Liftoff/Vungle talks $1.25 billion term B at Libor plus 375-400 bps

By Sara Rosenberg

New York, Sept. 10 – Liftoff Mobile Inc./Vungle Inc. (Mars Borrower LLC) launched on Friday its $1.25 billion seven-year senior secured covenant-lite term loan B with price talk of Libor plus 375 basis points to 400 bps with a 0.5% 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 $1.4 billion of credit facilities (B2/B) also include a $150 million revolver.

Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC, Nomura, Goldman Sachs Bank USA, Barclays and Mizuho are the joint bookrunners on the deal. Morgan Stanley is the administrative agent.

Commitments are due at 10 a.m. ET on Sept. 24, the source added.

Proceeds will be used to refinance the company’s existing capital structure and pay a one-time dividend distribution to shareholders.

Liftoff/Vungle is a Redwood City, Calif.-based platform that fuels the mobile app growth cycle.

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