OpenLink launches $333 million covenant-light term loan to investors

By Sara Rosenberg

New York, Feb. 10 - OpenLink International held a lender call at 4 p.m. ET on Monday to launch a $333 million first-lien covenant-light term loan due October 2017, according to a market source.

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

The term loan is talked at Libor plus 500 basis points to 525 bps with a 1.25% Libor floor and a par offer price, the source said.

Included in the loan is 101 soft call protection for six months.

Proceeds will be used to reprice an existing term loan from Libor plus 625 bps with a 1.5% Libor floor.

Commitments are due on Feb. 18, the source added.

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

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