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Catalina lifts first-lien term loan to $1.05 billion, updates pricing
By Sara Rosenberg
New York, April 3 - Catalina Marketing Corp. upsized its seven-year covenant-light first-lien term loan (B1/B+) to $1.05 billion from $1,035,000,000 and firmed pricing at Libor plus 350 basis points, the tight end of the Libor plus 350 bps to 375 bps talk, according to a market source.
In addition, pricing on the $460 million eight-year covenant-light second-lien term loan (Caa1/CCC+) was decreased to Libor plus 675 bps from talk of Libor plus 700 bps to 725 bps and the original issue discount was revised to 99¼ from 99, the source said.
Furthermore, the 12 months MFN sunset was removed from both term loans.
As before, the both term loans have a 1% Libor floor, the first-lien term loan has an original issue discount of 99½ and 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 now $1.61 billion credit facility, up from $1,595,000,000, also provides for a $100 million five-year revolver (B1/B+).
Recommitments were due at 1 p.m. ET on Thursday.
J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Morgan Stanley Senior Funding Inc. are the lead banks on the deal, with JPMorgan the left lead on the first-lien debt and Bank of America the left lead on the second-lien debt.
Proceeds will be used to help fund the purchase of majority control of the company by Berkshire Partners LLC from Hellman & Friedman LLC, although Hellman & Friedman will remain a significant investor.
Catalina is a St. Petersburg, Fla.-based provider of personalized digital media solutions for the CPG industry.
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