Genesys lifts spread on U.S., euro loans to Libor/Euribor plus 525 bps

By Sara Rosenberg

New York, Nov. 18 – Genesys raised pricing on its $1,558,000,000 seven-year covenant-light term loan B and €520 million seven-year covenant-light euro term loan B to Libor/Euribor plus 525 basis points from talk of Libor/Euribor plus 475 bps to 500 bps, according to a market source.

In addition, the original issue discount on the U.S. term loan firmed at 98.5, the midpoint of revised talk of 98 to 99 and wide of initial talk of 99 to 99.5, and the discount on the euro term loan finalized at 99, the tight end of revised talk of 98 to 99 and the wide end of initial talk of 99 to 99.5, the source said.

Also, the 101 soft call protection on the term loans was extended to one year from six months, the MFN sunset was removed and baskets were modified.

The term loans still have a 1% floor.

The company’s $2.25 billion equivalent credit facility (B-) also includes a $150 million five-year revolver.

Bank of America Merrill Lynch, Goldman Sachs Bank USA, Citigroup Global Markets Inc. and RBC Capital Markets LLC are the bookrunners on the debt.

Proceeds will be used to help fund the acquisition of Interactive Intelligence Group Inc. for $60.50 per share in cash and refinance existing debt. The transaction is valued at about $1.4 billion.

Closing is expected by the end of the year, subject to customary conditions, including regulatory approval and approval by Interactive Intelligence shareholders. The transaction is not contingent on financing.

Genesys is a Daly City, Calif.-based provider of omnichannel customer experience and contact center solutions. Interactive Intelligence is an Indianapolis-based provider of cloud and on-premise solutions for customer engagement, communications and collaboration.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.