Ancestry.com shifts funds betweens term loans, reduces pricing

By Sara Rosenberg

New York, May 9 - Ancestry.com upsized its term loan B due Dec. 28, 2018 to $488 million from $438 million and downsized its five-year term loan B-2 to $150 million from $200 million, according to a market source.

Also, pricing on the term loan was reduced to Libor plus 400 basis points from Libor plus 425 bps and pricing on the term loan B-2 was trimmed to Libor plus 325 bps from Libor plus 350 bps, the source said.

As before, the term loan B has a 1.25% Libor floor, a par offer price and 101 soft call protection until Dec. 28, 2013, and the term loan B-2 has a 1% Libor floor, a par offer price and 101 soft call protection until Dec. 28, 2013.

Amortization on the term loan B is 1% per annum, while the term loan B-2 amortizes at a rate of 20% per annum.

Morgan Stanley Senior Funding Inc. is the lead arranger on the deal. Barclays is the administrative agent.

Proceeds, along with $30 million of cash on hand, will be used to reprice an existing term loan B and to pay down the remaining portion of the existing term loan B.

With this transaction, pricing on the term loan B is being taken down from Libor plus 575 bps with a 1.25% Libor floor.

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

Ancestry.com is a Provo, Utah-based online family history resource.

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