J.D. Power sets talk on incremental first- and second-lien term loans

By Sara Rosenberg

New York, June 14 – J.D. Power released price talk on its $410 million incremental first-lien term loan and $40 million incremental second-lien term loan in connection with its lender call on Monday, according to a market source.

Talk on the first-lien term loan is Libor plus 375 basis points to 400 bps with a 0.5% Libor floor and an original issue discount of 99.5, and talk on the second-lien term loan is Libor plus 800 bps with a 0% Libor floor and a par issue price, the source said.

The incremental first-lien term loan has 101 soft call protection for six months. The second-lien term loan has no call protection.

RBC Capital Markets and KKR Capital Markets are the arrangers on the deal, with RBC the left lead on the first-lien loan and KKR the left lead on the second-lien loan.

Commitments are due at noon ET on June 23, the source added.

Proceeds will be used to fund an acquisition and refinance a $100 million term loan B-1 put in place last year.

Currently, the company has a $1.212 billion first-lien term loan and a $415 million second-lien term loan, in addition to the term loan B-1 that is being refinanced.

Thoma Bravo is the sponsor.

J.D. Power is a Troy, Mich.-based provider of automobile transactional data, valuation tools, vehicle feature information and consumer analytics to the automotive industry.

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