Vistage launches $50 million add-on first-lien term loan at 99.5 OID

By Sara Rosenberg

New York, Feb. 20 – Vistage International Inc. was scheduled to hold a lender call at 3 p.m. ET on Thursday to launch a fungible $50 million add-on first-lien term loan (B2) that is talked with an original issue discount of 99.5, according to a market source.

Pricing on the first-lien term loan is Libor plus 400 basis points with a 1% Libor floor.

Macquarie Capital (USA) Inc. and SunTrust Robinson Humphrey Inc. are the bookrunners on the deal.

Commitments are due on Feb. 28, the source added.

Proceeds will be used to repay a portion of the company’s existing $80 million second-lien term loan.

Pro forma for the upsize, the first-lien term loan will be $306 million.

The company is also getting a $15 million add-on to its revolving credit facility.

Total net leverage is currently 4.9x, compared to 6.3x at the company’s leveraged buyout in the first quarter of 2018.

Vistage is a San Diego-based for-profit membership organization of CEOs.

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