Corel readies launch of $310 million credit facilities for Wednesday

By Sara Rosenberg

New York, May 14 – Corel Corp. is scheduled to hold a bank meeting at 10 a.m. ET on Wednesday to launch $310 million of credit facilities, according to a market source.

UBS Investment Bank is the lead bank on the deal.

The facilities consist of a $10 million revolver (Ba2) and a $300 million term loan (B2), the source said.

Proceeds will be used to refinance existing debt and fund a dividend.

Commitments are due during the week of May 21, the source added.

Corel is an Ottawa-based software company.

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