Advanced Personnel moves funds between U.S., Australian term loans

By Sara Rosenberg

New York, June 29 – Advanced Personnel Management downsized its U.S. term loan due June 2026 to $275 million from $300 million and upsized its Australian term loan due June 2026 to A$380 million from A$335 million, according to a market source.

Also, pricing on the U.S. term loan was increased to Libor plus 450 basis points from talk in the range of Libor plus 375 bps to 400 bps, and pricing on the Australian term loan firmed at BSBY plus 450 bps, the high end of the BSBY plus 425 bps to 450 bps talk, the source said.

In addition, the original issue discount on the U.S. term loan was set at 99, the wide end of the 99 to 99.5 talk, and the discount on the Australian term loan finalized at 99.5, the tight end of the 99 to 99.5 talk.

Both term loans still have a 0.5% floor and 101 soft call protection for six months.

BofA Securities Inc. and Goldman Sachs are the leads on the deal.

Allocations went out on Monday, the source added.

Proceeds will be used to refinance existing debt.

Advanced Personnel Management is an Australia-based human services and health care organization.

© 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.