Clubessential talks $300 million term loan at Libor plus 400-425 bps

By Sara Rosenberg

New York, Oct. 7 – Clubessential Holdings (CE Intermediate I LLC) launched on Thursday its $300 million 5.5-year term loan (B3) with price talk of Libor plus 400 basis points to 425 bps with a 0.5% Libor floor and an original issue discount of 99, according to a market source.

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

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

Commitments are due at noon ET on Oct. 21, the source added.

Proceeds will be used to refinance existing debt and recapitalize the company following a minority investment by Silver Lake Partners. Existing majority shareholder Battery Ventures will make a follow-on investment in the company as part of the transaction.

Clubessential is a provider of vertical SaaS and payments solutions serving member-based organizations such as country clubs, social clubs, golf courses, fitness studios and gyms, government-operated parks and recreation facilities and selected affiliate sports organizations.

© 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.