UKG launches $4.89 billion term loan at SOFR plus 350-375 bps

By Sara Rosenberg

New York, Jan. 23 – UKG Inc. launched on Tuesday its $4.885 billion seven-year covenant-lite first-lien term loan B with price talk of SOFR plus 350 basis points to 375 bps with a 0% 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 and no CSA, the source said.

The company’s $5.83 billion of credit facilities (B1/B-/BB) also include a $945 million five-year revolver with a springing first-lien covenant.

Nomura, JPMorgan Chase Bank and others to be determined are the arrangers on the deal. Nomura is the administrative agent.

Cashless roll consents are due at noon ET on Monday and commitments are due at noon ET on Jan. 30, the source added.

Proceeds will be used with $2.5 billion of other secured debt to refinance existing first-lien term loans, pay down a revolver draw, fund cash to the balance sheet, and pay fees and expenses.

UKG is a provider of human capital management solutions based in Weston, Fla., and Lowell, Mass.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.