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Ancestry term loans trade up on buyout; Concord, KKR Real Estate changes surface
By Sara Rosenberg
New York, Aug. 5 – In trading on Wednesday, Ancestry.com’s extended and non-extended term loans moved higher with news that the company is being sold to Blackstone.
Blackstone is purchasing the company for $4.7 billion, according to a trader.
The extended term loan was quoted at 99¾ bid, par ¼ offered, up from 96½ bid, 97½ offered, and the non-extended term loan was quoted at 99¾ bid, par ¼ offered, up from 98½ bid, 99½ offered, the trader said.
Meanwhile, over in the primary market, Concord (Alchemy Copyrights LLC) raised its term loan B to $600 million from $400 million, trimmed pricing to Libor plus 325 basis points from talk in the range of Libor plus 350 bps to 375 bps, and adjusted the original issue discount to 99.25 from 98.5, according to a market source. The term loan still has a 0.75% Libor floor and 101 soft call protection for six months.
In addition, KKR Real Estate Finance Trust Inc. (KREF Holdings X LLC) changed the issue price on its term loan B, and Ascensus (Aqgen Ascensus Inc.) and Tutor Perini emerged with new deal plans.
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