TransUnion holds call for $950 million covenant-light term loan

By Sara Rosenberg

New York, Jan. 31 - TransUnion held a conference call on Monday to launch a $950 million seven-year covenant-light senior secured term loan (Ba3), according to a market source.

Deutsche Bank, Bank of America and JPMorgan are the lead banks on the deal.

The term loan is talked at Libor plus 375 basis points to 400 bps with a 1.5% Libor floor and an original issue discount of 99, the source said.

There is 101 soft call protection for one year.

Proceeds will be used to refinance an existing term loan that was obtained in June 2010 at a size of $950 million. Pricing on the loan is Libor plus 500 bps with a step-down to Libor plus 475 bps when net senior secured leverage is 2.75 times, and there is a 1.75% Libor floor as well as 101 soft call protection for one year. The loan was sold at an original issue discount of 981/2.

TransUnion is a Chicago-based provider of credit and information management.

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