MRI Software launches $150 million term loan at Libor plus 425-450 bps

By Sara Rosenberg

New York, Jan. 15 - MRI Software launched on Wednesday its $150 million first-lien term loan with price talk of Libor plus 425 basis points to 450 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

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

Also included in the $165 million first-lien credit facility (B+) is a $15 million revolver, and with that, the company is getting a privately placed $65 million second-lien term loan as well.

Commitments for the first-lien debt are due on Jan. 28, the source added.

Goldman Sachs Bank USA is the lead bank on the deal.

Proceeds will be used to fund a dividend and repay debt.

MRI Software is a Solon, Ohio-based provider of real estate enterprise software applications and hosted solutions.

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