UnitedLex ups spread on $110 million term loan to Libor plus 575 bps

By Sara Rosenberg

New York, Sept. 30 – UnitedLex increased pricing on its $110 million term loan to Libor plus 575 basis points from talk in the range of Libor plus 500 bps to 525 bps, according to a market source.

Furthermore, the 101 soft call protection was extended to one year from six months and a number of changes were made to documentation, the source said.

The term loan still has a 0% Libor floor and an original issue discount of 97.

Macquarie Capital (USA) Inc. and BNP Paribas Securities Corp. are the leads on the deal.

Commitments are due at the end of the day on Thursday, the source added.

The term loan originally closed in March but is now being offered to the market.

Original use of proceeds was to repay the existing credit facility, partially repay a shareholder loan, make a payment to the prior sellers given a component of deferred purchase price, and provide cash to the balance sheet.

UnitedLex is an Overland Park, Kan.-based legal outsourcing services provider.

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