The Dun & Bradstreet Corporation, a wholly-owned subsidiary of Dun & Bradstreet, a provider of business decisioning data and analytics, refinanced its term loan and revolving credit facilities. According to an 8K filed with the SEC, Bank of America is the administrative agent for the facilities.
The transaction repriced and extended maturities of the entire secured layer of the approximately $4 billion capital structure.
In addition, the transaction repriced and extended the company’s $850 million revolving credit facility due in 2025 at par. The transaction also reduced drawn spread by 0.5% across the pricing grid and removed the credit spread adjustment (CSA) of 0.1%, resulting in a 0.6% reduction in aggregate. Additionally, the transactions extended maturity of the revolving credit facility by approximately 3.4 years to February 2029.
Beyond the revolving credit facility, the transaction repriced the company’s $452 million term loan B-2 due in 2029. The transaction also repriced the coupon down by 0.25% (from SOFR plus 3% to SOFR plus 2.75%) at par. Additionally, the transaction raised $2.652 billion in add-on funds to the repriced term loan B-2, with Dun & Bradstreet using the proceeds to repay existing initial term loans, resulting in a leverage neutral transaction.
- Initially launched at $1.75 billion and was upsized in market to $2.652 billion.
- The transaction effectively removed the CSA and extended maturity of the existing term loan B-1 due in 2026 by approximately three years and added an additional 0.25% coupon step-down upon achieving Ba3/BB– Corporate Family Ratings from Moody’s and S&P, respectively, for the entire $3.1 billion term loan amount
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“By proactively capitalizing on the favorable debt market environment, we are very pleased with execution and closing of this refinancing,” Bryan Hipsher, CFO of Dun & Bradstreet, said. “We continue to focus on investing in organic growth acceleration and improving our leverage profile through enhanced profitability and the reduction of debt to drive long-term shareholder value.”
