Applied Systems to launch $150 million add-on term loan on Thursday

By Sara Rosenberg

New York, Oct. 11 – Applied Systems Inc. is scheduled to hold a lender call at noon ET on Thursday to launch a fungible $150 million add-on first-lien term loan, according to a market source.

Jefferies Finance LLC is the lead bank on the deal. Credit Suisse Securities (USA) LLC will remain the administrative agent.

Pricing on the add-on term loan is Libor plus 325 basis points with a 1% Libor floor, in line with existing first-lien term loan pricing, the source said.

Original issue discount talk on the add-on loan is not yet available.

Proceeds will be used to fund a distribution of capital to shareholders.

Applied Systems is a University Park, Ill.-based provider of software for the insurance industry.

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