SurveyMonkey Said to Set Rate on $300 Million Term Loan B LLC, an online questionnaire service, set the rate it will pay on a $300 million term loan B, according to a person with knowledge of the transaction.

The debt will pay interest at 4.5 percentage points to 4.75 percentage points more than the London interbank offered rate, 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 1.25 percent floor.

SurveyMonkey is proposing to sell the loan at 98.5 cents on the dollar, the person said, reducing proceeds for the company and boosting the yield to investors. Proceeds will be used to refinance debt, purchase shares from employees and for general corporate purposes, according to the person.

Lenders are being offered one-year 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 year, according to a person.

JPMorgan Chase & Co. is arranging the financing for the Palo Alto, California-based company. The deal also includes a $50 million revolving line of credit, according to data compiled by Bloomberg.

As part of a recapitalization valuing SurveyMonkey at $1.35 billion, early investors sold about $444 million in equity to existing shareholders and to a new group which includes Google Inc., the company said yesterday in a statement distributed by Business Wire.

An investor group led by Spectrum Equity Investors acquired SurveyMonkey in 2009 and, at the time, the company had about 20 million unique visitors to its website each month. It now has 65 million.

In late 2010, SurveyMonkey raised $100 million in debt financing from institutions including Bank of America Corp. to help it retire existing debt and make acquisitions.

Bennett Porter, a spokeswoman for SurveyMonkey, declined to comment beyond yesterday’s statement.

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