CCC Information Services Group's $250 million term loan "B" broke at 101 1/2 last week and continued to trade at that price. JPMorgan leads the deal, which also includes a $20 million revolver. Both tranches are priced at LIBOR plus 2 3/4%. A trader estimated between $10 million - $15 million traded on the break.
The financing backs the merger of CCC Information Services with Cougar Holdings, and its wholly owned subsidiary Cougar Merger Sub., affiliates of Investcorp, a global investment firm, according to a Securities and Exchange Commission filing. The company said in a release that it expected to complete the merger at the end of last week. CCC Information Services is a supplier of software, communications systems and Internet and wireless technology solutions to the auto claims industry. The company will become private after the merger. A spokeswoman for CCC did not return calls.