Imperial Dade revises term loan commitment deadline; CDK price guidance surfaces

By Sara Rosenberg

New York, June 2 – In the primary market on Thursday, Imperial Dade (BCPE Empire Holdings Inc.) moved up the commitment deadline for its incremental first-lien term loan.

Imperial Dade changed the commitment deadline for its non-fungible $650 million incremental first-lien term loan (B3/B-) due June 11, 2026 to noon ET on Tuesday from 5 p.m. ET on June 9, a market source said.

Talk on the term loan is SOFR+10 basis points CSA plus 462.5 bps with a 0.5% floor, an original issue discount of 95 and 101 soft call protection for six months.

Furthermore, CDK Global Inc. released price talk on its first-lien term loan in connection with its lender call.

CDK held its lender call at 11 a.m. ET on Thursday and, shortly before the call began, price talk on its $3.35 billion seven-year first-lien term loan (B1/B+) emerged at SOFR plus 475 bps to 500 bps with a 0.5% floor and an original issue discount of 95 to 96, a market source remarked.

The term loan has 101 soft call protection for six months.

The company’s $4 billion of credit facilities also include a $650 million revolver.

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