Equiniti/AST sets price talk on $900 million equivalent term loan B

By Sara Rosenberg

New York, Oct. 19 – Equiniti/AST announced price talk on its $900 million equivalent U.S dollar and British pound seven-year term loan B (B1/B+) in connection with its lender call on Tuesday, according to a market source.

The U.S. term loan is talked at Libor plus 450 basis points to 475 bps with two 25 bps step-downs at 0.5x and 1x inside opening net first-lien leverage, a 0.5% Libor floor and an original issue discount of 99, the source said.

The British pound term loan is talked at Libor plus 550 bps to 575 bps with two 25 bps step-downs at 0.5x and 1x inside opening net first-lien leverage, a 0.75% floor and a discount of 99.

Both term loans have 101 soft call protection for six months and amortization of 1% per annum.

Goldman Sachs, BofA Securities Inc., Deutsche Bank Securities Inc. and Lloyds are the lead arrangers on the deal.

Commitments are due on Oct. 28, the source added.

Proceeds will be used with $350 million of unsecured debt to support the combination of Equiniti and AST.

Siris is the sponsor.

Equiniti is a provider of mission-critical shareholder, pension, remediation and credit technology in the United States and the United Kingdom. AST is a provider of mission-critical shareholder technology in the United States.

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