Intellectual Property ups term loan to $1.55 billion, lowers spread

By Sara Rosenberg

New York, Sept. 15 – Intellectual Property & Science (IP&S) (Camelot Finance LP) upsized its seven-year covenant-light first-lien term loan to $1.55 billion from $1.45 billion and reduced pricing to Libor plus 375 basis points from talk of Libor plus 425 bps to 450 bps, according to a market source.

Also, the MFN sunset was removed, the source said.

The term loan still has a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

The company’s now $1,725,000,000 credit facility, up from $1,625,000,000, also includes a $175 million revolver.

Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch, RBC Capital Markets LLC, Citigroup Global Markets Inc., Barclays, Goldman Sachs Bank USA and Guggenheim are the leads on the deal.

Recommitments were scheduled to be due at 2 p.m. ET on Thursday, the source added.

Allocations are targeted for Friday.

Proceeds will be used to help fund the acquisition of the company by Onex Corp. and Baring Private Equity Asia from Thomson Reuters for $3.55 billion in cash.

Other funds for the transaction are expected to come from bonds, the amount of which was reduced with the term loan upsizing, and equity.

Closing is expected in the next few months, subject to regulatory approval and customary conditions. The transaction is not subject to financing.

Intellectual Property & Science is a Philadelphia-based provider of comprehensive intellectual property and scientific information, decision support tools and services.

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