OverDrive launches $600 million term loan B at SOFR plus 425-450 bps

By Sara Rosenberg

New York, Nov. 27 – OverDrive launched on Monday its $600 million first-lien term loan B (B2/B) with price talk of SOFR plus 425 basis points to 450 bps with a 0% floor and an original issue discount of 98.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

KKR Capital Markets, Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc., ING Capital, Truist Securities and Credit Agricole are the leads on the deal.

Commitments are due at 5 p.m. ET on Dec. 7, the source added.

Proceeds will be used to refinance an existing term loan due August 2025.

OverDrive is a Cleveland-based provider of a digital catalog of e-books, audiobooks, magazines, video and other content to libraries and schools.

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