UKG adds $300 million incremental term loan to structure

By Sara Rosenberg

New York, Jan. 15 – UKG Inc. (Ultimate Kronos Group) added a fungible $300 million incremental first-lien term loan due May 2026 to its transaction, according to a market source.

Pricing on the incremental term loan as well as on the company’s repriced $2.938 billion covenant-lite first-lien term loan due May 2026 is Libor plus 325 basis points with a 0.75% Libor floor and a par issue price, which is in line with talk announced when the repricing came to market on Jan. 12.

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

Expected term loan ratings are B1/B-.

Credit Suisse Securities (USA) LLC is the left lead arranger on the deal.

Recommitments were scheduled to be due at 10 a.m. ET on Friday, the source added.

Proceeds will be used to reprice an existing term loan down from Libor plus 400 bps with a 0.75% Libor floor, and the incremental term loan will be used to refinance a portion of the existing second-lien term loan.

UKG is a provider of best-of-breed human capital management solutions with headquarters in Lowell, Mass., and Weston, Fla.

© 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.