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AlixPartners Said to Lower Rate on $605 Million of Loans

AlixPartners LLP, a business consulting firm, lowered the rate it will pay on $605 million of covenant-lite term loans, according to a person with knowledge of the transaction.

The interest paid on a $100 million B-1 term portion will be reduced to 3.25 percentage points from 3.5 percentage points more than the London interbank offered rate with no floor on the lending benchmark and is expected to be sold at par, said the person, who asked not to be identified because the information is private.

The rate paid on a $505 million B-2 piece will be cut to 3.25 percentage points to 3.5 percentage points more than Libor with a 1.25 percent floor and will also be sold at par, according to the person.

The company will be paying out 101 call protection to lenders in connection with the refinancing, the person said.

Deutsche Bank AG is arranging the transaction for the Southfield, Michigan-based company and investors have until Jan. 29 at 5 p.m. in New York to let the bank know whether they will participate in the deal, said the person.

CVC Capital Partners Ltd. purchased a majority interest in company for an undisclosed amount last year, according to data compiled by Bloomberg

The existing B-1 portion pays interest at 4.25 percentage points more than Libor with a 1.25 percent floor and was sold to investors at 99 cents on the dollar, the data show.

AlixPartners’ $505 million B-2 piece pays 5.25 percentage points more than Libor with a 1.25 percent floor and was sold to investors at 98.5 cents, the data show.

The B-2 piece is quoted at 102.25 cents while the B-1 is trading at 102 cents, Bloomberg data show.

Tim Yost, a spokesman for AlixPartners, declined to comment.

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