CIBT sets talk on first- and second-lien term loans with launch

By Sara Rosenberg

New York, May 11 – CIBT came out with price talk on its $330 million seven-year covenant-light first-lien term loan and $120 million eight-year covenant-light second-lien term loan with its lender meeting on Thursday, according to a market source.

The first-lien term loan is talked at Libor plus 400 basis points with a 1% Libor floor and an original issue discount of 99.5, and the second-lien term loan is talked in the Libor plus 800 bps area with a 1% Libor floor and a discount of 99, the source said.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has hard call protection of 102 in year one and 101 in year two.

The company’s $515 million in credit facilities also provide for a $65 million five-year revolver.

Antares Capital is the lead on the deal.

Commitments are due on May 25, the source added.

Proceeds will be used to help fund the buyout of the company by Kohlberg Management VIII LLC from ABRY Partners.

CIBT is a McLean, Va.-based provider of mobility solutions, offering expedited visa, work permit, immigration, passport and other related value-added services.

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