ARC Document cuts term B to $200 million, flexes to Libor plus 525 bps

By Sara Rosenberg

New York, Dec. 18 - ARC Document Solutions Inc. downsized its five-year term loan B (B1/B+) to $200 million from $205 million and increased pricing to Libor plus 525 basis points from Libor plus 450 bps, according to a market source.

In addition, the original issue discount widened to 98 from 99, the soft call protection was revised to 102 in year one and 101 in year two from just 101, and amortization was lifted to 5% per annum, the source said.

Recommitments were due at 1 p.m. ET on Wednesday.

J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the lead banks on the deal.

Proceeds will be used to repurchase 10½% senior notes due 2016.

ARC is a Walnut Creek, Calif.-based provider of technology and document-related services.

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