Corel launches $300 million term loan at Libor plus 500 bps

By Sara Rosenberg

New York, May 16 – Corel Corp. launched on Wednesday its $300 million term loan (B2/B-) with price talk of Libor plus 500 basis points with a 0% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

The company’s $310 million of credit facilities also include a $10 million revolver (Ba2/B+).

UBS Investment Bank is the lead bank on the deal.

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

Commitments are due on May 30, the source added.

Corel is an Ottawa-based software company.

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