MYOB launches $486 million term loan at Libor plus 400-425 bps

By Sara Rosenberg

New York, Feb. 25 – MYOB launched on Monday its $486 million seven-year covenant-light first-lien term loan with price talk of Libor plus 400 basis points to 425 bps with a 0% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC, KKR Capital Markets, Jefferies LLC, Macquarie Capital (USA) Inc., Credit Agricole, Natixis and Crescent are the lead arrangers on the deal. ING is a co-manager.

Commitments are due at noon ET on March 8.

In addition to the U.S. term loan, the company is getting an A$50 million revolver, a A$250 million first-lien term loan, a A$75 first-lien delayed-draw term loan, a A$145 second-lien term loan and a A$25 million second-lien delayed-draw term loan.

Proceeds will be used to help fund the buyout of the company by KKR.

MYOB is an Australia-based provider of online business management solutions.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.