Kronos launches $2.3 billion term loan B at Libor plus 300 bps

By Sara Rosenberg

New York, March 12 – Kronos Inc. held a lender call at 1 p.m. ET on Monday to launch a $2,327,000,000 term loan B due Nov. 1, 2023 that is talked at Libor plus 300 basis points with a step-down to Libor plus 275 bps at 4 times net first-lien leverage, a 0% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Nomura, Jefferies LLC and Macquarie Capital (USA) Inc. are the lead arrangers on the deal.

Commitments are due at noon ET on Friday, the source added.

Proceeds will be used to reprice an existing term loan B down from Libor plus 350 bps with a step-down to Libor plus 325 bps at 4.25 times net first-lien leverage and a 1% Libor floor.

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

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