Alexander Mann ups term loan to $160 million, reduces pricing

By Sara Rosenberg

New York, Dec. 17 - Alexander Mann Solutions (Violin Finco SARL) upsized its six-year first-lien term loan to $160 million from $150 million and lowered pricing to Libor plus 475 basis points from Libor plus 525 bps, according to a market source.

As before, the term loan has a 1% Libor floor, an original issue discount of 99, 101 soft call protection for one year and a maximum net total leverage covenant.

The company's now $200 million credit facility, up from $190 million, also includes a $40 million five-year revolver.

Recommitments were due at 5 p.m. ET on Tuesday, the source said.

Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc. and ING Capital are the lead banks on the deal.

Proceeds will be used to help fund the buyout of the company by New Mountain Capital LLC.

As a result of the term loan upsizing, the amount of equity being used was reduced, the source added.

The transaction is subject to EU Competition Commission approval.

Alexander Mann is a London-based talent acquisition and management business.

© 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.