Keyloop out to investors with €60M loan add-on

Keyloop, formerly known as CDK International, has launched a €60 million add-on to its term loan due March 2028. The new add-on will price in line with the existing debt at E+400 with a 0% floor, with a 99.75-100 offer price suggesting a yield to maturity of 4.06%-4.11%.

J.P. Morgan is sole arranger on the deal and is the agent on the facility. A lender call will be held tomorrow at 1 p.m. London time, with commitments due Jan. 27.

The outstanding 2028 facility was agreed in February 2021 as a €585 million term loan backing the carve-out of the firm by Francisco Partners from CDK Global. Proceeds from the new add-on will be used alongside new sponsor cash equity and seller rollover equity to fund the company's takeover of a Dealer Management Systems provider.

Existing corporate ratings are B-/B3.

CDK International is headquartered in the U.K. and provides dealer-management systems and integrated information technology services to the automotive retailing industry in Europe, Asia, and the Middle East and Africa.