Epicor term loans see strong demand; Alion Science & Technology firms terms

By Sara Rosenberg

New York, July 20 – In the primary market on Monday, Epicor Software Corp.’s first- and second-lien term loans reached oversubscription levels ahead of its upcoming commitment deadline.

Epicor Software’s $1.925 billion first-lien term loan (B-) and $825 million second-lien term loan (CCC) are oversubscribed, a market source remarked. The commitment deadline for the debt is 5 p.m. ET on Wednesday.

Talk on the first-lien term loan is Libor plus 425 basis points with a 1% Libor floor and an original issue discount of 97.5 to 98, and talk on the $825 million second-lien term loan (CCC) is Libor plus 775 bps to 800 bps with a 1% Libor floor and a discount of 98.

The first-lien term loan has 101 soft call protection for one year, and the second-lien term loan is non-callable for one year, then at 102 in year two and 101 in year three.

Also, Alion Science & Technology Corp. firmed pricing on its $360 million four-year first-lien term loan (B1/BB-) at talk of Libor plus 400 bps with a 1% 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 and a financing covenant.

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