IHS completes $700 million term loan for R.L. Polk purchase

By Sara Rosenberg

New York, June 16 - IHS Inc. closed on its $700 million five-year unsecured term loan that was used to help fund the acquisition of R.L. Polk & Co. for about $1.26 billion in cash and around $140 million in common stock, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

J.P. Morgan Securities LLC and Bank of America Merrill Lynch led the deal that was completed on July 15.

Covenants in the term loan include a leverage ratio and an interest coverage ratio.

In addition, the company amended its revolving credit facility with Bank of America to allow for the acquisition.

Borrowings under the amended revolver and cash on hand were also used to fund the purchase of R.L. Polk.

IHS is an Englewood, Colo.-based provider of information, insight and analytics. R.L. Polk is a Southfield, Mich.-based provider of automotive information and analytics solutions.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.