Aspect Software ups spread on delayed-draw loan, cancels repricing

By Sara Rosenberg

New York, June 28 - Aspect Software Inc. increased pricing on its $85 million delayed-draw term loan due May 2016 to Libor plus 525 basis points from Libor plus 400, according to a market source.

Also, the Libor floor on the delayed-draw loan was lifted to 1.75% from 1.25% and the debt includes a step-up in pricing to Libor plus 550 bps if ratings are B3/B-, the source said.

With the changes, the pricing on the delayed-draw loan matches existing term loan pricing.

In addition, the company terminated a proposal to reprice its existing $403 million term loan B due May 2016 to Libor plus 400 bps with a 1.25% Libor floor.

Under the original financing plans, the term loan B was expected to have 101 call protection for one year and an original issue discount of 991/2.

J.P. Morgan Securities LLC is the lead bank on the deal (B1/B).

Proceeds from the delayed-draw loan will be used to help fund a future acquisition.

Aspect Software is a Chelmsford, Mass.-based provider of customer contact and enterprise workforce optimization solutions.

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