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Mobileum updates first- and second-lien term loan pricing
By Sara Rosenberg
New York, Feb. 10 – Mobileum Inc. (Matrix Parent Inc.) firmed pricing on its $380 million seven-year first-lien term loan at SOFR+CSA plus 500 basis points, the high end of the SOFR+CSA plus 475 bps to 500 bps talk, and lowered pricing on its $160 million eight-year second-lien term loan to SOFR+CSA plus 800 bps from SOFR+CSA plus 825 bps, according to a market source.
Also, the 25 bps leverage-based step-down was removed from both the first- and second-lien term loans, and the original issue discount on the second-lien term loan was revised to 98.25 from 98.5, the source said.
In addition, the company terminated plans for a $100 million delayed-draw for 18 months first-lien term loan that was being sold as a strip with the funded first-lien term loan and had ticking fees of half the spread from days 46 to 90 and the full spread thereafter.
As before, the first- and second-lien term loans have a 0.75% floor and CSA of 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, the first-lien term loan has an original issue discount of 99 and 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 now $595 million of senior secured credit facilities, down from $695 million, include a $55 million five-year revolver as well.
Jefferies LLC, Macquarie Capital (USA) Inc., UBS Investment Bank, Antares Capital, KKR Capital Markets, Barclays and Stifel are the arrangers on the deal.
Recommitments were scheduled to be due at 2:30 p.m. ET on Thursday, 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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