Kronos sets price talk on $490 million two-part add-on loan offer

By Paul A. Harris

Portland, Ore., Feb. 21 - Kronos Inc. set pricing on a $490 million two-part add on to its credit facility on Friday, according to a market source.

Commitments are due on Friday.

Credit Suisse is leading the deal.

A $315 million add-on to the Libor plus 350 basis points first-lien covenant-light loan due Oct. 2019 is talked at 99.5. The tranche has a 1% Libor floor and a 101 six-month soft call.

A $175 million add-on to the Libor plus 850 bps second-lien covenant-light loan due April 2020 is also talked at 99.5. The second-lien tranche has a 1.25% Libor floor and is callable at 103 until October 2015, then at 102 and 101.

Proceeds will be used to fund a shareholder distribution in connection the acquisition of a minority stake in the company by Blackstone Group LP and the Government Investment Corp. of Singapore.

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

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