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CCC Information lifts first-lien term loan size, trims pricing
By Sara Rosenberg
New York, March 30 – CCC Information Services Inc. upsized its seven-year covenant-light first-lien term loan (B2/B) to $1 billion from $925 million and reduced pricing to Libor plus 300 basis points from talk of Libor plus 325 bps to 350 bps, according to a market source.
Also, pricing on the company’s $375 million eight-year covenant-light second-lien term loan (Caa2/CCC) was lowered to Libor plus 675 bps from talk of Libor plus 700 bps to 725 bps.
In addition, the original issue discount on the first-lien term loan tightened to 99.75 from 99.5 and the discount on the second-lien term loan was changed to 99.25 from 99, the source said.
The first-lien term loan still has a 1% Libor floor and 101 soft call protection for six months, and the second-lien term loan still has a 1% Libor floor and hard call protection of 102 in year one and 101 in year two.
The company’s now $1,475,000,000 senior secured credit facility, up from $1.4 billion, provides for a $100 million five-year revolver (B2/B) as well.
Jefferies Finance LLC and Nomura are the bookrunners on the deal, with Jefferies left lead on the first-lien debt and Nomura left lead on the second-lien loan.
Recommitments were scheduled to be due by 5 p.m. ET on Thursday.
Proceeds will be used to help fund the buyout of the company by Advent International from Leonard Green Partners and Texas Pacific Group and to refinance existing debt.
Due to the first-lien term loan upsizing, the expected $30 million revolver at close is being eliminated and the equity capital is decreasing slightly, the source added.
Closing is expected early in the second quarter.
CCC Information is a Chicago-based provider of mission-critical infrastructure to the automotive insurance and claim industry through its integrated software, data, analytics and workflow management systems.
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