Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers P > Headlines for Park Place Technologies > News item |
Park Place Technologies shops $63 million of add-on term loans
By Sara Rosenberg
New York, Oct. 10 – Park Place Technologies is in market with $63 million of fungible add-on term loans, according to a market source.
Golub Capital is the lead on the deal that launched with a call on Tuesday.
The debt consists of a $50 million add-on first-lien term loan and a $13 million add-on second-lien term loan, both talked with an original issue discount of 99.75 to par, the source said.
Pricing on the first-lien term loan is Libor plus 400 basis points with a 1% Libor floor and pricing on the second-lien term loan is Libor plus 800 bps with a 1% Libor floor.
Proceeds will be used for acquisition financing. The term loans already funded and closed on Oct. 4, so this a post-close syndication.
Commitments are due on Oct. 17, the source added.
The rating agencies confirmed that there are no changes to the existing credit ratings with this transaction.
Including the add-on debt, the first-lien term loan totals $300 million and the second-lien term loan totals $128 million.
Park Place Technologies is a Cleveland-based provider of post-warranty maintenance for storage, server and networking hardware.
© 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.