CCC Information trims $470 million term loan to Libor plus 400 bps

By Sara Rosenberg

New York, Dec. 13 - CCC Information Services Inc. trimmed pricing on its $470 million seven-year covenant-light term loan to Libor plus 400 basis points from Libor plus 425 bps, according to a market source.

In addition, the original issue discount on the term loan was revised to 99½ from 99, the source said.

The 1.25% Libor floor and 101 soft call protection for one year were unchanged.

Commitments for the term loan are now due on Friday, accelerated from early next week.

The company's $520 million senior secured credit facility (B1/B+) also includes a $50 million five-year revolver.

Goldman Sachs & Co. and J.P. Morgan Securities LLC are the lead banks on the deal.

Proceeds will be used to help fund Leonard Green & Partners' acquisition of the company from Investcorp.

Other funds for the transaction will come from mezzanine financing.

CCC is a Chicago-based provider of advanced software and workflow tools to the insurance automotive claims and collision repair industries.

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