Mitchell International talks $500 million add-on loan at 99.75 OID

By Sara Rosenberg

New York, Oct. 12 – Mitchell International Inc. launched on Friday its $500 million add-on first-lien term loan with price talk of Libor plus 325 basis points with a 0% Libor floor and an original issue discount of 99.75, according to a market source.

KKR Capital Markets is the left lead on the deal.

Commitments are due on Oct. 23, the source said.

Proceeds will be used to refinance Genex Services LLC’s existing credit facilities in connection with its merger with Mitchell.

The merger is subject to customary conditions, including regulatory approvals.

Mitchell is a San Diego-based provider of technology, connectivity and information solutions to the property and casualty claims and collision repair industries. Genex is a Wayne, Pa.-based provider of clinical solutions to the workers’ compensation, auto and disability insurance markets.

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