Applied Systems launches $85 million add-on first-lien term loan

By Sara Rosenberg

New York, May 18 - Applied Systems Inc. held a call on Friday to launch an $85 million add-on first-lien term loan due March 2016, according to sources.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

The add-on is talked at Libor plus 400 basis points with a 1.5% Libor floor and an original issue discount of 98, sources said.

Proceeds will be used to fund an acquisition.

In addition, the company is looking to amend its existing credit facility to allow for the tack-on loan and the acquisition, sources remarked.

Commitments are due on May 29.

Applied Systems is a University Park, Ill.-based provider of agency and brokerage management software.

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