Ancestry launches $1.15 billion term loan B at Libor plus 400 bps

By Sara Rosenberg

New York, Aug. 8 – Ancestry.com Operations Inc. held a lender call at 3 p.m. ET on Thursday to launch a $1.15 billion seven-year covenant-lite term loan B that is talked at Libor plus 400 basis points with a 25 bps step-down at 4.25x leverage, a 0% Libor floor and an original issue discount of 99 to 99.5, according to a market source.

The term loan B has 101 soft call protection for six months and amortization of 1% per annum.

The company also launched an amendment to and partial repayment of its existing $1.75 billion term loan B and an amendment and extension of its existing $100 million revolving credit facility, the source said.

Morgan Stanley Senior Funding Inc., J.P. Morgan Securities LLC, Goldman Sachs Bank USA, Deutsche Bank Securities Inc., KKR Capital Markets, Barclays, BofA Securities Inc., RBC Capital Markets and UBS Investment Bank are the joint lead arrangers and bookrunners on the deal. JPMorgan is the administrative agent.

Commitments and consents are due at 5 p.m. ET on Aug. 15, the source added.

In addition to repaying a portion of the existing term loan B, the new term loan will be used with cash on the balance sheet to fund a dividend to shareholders, and pay fees and expenses.

Ancestry is a Lehi, Utah-based online family history resource.

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