneDigital is an Atlanta-based employee benefits insurance broker.
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