ThoughtWorks talks $715 million term loan at Libor plus 325-350 bps

By Sara Rosenberg

New York, March 11 – ThoughtWorks Inc. is shopping its $715 million seven-year covenant-lite first-lien term loan (B2/B+) with price talk of Libor plus 325 basis points to 350 bps with a 0.5% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC is the left lead arranger on the deal.

Commitments are due at noon ET on March 23.

Proceeds will be used to refinance existing debt and fund a shareholder distribution.

ThoughtWorks is a Chicago-based pure play digital transformation services provider.

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