Insight Global talks $210 million tack-on loan at Libor plus 475 bps

By Sara Rosenberg

New York, Jan. 14 – Insight Global (IG Investments Holdings LLC) launched on Wednesday its $210 million first-lien tack-on covenant-light term loan due October 2021 with price talk of Libor plus 475 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.

The tack-on loan has 101 soft call protection for one year.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Proceeds will be used to fund a distribution to the sponsor and minority shareholders.

In addition, the company launched an extension of its existing term loan, and talk on the extended loan is Libor plus 475 bps with a 1% Libor floor, up from current pricing of Libor plus 425 bps with a 1% Libor floor, the source continued.

The extended term loan will also have 101 soft call protection for one year.

Existing lenders are being offered a 25 bps fee, split between 5 bps for the amendment and 20 bps for the extension.

Commitments are due on Jan. 21.

Insight Global is an Atlanta-based temporary staffing firm for the information technology sector.

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