Match Group flexes $800 million term loan B to Libor plus 450 bps

By Sara Rosenberg

New York, Nov. 5 – Match Group Inc. increased pricing on its incremental $800 million seven-year senior secured term loan B (Ba2/BB+) to Libor plus 450 basis points from talk of Libor plus 375 bps to 400 bps, according to a market source.

Furthermore, original issue discount talk on the loan was changed to 98 to 98.5 from 99 and the 101 soft call protection was extended to one year from six months, the source said.

The term loan still has a 1% Libor floor.

Recommitments were due at 1 p.m. ET on Thursday, the source added.

J.P. Morgan Securities LLC, BNP Paribas Securities Corp., Goldman Sachs Bank USA, Deutsche Bank Securities Inc. and Bank of America Merrill Lynch are the lead banks on the deal.

Proceeds will be used to help fund a distribution to IAC/InterActiveCorp. in connection with its spinoff from IAC and for general corporate purposes.

Other funds for the transaction will come from $500 million of notes and an initial public offering of stock.

Match Group is a Dallas-based provider of dating products.

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