Kronos launches $1.21 billion term loan at Libor plus 325 bps

By Sara Rosenberg

New York, Jan. 31 - Kronos Inc. held a call at 3 p.m. ET on Thursday to launch a $1.21 billion first-lien covenant-light term loan due October 2019 that is talked at Libor plus 325 basis points with a 1% Libor floor and a par offer price, according to a market source.

The loan has 101 repricing protection for six months, the source said.

Proceeds will be used to refinance the existing term loan that is priced at Libor plus 425 bps with a 1.25% Libor floor.

Existing lenders will get paid out at 101, the source added.

Commitments are due at 5 p.m. ET on Tuesday.

Credit Suisse Securities (USA) LLC is the lead arranger on the deal and a bookrunner with Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC.

Kronos is a Chelmsford, Mass.-based provider of workforce management software.

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