Aptean launches $595 million term loan B at Libor plus 375-400 bps

By Sara Rosenberg

New York, June 16 – Aptean Inc. launched on Friday its $595 million senior secured covenant-light term loan B due Dec. 20, 2022 with price talk of Libor plus 375 basis points to 400 bps with a 1% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Morgan Stanley Senior Funding Inc., Macquarie Capital (USA) Inc., MUFG and SunTrust Robinson Humphrey Inc. are the lead banks on the deal.

Proceeds will be used to reprice an existing term loan B from Libor plus 500 bps with a 1% Libor floor.

Consents/commitments are due at noon ET on Thursday, the source added.

Aptean is an Alpharetta, Ga.-based provider of enterprise application software.

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