Dun & Bradstreet plans to issue $460M term loan to take out secured notes

Dun & Bradstreet Holdings Inc. plans to issue a $460 million term loan B due January 2029 to redeem an issue of senior secured notes, according to sources.

Price talk is not yet announced, but note that the seven-year TLB will have six months of 101 soft call protection.

BofA Securities, Goldman Sachs, J.P. Morgan, Barclays, Citi, RBC Capital Markets, Truist Securities, Wells Fargo, Citizens, HSBC, Mizuho and TD Securities are joint lead arrangers on the deal. MUFG, BMO Capital Markets, Deutsche Bank, SMBC, Natixis and Jefferies are senior managing agents.

Proceeds from the deal will be used to redeem the company's 6.875% senior secured notes due August 2026, to pay the related call premium and to add cash to the balance sheet for general corporate purposes. As of Sept. 30, there was $420 million of the secured notes outstanding. The company also has a $460 million issue of 5.00% senior unsecured notes due December 2029 that was placed last month to repay its 10.25% notes due 2027. Dun & Bradstreet's existing $2.76 billion covenant-lite TLB due February 2026 was repriced a year ago to L+325 with a 0% Libor floor and with a 25-basis-point step-down when corporate ratings are at least B+/B1.

Current corporate ratings are B+/B2/BB-, with stable outlooks.

Dun & Bradstreet provides commercial data and analytics.