RentPath launches $425 million term loan B at Libor plus 400-425 bps

By Sara Rosenberg

New York, May 2 - RentPath Inc. launched on Thursday its $425 million seven-year term loan B with price talk of Libor plus 400 basis points to 425 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The B loan has 101 soft call protection for one year, the source said.

The company's $470 million credit facility also includes a $45 million five-year revolver.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance existing debt and fund a distribution to shareholders.

RentPath is a Norcross, Ga.-based digital marketplace for apartment rentals.

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