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Applied Systems tightens OID on $85 million add-on term loan to 99
By Sara Rosenberg
New York, May 29 - Applied Systems Inc. revised the original issue discount on its $85 million add-on first-lien term loan to 99 from 98, according to a market source.
The add-on due March 2016 is priced at Libor plus 400 basis points with a 1.5% Libor floor.
Allocations are expected to go out on Wednesday, the source said.
Credit Suisse Securities (USA) LLC is the lead bank on the deal.
Proceeds will be used to fund an acquisition.
With the add-on, the company is amending its existing credit facility to allow for the new debt and the acquisition.
Lender approval for the amendment was obtained last week.
Applied Systems is a University Park, Ill.-based provider of agency and brokerage management software.
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