ALM Media ups spread on first-lien term loan to Libor plus 450 bps

By Sara Rosenberg

New York, July 25 – ALM Media Holdings Inc. lifted pricing on its $215 million six-year first-lien covenant-light term loan (B2/B+) to Libor plus 450 basis points from talk in the Libor plus 425 bps area, according to a market source.

In addition, the 101 soft call protection on the first-lien term loan was extended to one year from six months and amortization was modified to 2.5% from 1%, the source said.

The term loan still has a 1% Libor floor and an original issue discount of 99.

The company’s $287.5 million credit facility also includes a $22.5 million 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%.

Allocations are expected early in the week of July 28, 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.

© 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.