Altisource firms $397.5 million term loan B at Libor plus 350 bps

By Sara Rosenberg

New York, Dec. 5 - Altisource Solutions Sarl finalized pricing on its $397.5 million senior secured covenant-light term loan B due Nov. 27, 2020 at Libor plus 350 basis points, the tight end of the Libor plus 350 bps to 375 bps talk, according to a market source.

Also, the original issue discount on the loan was tightened to 99 7/8 from 993/4, the source said.

The loan still has a 1% Libor floor and 101 soft call protection for six months.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC and Citigroup Global Markets Inc. are the lead banks on the deal.

Proceeds will be used to reprice and extend by one an existing term loan B.

Closing is expected to occur on Dec. 9.

Total leverage is 2.2 times and net leverage is 1 times.

Altisource is a Luxembourg-based provider of services focused on high-value, technology-enabled knowledge-based solutions principally related to real estate and mortgage portfolio management, asset recovery and customer relationship management.

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