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Autodata shifts funds between term loans, flexes pricing lower
By Sara Rosenberg
New York, Dec. 11 – Autodata Inc. upsized its seven-year covenant-light first-lien term loan to $280 million from $260 million and downsized its eight-year covenant-light second-lien term loan to $80 million from $100 million, according to a market source.
Also, pricing on the first-lien term loan was changed to Libor plus 325 basis points from talk in the range of Libor plus 375 bps to 400 bps and pricing on the second-lien term loan was lowered to Libor plus 725 bps from talk in the range of Libor plus 775 bps to 800 bps, the source said.
In addition, the original issue discount on the first-lien term loan was tightened to 99.75 from 99.5 and the discount on the second-lien term loan was modified to 99.5 from 99.
Furthermore, the call protection on the second-lien term loan was adjusted to a 101 hard call for one year from 102 in year one and 101 in year two, the source continued.
And, the MFN was changed to 75 bps for six months from 75 bps for 12 months.
Both term loans still have a 0% Libor floor and the first-lien term loan still has 101 soft call protection for six months.
The company’s $385 million of senior secured credit facilities also provide for a $25 million revolver.
RBC Capital Markets and KKR Capital Markets are the joint lead arrangers on the deal.
Recommitments were scheduled to be due at 2 p.m. ET on Monday, the source added.
Proceeds will be used to capitalize the business as a stand-alone entity.
Kohlberg Kravis Roberts & Co. LP is the sponsor.
Autodata, which was carved out of Internet Brands Inc., is a provider of data and software solutions that power the automotive industry.
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