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Catalina firms $775 million-$790 million loan at Libor plus 425 bps
By Sara Rosenberg
New York, Oct. 4 - Catalina Marketing Corp. set the spread on its $775 million to $790 term loan at Libor plus 425 basis points, the wide end of the revised Libor plus 400 bps to 425 bps talk and up from initial talk of Libor plus 350 bps to 375 bps, according to a market source.
As before, the term loan has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.
When pricing was first changed on the deal, the loan was downsized from $955 million.
Bank of America Merrill Lynch, J.P. Morgan Securities LLC, SunTrust Robinson Humphrey Inc., BMO Capital Markets and GE Capital Markets are the lead banks on the deal.
Proceeds will be used to refinance existing debt.
As a result of the earlier term loan downsizing, the company is leaving opco notes in place.
Catalina Marketing is a St. Petersburg, Fla.-based provider of precision marketing services.
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