Ipreo Holdings launches $320 million term B at Libor plus 350-375 bps

By Sara Rosenberg

New York, July 7 – Ipreo Holdings LLC launched on Monday its $320 million seven-year term loan B with price talk of Libor plus 350 basis points to 375 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

The company’s $365 million senior credit facility (B1/B+) also includes a $45 million revolver.

Commitments are due on July 16, the source added.

Goldman Sachs Bank USA, Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc. and RBC Capital Markets LLC are the lead banks on the deal.

Proceeds will be used to help fund the buyout of the company by Blackstone and Goldman Sachs Merchant Banking Division from Kohlberg Kravis Roberts & Co. LP.

With this transaction, Kohlberg Kravis Roberts will retain a minority ownership stake in the business.

Ipreo is a New York-based provider of new issuance software solutions across the equity, fixed income, municipal and syndicated loan markets.

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