Acosta cuts pricing on $300 million term loan C to Libor plus 425 bps

By Sara Rosenberg

New York, June 21 - Acosta Sales & Marketing reverse flexed pricing on its $300 million incremental term loan C (B+) to Libor plus 425 basis points from Libor plus 450 bps, according to a market source.

The 1.5% Libor floor, original issue discount of 98½ and 101 soft call protection for one year were left unchanged.

Commitments were due at 5 p.m. ET on Thursday.

Goldman Sachs & Co., Barclays Capital Inc. and Bank of America Merrill Lynch are the lead banks on the deal.

Proceeds will be used to help fund the acquisition of Mosaic Sales Solutions, a sales and merchandising, experiential marketing and interactive firm with U.S. headquarters in Dallas.

Closing is expected in July.

In connection with the new loan, the company is seeking an amendment to its existing credit facility to allow for the debt, and pricing on the existing term loan B done in February 2011 is being lifted to match the new term loan C pricing - so the spread will go to Libor plus 425 bps from Libor plus 325 bps, the source added.

Lenders are being offered a 25 bps amendment fee.

Acosta is a Jacksonville, Fla.-based full-service sales and marketing agency in the consumer packaged goods industry.

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