Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers I > Headlines for Insight Global > News item |
Insight Global sets first- and second-lien term loan talk with launch
By Sara Rosenberg
New York, Oct. 10 - Insight Global released price talk on its $300 million seven-year first-lien term loan (Ba3/B) and $130 million eight-year second-lien term loan (B3/CCC+) with its Wednesday bank meeting, according to a market source.
The first-lien term loan is talked at Libor plus 475 basis points with a 1.25% Libor floor and an original issue discount of 99, and the second-lien term loan is talked at Libor plus 900 bps with a 1.25% Libor floor and a discount of 99, the source said.
The first-lien loan has 101 repricing protection for one year, and the second-lien loan has call protection of 103 in year one, 102 in year two and 101 in year three.
The $490 million credit facility also includes a $60 million five-year revolver (Ba3/B).
Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch and RBC Capital Markets LLC are leading the deal.
Proceeds will be used to fund the leveraged buyout of the company by Ares Management.
The issuing entity is IG Investments Holdings LLC.
Insight Global is an Atlanta-based temporary staffing firm serving the information technology sector.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.