ALM Media launches first-lien term loan at Libor plus 425 bps area

By Sara Rosenberg

New York, July 9 – ALM Media launched its $215 million six-year first-lien covenant-light term loan (B2/B+) on Wednesday with price talk in the Libor plus 425 basis points area with a 1% Libor floor and an original issue discount of 99, according to a market source.

The first-lien term loan has 101 soft call protection for six months, the source said.

The company’s $287.5 million credit facility also includes a $22.5 million five-year revolver (B2/B+) and a $50 million seven-year second-lien term loan (Caa2/CCC+) that was pre-sold.

The revolver has a springing total leverage covenant of 5.5 times if drawn more than 25%.

Commitments are due on July 22, the source added.

Macquarie Capital (USA) Inc. is the lead bank on the deal.

Proceeds will be used to help fund the buyout of the company by Wasserstein & Co. LP from Apax Partners and RBS.

Closing is expected in the third quarter.

ALM is a New York-based integrated media company focused on the legal and business communities.

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