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AlixPartners shifts funds to first-lien B-2 loan from second-lien loan
By Sara Rosenberg
New York, June 28 - AlixPartners LLP upsized its seven-year term loan B-2 to $680 million from $655 million and downsized its second-lien term loan to $225 million from $250 million, according to a market source.
Also, pricing on the term loan B-2 firmed at Libor plus 400 basis points, the wide end of the Libor plus 375 bps to 400 bps talk, the source said. This tranche is still talked with a 1% Libor floor, an original issue discount of 99 to 99½ and 101 soft call protection for six months.
Pricing on the second-lien term loan came at Libor plus 800 bps, the high end of the Libor plus 775 bps to 800 bps guidance. The 1% Libor floor, discount of 99 and call protection of 102 in year one and 101 in year two were unchanged.
The company's $1 billion of debt also includes a $95 million four-year first-lien term loan B-1 that is priced at Libor plus 325 bps with no Libor floor and an original issue discount of 991/2.
Basically, the term loan B-1 is a roll of the company's existing $95 million term loan B-1, and existing lenders are being offered 50 bps to roll over their positions.
The term loan B-1 was added to the capital structure a few days ago when the term loan B-2 was downsized from an original amount of $750 million.
Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Goldman Sachs Bank USA, Jefferies Finance LLC and UBS Securities LLC are the lead banks on the deal.
Proceeds will be used for a recapitalization.
With the changes, leverage is 4.5 times through the first-lien, up from 4.3 times previously, and 5.7 times total.
Recommitments were due at 2 p.m. ET on Friday, the source added.
AlixPartners is a New York-based performance improvement, corporate turnaround and financial advisory services firm.
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