Informatica frees to trade atop OID; Alion Science joins primary calendar

By Sara Rosenberg

New York, July 10 – Informatica LLC saw its incremental second-lien term loan make its way into the secondary market on Friday, with levels quoted above its original issue discount.

In other news, Alion Science & Technology Corp. revealed that it is getting ready to bring a new first-lien term loan to market.

Informatica breaks

Informatica’s fungible $50 million incremental covenant-lite second-lien term loan due February 2025 began trading on Friday morning and was quoted at par ˝ bid, 101˝ offered, according to a market source.

Like the existing second-lien term loan, the incremental term loan is priced at a fixed rate of 7.125% and is non-callable until Feb. 25, 2021, then callable at 102 for a year and at 101 for a year. The incremental loan was sold at an original issue discount of 99.875.

During syndication, the discount on the incremental term loan was tightened from talk in the range of 99 to 99.5.

Nomura is the lead arranger on the deal.

Proceeds will be used to repay revolving credit facility borrowings and to fund cash to the balance sheet.

Closing is targeted for the week of July 13.

Informatica is a Redwood City, Calif.-based provider of enterprise cloud data management software and services.

Alion readies deal

Alion Science & Technology set a lender call for Monday to launch a $360 million four-year first-lien term loan (B1/BB-), a market source remarked.

The company is also getting a $40 million revolver (Ba1/BB), the source added.

UBS Investment Bank and KKR Capital Markets are leading the deal that will be used with cash on hand to refinance an existing first-lien term loan and mezzanine tranche.

Alion, a portfolio company of Veritas Capital, is a McLean, Va.-based provider of advanced engineering, intelligence surveillance and reconnaissance, research development test and evaluation, live virtual and constructive training, electronic warfare, and cybersecurity solutions primarily to U.S. Department of Defense and Intelligence Community customers.

© 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.