AdThrive launches $385 million term loan at Libor plus 400-425 bps

By Sara Rosenberg

New York, March 9 – AdThrive (CMI Marketing Inc.) launched on Tuesday its $385 million seven-year covenant-lite term loan B with price talk of Libor plus 400 basis points to 425 bps with a 0.75% Libor floor and an original issue discount of 99 to 99.5, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

The company’s $445 million of senior secured credit facilities also include a $60 million five-year revolver.

Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC, Societe Generale and KKR Capital Markets are the joint lead arrangers and bookrunners on the deal.

Commitments are due at noon ET on March 19, the source added.

Proceeds will be used to refinance existing debt, to pay a dividend to the shareholders and to pay fees and expenses related to the financing.

AdThrive is an ad management firm.

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