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Applied Systems to launch credit facilities extension on Tuesday
By Sara Rosenberg
New York, Nov. 14 – Applied Systems Inc. is scheduled to hold a lender call at 2 p.m. ET on Tuesday to launch up to $2.476 billion of amended and extended credit facilities, according to a market source.
Nomura Securities, Jefferies LLC and others to be announced are the arrangers on the deal.
The extended facilities consist of an $80 million revolver due June 2026, an up to $1.79 billion covenant-lite first-lien term loan due September 2026 and an up to $606 million covenant-lite second-lien term loan due September 2027, the source said.
The extended first-lien term loan will have a minimum size of $895 million.
Price talk on the extended first-lien term loan is SOFR plus 450 basis points with a 0.5% floor and a 50 bps extension fee, and talk on the extended second-lien term loan is SOFR plus 700 bps with a 0.75% floor and a 50 bps extension fee, the source continued.
The extended first-lien term loan has 101 soft call protection for six months, the extended second-lien term loan has 101 hard call protection for one year, and both extended term loans have no CSA.
Commitments are due at 5 p.m. ET on Thursday, the source added.
Proceeds will be used to extend the existing revolver from June 2024, extend the existing first-lien term loan from September 2024 and revise pricing from Libor plus 300 bps with a 0.5% floor, and extend the existing second-lien term loan from September 2025 and change pricing from Libor plus 550 bps with a 0.75% floor.
Applied Systems is a University Park, Ill.-based cloud software provider to the property & casualty and benefits insurance industry.
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