GlobalLogic lifts term B to $310 million, firms at Libor plus 450 bps

By Sara Rosenberg

New York, Dec. 15 – GlobalLogic Inc. upsized its term loan B to $310 million from $300 million and finalized pricing at Libor plus 450 basis points, the high end of the Libor plus 425 bps to 450 bps talk, according to a market source.

In addition, the 101 soft call protection on the term loan was extended to one year from six months and the 18-month MFN sunset was removed, the source said.

The term loan still has a 1% Libor floor and an original issue discount of 99.

J.P. Morgan Securities LLC and Deutsche Bank Securities Inc. are the lead banks on the deal.

Proceeds will be used to refinance bank debt and some PIK notes.

GlobalLogic is a California-based provider of software R&D services.

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