OverDrive finalizes $600 million term loan B at SOFR plus 425 bps

By Sara Rosenberg

New York, Dec. 8 – OverDrive firmed pricing on its $600 million first-lien term loan B (B2/B) at SOFR plus 425 basis points, the low end of the SOFR plus 425 bps to 450 bps talk, according to a market source.

In addition, the original issue discount on the term loan was revised to 99 from 98.5, the source said.

As before, the term loan has a 0% floor and 101 soft call protection for six months.

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.

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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