| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers C > Headlines for Chariot Buyer LLC > News item |
Chamberlain Group lifts term loan to $2.02 billion, updates pricing
By Sara Rosenberg
New York, Oct. 22 – Chamberlain Group LLC (Chariot Buyer LLC) upsized its seven-year covenant-lite term loan B to $2.015 billion from $1.925 billion and firmed pricing at Libor plus 350 basis points, the low end of the Libor plus 350 bps to 375 bps talk, according to a market source.
Additionally, the 25 bps pricing step-down on the term loan at 4.55x first-lien net leverage was removed, but the 25 bps step-down at 5.05x first-lien net leverage remained, and the original issue discount was tightened to 99.75 from 99.5, the source said.
Furthermore, the first-lien net leverage thresholds were changed to 5.8x from 5.55x and the consolidated secured net leverage thresholds were revised to 7.55x from 7.3x.
The term loan still has a 0.5% Libor floor and 101 soft call protection for six months.
Wells Fargo Securities LLC, Barclays, Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are the lead arrangers on the deal.
Commitments continued to be due at noon ET on Friday, the source added.
Proceeds will be used to help fund the buyout of the company by Blackstone from Duchossois Group Inc. and to pay transaction related fees and expenses. The transaction values Chamberlain Group at approximately $5 billion.
The extra funds raised from the term loan upsizing will reduce the equity contribution for the transaction dollar-for-dollar.
Closing is expected by the end of the year, subject to regulatory approvals and customary conditions.
Pro forma total leverage is 7.5x, up from 7.3x, and pro forma first-lien leverage is 5.8x, up from 5.5x.
Chamberlain Group is an Oak Brook, Ill.-based provider of smart access solutions across residential and commercial properties.
© 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.