CommerceHub increases first-lien term loan size to $305 million

By Sara Rosenberg

New York, May 2 – CommerceHub Inc. upsized its seven-year first-lien term loan to $305 million from $290 million, according to a market source.

Pricing on the first-lien term loan is Libor plus 375 basis points with a 0% Libor floor and an original issue discount of 99.5, the source said.

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

The company’s $480 million senior secured credit facilities, up from $465 million, also include a $30 million revolver and a $145 million privately placed second-lien term loan.

Jefferies and Golub are the lead arrangers on the deal that allocated on Wednesday.

Proceeds will be used with equity to fund the company’s buyout by GTCR and Sycamore Partners for a total value of about $1.1 billion. Holders of CommerceHub’s common stock will receive $22.75 in cash per share.

Closing is expected following the shareholder vote scheduled for May 18, subject to customary conditions, including stockholder approval and regulatory approvals.

CommerceHub is an Albany, N.Y.-based distributed commerce network for retailers and brands.

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