Altisource firms $414 million term loan B at Libor plus 400 bps

By Sara Rosenberg

New York, March 28 – Altisource Holdings Sarl set pricing on its $414 million senior secured covenant-light term loan B due March 31, 2024 at Libor plus 400 basis points, the high end of the Libor plus 375 bps to 400 bps talk, according to a market source.

Also, the 101 soft call protection on the term loan was extended to one year from six months and the incremental was reduced to $125 million, the source said.

The term loan still has a 1% Libor floor and an original issue discount of 99.

The company’s $429 million of senior secured credit facilities (B3/B+) also include a $15 million five-year revolver.

Morgan Stanley Senior Funding Inc. is the lead bank on the deal.

Allocations are expected on Thursday.

Proceeds will be used to refinance an existing term loan B.

Total leverage is 3.3 times and net leverage is 2.1 times.

Altisource is a Luxembourg-based service provider and marketplace for the real estate and mortgage industries.

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