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Mobileum to launch $695 million credit facilities on Thursday
By Sara Rosenberg
New York, Jan. 26 – Mobileum Inc. (Matrix Parent Inc.) will hold a bank meeting at 11 a.m. ET on Thursday to launch $695 million of senior secured credit facilities, according to a market source.
Jefferies LLC, Macquarie Capital (USA) Inc., UBS Investment Bank, Antares Capital, KKR Capital Markets, Barclays and Stifel are the arrangers on the deal.
The facilities consist of a $55 million five-year revolver, a $380 million seven-year first-lien term loan, a $100 million delayed-draw for 18 months first-lien term loan and a $160 million eight-year second-lien term loan, the source said.
The funded and delayed-draw first-lien term loans will be sold as a strip.
Price talk on the first-lien term loan debt is SOFR+CSA plus 475 basis points to 500 bps with a 25 bps leverage-based step-down, a 0.75% floor and an original issue discount of 99, and talk on the second-lien term loan is SOFR+CSA plus 825 bps with a 25 bps leverage-based step-down, a 0.75% floor and a discount of 98.5, the source continued.
CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.
Ticking fees on the delayed-draw term loan are half the spread from days 46 to 90 and the full spread thereafter.
The first-lien term loan has 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.
Commitments are due at 5 p.m. ET on Feb. 9, the source added.
Proceeds will be used to fund the acquisition of a majority stake in the company by H.I.G. Capital.
Mobileum is a Cupertino, Calif.-based provider of telecom analytics for roaming, security and risk management and end-to-end domestic and roaming testing solutions.
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