TASC holds call to launch $675 million credit facility to investors

By Sara Rosenberg

New York, March 9 - TASC Inc. held a conference call at 10 a.m. ET on Wednesday to launch a proposed $675 million credit facility, according to a market source.

Barclays Capital, Deutsche Bank, KKR Capital Markets and RBC Capital Markets are the lead banks on the deal.

The facility consists of a $100 million revolver and a $575 million term loan B, the source said.

Price talk on the term loan B is Libor plus 325 basis points with a 1.25% Libor floor and an original issue discount of 991/2, the source continued.

The B loan includes 101 soft call protection for six months.

Proceeds will be used to refinance existing debt.

In December 2009, the company got a $690 million senior secured credit facility for its buyout by General Atlantic LLC and Kohlberg Kravis Roberts & Co. that consisted of a $100 million revolver, a $200 million term loan A and a $390 million term loan B.

At close, pricing on the 2009 revolver and term loan A was Libor plus 350 bps, and pricing on the term loan B was Libor plus 375 bps, with all tranches having a 2% Libor floor. The term loan A and the term loan B were sold at an original issue discount of 99 and the revolver was sold at 98.

TASC is a Chantilly, Va.-based provider of advanced systems engineering and technical assistance to the defense, intelligence, federal and homeland security markets.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.