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Kronos Said to Lower Rate on $1.21 Billion Cov-Lite Term Loan

Kronos Inc. lowered the rate it will pay on a $1.21 billion covenant-lite term loan, according to a person with knowledge of the transaction.

The interest on the debt maturing in 2019, will be reduced to 3.25 percentage points more than the London interbank offered rate and will be sold at par, said the person, who asked not to be identified because the information is private. Libor, a rate banks say they can borrow in dollars from each other, will have a 1 percent floor.

Lenders are being offered six months of soft-call protection of 101 cents, meaning the company would have to pay 1 cent more than face value to refinance the debt during the first six months.

Credit Suisse Group AG is arranging the transaction and will host a lender call today at 3 p.m. in New York, according to the person.

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

The company’s existing term loan pays interest at 4.25 percentage points more than Libor, with a 1.25 percent floor, according to data compiled by Bloomberg. The debt was sold to investors at 99.5 cents on the dollar and was quoted at 102.125 cents today, according to prices compiled by Bloomberg.

Hellman & Friedman LLC and JMI Equity bought the Chelmsford, Massachusetts-based provider of workforce-management software for about $1.8 billion in June 2007, Bloomberg data show.

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