Applied Systems tightens $290 million term loan issue price to par

By Sara Rosenberg

New York, April 13 – Applied Systems Inc. revised the issue price on its fungible $290 million incremental covenant-lite first-lien term loan due September 2026 to par from 99.75, according to a market source.

Pricing on the incremental term loan is SOFR plus 450 basis points with a 0.5% floor, in line with pricing on the existing term loan due 2026.

The incremental term loan has 101 soft call protection until June, the same as the existing term loan.

Nomura Securities, Jefferies LLC and Macquarie Capital (USA) Inc. are the lead arrangers on the deal.

Commitments continued to be due at noon ET on Thursday, the source added.

Proceeds will be used to repay an existing first-lien term loan due 2024, fund cash to the balance sheet, and pay fees and expenses.

Applied Systems is a University Park, Ill.-based cloud software provider to the property & casualty and benefits insurance industry.

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