Ankura Consulting lifts second-lien term loan size to $175 million

By Sara Rosenberg

New York, March 11 – Ankura Consulting Group LLC upsized its eight-year covenant-lite second-lien term loan (Caa2/CCC) to $175 million from $150 million, according to a market source.

Pricing on the second-lien term loan is Libor plus 800 basis points with a 0.75% Libor floor and an original issue discount of 98.5.

The second-lien term loan has call protection of 102 in year one and 101 in year two; however, for a refinancing/repayment in connection with a change of control or initial public offering, the call protection is 101 in year one and year two.

The company is also getting a $465 million seven-year covenant-lite first-lien term loan (B2/B-) priced at Libor plus 450 bps with a 0.75% Libor floor and an original issue discount of 99.

Included in the first-lien term loan is 101 soft call protection for six months.

Earlier in syndication, pricing on the first-lien term loan firmed at the high end of the Libor plus 425 bps to 450 bps talk, pricing on the second-lien term loan finalized at the low end of the Libor plus 800 bps to 825 bps talk, the refinancing/repayment provision was added to the second-lien term loan call protection, and a number of changes were made to documentation.

Deutsche Bank Securities Inc., Jefferies LLC, MUFG and Truist are the bookrunners on the deal, with Deutsche Bank the left lead on the first-lien term loan and Jefferies the left lead on the second-lien term loan.

Recommitments were scheduled to be due at noon ET on Friday, the source added.

Proceeds will be used to refinance existing debt and, due to the second-lien upsizing, to add cash to the balance sheet.

Ankura is a specialty consulting platform.

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