Allen Systems to launch $355 million credit facility on Sept. 10

By Sara Rosenberg

New York, Sept. 2 - Allen Systems Group Inc. is scheduled to hold a bank meeting on Sept. 10 to launch its proposed $355 million credit facility, according to a market source.

Bank of America is the lead bank on the deal.

The facility consists of a $20 million three-year revolver, a $235 million four-year term loan B talked at Libor plus 550 basis points with a 3% Libor floor and a $100 million 41/2-year second-lien term loan talked at Libor plus 800 bps plus 200 bps PIK with a 3% Libor floor, the source said.

Proceeds will be used to refinance existing debt.

Allen Systems is a Naples, Fla.-based enterprise software provider.

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