Aspect Software lifts pricing on first- and second-lien term loans

By Sara Rosenberg

New York, May 3 – Aspect Software Inc. (Atlas Purchaser Inc.) increased pricing on its $610 million seven-year first-lien term loan (B2/B-) to Libor plus 525 basis points from talk in the range of Libor plus 450 bps to 475 bps, and on its $250 million eight-year second-lien term loan (Caa2/CCC+) to Libor plus 900 bps from Libor plus 850 bps, according to a market source.

Also, the original issue discount on the first-lien term loan was revised to 98 from 99 and the discount on the second-lien term loan widened to 97 from 98, the source said.

In addition, the 101 soft call protection on the first-lien term loan was extended to one year from six months, and the hard call protection on the second-lien term loan was changed to 103 in year one, 102 in year two and 101 in year three from 102 in year one and 101 in year two.

Both term loans still have a 0.75% Libor floor and a pricing step-down upon an initial public offering.

The company’s $935 million of senior secured credit facilities also include a $75 million five-year revolver (B2/B-).

Recommitments were scheduled to be due at 1 p.m. ET on Monday, the source added.

Jefferies LLC, Credit Suisse Securities (USA) LLC, TD Securities (USA) LLC, Macquarie Capital (USA) Inc., Truist and Apollo are the joint lead arrangers on the deal.

Proceeds will be used to fund the acquisition of Aspect Software and Noble Systems Corp. by Abry Partners LLC.

Aspect Software is a provider of mission critical contact center and workforce optimization software applications. Noble Systems is a provider of customer contact technology.

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