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Internet Brands sets Wednesday meeting for $680 million term loans
By Paul A. Harris
Portland, Ore., June 6 – Internet Brands, Inc. set a Wednesday bank meeting for $680 million of term loans, according to a market source.
The first-lien tranches, via left lead Credit Suisse Securities (USA) LLC, include a $435 million seven-year first-lien covenant-light term loan and a $50 million seven-year first-lien covenant-light delayed-draw term loan.
In addition there is a $195 million eight-year second-lien covenant-light term loan via left lead RBC Capital Markets.
The $755 million of credit facilities also includes a $75 million five-year revolver.
Further structural details, pricing and credit ratings remain to be determined.
Commitments are due on June 25.
The issuing entities will be special purpose vehicles MH Sub I, LLC and Micro Holding Corp.
Proceeds will be used to help fund the leveraged buyout of the El Segundo, Calif.-based operator of vertical software solutions and branded web sites by Kohlberg Kravis Roberts.
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