Addison Group changes $525 million term loan B to SOFR plus 425 bps

By Sara Rosenberg

New York, Jan. 19 – Addison Group revised pricing on its $525 million term loan B (B) to SOFR plus 425 basis points from Libor plus 450 bps and added a 25 bps leverage-based step-down, according to a market source.

Also, the original issue discount on the term loan was changed to 99.75 from 99, the source said.

The term loan still has a 0.5% floor and 101 soft call protection for six months.

KKR Capital Markets and Credit Suisse Securities (USA) LLC are the leads on the deal.

Recommitments were scheduled to be due at 1 p.m. ET on Wednesday, the source added.

The company is also getting a $65 million ABL revolving credit facility.

Proceeds will be used to help fund the buyout of the company by Trilantic North America from Odyssey Investment Partners LLC.

Addison Group is a Chicago-based professional services firm specializing in talent solutions and consulting services.

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