Hyland Software cuts $225 million loan spread to Libor plus 500 bps

By Sara Rosenberg

New York, Dec. 15 - Hyland Software lowered pricing on its $225 million credit facility (B2/BB-) to Libor plus 500 basis points from Libor plus 525 bps and trimmed the original issue discount to 99 from 98, according to a market source.

The 1.75% Libor floor was left unchanged.

The facility consists of a $20 million revolver and a $205 million term loan.

Recommitments were due from lenders on Wednesday.

Credit Suisse and RBC are the lead banks on the deal.

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

Hyland Software is a Westlake, Ohio-based enterprise content management software vendor.

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