CCC Information shops $250 million incremental term loan at 99.5 OID

By Sara Rosenberg

New York, Feb. 6 – CCC Information Services (Cypress Intermediate Holdings III Inc.) is talking its fungible $250 million incremental first-lien term loan due March 2024 with an original issue discount of 99.5, according to a market source.

Pricing on the incremental term loan is Libor plus 300 basis points with one 25 bps leverage-based step-down and a 1% Libor floor.

Jefferies LLC is the bookrunner on the deal that launched with a call on Wednesday afternoon.

Commitments are due at 5 p.m. ET on Feb. 11.

Proceeds will be used to prepay a corresponding amount of an existing second-lien term loan.

Pro forma for the transaction, the first-lien term loan will be sized at about $1,227,500,000.

Currently, the existing term loan is priced at Libor plus 275 bps, but the spread will move up to Libor plus 300 bps based on the existing leverage-based pricing grid.

CCC Information is a Chicago-based provider of mission-critical infrastructure to the automotive insurance and claim industry through its integrated software, data, analytics and workflow management systems.

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