Open Link ups term loan to $340 million, flexes to Libor plus 625 bps

By Sara Rosenberg

New York, Oct. 24 - Open Link Financial Inc. increased its first-lien term loan size to $340 million from $325 million and reduced pricing to Libor plus 625 basis points from Libor plus 650 bps, according to a market source.

Also, the original issue discount on the term loan was tightened to 98 from talk of 96 to 97, the source said.

The 1.5% Libor floor and 101 soft call protection for one year were left unchanged.

The company's now $390 million credit facility (B2/B+), up from $375 million, also includes a $50 million revolver.

Reaffirmation of commitments are due at noon ET on Tuesday.

Credit Suisse Securities (USA) LLC and Wells Fargo Securities LLC are the joint lead arrangers on the deal.

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

Other funds for the transaction will come from $175 million of mezzanine debt, which was downsized from $190 million due to the term loan upsizing.

Closing 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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