Ahead DB cuts spread on $631 million term loan to Libor plus 375 bps

By Sara Rosenberg

New York, April 28 – Ahead DB Holdings LLC reduced pricing on its roughly $631 million first-lien term loan (B1/B+) to Libor plus 375 basis points from talk in the range of Libor plus 400 bps to 425 bps, according to a market source.

As before, the term loan has a 0.75% Libor floor, a par issue price and 101 soft call protection for six months.

RBC Capital Markets, Barclays, Deutsche Bank Securities Inc., KKR Capital Markets, Macquarie Capital (USA) Inc., Truist, Regions Bank, Credit Suisse Securities (USA) LLC, TD Securities (USA) LLC and PNC Bank are the lead arrangers on the deal.

Commitments remained due at 5 p.m. ET on Wednesday, the source added.

Allocations are expected on Thursday morning.

Proceeds will be used to reprice an existing first-lien term loan that is being paid down from $785 million with a portion of the proceeds from a $400 million senior notes offering. Current pricing on the first-lien term loan is Libor plus 500 bps with a 1% Libor floor.

Lenders will be paid out at the existing 101 soft call premium.

Centerbridge Partners and Berkshire Partners are the sponsors.

Ahead DB is a Chicago-based IT solutions provider of enterprise hardware and software.

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