Ascensus ups incremental term loan to $42 million, tightens OID

By Sara Rosenberg

New York, June 7 – Ascensus Inc. increased the size of its fungible incremental covenant-light first-lien term loan (B2/B+) due December 2022 to $42 million from $25 million, according to a market source.

Additionally, the original issue discount on the incremental loan was changed to 99.75 from 99.5, the source said.

Pricing on the incremental loan is still Libor plus 400 basis points with a 1% Libor floor, and the debt still has 101 soft call protection through Aug. 3.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Proceeds will be used to fund a tuck-in acquisition, and, due to the upsizing, to pay down revolver borrowings.

Commitments are due at 5 p.m. ET on Thursday, accelerated from 5 p.m. ET on Friday, the source added.

Ascensus is a Dresher, Pa.-based service provider of retirement and college savings plans.

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