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iQor reveals talk on first- and second-lien term loans with meeting
By Sara Rosenberg
New York, Jan. 30 - iQor US Inc. released price talk on its up to $630 million seven-year covenant-light first-lien term loan (B2/B) and up to $220 million eight-year covenant-light second-lien term loan (Caa2/CCC+) in connection with its meeting on Thursday, according to a market source.
The first-lien term loan is talked at Libor plus 450 basis points to 475 bps with a 1% Libor floor and an original issue discount of 99, and the second-lien term loan is talked at Libor plus 850 bps to 875 bps with a 1% Libor floor and a discount of 981/2, the source said.
Included in the first-lien term loan is 101 soft call protection for one year, and the second-lien term loan has hard call protection of 102 in year one and 101 in year two, the source continued.
The company's up to $950 million senior secured credit facility also provides for a $100 million five-year revolver (B2/B) that has a springing net first-lien leverage covenant.
Commitments are due on Feb. 13, the source added.
Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC and GE Capital Markets are the leads on the deal.
Proceeds will be used to fund the acquisition of the aftermarket services business of Jabil Circuit Inc., a St. Petersburg, Fla.-based provider of aftermarket services to electronics manufacturers, retailers and service providers, for $725 million.
Following completion of the transaction, iQor will have more than $1.5 billion in revenues.
Closing is expected this quarter, subject to customary regulatory approvals.
iQor is a New York-based provider of business process outsourcing services.
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