Wall Street ups spread on $460 million term B to Libor plus 350 bps

By Sara Rosenberg

New York, April 8 - Wall Street Systems Delaware Inc. increased pricing on its $460 million seven-year covenant-light term loan B to Libor plus 350 basis points from talk of Libor plus 300 bps to 325 bps, according to a market source.

The term loan still has a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months.

The company's $485 million credit facility (B3/B) also includes a $25 million five-year revolver.

Recommitments were due at the close of business on Tuesday, the source said.

Deutsche Bank Securities Inc. is the bookrunner on the deal.

Proceeds will be used to refinance an existing senior secured credit facility and repay debt.

Wall Street Systems is a provider of treasury management, central banking and FX trade processing solutions with U.S. headquarters in New York.

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