Conservice revises $475 million first-lien term loan OID to 95

By Sara Rosenberg

New York, May 7 – Conservice Midco LLC tightened the original issue discount on its $475 million seven-year covenant-lite first-lien term loan (B2/B) to 95 from 93, according to a market source.

Pricing on the first-lien term loan remained at Libor plus 425 basis points with a 0% Libor floor.

The first-lien term loan still has 101 soft call protection for one year.

Recommitments were scheduled to be due at 1 p.m. ET on Thursday, the source added.

The company’s $715 million of credit facilities also include a $50 million revolver (B2/B) and a $190 million privately placed second-lien term loan.

Credit Suisse Securities (USA) LLC and Golub are the lead arrangers on the deal.

Proceeds will be used to help fund a significant strategic investment in the company by Advent International, who will join existing investor TA Associates.

Conservice is a Logan, Utah-based provider of utility management software and billing solutions to property owners and managers.

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