WCG Purchaser lifts term loan to $150 million, sets OID at 98.6

By Sara Rosenberg

New York, Oct. 6 – WCG Purchaser Corp. (Wesins) upsized its incremental first-lien term loan due Jan. 8, 2027 to $150 million from $125 million and firmed the original issue discount at 98.6, the tight end of the 98 to 98.6 talk, according to a market source.

Also, it was decided that the incremental term loan will be fungible with the existing first-lien term loan, the source said. At launch, fungibility was still to be determined.

As before, the incremental term loan is priced at Libor plus 400 basis points with a 1% Libor floor and has 101 soft call protection through January 2021.

Security is a first priority lien, subject to permitted liens, on substantially all of the borrower and guarantor, subject to certain exceptions.

Barclays is the bookrunner on the deal and the administrative agent.

Allocations were expected on Tuesday morning, the source added.

Proceeds will be used to fund tuck-in mergers and acquisitions and for general corporate purposes.

The spread, floor and call protection on the incremental term loan match the existing first-lien term loan.

WCG is Princeton, N.J.-based provider of clinical trial optimization solutions.

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