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EisnerAmper sets $440 million of term loans at Libor plus 525 bps
By Sara Rosenberg
New York, Aug. 16 – EisnerAmper LLP (Eisner Advisory Group LLC) firmed pricing on its $440 million of term loans (B-/B+) at Libor plus 525 basis points, the low end of the Libor plus 525 bps to 550 bps talk, according to a market source.
Also, MFN was changed to 50 bps for life from 75 bps for six months, and carve-outs were removed for broadly syndicated pari passu loans, maturity prior to one year after initial term loan B and de-minimus threshold of $39.6 million/50% of EBITDA, the source said.
In addition, asset sale step-downs were removed, restricted payments were revised to reduce the available amount starter to $27.7 million/35% of EBITDA from $39.6 million/50% of EBITDA, the general restricted payments basket was reduced to $27.7 million/35% of EBITDA from $39.6 million/50% of EBITDA, the ratio for restricted payments basket was reduced to 3.75x total leverage from 4.25x, and language was added limiting the transfer of material intellectual property to unrestricted subsidiaries (J. Crew language).
The term loan debt still has a 50 bps step-down tied to delivery of fiscal year 2021 audits and upon receipt of a Moody’s rating of B3, a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.
The debt consists of a $400 million seven-year covenant-lite first-lien term loan B and a $40 million delayed-draw covenant-lite term loan that is available for six months.
Deutsche Bank Securities Inc. and Golub are the bookrunners on the deal.
Recommitments were scheduled to be due at 10:30 a.m. ET on Monday, the source added.
Proceeds will be used to help fund the buyout of the company by TowerBrook.
EisnerAmper is a New York-based professional services firm with a full suite of accounting, tax and advisory services.
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