AppLovin finalizes $1.5 billion term loan B at 99.5 OID

By Sara Rosenberg

New York, Aug. 15 – AppLovin Corp. firmed the original issue discount on its $1.5 billion first-lien term loan B due August 2030 (Ba3) at 99.5, the tight end of the 99 to 99.5 talk, according to a market source.

Pricing on the term loan remained at SOFR plus 310 basis points with a 0.5% floor.

The term loan has 101 soft call protection for six months.

JPMorgan Chase Bank, BofA Securities Inc., KKR Capital Markets, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and Morgan Stanley Senior Funding Inc. are the bookrunners on the deal. BofA is the administrative agent.

Proceeds will be used with about $249 million of available cash to refinance an existing $1.749 billion term loan due 2025.

KKR is the sponsor.

AppLovin is a Palo Alto, Calif.-based provider of marketing software.

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