CCC Information increases incremental term loan size to $375 million

By Sara Rosenberg

New York, Feb. 12 – CCC Information Services (Cypress Intermediate Holdings III Inc.) upsized its fungible incremental first-lien term loan due March 2024 to $375 million from $250 million, 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, a 1% Libor floor and an original issue discount of 99.5.

Jefferies LLC is the bookrunner on the deal.

Proceeds will be used to repay the company’s entire existing second-lien term loan.

Currently, the existing first-lien 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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