Institutional Shareholder releases talk on first- and second-lien loans

By Sara Rosenberg

New York, April 9 - Institutional Shareholder Services Inc. came out with price talk on its $167 million first-lien term loan B and $73 million second-lien term loan, according to a market source.

The first-lien term loan is talked at Libor plus 375 basis points with a 1% Libor floor and an original issue discount of 991/2, and the second-lien term loan is talked at Libor plus 725 bps to 750 bps with a 1% Libor floor and a discount of 99, the source said.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has hard call protection of 102 in year one and 101 in year two.

The company's $260 million credit facility also provides for a $20 million revolver.

GE Capital Markets and SunTrust Robinson Humphrey Inc. are the joint lead arrangers on the deal that launched with a bank meeting on Tuesday.

Proceeds will be used to help fund the buyout of the company by Vestar Capital Partners from MSCI Inc. for $364 million.

Other funds for the transaction will come from equity.

Closing is expected in the second quarter, subject to customary conditions.

Institutional Shareholder Services is a provider of corporate governance services to the financial community.

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