OpenLink launches $357.5 million credit facility via Credit Suisse

By Sara Rosenberg

New York, Aug. 8 – OpenLink International Inc. was scheduled to hold a lender call at 11 a.m. ET on Monday to launch a $357.5 million credit facility, according to a market source.

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

The facility consists of a $32.5 million revolver due April 2019 and a $325 million first-lien term loan due July 2019, the source said.

Price talk on the revolver is Libor plus 625 basis points, and talk on the term loan is Libor plus 650 bps with a 1.25% Libor floor, the source continued.

The term loan has 101 hard call protection for one year.

Proceeds will be used to extend the maturity of the revolver and the first-lien term loan.

Lenders are being offered a 150 bps extension fee/original issue discount.

The minimum extension amount is 90%, the source added.

Commitments are due at 3 p.m. ET on Friday.

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

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