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Insight Global trims spread on tack-on loan, adds first-lien repricing
By Sara Rosenberg
New York, Oct. 10 - Insight Global (IG Investment Holdings LLC) reduced pricing on its $130 million first-lien covenant-light tack-on term loan due October 2019 to Libor plus 425 basis points with a 1% Libor floor from Libor plus 475 bps with a 1.25% Libor floor, according to market sources.
In addition, the company is now looking to reprice its existing $298 million first-lien covenant-light term loan due October 2019 to Libor plus 425 bps with a 1% Libor floor from Libor plus 475 bps with a 1.25% Libor floor, the source said.
Also, the tack-on term loan and the repriced loan will have 101 soft call protection for one year, instead of having 101 soft call protection through October 2013, the source continued.
The tack-on term loan is still being offered at an original issue discount of 99, and the repricing is being offered at par.
Commitments for the fungible loan continue to be due on Friday.
Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch, RBC Capital Markets LLC and Wells Fargo Securities LLC are the lead banks on the deal.
Proceeds from the tack-on debt will be used to refinance the company's existing second-lien term loan.
Insight Global is an Atlanta-based temporary staffing firm for the information technology sector.
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