Active Network sets first- and second-lien term loan talk with launch

By Sara Rosenberg

New York, Oct. 25 - Active Network Inc. released price talk on its $342.5 million seven-year covenant-light first-lien term loan and $172.5 million eight-year covenant-light second-lien term loan with its bank meeting on Friday, according to a market source.

The first-lien term loan is talked at Libor plus 450 basis points to 475 bps with a 1% Libor floor and an original issue discount of 99, and the second-lien term loan is talked at Libor plus 850 bps with a 1% Libor floor and a discount of 99, the source said.

Included in the first-lien term loan is 101 soft call protection for six months and the second-lien term loan has call protection of 103 in year one, 102 in year two and 101 in year three.

The company's $560 million credit facility also provides for a $45 million five-year revolver.

Commitments are due at noon ET on Nov. 6, the source added.

Bank of America Merrill Lynch, RBC Capital Markets LLC and BMO Capital Markets Corp. are the joint lead arrangers and bookrunners on the deal.

Proceeds will be used to help fund the buyout of the company by Vista Equity Partners for $14.50 per share in cash, or about $1.05 billion.

Other funds for the transaction will come from equity.

Closing is expected by the end of the fourth quarter, subject to satisfaction of a minimum tender condition, expiration or termination of any waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, receipt of financing and other customary conditions.

Active Network is a San Diego-based provider of cloud-based activity and participant management solutions.

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