Mitchell International launches $50 million add-on loan at 99.5 OID

By Sara Rosenberg

New York, Oct. 13 – Mitchell International Inc. launched on Thursday its fungible $50 million add-on first-lien term loan with original issue discount talk of 99.5, according to a market source.

The add-on loan is priced at Libor plus 350 basis points with a 1% Libor floor.

Jefferies Finance LLC and KKR Capital Markets are the leads on the deal.

Commitments are due by the end of the day on Friday, the source said.

Proceeds will be used to fund some small acquisitions and add cash to the balance sheet.

Mitchell is a San Diego-based provider of technology, connectivity and information solutions to the property and casualty claims and collision repair industries.

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