Tricor Group wraps $760M term loan backing buyout; terms

Investors have received allocations of the $760 million first-lien term loan backing the buyout of Tricor Group by Baring Private Equity Asia, according to sources. The seven-year covenant-lite term loan priced at a spread of 400 basis points over the secured overnight financing rate plus a credit spread adjustment, with a 0.5% floor and an original issue discount of 99 via a Barclays-led arranger group. Proceeds from the first-lien term loan, along with a preplaced $260 million second-lien term loan due 2030, will be used to finance Baring Private Equity Asia's acquisition of Tricor from Permira in a deal that values the business at $2.76 billion. The equity contribution is $1.8 billion, rating agencies noted. Financing also includes a $130 million revolver with a springing first-lien net leverage covenant. Tricor is a business expansion specialist focused in business, corporate, investor, human resources and payroll, corporate trust and debt services, and governance advisory.

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