Mitchell International shops $55 million add-on loan at 98¾-99 OID

By Sara Rosenberg

New York, Jan. 21 – Mitchell International Inc. is talking its fungible $55 million add-on term loan with an original issue discount of 98¾ to 99, according to a market source.

The add-on loan is priced at Libor plus 350 basis points with a 1% Libor floor, in line with the company’s existing term loan.

Jefferies Finance LLC and KKR Capital Markets are the leads on the deal that launched with a call on Tuesday.

Commitments are due on Thursday, the source said.

Proceeds will be used to fund the acquisition of Cogent Works, the source said.

Mitchell is a San Diego-based provider of technology, connectivity and information solutions to the property and casualty claims and collision repair industries. Cogent Works is a Salt Lake City-based provider of pharmacy network and benefit management services to the automobile casualty and workers’ compensation markets.

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