Open Link launches $375 million credit facility at Libor plus 650 bps

By Sara Rosenberg

New York, Oct. 11 - Open Link Financial Inc. launched its $375 million credit facility (B+) on Tuesday morning with price talk of Libor plus 650 basis points with a 1.5% Libor floor and an original issue discount of 96 to 97, according to a market source.

The facility consists of a $50 million revolver and a $325 million first-lien term loan.

The term loan has 101 soft call protection for one year, the source said.

Commitments are due on Oct. 25.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

First-lien leverage is expected to be 4.0 times based on adjusted pro forma Sept. 30 EBITDA.

Proceeds will be used to help fund the buyout of the company by Hellman & Friedman from the Carlyle Group.

Closing on the transaction is expected in the fourth quarter, subject to standard conditions.

Open Link is a Uniondale, N.Y.-based provider of cross-asset trading, risk management and operations processing software services.

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